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HomeMy WebLinkAbout1986/06/18 - Agenda Packet - RDA�q A 1tp � +. C7CY OF RANCHO CCI AMONGA g ' REDEVELOPMENT AGENCY AGENDA �9n Lions Part Community Center 9161 Sue Line goad Rancho Cucaaaaga, California June 18. 1986 - lion D.e. 1. Roll Calls Mitels —, Buquet _, Sing Dabl ,, and aright _. She fa.lwing Consent Ralodar iter are arpactd to be routine sod ma- controversial. They will be acted upon by the =& at one tier without discussion. 1. Approval of Minutest March 20, 1986 April 2, 1986 May 7. 1986 2. Approval of Consultant Contracts for Bond Counsel and Financial Consultant in connection vith the issuance of tax allucation bonds. TA FA-1. NOSE SUBMITTED 1. RUFF !1 = 1. Approval of the Bousi33 Set -Aside Report identifying qualifying residential areas for ceigbbortood Conservation iuprove2ents and adoption of a Resolution of mutual benefit. 1 2 3 5 28 r, Redevelopasot Agency Agenda -2- June 10, 1956 RESOLUTION $0. RA 86 -02 106 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OP PANCHO COGMONGA, CALIFORNIA. APPROVING ERFORT CONCZRRI30 HOUSING SET ASLIN FONDS, APPROVING USE OF HOUSING SET ASIDE FONDS OUTSIDE OF RANCHO REDEVELOPMENT PROJECT AREA AMD PROVIDING OTHER MATTERS PROPERLY RELATING THERETO 2. Approval of Resolution of Issuance for tea a11acttica 107 bonds for use in installation of public improveaanrs in certain targetei neighborhoods. RESOLUTION 30. EL 66 -07 149 A RESOLUTION OF YEN RANCHO CUCAMCDCA REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF HOT TO EXCEED 925,000.000 PRINCIPAL AMOUNT OF CI17 OF RANCHO OUCAMONGA RANCHO REDEVELOPMENT PROJECT TAX ALLOCATION SONDS. SUCH BONDS TO Ng ISSUED PURSUANT TO A CENTRAL INDENTURE ASD AS IN SAID C138M INDENTURE MORE PARTICULARLY PROVIDED 7. Approval o! Resolution authorizing the initiation of 150 validation proceedings in connection with the issusaco of tax allocation bonds for use in installation of public improvements in certain targeted neighborhoods. RESOLUTION 30. RA 86-04 if A RESOLUTION Or Tag RANCHO CUCA"CA REDEVELOPMENT AGENCY AUTHORIZING II XM VALIDATIOU PROCEEDINGS WITH RESPECT IO TBB RANCHO CUCAMONCA R©ZVELOPMENT AGENCY RANCHO REDEVELOPMENT PROJECT TAX ALLOCATION BONDS 4. Approval of Xeimburasmeat AgrAment between the City 152 mad Agency regarding the installation of public improvements in certain targeted naigbborhoods. 5. Approval of tba annual budget for tba Rancho Cucamonga 159 Redevolopuent Agency for fiscal year 1986 -87. P+ " iii.:. • -s- . MY " tYCBD CDCAM A LmSTMOfMDAI AGmCS MILVTT7 Marco 20, 1966 •• L. Dal.L TO M= A eaties of the Werelopaat &hoof of the City of Reecho hcaamya mot an Dadeattq, Marcb I0. 1966, to the lives fare Cooseit7 Costar. fill Du• time Load. Reccbe C.aamon., yy eestiag vas called to order at 7,12 p.m. by Chat rue Jeffrey King. fruaet more Aleae7 Reabom Joe D. Met, Charles J. 9gaat it. LLcbord 9. Dahl. faeal• Wight, ecd Chains. Jaffa" clog. Also "coast ware, &,,.tire Director, Waves M. Canarvsi Dopaty Director Jett tea; 4eiotact Sataary. 3er,nl7 A. Authalat. .••s.a M Approval to receive aed file cormt ineataamt SQedde a of March 12. 1966 WTIMs Mead by Dahl, acoad,d by MLtal, to approve tie Count Cales Jar. Motics carried usseLrasl7 1-0 •ease• •, mprtC R�bet so items submitted •ease• g� ayafr .n tA. B UAS nose smnts0 nLT urvl rnD. Stall re,,,ort by alto lose,, LDA Ard7at. (0203 -06 MW MUM, thole, encoded by Dabl to oppress the Contract with Sepia. rcomeeles le, the noresury housing otedy tree a, Ages4 2.o..2tK Sot "ids Iced is am summer oat to need 110,0002 aed to utboria not to prepay a Latub.romae Agcereat hereon C%a Ageary awl City for approval at the out meeting. Manse Carried speed.- -7 0-0. e•.A.a 3. aNfDba�S MD71011; Mored by Dahl. saceeded by Mit.te ca .4joare. Notice carried a.siae,sly 9 -0. The w.ttml adjourned at 7813 pee. Respectfully subedited, 4FIevedt e 9 a Beverly A. Aetltl t As,irta.t Secretary ' _ a CITY a [AtCOO CCCAYCOCA ltDVCLOP=t AGmCT YItOTG 4ril 1, 19% •� t ru�mYr. A mties at the "Welop"n 4.0[y of the Cuy .t 40th" ta.aaesa at o0 Y "ea "y. AIM 1, 1906, to the Llons rote Csecaity 4.t... 9161 bur Lies Rood' 4x ►s CooaOp. The "cues vu ta11" to order It Jt01 P.B. by Qalm. Jat[rq [!es. 9ruot Were 49019 Yaalon Ch.rlo J. apart 11. Jas 0. KA.12. A/cb"d N. Dtbl, a" Cbalrus Jfrtq ties. Also present v9cat 4teattre Dirnt", Laures Y. P -msaoy Oupe[y Dliaete Jot Las, Aaeittot 9atratap. 9ve117 A. Aatb.let. q 1 Abostt Adaaq Keeber hale Weight. ' 2. calm man.. to items srb"tt". ]. soerx erntvs No lttat rubeitt ". •recta AA. JAOiUd. 9tatt t1PCre by Oleo J.".. [DA A0a1y.t. (0101-06 1W. MMW- Yoe" by Daht, 1"0 "" by 9ogo4t to tpprno the IT the "reyast a9rawet. 4ttos Orel" 4-0-1 (Pritbt "beset). svan.mamT I 0 Uxl Ym" by OW. secoadad by 9Wgeat to "Joan. bt1.0 tattled A -0 -1 Wright .bo,.t). Yatict "Joan" at 7,09 p.a. 4tptet1.11y sab "tttd. Apptoredt e a 0erarly A. Aotbalat Assista.t tatntery Mel 7. I9a alyr DI tAIC80 mCAMCmGA •_ tmipMCPXOT /Gary Maerm 1411111ALARALLAIL 1. [_ rebels "trial of the Audevdopenet Aeeeay of t1e Clay d 4odo Cetaasea at C` Medeesdey. nay 70 1904, in the Liles Park a citry Dleteq 9761 8es, Cho, toed. ¢redo f".aga. Au aeslry .' Called to order at 107 p.m, by Chdrae . a.Ch line. I.evevt bell 4aay MenO ROSS Joe 0. Xhkele, Charles J. patent II, D.tl, Panels J• 9rlebt, and Ckatrae Jeffrey rise. tich.N M. Also present .an. Deputy Direct", Jack Let Clay Ilenaavo prN puller; Lejal Ccunafl, Andy Arcoyeakig SN assistant pevret.ay, Inuorl7 Astbdet. dlveet. 6enutive Disaster. Lessee M. v ..slam ,..... 2 •• ai 2A. Ap,twd of Ml.atas, lebruaay 19. 1986 karab I. nas 1904 Approval to raelvo and site emreme[ Twutm,et BtLN,I. as of April ]D. MCTICo' Mped by Dahl. SsteNN by prlebt. to apprwn tbn Co,,,ot Cal, dodo. ....lee ,.,.l comely 5-0 rLth Detl aed 11iL,IS abataldee trem tb. Iepenap 19. 19% door" because Choy v:e ahuat [rem that Routine. ♦...e. 1. ee.L.n Chef 60pM[Iim AA• SRtli npors bf an Joau. C. D.A, asalla. Staff ClalMe [La[ ,titN that be bed ,c[ tort► 'all "a proposed p[oereea am ..k.J I t .bat he we tatfr,stN L, me, whether the Denney mjob., to implement a ccro+iuhmbe policy or YbsUar to luplemeat It Cc a tap-07 -case basis. Mr..ea" rupaaded that .oa correct. the Pia Slab Ids eb,t Odeta r, 4w hw [o eddtau Lbl,, me e,edN [o eft the pia dwe sea dK.rdnf mhas the dlev to al the Ilse m apes thane otabl Dlanb slwedy Pr,asOt• Mr. Debi ull that .. sbwld so on • Cno -0J-cam basis a q develop the m foothill Spfel[te IWImet.tloe policy. M"be later .f could tnssfnr It war to • fall After further my f'..a. pr. tam ,tatty that if the A20ety rated to Se towaN Yltb .ey .• u, 9sosram, listed, tbo Staff weeded direction. A�• 699aet fd9 that 2 member. of the Oc'7 stsdd alt drum With tt.lL to erne up mteb • lbs. 411 ACrIall The 4eaay taesesred. sad appointed Ms. pmta,t aN Ms. O,OI to ,(t domm ul •b Stele act to nNrt back. 3 , r• lad Otla9awat deeat7 Y/a•tea .. Mar 7. 1986 Pate 7 S. avtmaes• Mona, Swed h7 eabl, aecvaded b7 Mlbala. to adjoary to a tlotad iQtaldv retard4q 9otevMal lititatiao. Matioa tattled v ... ieoaal7 S -0, IWetiv{ adjtamN at 7273 pa, at to recotyeve. 8aapeetfv117 aub*Lttads 0e4rl7 A. dotbQat ltteittat 8terabr7 d88twad2 t t d� r, i iri 24 CITY OF RANCHO C REDEVELOPMENT STAFF REPORT DATE: June 18, 1986 TO: Chairman and Members of the Redevelopment Agency FROM: Jack Lam, Deputy Executive Director BY= Olen Jones, Redeve;opment Analyst SUBJECT: CONSULTANT CONTRACTS FOR PROPOSED 86 -1 TAX ALLOCATION BOND InUg- BACKGROUND: Review of Agency obligations, both existing and unt c p—f oteUTOr the next three years indicate a need for the Agency to Initiate proceedings for the sale of a new tax- allocollon bond issue. Based upon tax Increment projectlons for the next two fiscal years, the Agency will be able to sell a $25 million bond Issue. In order to begin structuring the issue, it is necessary to retain the services of bond counsel and financial consultant. ANALYS,S: The Agency has received proposals for financial consultant and UrMT cowl from Stone d Youngberg and Jones, Hall, Hill & White, respectively. The financial consultant will advise the Agency and staff, Including the underwriter and bond counsel, on the structure, timing and terms of the bor,J Issue. As In other bond Issues, the expertise of tha consultant Is useful in ossuring that the City is able to achieve the best possible arrangement in completing the issue. Bond counsel Is responsible for ensuring that all of the requirements of State reds .•elopment and Federal laws are met In order to make the Issue tax - exempt. Additionally, Bond Counsel will Initiate validation proceedings in connection with the Agency's proposed Neighborhood Conservation Bond Issue. The Agency has extensive experience with both firms, end staff believes they are best suited for this particular Issue. „lr•: s REDEVELOPMENT AGENCY STAFF REPORT Consultant ControctslProposed 86 -1 Tax Allocation Bond Issue Page 2 RECOMMENDATION: It Is recommended that the Agency approve the agreements for professional services with Stone L Youngberg and Jones, Hall, Hill 6 White as they relate to the proposed 86 -1 Tax Allocation Bond Issue. -_ -Aspectf 1 submitted, ..._ AI Deputy Executive Director JLtOJ:kop attachments r `FY I� ,f STONE & YOUNGBERG MEMRERL Pl 3=C nttT t March 6, 1986 Agency Board Rancho Cucamonga Redevelopment Agency 9320 Baseline Road, Suite C Rancho Cucamonga, CA 91730 Attn Jack Lam Honorable Board Members Thank you for the opportunity to submit a contract for financial advisory services regarding the Agency's proposed tax allocation financings Based on information received from Agency staff, we understand that the Agency intends to issue theofirst saleeofaBondsatoe raise occur in mid 1986 Following a review of relevant Information, we will recommend a strategy to the Agency that may favor the incorporation of a bond Insurance policy into the financing which would result In an "AAA" rating on the Bonds This rating could facilitate the market - ability of the serurltles and result In a lower net interest cost As financial advisor to the Agency, we will attempt to structure borrowing plans based on sound investment banking principles and market constraints while still optimizing the Agency's financial objectives SERVICES The following Is a list of financial advisory services Stone b Youngberg would provide upon selection as the Agency's consultant This list Is not all Inclusive and only represents typical services required to consummate the financing As financial advisor to the Agency, Stone S Youngberg commits its full resources and energies toward a successful financing 1 As financial advisor to the Agency, Stone 6 Youngberg will work with staff and other project participants in reviewing and applying economic Information and cash flow projections developed by the Agency's economic consultant 2. Stone S Youngberg will work with the Agency's Bond Counsel and staff in recommending specific terms and conditions affecting the oasic security 0 tie bond Issue -' - 7 Om CM1nmNM smu- 3"FRA Won. cR(I u""In (us) W=4 Rancho Cucamonga Redevelopment Agency October 12, 1983 Page 2 3 Stone & Youngberg will assist •he Agency in selecting and In preparing a list of services required of the Bank Trustee 4 Stone & Youngberg will conduct a cash flow analysts that determines the optimum maturity structure based on market conditions and security provisions 5 Stone & Youngberg will prepare the text of a bond prospectus for sale of the s :uritles Said prospectus will include a description of the securities, tl.e project, and pertinent financial and economic data In the preparation of such prospectus, us will assist the Agency in the ascertainment of .11 material and facts and uIrcumstances regarding the project and in their disclosure to the prospectus The prospectus will be printed and mailed, together with copies of the official notice of sale and basic legal documents, to a comprehensive list of prospective bidders 6 At the direction of the Agency, Stone & Youngberg will contact one or more bond Insurance companies and /cr rating agencies and provide them with sufficient Information to obtain the highest possible rating on the securities prior to their sale Stone & Youngberg vi 11 represent the Agency at information meetings In San Francisco and Los Angeles, if such meetings are necessary or desirable 8 Stone & Youngberg will represent the Agency at the bid opening for a public sale and will analyze the bids. Identify the most favorable bid for the Agency, and make a recommendation as to award of the bid. We will act as the Agency's agent if bid negotiations are required After the bid Is awarded, we will prepare for the Agency an actual debt service table based on accepted coupon rates COMPENSATION Upon acceptance of this contract, Stone & Yourgberg is prepared to begin work at once on behalf of the Agency based upon a professional services fee of $45,000 which would be due and payable upon the successful closing of the financing In addition to the professional services fee, Stone & Youngberg will be reimbursed by the Agency for any out-of -state travel made In connection with the financing, any printing expenses for the securities and Official Statements, any mailing and shipping gists Incurred on behalf of the Agency, any computer charges Incurred, and any charges made by the rating agencies, bond insurers, and California Municipal Statistics, Inc Such charges will be the responsibility of the Agency and Independent of the sale and delivery of the bonds Should the issue require structuring as escrow callable bonds, the professional services fee shall be increased to an amount nut to exceed $65,000.00. IJ I Rancho Cuca=nga Redevelopment Agency October 12, 1983 Page 3 AGENCY APPROVAL FOR STONE & YLUNGBERG TO BID SECURITIES It Is expressly understood and agreed between the Agency and Stone & Youngberg, that Stone & Youngberg may submit a bid to purchase all or some portion of the Agercy's securities sole through a competitive public sale CONCLUSION Stone & Youngberg appreciates your copslderation of our contract to serve as financial advisor for the Agency As representative of Stone & Youngberg, I look forward to the possibility of assisting you meet your financing objectives This cortact, when countersigned below, will constitute an agreement between Stone & Youngberg and the Agency regarding financial advisor services Sincerely, STONE & Y50NGBEK tt C SOe Partner RANCHO CUCAMONGA REDEVELOPMENT AGENCY Chairman Attest Secretary SCS:cn 20alAYda7A pate ,s �f STONE & YOUNGBERG w[werxs. P. n xxouwma March 6, 1986 Agency Board Rancho Cucamonga Redevelopment Agency 9320 Baseline Road, Suite C Rancho Cucamonga CA 91730 Attn Jack Lam Honorable Board Members Thank you for the opportunity to submit a contract for financial advisory services regarding the Agency's proposed tax allocation financings Based on Information received from Agency staff, we understand that the Agercy Intends to Issue tax allocation bonds, structured to meet varhet acceptance to raise funds for housing- related purposes with the first sale of Bonds to occur in mid 1986 Following a review of relevant information, we will recomeno a strategy to the Agency that may favor the Incorporation of a band insurance policy into the financing which would result In an "AAA" rating on the Bonds This rating could facilitate the market - ability of the securities and result In a lower net Interest cost As financial advisor to the Agency, we will attempt to structure borrowing plans based on sound Investment banking principles and market constraints while still optimizing the Agency's financial eb�ectives SERVICES The following Is a list of financial advisory services Stone & Youngberg would provide upon selection as the Agency's consultant This list is not all inclusive and only represents typical services required to consummate the financing As financial advisor to the Agency. Stone & Youngberg commits its full resources and energies toward a successful financing 1 As financial advisor to the Agency, Stone & Youngberg will work with staff and other proteLt participants In reviewing and applying economic information and cash flow projections developed by the Agency's economic consultant 2 Stone & Youngberg will work with the Agency's Bond Counsel and staff in recommending specific terms and conditions Wetting the basic secority, of the bond issue. _16 _ /O eNe WYenMASTREET SAN rRANCISCQ CALWWRA Hill (4m)W0ll Rancho Cucamonga Redevelotment Agency October 12, 1983 Page 2 3 Stone & Youngberg will assist the Agency In selecting and In preparing a list of services required of the Bank Trustee 4 Stone & Youngberg will conduct a cash flow analysis that determines the optimum maturity structure based on market conditions and security provisions 5 Stone & Youngberg will nrepare the text of a bond prospectus for sale of the securities Sold Prospectus will include a description of the securities, the project, and pertinent financial and economic data In the preparation of such prospectus, we will assist the Agency in the ascertainment of all material and facts and circumstances regarding the project and in their disclosure In the prospectus. The prospectus will be printed aad =:lied loaether with copies of the official notice of sate and basic legal documents, to a list of prospective bidders 6 At the direction of the Agency, Stone & Youngberg will contact one or more bond insurance companies and /or rating agencies and provide them with sufficient information to obtain the highest possible rating on the securities prior to their sale 7 Stone & Youngberg will represent the Agi ,icy at Information meetings in c- Francisco and Los Angeles, if such meet ngs a,o necossary or aeslrable 8 Stone & Youngberg will represent the Pgency a• the bid opening for a Public sale and will analyze tho bids, identi:'y the most favorable bid for tl:e Agency, and rake a recommendation ,.s to award of the bid. Ne will act as the Agency's agent If bid negat'atiuns are rkqulrel After the bid Is awarded, we will prepare for the Agency an acl,-a. debt service table based en accepted coupon rates COMPENSATION Upon acceptance of this contract Stone & Yourgberg Is prepared to begin work at once on behalf of the Agency based upon a professional services fee of $45,000 which would be due and payable upon the successful closing of the financing In addition to the professional services fee, Stone & Youngberg will be reimbursed by the Agency for any olit -of -state travel made In connection with the financing, any printing expensus for the securities and Official Statements, any malling and shlpplig costs Incurred on behalf of the Agency, any computer charges Incurred, an! any charges made by the rating agencies, bond insurers, and California Mur.l,ipai Statistics. Inc. Such charges will be the responsibility of the Agency and Independent of the sale and delivery of thn nnnds Should the issue require st=Cturing as escrow callable bonds, the professional services fee shall be increased to an amount n•.)t to exceed $65,000.00. 'I , Rancho Cucamonga Redevelopment Agency October 12, 1983 Page 3 AGENCY APPRriVAL FOR STONE & YOUNGP.ERG TO 310 SECURITIES It i, expressly understood and agreed between the Agency and Stone & a, Youngberg, that Stone & Youngberg may submit a bid to purchase all or same portion of the Agency's securities sold through a competitive public sale. i CONCLUSION z Stone & Youngberg appreciates your conslderatlon of our - ontract to serve E as financial advisor for .he Agency As representative of Stone & Youngberg, I look forward to the possibility of assisting you meet your financing R objectives Thl, contact, whan countersigned below, will constitute an agreement betweer. Stone & Youngberg and the Agency regarding financial advisor services Sincerely, STONE & YOUNCBERG coE �5olle�s ` !. Partner RANCHO CUCAMONGA REDEVELOPMENT AGENCY — Chalrma Date Attest Secretary SCS.cn 2081A /XJ'A Y IN OF RA 1CHO CUCAMOP.GA STONE 8l YOUNGBERG Cormuhm CEW10PGgNE DEPT. Y[YllA[ �[Cm.0 CIOQ (CpUN4C LIAR 101986 'M Psi March 6. 1986 718191101111L11A31400 Agency Board Ranch Baseline Road, Cucamonga edSuite cent Agency Rancho Cucamonga. CA 91730 Attn'. Jack Lam Honorable Board Mambers• Thank you for the opportunity to suhmlt a contract for financial advisory ation services re ardingethe Agge ngency proposedwtaunderstand that n the l Agency8 Intends market acceptance to i s er houstn tax dfurpostructured tofineet 'Sale ofBonsto occur aIna raid 1986 Following a review of tel information. we will remaaend a strategy Into to the cq may e incorporation nn ce Thcr ul in an on the Bonds This rating teflnacin whichvuldres could facilitate the market - ability of the securities and to net interest cost As financial advisor to the Agency, and structure horrovf ng plans based on sound Investment banking principle! market re boralntz while stall optimizing the Agency's financial objectives SERVICES The following Is a list of ffnanc/a1 advisory services Stone b Youngberg incluslvevand only as the required to consummate matesthet all finanresources and energies esvtoward atsuccassful financing Youngberg cocsalts Its isor to I As financial advisor rrto.lpantietay[eviewing andnapplyingleconomicith staff other Information and cash flow projections developed by the Agency's economic consultant 2 rrecnoemmendinggspecificlterms andhconditionsyaffecting theebasic security of the bond Issue Rancho Cucamonga Reoevelopment Agency October 12, 1983 Page 2 3 Stone & Youngberg viii assist the Agency in selecting and In preparing a list of services required of the Bank Trustee 4 Stone & Youngberg will condl.ct a cash flow analysis that determines the optimum maturity structure based on market conditions and security provisions 5 Stone & Youngberg will prepare the text of a bond prospectus for sale of the securities. Said prospectus will Include a description of the securities, the project, and pertinent financial and economic data In the preparation of such prospectus, we will assist the Agency in the ascertainment of all material and facts and circumstances regarding the project and in their disclosure In the prospectus The prospectus will be printed and mailed, together with copies of the official notice of sale and basic legal documents, to a comprehensive list of prospective bidders 6 At ter direction of the Agency, Stone & Youngberg will contact one or more bond .nsurance companies and /or rating agencies and provide them with sufficient Information to obtain the highest possible rating on the securities prior to their sale 7 Stone & Youngberg will represent the Agency at information meetings In San Francisco and Los Angeles, If such meetings are necessary or desirable 8 Stone & Youngberg will represent the Agency at the bid opening for a pub IIc sale and will analyze the bids. Identify the most favorable bid for the Agency, and make a recommendation as to award of the bid. He will act as the Agency's agent If bid negotiations are required. After the bid Is awarded, we will prepare for the Agency an actual debt service table based on accepted coupon rates COMPENSATION Upon acceptance of this contract, Stone & Youngberg Is prepared to begin work at once on behalf of the Agency based upon a professional services fee of $45,000 which would be due and payable upon the successful closing of the financing In addition to the professional services fee, Stone & Youngberg will be reimbursed by the Agency for any out-of -state travel made In connection with the tinancing, any printing expenses for the securities and Official Statements, any mailing and shipping costs Incurred on behalf of the Agency, any computer charges Incurred, and any charges made by the rating agencies, bond insurers, and Catt FOrnia Municipal Statistics, Inc Such charges will be the responsibility of the Agency and Independent of the sale and delivery of the toads Should the issue require structuring as escrow callable bonds, the professional services fee shall be increased to an amount not to exceed $65,000.00. /V Rancho Cucamonga Redevelopment Agency October 12, 1983 Page 3 AGENCY APPROVAL FOR STONE & YOUNGBERG TO BID SECURITIES It is expressly understood and agreed between the Agency and Stone & Youngberg, that Stone & Youngberg may submit a bid to purchase all or some portion of the Agency's securities sold through a competitive public sale. CONCLUSION Stone & Youngberg appreciates your consideration of our contract to serve as financial advisor for the Agency. As representative of Stone & Youngberg, I look forward to the possibility of assisting you meet your financing objectives. This contact, when countersigned below, will constitute an agreement between Stone & Youngberg and the Agency regarding financial advisor services Sincerely, STONE & YOUNG ERG eSol /ner RANCHO CUCAMONGA REDEVELOPMENT AGENCY Chairman Date Attest Secretary SCS cn 2081A/087A As— %4 1 S'T'ONE & YOUNGBERG rcrecas, rem.c sroa naumc March 6, 1986 Agency Board Rancho Cucamonga Redevelopment Agency 9720 Baseline Road, Suite C Rancho Cucamonga, CA 91730 Attn• Jack lam Honorable Board Members Thank you for the opportunity to submit a contract for financial advisory services regarding the Agency's proposed tax allocation financings Based cn information received from Agency staff, we understand that the Agency intends to Issue tax allocation bonds, structured to meet market acceptance to raise funds for housing- related purposes with the first sale of Bonds to occur In mid 1986 Following a review of relevant information, we will recommend a strategy to the Agency that may favor the Incorporation of a bond Insurance policy into the f'nancing which would result In an 'AAA° rating on the Bonds This rating could facilitate the aarket- ability of the securities and result In a lower net Interest cost As financial advisor to the Agency, we will attempt to structure borrowing plans based on sound Investment banking principles and market constraints while still optlmiziny the Agency's financial objectives SERVICES The following is a list of financial advisory services Stone & Youngberg would provide upon selection as the Agency's consultant This list 1s not all inclusive and only represents typical services required to consummate the financing As financial advisor to the Agency, Stone E foungberg commits Its full resources and energies toward a successful financing I As financial advt:or to the Agency, Stone & Youngberg will work with staff and other project participants in reviewing and applying economic Information and cash flow projections developed by the Agency's economic consultant 2 Stone & Youngberg will work with the Agency's Bond Counsel and staff In recommending specific terms and conditions affecting the besir security of the bond issue. /b P,IECNXDP lCTiQ:E IUNFP%N=OOLCM Ce"Mnt 14ul 1W& Rancho Cucamonga Redevelopment Agency October 12, 1983 Page 2 3 Stone & Youngberg will assist the Agency In selecting and In preparing a list of services required or the Bank Trustee 4 Stone & Youngberg will conduct a cash flow analysis that determines the optimum maturity structure based on market conditions and security provisions 5 Stone & Youngberg will prepare the text of a bond prospectus for sale of the securities Said prospectus will Include a description of the securities, the proje.t, and pertinent finsrcial and economic data ?.n the preparation of tjch prospectus, we will assist the Agency In the ascertain ent or ali material aid facts and circumstances regarding the protect and In their disclosure in the prospectus The prospectus will be printeJ and malted, together with copies of the official notice of sale and basic legal Documents, to a comprehensive list of prospective bidders 6 At the direction rf the Agency, Stone & Youngberg will contact one or more bond Insurance companies and /or rating agencies and provide them with sufficient Information to obtain the highest possible rating on the securities prier to their sale 1 Stone & Youngberg will represent the Agency at information meetings In San Francisco and Los Angeles. If such meetings are necessary or desirable 8 Stone & Youngberg will represent the Agency at the bid opening for a public sale and will analyze the bids. Identify the most favorable bid for the Agency, and make a recommendation as to award of the bid We will act as the Agency's agent if bid ncgotiaciens are required After the bid Is awarded, we will prepare for the Agency an actual debt service table based on accepted coupon rates COMPENSATION Upon acceptance of this contact, Stone & Youngberg Is prepared to begin work at once on behalf of the Agency based upon a professional services fee of $4S,000 which would be due and payable upon the successful closing of the financing In addition to the professional services fee, Stone & Youngberg will be reimbursed by the Agency for any out-of -state travel made in connection with the financing, any printing expenses for the securities and Official Statements, any mailing and shipping costs Incurred on behalf of the Agency, any computer charges Incurred, and any charges made by the rating agencies, bond Insurers, and California Municipal Statistics, Inc Such charges will be the responsibility of the Agency and Independent of the sale and delivery or rh. ,~.I; Should the issue require structuring as escrow callable bonds, the professional services fee shall be increased to an amount not to exceed $65,000.00. �7 i Rancho Cucamonga Redevelopment Agency October 12, 1983 Page 3 AGENCY AePROVAL FOR STONE & YOUNGBERG TO BID SECURITIES It Is expressly understood and agreed between the Agency and Stone & Youngberg, that Stone & Youngberg may submit a bid to purchase all or some portion of the Agency's securities sold through a competitivu public sale. CONCLUSION Stone & Youngberg appreciates your consideration of our contract to serve as financial advisor for the Agency As representative of Stone & Youngberg, I look forward to the possibility of assist -ng you meet your financing objectives This contact, wher counterstgned below, .111 constitute an agreement between Stone & Youngberg and the Agency regarding financial advisor services Sincerel'''y"", STO111 & }wNGBERG rntt Sofler's Partner RANCHO CUCAMONGA REDEVELOPMENT AGENCY Chairman Date Attest Secretary SCS:cn 2081A/037A AgBEEmENI FOR SPECIAL LEGAL SERVICES PARITY TAX ALLOCATION BOND PROCEEDINGS THIS AGREEMENT, entered Into this — day of _ . 1988, by and between the RANCHO CUCAMONGA REDEVELOPMENT AGENCY, a public body, corporate and Politic (the "Agency ") ano JONES HALL HILL 8 WHITE, A PROFESSIONAL LAW CORPORATION, San Francisco, California ( "Attorneys "), V1I11E&EEIlf: WHEREAS, the Agency hrs undertaken redevelopment of its Rancho Redevelopment Project (the "Project"), and to finance a portion of the costs thereof has Issued Its Tax Allocation Bonds. 1984 Series A. under Part 1 of Division 24 of the Health and Safe' Coda of No Stale of California (the "Community Redevelopment Law'); WHEREAS, the Agency now desires to Issue additional lax allocation bonds on a parity with its Tax Allocation Bonds, 1984 Series A. to finance further costs of the Project WHEREAS, the Agency requires tlUe sorAces of bond counsel in connection with the issuance of such tax allocation bands, WHEREAS. Attorneys are experienced In municipal bond law and in the conduct of proceedings for the financing of the Project and WHEREAS. the public Interest. economy and general welfare will be served by this Agreement NOW, THEREFORE, IT IS AGREED, as follows. 1 Dulic . Attorneys shall provide the following services. a. Consult and cooperate with consultants and the administrable officers and employees of the Agency and assist Agency consultants and staff in the formulation of a coordinated flnanclal. engineering and legal Project b. Prepare all ordinances. resolutions. notices and legal documents. Including. withou! limitation, a bond resolution, necessary for the proper conduct of proceedings for the Issuance of securities for the purpose of finanaing the Project c. Prepare and provide a receipt for the sale of securities. a receipt for the proceeds of secunties, a signature and nrnhtigation cortificate, a non•arbitrago cerbfication ind all other documents required in connection with the delr;ry of the securities; d. Prepare and provide transcripts of the conduct of the financing proceedings necessary to accompany the delivery of securities: e. Apply for and obtain any Warnai Revenue Service or other rulings necessary to assuro tax-exempt status of the securities, or as required by n-e Purchaser of the sacuri93s: I. Analyze and determine the need for obtaining a permit to Issue securities under the Securities laws (State or Federal) or no-actlon letters from the Securities and Exchange Commission and California Corporations Commission: g Upon completion of proceedings, to Its satisfaction. provide its legal opinion unqualifiedly approving in ail regards the legality of all proceedings for the authorization, Issuance and delivery of any securities or eltier transactions related to the Project. and staling that Interest on the securities is exempt from present feCeral and state Income taxation, a.. 3ppropriate, which opinion shall Inure to the benefit of the purchasers of the securities: and h. Prrvide other necossary services generally expected of bond counsel not listed above. 2. Compensation. For said services. Agency shall pay the following componsation: a. It is expected that valida0cn proceedings shall be required pursuant to Section 1(g) and c.rmpensatien rnerefor shall be a flat $3.500. provided that, if there are third party participants In any such proceedings. then Attorneys shall, subject to the prior written approval of tho Executive Director of the Agency. he entitled to additional compensation based on time expended, charged at standard, established rates, plus out• ef•pocxet expenses b. Fo• Bald services In connection with the Issuance of each Bones of securities so1J from time to time to finance the Project. the Agency shall pay Attorneys a foe equal to 112% of the first .65.000.000 principal amount of such series so:d. plus V01. of the next $15.000.000 of such series said. plus 18% of any amount of any such series sold over $20.000.000. In aCdition. the Agency shall reimburse Attorneys for all direct out-of-pocket expense3 ralating to delivery and messenger services, to pholocop-ring, transcrlpting and closing costs and to out af•stato travel expeases ,Acurred in connec lion Hhh the Issuance, sale and delivery of any such securilicn. It Is expressly undprst000 and agreed that said .2. M fees and expenses shall be payable solely from 0.9 proceeds of sale of such securities. and under no circumstances shall said lees and expenses be payable from any other funds or property of the Agency. 7. Exceptions. The following services are excepted from the services to be rendered lot such percentage fees: z. Any services to be rendered in any IWgabon Involving the Agency other than validation proceedings under Section 1(g). b. Any sendcas required In obtaining Federal. Stale or other sutvp - "ons or loans other than a sate and delivery of municipal securities to any Federal or State Agency. For such services which Attorneys are directed to render for and on behalf of the Agency, componsalion shall be on a reasonable foe basis to be agreed upon. 4. cone of Emolovmrtel. It is intended that this Agreement apply only to the proposed financing of the Project by the Issuance of one or more series of tax allocation bonds The Agency Is not obtiga•od to employ but neither Is it precluded from employing Attorneys to iandlo wbsequent Issues of securities for the Marring of other redevelopment proje.:ts of the Agency. It is understood that this Agreement may be terminated by either party on reasonable mitten notice to the other without liability to the Agency. IN WITNESS WHEREOF, the parties hereto have caused Nose presents to be executed by their respective officers ano reprosentatives thareunlo duty authorizea. the day and year first above written. ATTEST* Secretary (SEAL) RANCHO CUCAMONGA REDEVELOPMENT AGENCY. a public body corporate and politic By Chairman JONES HALL HILL & WHITE. A PROFESSIONAL LAW CORPORATION ©y Andrew C. Hall. Jr .y ..r AGREEMEPII FOR SeEC111L LEGAL SERVICES PARITY TAX ALLOCATION BOND PROCEEDINGS THIS AGREEMENT, untered Into this __ day of 1988, by and between the RANCHO CUCAMONGA REDEVELOPMENT AGENCY, a public body, corporate and politic (the "Agency') and JONES HALL HILL & WHITE. A PROFESSIONAL LAW CORPORATION, San Francisco, California (-Attorneys-). VIINESSEIIi: WHEREAS, the Agency has undertaken redevelopment of Its Rancho Redevelopment Project (the 'P(oject'), and to finance a portion of the costs thereof has issued its Tax Allocation Bonds. 198.1 Series A. under Pert 1 of Division 24 of the Health and Safety Code of the State of California (the "Community Redevelopment Law'); WHEREAS. the Agency now desires to Issue additional tax allocation bonds on a parity with its Tax Allocation Bonds. 1984 Series A. to finance further costs of the Project: WHL•REAS. the Agency requires the services of bond counsel In connection with the Issuance of such tax allocation bonds; WHEREAS. Attorneys are experienced in municipal bond law and In the conduct of proceedings for the financing 0 the Project and WHEREAS, the public Interest. economy and general welfare will be served by this Agreement; NOW THEREFORE. IT IS AGREED. as follows. 1 JztA(g�. Attorneys shat provide the fofiovring services: a. Cons,ut and coopef,,te mth consultants and the administr,.tivo crcers and employees of the Agency and assist Agency consultants and staff In the formulation of a coordinated financial engineering and legal Project: Da _.1 b. Prepare all ordinances. resolutions, notices and legal documents, including, without limitation, a bond resolution, necessary for the proper conduct Of proceedings for the issuance of securities for the purpose of financing the Project; C. Prepare and provide a receipt for the sale of securNes. a receipt for the proceeds of securities, a signature and no-litigation certificate. a non•arbitrago certification and all other documents required In connection with the delivery of the securities; d. Prepare and provide transcripts of the conduct of the financing proceedings necessary to accompany the delivery of securitios; e. Apply for and obtain any Internal Revenue Service or other rulings necessary to assure tax-exempt status of the securities, or as required by the Purchaser of the securNes: I. Analyze and determine the need for obtaining a permit to issue securities under the Securillos Laws (State or Federal) or no-action letters from the Securities and Exchange Commission and California Corporations Commission, unqualifiedly approving I completion regards the legally of all proreedings for the authorization, Issuance and delivery of any securities or other transaclons related to the Project. and stating that Interest on the securities Is exempt from present federal and state Income taxation, as appropriate, which opinion shall Inure to the noncht of the purchasers of the securities; and It. Provide other necessary servk,es generary sxpected of bond counsel not listed above. 2. rig ji Ion. For said services. Agency shall pay the following compensation: a. It is expected that validation proceedings shall be regtired pursuant to Section 1(g' and compensation therefor shall be a gal $3,500. provided that it thorp are third party participants In any such proceedings. then Attomoys shall. subject to the prior written approval of the Executive Director of the Agency be enticed to additional compensation based on time expended, charged at standard established rates, plus out- of•poetel expenses. b. For said services in connection with the issuance of oath series of securities sold from time to time to finance the Project. the Agency shall pay Attorneys a tee equal to 1a2% of the first $5.000.000 principal amount of such serins seed. plus 114% of the next $15.000.000 of such states fold, plus 1.8% of any amount of any such series sold over $20.000.000. In addition. the Agency shall reimburse Attorneys for all direct out-of-pocket expenses relating to delivery and messenger services. to photocopying, transci;p0n, and closing costs and to out- ol•slale travel expenses incurred In connection with the issuance. sale and delivery of any such securities It is expressly understocd and agreed that said •2. .D`3 fees and expenses shall be payable sufofy from the proceeds of s-11e of such securities. and under ro circumstances shall said fees and expenses b0 payable from any other funds or property of tiro Agency. 3. Ea Rhona The following services are excepted from the serfices to be rendered for such percentage fees: a. Any services to be rendered in any litigation Involving tits Agency other than validation proceedings under Section 1(g). b. Any services required in obtaining Federal. Slat® or other subventions or loans othor than a sale and delivery of municipal securities do any Federal or State Agency. For such services which Attorneys are directed to render for and on behalf of the Agency. compensation shah be on a reasonable fee basis to be agreeid upon. 4. 5gQRQ of Fmnfovm n It Is Intended that this Agreement apply only to the proposod financing of the Project by the Issuance of one or more scrlc-- of tax allocation bonds. The Agency Is not obligated to employ but ralther is It precluded 'ram employing Attorneys to handle submquent Issues of securities for tho Einar Ong of other redevelopment projects of the Agency. It Is understood that this Agreement may be terminated by either party o. ,asonabre written notice to the other without liability to the Agency IN WITNESS WHEREOF. the parties hereto have caused Nose prese, to be executed by their respective officers and reprosentativrs therounto duty author 9. the day and year first above %Tifton. ATTEST- Secretary (SEAL) RANCHO CUCAMONGA REDEVELOPMENT ADEN -ZY. a public body corporate and politic By Chairman JONES HALL HILL 8 WHITE. A PROFESSIONA LAW CORPORATION By .sue" Andrew C Hall. Jr �— •3- .Dy AaBEEMBtlI FCR SPECIAL LEGAL SERVICES PARITY TAX ALLOCAPra' BOND PROCEEDINGS THIS AGREEMEN rT entered Into this day of 1988, by and between the RANCHO CUCAMONGA REDEVELOPMENT AGENCY• a public body, corporate and politic (the 'Agency') and JONES HALL HILL a WHITE. A PROFESSIONAL LAW CORPORATION, San Francisco. California ('Attorneys'), VIIINESSEIM: WHEREAS, the Agency has undertaken redevelopment of its Rancho Redevelopment Project (the 'Project'), and to finance a portion of the costs thereof has issued its Tax NlocaVon Bonds. 1984 Series A. under Part 1 of Divislon 24 of the Health and Safety Coda Of the Slate of California (the 'Community Redevelopment Law'): WHEREAS, the Agency now dosires to Issue additional tax allocation bonds on a pang with It: Tax Allocation Bondi, :984 Sorlos A. to finance further costs of the Project WHEPEAS, the Agency requires the services of bond counsel In connection with the Issuanco of such tax allocation bonds: WHEREAS. Attorneys are experience In municipal bond law and in the conduct of Proceedings for the financing of the Project and WHEREAS• the public Interest economy and general welfaio will be served by thi't Agreement NOW, THEREFORE, IT IS AGREED, as follows: ' Duto • Attorneys shall provide the following services. a. Consult and corporato with consultants and the administrative officers and employees of the Agency and assist Agency consultants and staff in the formulation of a coord.nated financial, engineering and legal Project 0 D'5- b. Prepare all ordinances. resolutions, notices and legal documents, including, without halation, a bond resolution. necessary for the proper conduct of proceedings for O:e issuance of secuntes for the purpose of rwancing the Project a Prepare and provide a receipt for Our sale of securities. a receipt lot the proceeds of secunties. a signature and no- litigallon corbricate. a mnarbitraye certification and at other documents required in eennoetion with are delivery of the securities; d. Prepare and provide transcript of the conduct of the financing proceedings necessary to accompany the delivery of 1.ecurillos; o. Apply for and obtain any Internal Rererun Service or other nrlings necessary to assure tax- exempt status of the securities, or as roquaed by the Purchascr of the securities; I Analyze and determine the need for oblainhIl a pen:•q to Issue securities under ire Securities Laws (State or Federal) nr no- action letters from the Securities and Exchange Commission and CaldorNa Corporation ; ammission; g. Upon eomplet:on of proceedings, to is satisfaction, provide its legal opinion unquafi0edly approving In as regards the legality of all proceedings for the authorization. issuance and delivery of any securities or otter transactions related to the Project and staling amt Interest on the securities is exempt from present federal and state Income taxation, as appropriate. which opinion shay inure to to benefit of tin purchasers of the securities; and h. Provide other necessary seivicas generally expected of bond counsel not listed abrne. 2 Q,=92n •(;may For said services. Agency shall pay the lonowing compansatiom a. It is expected that validation proceedings stall be required pursuant to Section 1(g) and comp,4mlion therefor shall be a slat S5 500, provided Drat if there are third party participants In any such proceedings, then Attorneys shall. subject W Ore prior written approval of the Executive Director of the Agency, be entitled to additional compensation based on time expended, charged at standard. estabOShet rates. plus out - of- pocket expenses. b. For said services In connection with the issuance of each series of securities sold from time to time to finance the Project. the Agency shall pay Attorneys a fee equal to 1r2SL of are first 55.000,000 principal amount of such series sold. plus l.4% of the next 515.000.000 of such series sold, plus 1'M of arty amount of any such series sob over 520.000.000. In addition. the Agency shall reimburse Attorneys for all direct ord-of•l„rket expenses rela'dng to delivery and messenger services. to photocopying, transcripting and closing costs and to out-of-state travel expenses incurred in connection with the ise•.rance, sale and delivery of any such securities. It. is expressly understood and agreed that said .2. 06 fees and expenses shall be payable sO1Rty from the proceeds of sale of such securities. and under no circumstances shall said fees and expenses be payable from any other. funds or property of the Agency. g• E=gjIj;LQL5• The following services are excepted from the services to be rendered for such percentage fees: a. Any ser ices to be rendered in any litigation invoMng the Agency other than 'ation proceeding% under Section 7(g). b. Any services requited in obtaining Federal. State or other subventions or 1, is other than a sale and delivery of municipal secundss to any Federal or State Agency For such services which Attorneys are directed to render for and on behad o: the Agency. compensation shall be on a reasonable fee basis to be agreed upon. 4. r Of Employment It is Intended that this Agreement apply only to the proposed financing of the Project by thin issuance Of one or mere series of tax allocaUDn bonds. The Agency is not obligated to employ but nbrther is it precldded from employing Attorneys to handle subsequent issues of securities for the financing of other redevelopment projects of the Agency. It Is understood that this Agreement may be temmnaled by either )arty on reasonable mitten notice to the other wdhoul Uablbty to the Agency. IN MTNESS WHEREOF. the parties her)lo have caussd these presents to be executed by their respective Officers and representatives theraunto dl..y authorized. the day and year first above written. ATTEST- Secretary (SEAL) RANCHO CUCAMONGA REDEVELOPMENT AGENCY, a public body corporate and politic By Chauman JONES HALL HILL & WHITE. A PROFESSIONAL LAW CORPORATION fay / /lllrGl�j�� // Andrew C. Hatt. Jr f YJ r `f CITY OF MNCHO CLICAMOPN REDEVELOPMENT AGENCY STAFF REPORT DATE: June 18, 1986 TO: Chairman and Membets of the Redevelopment Agency FROM: Jack Lam, AICP, Deputy Executive Director BY: Linda D. Daniels, Senior Redevelopment Analyst SUBJECT: ACCEPTANCE OF THE HOUSING REPORT PREPARED SY EMPIRE ECONOMICS AND AWSTIONOF BACKGROUbID: In Fy 85-M tie Agency appointed two board members to a housing subcommittee %r Inc purpuses of devvl ; ing programs and projects which utilize the lousing set aside funds. As part of the subcommittee's accomplishments they developed a program whereby the set aside f---.-is could be used to support a Houelrtg Bond Issue. The proceeds of the im-a would then be used for neighfrorhood conservation Improvements in specific residential neighborhoods. In order to allow for the housing set aside funds to be used for this type of program, it was necessary to prepare a Housing Report. The purpose of this was to show that the residentlut areas targeted for the neighborhood conservation improvements qualified pursuant to California Redevelopment Law requirements. The Agency cuthorized the Report to be prepared by Empire Economies on February 19, 1986. EVALUATION: The Housing Report has been completed and reviewed by staff and cu sel as • its findings and methodology. The complete Report Is ottoaxd. Briefly, the conclusions of the Housing Report, which can be found on page 5, are that 13 neighborhood conservation and flood improvement projects can be shoves to benefit qualified residential areas. The spelfic projects and neighborhood locations ere shown on the attached exhibits. The total cost of implementing all 13 projects egwls $14.7 mhllioru In order to service all of the projects and residential neighborhoods Ident fled by the Report the Agency anticipates selling a tax allocation bond which leverages the housing set aside futd. Due to existing constraint: of the Redevelopment Plan, however, the Agency Is cot in a position to do a housing bond Issue at the present times Once the Plan's bonding end annual increment crops are amerded the Agency can then cell a tax allocation bond program which should provide the necessary fcmding to Implement all of the identified projects. a9 IN 'a REDEVELOPMENT AGENCY STAFF REPORT Acceptance of Housing Report /Empire Econo.nics/Adoption Resolution of Mutual Benefit June 18, 1986 Page 2 la order to be in a poslflun to do the projects once a bond issue Is sold, Bond Counsel recommends that the Report be validated by the courts. This validation eroaess would entatt the verificatien that the neighborhoods benefiting from the neighborhood conshrvatlon improvements meet the affordability reautrememi of California Redevpiocment Low. Because the report is �nhdjted as of the dote It was prepared, the Agency may do the projects which the Report shows as qualifying even if Incomes and interest rates : hange at a later point In tinx. This validation also allows the flexibility for the Agency to do projects on a payo you-go basis In the interim time until a bond Issue can be sold. The validation process through the Courts fakes approximately thirty (30) days. Following validation, hearing Is a sixty (60) day appeal period. Once this appeal period is over, the Agency can begin pursuing the eligible projects In addition to accepting the Report and Its findings the Agency must ciso find that the neighborhoods which these projects benefit are of benefit to the Protect Area. This is required pursuant to Section 33330.2(9) of the Health and Safety Code. The specific findings of benefit to the Project Area can be found within the attached Resolution The findings of both the Agency end City Council as to the projects benefiting Project Area are final and conclusive and no other approvals or octionu are necessary RECOMMENDATION: The Agency accept the Housing Report and conclusions and adopt t —ottached Resonuton which finds that the proposed neighborhood cowerwflon improvements and the reslosntial nefght,arhoods which will benefit from the improvements are of benefit to the Project Area. submitted, &AD /kep attachments: Neighborhood Conservntien Improvement Descriptions and Location Resolution a5P 28000.4 RESOLUTION NO. RA86• JHHW ACH ea 11 16 85 H7239 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA AND OF THE RANCHO CUCAMONGA REDEVELOPMENT AGENCY APPROVING REPORT CONCERNING HOUSING SET ASIDE FUNDS, APPROVING USE OF HOUSING SET ASIDE FUNDS OUTSIDE OF RANCHO REDEVELOPMENT PROJECT AREA AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO RESOLVED, by the City Council of the City of Rancho Cucamonga and by the Rancho Cucamonga Redevelopment Agency as follows: WHEREAS. the Rancho Cucamonga Redevelopment Agency (the 'Agency') Is required by the Community Redevelopment Lew (33000 at seq of Via California Health and Safety Code (the 'Law') and by the approved redevelopment plan for the Agency's Rancho Redevelopment Project Area (the 'Project Area') to set aside certain tax Increment revenues for the purposes of Increasing or Improving the supply of tow and moderate Income housing weJ1Lv the City of Rancho Cucamonga, all as such requirements ad more particularly set forth In Section 33334.2 of the Law; WHEREAS, the Agency desues to use a potion of the tax Increment revenues so required to be set aside to pay for public Improvements which will Improve the supply of low and moderate Income housing wiUdn the City of Rancho Cucamonga, or otherwise to provide for the financing of such public Improvements by the Issuance of tax allocation bonds of the Agency. WHEREAS, the Agency has caused Empire Economics b prepare a report dated May 12, 1986, onbUed 'City of Rancho Cucamonga Housing Set Aside Funds Droposed Neighborhood Improvement Projects' (the 'Report'), wherein Empire Economics has determined which of the proposed public Improvement projects of the Agency will Improve the supply of low and moderate Income housing within the City of Rancho Cucamonga; WHEREAS, bath the Agency and the City Council of the City of Rancho Cucamonga (the 'Council') have reviewed the Report and the findings of Empire Economics contained therein. WHEREAS, certain of the proposed public improvement projects which vd3 Improve the supply of low and moderate Income housing are IOC8t00 outside the Project Area; and WHEREAS. Section 33334 2 of the Law orovides tax increment revenues required to be set aside by 333342 may only be used to pay far or otherwise finance, projects outside the Project Area If both the Agency and the Council first determine that such use Is of benel t to the Project Area. 3o c n k- n- V NOW. THEREFORE. IT IS ORDERED. BY THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA AND BY THE RANCHO CUCAMONCA REDEVELOPMENT AGENCY as follows, 1 The findings of Empire Economics conained Li the Report are hereby by the Council and the Agency and the Report Is ordered Oed with the City Clerk of the City and the Secretary of the Agency. 2. Pursuant to the requirements of Section 33334.2 M the law, the Council and the Agency hereby determine that it is of benefit to the Project Araa to use outside the Project Area tax Increment revsnues (set aside In accordance with Secton 33334.2) to pay tor, or otherwise finance, the public improvenasnt projects approved In the Report as improving the supply of low and moderato Income housing within the City of Rancho Cucamonga. 3. In accordance with the provisions of Section 333342, the doto:minagons of the Council and Agency contained in paragraph 2. hereof shall be final and conclusive as to the issue of benefit to the Project Area. .2. -3/ s td s I PASSED. APPROVED and ADOP' ED THIS —day of _. 1996 AYES. Members: NOES. Mem4urs: ABSENT. Members: [SEAL] ATTEST* Secretary RANCHO CUCAMONGA REDEVELOPMENT AGENCY -4- Chairman CITY OF RANCHO CUCAMONGA HOUSING SET ASIDE FUNDS PROPOSED NEIGHBORHOOD IVPROVEMBNT PROJECTS Prepared for City of Rancho Cucamonga Redevelopment Age, y by Empire Eacnomlcs Joseph Janczyk Evans, Ph.D. 35505 Camino Capistrano, Suite 200 Capistrano Beach, CA 92624 Nay 12, 1966 f .w t Background The California State Legislature recently enacted Health and Safety Code Section 33334.2 which requires redevelopment agencies to utilize 20% of their tax leerement funds to benefit the city's supply cf low /moderate housing for families with low /moderate incomes. To fulfill this requirement, the Rancho Cucamonga Redevelopment Agency plans to set aside 20% of its tax increment funds, and to use these funds for a variety of neighborhood improvement projects, such an storm drains and various types of street improvements, amongst others. For a description of the projects that the Rancho Cucamonga Development Agency is considering, refer to Exhibit A. Purpose To ensure that the proposed neighborhood improvement projects fulfill the low /moderate housing and Income requirements, the city of Rancho Cucamonga retained Empire Economics, a firm specializing in economic and housing consulting, to conduct a study to determine whether or not the proposed projects will, in fact, meet the ]ow /moderate housing and income requirements. Accordingly, Empire Economics conducted an analysis of each of the proposer neighborhood improvement projects, to determine whether or not it fulfilled the low /moderate housing and income requirements. The methodology underlying the study involved a determination of the housing prices in each of the proposeC project improvement areas, based upon recent sales, and then from these, derived the incomes of the households, to determine if they fulfilled the low /moderate income requirements. Page t 3y Hetho� y The specific procedure utilized to determine whether or not a proposed neighborhood improvement project fulfilled the low /moderate housing and income requirements is now presented: Market Areas Since the proposed neighborhood LmProate vi projects are going to primarily benefit the homes in their immediate vicinity, it is necessary to analyze the supply of housing in their specific arose. Accordingly, to focus on the local areas, and also to facilitate the city pl Of Rancho the data on the prices of homes in these Thomas areas, Cucamonga was partitioned into some 65 Market Areas, based osed upon projeot Brother Hap designations. In those oases where a proposed overlapped various Market Areas, than the proportion of the project that is in each of the areas was calculated, based upon its area or aoreage; this will be discussed further later. For additional information on these designated Market Areas, refer to Map A. Reoent 922-3inj Sales For each of the Market Areas, information wan compiled on the housing sales that occurred during the prior year: there were a total of some 800 such sales in the city of Rancho Cucamonga. Then, the average price of the housing sales was computed for coon of these Market Areas. For more information on the average housing price in each or the Market c Areas, refer to Table t. Page 2 Additionally, for comprehensive information on the recent housing sales, refer to Appendix A- CualifyinK Pous� ehl Income qualify for the averaged The income that househOlds he Market Areas is calculated based upon price housing unit In each of standard mortgage loan underwriting criteria, the characteristics of the recent housing sale transactions, and the current mortgage rate: 11.5: Mased Upon Recent Sales Down ant 25% Standard Loan qualification allocation of•Income- Mousing 3o yra. Standard Loan TConditions Term of Lose • • • ' • Fixed 10% Current Parket Current Mortgage Rate, The s., criteria were applied to the avorage prices for the housing households units in each of tho Market Areas to determine the incomes tht.t hous would reed to have to qualify for the housing units. The : aloulation is based upon the fo_lowing formula: Mousing Price - Downpayment Mortgage Loan Mortg *Re Rate Term of Loan Monthly payment Allocation of Incoas Mcnths/Iear---- •• - -_ - -- Annual qualifying Income For additional infomation on the qualifying Lnuomeg for each of the Market Areas, refer to Table 2• page 3 34 �4: ■ Improvement Project Area Incomes The next step is to compute the income required to purchase -the average priced housing unit in each of the proposed neighborhood improvement project areas. This is accomplished in the following manner: If the proposed project is located entirely within a single Market Area, then he income for that Market Area is utilized. On the other hand, if the p ^oject affects the supply of housing in more than one area, then the woighted average of the relevant Market Area's incomes are used; the specific weights are based upon the proportion of the projects in each Market Area. For aaditional information on the areas to be benefitted by the proposed neighborhood improvement projects and how they conform to the various Market Areas, refer to 'daps B and C. For specific information on the proportions of the Hick-it Area's in each of the neighborhood improvement project areas, refer to Table 3• Low /Moderate Income Qualifications To determine if a proposed neightorhood improvement project is dosignated as being in a low /moderato housing income area, the incomes of the nouseholds in each of the areas are compared to the HUD Income Limics for low /moderate incomes. According to the Department of housing and Urban Devo...pment, the maximum income for low /moderate income households in the San Dernerdino- Rivorside Primary Mecropolltan Statistical Area, which includes Rancho Cucamonga, is $32,160 for the 1986 calendar year. Thus, a project fulfills the low /moderate housing and income rL4uirements if the income required to purchase the sverage priced housing unit in the area is below $32,160. Page C P 3 Conclusions APPlriog the above methodology to each of the proposed neighborhood improvement projects results in the following: Projects that Qualify Old Alta Loma Neighbrohood - 04 - I1 4 400,000 Southwest Cucamonga Hitdhborhood -01 $ 325,525 Southwest Cucamonga Pieghborhood -02 $ 510,800 Southwest Cucamoaga Nieghborbood -/3 $ 344,100 Southwest Cucamonga Ni!•¢hborhood -/4 $ 572,700 Southwest Cucamonga Niegbborbood -/5 $ 540,000 Southwest Cucamonga Heeghborhood -i6 $ 250,500 North Town Area Central Cucamonga Neighbori,:od - I2 4 15,000 Htivanda Neighborhood -13 Htivanda Neighborhood - 11 $ 265,600 Turner - Hermosa Flood Zones 175,000 $6,000,000 Hellman Avenue Flood Zones $ $2,000,000 Lower Turner Flood Zones $2,500,000 Baker /Arrow Flood Zones $1,000,000 TOTAL: 514,724,225 Projects that Do Not qualify Old Alta Loma Neighborhood - I1 $1,092,600 Old Alta Loma Neighborhood - /2 $ 220,000 Old Alta Loma Neighborhood - 03 $ 385,000 Old Alta Loma Neighborhood - 05 $ 271,600 Old Alta Loma Nieghborbrod - 06 $1,247,750 Central Cucamonga Neighburhood - it * 290,000 Central Cucamonga Neighbori,:od - I2 $ 711,500 Htivanda Neighborhood - 11 $ 175,000 gtiwanda Neighborhood - i2 $ 65,500 TOTAL: $4,457,950 For additional inf— oration, refer to Table 4. Page 5 38 • "1 ..Y e; Therefore, Empire economics concludes that of the some $19 million of the prapoaed neighborhood Improvement projects, about $13 million fulfill tho low /moderate housing and income requirements. Consequently, the utilization of the 20% housing set -aside to construct the specific Improvement projecta that meet the low /moderate housing and lncore requirements would be appropriate. E ry Economics c n is Consultant l Page 6 ASSUMPTIONS AND QUALIFICATIONS The methodology underlying the study is nuw evaluated, so that the accuracy and reliability of the results can be understood withlu ti,a context of the underlying assumptions and qualificaticns. The utilization of recent housing sales to derive household incomes provides the most timely data available on the current housing price and incomes of householas in each of the Market Areas. By comparison, the 1980 Census Data on housing pricer and incomes is come seven years old, and so a complex updating procedure would have to be undertaken to mLke the data current. Secondly, since there were some 800 housing sales used in the analysis, the probability is high that these accurntely reflect the current housing prices and incomes in the Market Areas. Third, since the analysis focused only on housing sales, be,ause data on rental units is not readily available, the resulting income estimates are higher than they would have been had apartments been included. Therefore, the methodology utilized in this study is believed to be accurate and reliable, and the improvement projects that have been designated as being in ow /moderate housing and income areas are believed to be estimated conservatively, since new households that rent ` were not included. x Finally, it must be noted that although the information on housing prices was compiled from a source that is believed to be accurate and reliable (appraisals for mortgage loans), it is not guaranteea as such. Additionally, the mortgage loan qualification orlteria and rates are i' based upon current market conditions; the stability of these conditions ,y over time cannot be guaranteed. Page 7 1/v r , EXHIBIT A CITY OF RANCHO C UCAMOP REDEVELOPMENT AGENC STAFF REPORT DATE: February 25, 1986 13: Members of the Housing Subcommittee FR04• Lloyd S. Hubbs, City Engineer BT: Slane Frandsen, Senior Civil Engineer SUBJECT: Capital Improvements for Low and Moderate income Heigborhoods Th• following priority list is Submitted in response to a request by the Subcommittee on February 11, 1986. The priority selection 13 based first on the maximum area of benefit which favors certa-n storm drain installations, primarily the Turner- Hermose and Lower Turner Storm Drains. The second criteria attempted is to provide street and storm drain improvements to each of the communities exhibiting a need. 41.t priority Listing 1. Design of all phases of Turner- wirmosa Storm Drain System. Construction of said drain from Oeer Creek to Church Street and basin excavation at the Alta Ions Basins (Phase I construction). 0esign b Phase I construction estimate: 53,000,000,00 2. Cucamonga Neighborhoods: i6: S 250,000.00 i5: S 540,070.00 Il S 325 000.00 31;d75;00?� 3. Baker - Arrow Storm Drain (should be constructed prior to of with Southwest Cucamonga neighborhood 04) Oeslgn S Construction Estimate: 51,000,OD0.00 4. Lower Turner Storm Drain: SI,SOO00000 Ncrth Town Sewer CCHD) SS 15 000 00 S. Ettwanda Neighborhoods R. 02, 13 (Designs near complete) /1 5175,000.00 a S 65,000.00 i3 S265 600 I REDEVELOPMENT AGENCY Capital Improvesents for Low & Moderate Income Neighborhoods February 25, 1986 Page 2 6. Central Cucamonga Neighborhoods A. 03 (Plans currently being 01 590,000.00 Y 9 Drepared) f3 7A 03 .DO' 7. Old Alto Lama Neighborhood 01 (Phase I). PHASE I Allay at City Hall S 17,000 La Mesa 81,200 Layton 61,000 Lomita 116,200 La Grande 118,200 La Vine 93 200 TDTAL FIRST PRIORITY 58,_-M.SDO Prime alternate should one or the other project delay would be Southwest Cucamonga Neighborhood /4 for $572,700.00 to follow the Baker Arrow Storm Drain installation. SECONDARY PRIORITY OR SECOND BOND SALE 1 Old Alta Lana Neighborhood }1 Phase II: West Side Amethyst S 17,000.00 Monte Vista $142,000.00 *Hellman &venue 5440,000.00 CCpO $ 95.000.00 2. Hellman Avenue Store Drain 'MUt precede or be $2,500,000.On coordinated with Hellman Avenue Improvements 3. Southwest Cucamonga 13, 14, 02 S 344,100.00 S 572,700.00 S .51 0D 4. Centr 1 Cucamonga Neighbornood 12 S 711,500.00 EXHIBIT A — continued e Vt� REDEVELOPMENT AGENCY Capital Improvements for Low L Moderate Incaoe Neighborhoods February 25, 1986 Page 3 S. Old Alta Loma Neighborhoods !2, 03, 0, /5, 16 S 220,000.00 S 365,000.00 S 400,000.00 S 271,300.00 $1 247 750.00 3Z�R4,'4W.DO 6. Turne-- Hermosa Storm Drain Phase It Construction Church Street to north of 19th Street and peripheral lines S3,000.000.00 TOIAL SECOND FRIORITf 510,857,450.00 LBH:BF:Jaa EXHIBIT A — Continued �3 i MAP A CM BMMARIES AND QUD PATrERR t2) L I A I s � J ' San ( VA .i d � ' � � i =, .�... i x� g � Y.S. � B,Ii• E• "Wti t :-h 'z - i am J- : =r_., 5 y1 M1P A — eoaeuwed CITY BDWMUUMs mo GRID PATrEm (7) rM �I . ;Er�, }�• .- rPa P r y AIi � �M�� , � ~ ��' I t i e - - - - - -J r rr - , , ' s si ? ? � � AlV H HEIR I - i i• ' '• --- � � ,- ` ` ern � � O1U�A I .. r m 17 . r k m 1 IJAP A - eontim d CM BOIA"Sk1[tIES AND OM PATMI (4) 4 u1 .•r 4 S J.1 7I % N H __ ;.._.. � UCAMON —•- r Is s = a =� inrtwtra I r� i AV Etiwanda FONT NP 001F i I`. � �� L M AP A - em:imud CITY BW OURIi5 AM MM PATrMN (11) V7 • r.. t�t a. r i '�'a, . -:Qr;" 'n..•.".•f � • l'a+ii - e.. �.t V7 MAP A — ccnti ed CITY HOIA>d1 M AND MW PATrEIN (12) T e c ur ..r n 11 w G� }{ .. ........ Si i tJO 'L -,. 9 ,.. •� r ,. 1 CUC MONGA 1 ; 4L t r i 1 t . uw fr ONT RIO . -�_ W A - continued CP1Y BIXR7LWM AM atM PATMM (13) �9 JI' FONTANA - JTB PANG � r CUCAMOI -M •�1 .TM it I L_ }.II BEP,4. t i 11 +.• �9 .r TABLE 1 STATISTICAL SUMMARY OF MOUSING SALES )OR THE MARKET AREAS .� .................. ............................... MAP MOUSING MOUSING CODES PRICES OMITS (Average) (Average) 1103 $90.000 2 1104 SSO.SeO 2 1291 $87.130 12 1162 $113 310 10 1193 174.000 2 1194 373.573 11 lirl 363.238 26 1102 383.314 28 21P3 $83.840 10 1IF4 388.000 1 12A1 583.463 30 12A2 338.932 22 22A3 588.037 23 12A4 $81.000 2 12A3 591.434 24 1201 $92 112 17 1282 $67.039 37 1283 388.387 a 1284 $73.964 14 1296 0 1201 $102.647 17 1202 3118.900 1 12D1 3113.200 1 12D2 $68.900 1 1.195 595.000 1 12P1 379.000 4 2292 $73.044 IB 13A1 $71.900 1 13A6 $63.900 1 1333 $63.211 7 2D3 $243.338 13 ID4 $138 160 22 203 S16a.167 15 2E2 $171.500 3 263 $240.130 6 214 $142.811 16 2E3 3133.420 20 296 594.677 22 2P2 $1" 600 3 2P3 $142. 67 2P4 3168.214 7 2P3 5129.536 19 2P6 $92.300 24 3A2 $156.697 3 3A3 $176.300 12 3A4 5163.465 17 3A3 1134.136 22 3A! $91.989 9 382 $172.223 a Source: Capire Economics fl r TABLE 1 STATISTICAL SUMMARY OF ROUSING SALES FOR THE MARKET AREAS .................. ............................... MAP HOUSING C00H4 PRICES (Average) "383 384 333 385 3C3 3C3 3C3 3D3 4A3 4A8 484 493 486 4C3 4D1 HOUSING UNITS (Average) $137 000 2 1138.000 3 3102.950 22 $106.012 23 $132.111 9 2103.234 13 $102.330 2.1 5233 JJ3 S $114.767 ,+ 789.130 40 $94.300 2 $183.100 2 $90.917 8 $92.300 1 0 .................. ............................... 61 C `o, i Sourest Eapiea Hconoalcs '� '• SQiKR1 f�1rN EcmoNtu �� i.l.. r TAKE 7 FAMED PROJECT IVPROFEVENI LADS RECENT "MIND PACES LAO OOALMING IACO.RES Yn.. Yn .YL'YY......q.n..nnl.YYYtwOYOI J n.......... YY...........Yn.......• NAP COOES AVEAMA PRICE OF QUALIFYING CODE PAGE COLON RON PROJECT KIM 112PES INCONES m...n.n +..+1111.1111. wYa.mamumwwww.0 1 it 3 A 6 OED ALTA IORA NIIQ1110RIIOfA - 11 $91.919 111,213 1 12 12 A 1 OLD ALTA LONE NEIGROWN - It 115.961 111,160 1 It 3 F 6 OED ALTA LGU 111000101001) - 12 112.)70 316,909 1.22 11 F t OLD ALTA LONA NEIGGOKM - 12 315.231 111,116 1 31 1 F i OED ALTA LOU 911MOOZM - 11 192.300 134.909 1 32 11 F 1 OLD ALTA LOU REIG DOOM - 13 115,371 131.715 1.41 It F 1 OLD ALTA LOU NEIGOObIM - 94 115.211 111,176 1.42 1 F 1 OLD ALTA LOMA NEIGRORINO - It 192.300 131,101 1.51 1 1 S OLD ALTA LGU NEIGMWOO - 15 1102.130 131,)11 1 52 3 C S OLD ALTA LORA VEICNIMOOD - 15 1103.75: 131.412 1 it I E 1 OED ALTA LOU IGIGN104ROO - 11 116.611 135,215 1.52 It E 1 OLD ALTA LOU REISIMORIM - 16 117.150 SUMS 2.10 11 0 3 SGIiIAIEST NC41ONG1 11EIORORIM - 11 113.160 111 755 1 20 11 0 A SNTNIEST CODOOMJ RIIG@ORM - 82 160,500 $22.S56 2.31 11 0 4 SOUTNIEST p/CAMOM AVO MMM - 11 160.500 172.SSI 2 32 it E A 5111TNNEST NC.XM REIG®ORN100 - 83 113.5)3 121.621 2.41 11 E 3 SWTMNST CUCANONGA NEIGIM51000 - 14 114.000 121,517 2.47 11 E / SNIMk3T CIICMONGA 1110MVM - 14 113.513 327,421 2 11 11 0 7 SCUTM1[ST CNIAONOA 1EMISOa.11N - FS 110.000 122.711 2.52 11 0 4 SOJTIOAMI C V 40M REIGGORIM - AS 160.S00 122.551 3 60 11 0 3 SNDDREST NCANL7RGA IIEIOtIOMM - 16 160.600 122.311 3 10 12 0 4 RUTH TM ARFA 175.164 121.111 4.11 12 A 3 CENTRAL CUCUOM NEIGGORINO - It {11.051 132.121 1 11 17 1 3 CENTRAL OOCAM1010 NEW4001C3OD - 11 116.511 $12,271 4.20 12 1 2 CENTRAL CUCARXU NEIMIRIP D - 12 111,051 Y .ASS 5.10 A 1 1 ETINUCA NEI67RORNIOO - 11 170.111 133,111 5.71 1 1 5 ETINA110A NEIGGOM" - 12 11SMOO {S1,211 5 22 A 1 6 ETINLADA NSIOW41 D - 12 190.91; 133.111 5.30 11 1 1 EMANDA KEIGRORIVOO - 11 {61.211 123.511 60.01 3 1 4 TURNEI- NERVOSA FLOOD ZONES 1106.011 $79.521 i0.02 12 1 1 NR9ERXE,TN05.1 FLOOD ZONES 112,112 111.131 60.03 12 1 2 NRIEA- NIRgSA FLOOD ZONES 111,051 132,1115 60.06 22 1 3 TURNER-NERIOS.I FLOOD ZONES 116,517 112,219 9035 12 A 3 TURNER -MEWSA FERN IONES SIS.9tt 121.311 10 06 3 A i TURNER- 11ERNOSA FLOOD ZONE? 60 37 12 A I NdER- HELNOSA FLOOD ZONES 10.01 It F 1 TURIEA -ME:M FLOOD ZONES 115.461 131.160 60 O9 11 F 2 TME1- NERVOSA FLOOD ZONES 125.932 132.60? 60.10 12 1 A tU;MER- NERVOSA FLOOD ZONES 111.051 132.12 ' 40.11 •1 E 3 TMER- NERVOSA FLOOD ZONES 361.000 112.T40 { 60.12 It E A TURNER-iFF1M FLOOD MMES 111.151 131,013 0 40.11 12 A 6 TURNER -I lPlOSA ROOD ZONES j 70.01 I F i NRl11AN AVENUE ROOD ZONES 112.300 131,401 '• SQiKR1 f�1rN EcmoNtu �� i.l.. r ■[ TALE 2 PROPOSED PROJECT IMPROVEMENT AREA RECENT HOUSING PRICES AND QUALIFT14G INCH Yw YnnuaRRWVaaamYRYYRa {wvaW WYW WYYUwwnYanYwYVanannwa ' NA (0664 AYEIAE FACE OF QUALIFYING CODE PAGE COLM 101 PROJECT WES NOTES INCOMES ww { {tW 420. ma4Rtwa1UYYRU1an0{ aIIIOY.aY.f {ntR {YYwwllw {R.aYUnna 70.02 2 A 1 REL JUI kVME AM ZONES 791.119 171,297 70.02 11 F 1 NELLPAN AVENUE I= ZONES SIS.271 121,711 70.01 11 F 2 HEIIAA AYFNUE FL000 ZONES 7t1.514 221.171 70 OS 11 f 1 KLLW1 AY6MUE FLOOD IONES 117.710 MASS 70.06 11 f 4 NELLMR AVENUE FL000 ZONES 115,000 81.501 70 07 11 F S HELJLO AVENUE FL000 IONES 10.01 12 A 1 HEL111O1 AVENUE FLOOD ZONES 115.111 271.!55 70 01 12 A 2 HEILJWR AYZWE FLOW ZONES 11(.112 117."1 70.10 12 A 1 HELLAA AVENUE FLOOD ZONES 511,051 112.127 10.11 12 A 1 HELLIWI AVENUE 8000 ZONES 551,000 572,117 70.12 12 A S RFLLIUI ATONE FLOOD ZONES 311,I51 771.092 10.01 12 0 A LOU TURNER FLO00 ZONES 515.111 121,715 10.02 12 E S LOIER tMER FLOOD ZONES 80.02 12 8 6 LOUR TURNER FLOOD IONES 10.01 11 E 7 RAAERFAM.1N FLOOO IONES MAID R7.507 f0 02 11 F 7 RAERFA7W.'N FLOOD ZONES 717310 951.255 90.01 11 E 4 BAAFARILV FLOOD TORS $71.511 121.421 10.01 11 F 4 IMERIARRON FL000 ZONES 161.071 121.104 ..{ RYananfnupennR {Ya {UwRR {t1YY1VffU. nnflYl.'J W.YRYw1WlY.wYww Swms Fill +Ecenaln �� j YAP a Si4 MAP 8 MY eaaauues aw NEIaMMM FRWE rs 516- 41• :r n'Iw � u UIf GLV lrrl ^U a si� 14 o a 11 -------- ----- - ----- !�•� t � mJ1— �� y ■ r� , Q L-- I J j ONTARIO ; l• a �.•.��a�frft.. �rf1�•��1���� 6 7 Ll :� Ia N IT � r. r Ind Yell .tl!• 1 r 1 1 1 1 ' i lift 1 1 I ; 1 � I 1 1 1 1 1 I , 1 1 1 1 1 1 � 1 1 1 t - - -•r I 1 1 ' M •I 1 .�{� 1Y1 1 1 1 � 1 j 1 i.• 1 r I � •- -i -_ -I i 1 1 r �- --- - -- - - +- --------- e-------- --- *--= '- --- ------- --- - ----- - - - - - -- 1 1 � ' 1 ' � r •:T ' ' -�^ I u i �-- NC w , w w" " UCAMONdA SEtiwanda - -,off ----------- + -: - -- - -- FONTANA I _k 1 51E T•: 59 I , :FONTANA I I � I 1 � I 1 1 I I I 1 RANCH I� I I , II �" -�• x � CUCAM ----------------- - -- -------------------------- -. I r I I yL. 1 If t , I 1 _— ____- -_ -• • I -__---__-• 1----- --_-- +----------- -- .�'- l }I �'_1 -_a1 - - - -_ -_ Jil i 9J■ rl ; I r ITM ST I .y Stu QFIPOYp t I t I - -- --- - -- 1 - 1 Y � - - - -- - -- -- II � . � • I ------ r -F�NT -- 59 rae c rJ= Z= AV..AS --- - - - - -- ---- v---- ---- I- -- ---- -- -- +- --- -� 46 I � � i I I I •il I i�FRI= t. �e MIN �I I HAP C FLOOD Z= AREAS 4 f rl FC I v I r, I ,I lu ,I a ' I 1 - - - - - - - - - - - - - - -- I i ; Is l51P C (�L 4,33 x�. TABLE INRRMpUT MOJECTS AID THE RELEVANT NMAET VW SMMMT CLCMSA NEIGHBOMWO - LI am OF SOUTIOfST OXAMOM NEIOU RS" 92 PROJECT O7DJECT LAMES IN THE SWTIOUF OKAMM NEIONBOKM - 11 NEIOWOWIWD ,o.omwsnw,uw.w...u„o.w,.w,n.0 71.41% OLD ALTA LNG NEIOLOORNWD - it 11 23% OLD ALTA LNG NEIL BOMM - It 11.01% OLD ALTA LNG NEIOOCWM - 12 21.2T% OLD ALTA LNG NEIO7BOWD00 - 12 12.11% OLD ALTA LOLL NE1940WA - 11 15.22% OLD ALTA LOU 1111 CA OOO - 13 24.71% OLD ALTA LW REIOINOMM - 11 11.1911 OLD ALTA LOA NEIGIMMD - 11 11 11% OLD ALTA LO-A NFIGN10WO00 - IS 51.211 00 ALTA LOA NEIQ WRNWO - IS 11.111 OLD ALTA LOAN AEIOWORNOW - 11 57 10% OLD ALTA WU NEI000 M - LO 45.10% SMMMT CLCMSA NEIGHBOMWO - LI 100.00% SOUTIOfST OXAMOM NEIOU RS" 92 100.09% SWMEST ODCMONW NEIGOM OOD - /7 90.001 SWTIOUF OKAMM NEIONBOKM - 11 A% SMEMEST OKAMMU NEIOWCWOW . U 71.41% SOJTIMT OIC.LS)NOA NEIOGOf0100D . IL 17.51% SWERN.ST OlCIt1NK.A NEI6100NIm - BS 91.17% SWTWEST CXA ONGA NE MIDW1000 - IS 11.71% SOITONEST 0.CMONSA NEIBNICWIWO - 19 100.00% NORTH TOM ARE1 103.00% CORRAL OKAma 1111"ORMOM - It 11.501 CENTRAL oxtKrA NEIrAWOWI000 - 11 12.50% CENTRAL WJJKIBA HEIGHBOMM - 12 100.001 ETINMOA NEIGNO11000 - It 100.00% ETINANDA NEI050RNOD0 - 12 $0.00% ETINANDA NEIOIBO M - 12 50.00% ETINMOA NEIONBOWOOD - 11 100.00% TURNER-HERN05A FLOW 2OES 7.221 TURNER- NEWIDSA FLOOD ZONES ID 11% NRNER- MEAaSA FLOOD ZONES 10.21% LAMER- HEIROSA FIWO ZONES 10 31% TURNER -11WIM FLOOD :ONE5 10.71% TURNEA-MERWISA FLOOD ZWES 0.03% NRNER- HERPOSA FL0.D IOIES 0.00% WAKER-HEROSA FLOOD ZONES 10 311 TUMER'NUXU FLOOD ZONES 10.31% TURNER- HEWg9A FLOOD ZONES 10.111 100 -HER R9A FLOOD ZONES 10.31% TURNER- HERMOSA FLOOD ZONES 10.111 SOumt Eats h=alts / W y LAW ("WYF71FAT PROJECTS AND THE AELEVMT HWET AtW ME Of Powttt Km PROJECT IN tHE RUGHPORHOCO TUf%Mn gSA FLMD I0E5 0.00E HEEWFT AVENUE Fm ZONES 1.17% HELLW AVENUE FLOOD ZONES 1.11% NIUMN AVEAIE FLO00 ICKES 1.111 HELENS AVWE 8000 ICKES 1.17% HEWIIN AYME FLOW ZONES 1.17% HELLW AVENUE FLOOD ZONES 1.11% HELM AVENUE FLOOD ZONES 0.00% HELLNAN AYENJE FLOOD ZONES I.IT% NElEMN AVENUE FL000 CONES HELLAM AVENUE FL000 ICKES HELLHM AYME FLOW JONES 1.13 HELLNM AVENUE FLOOD ZONES 1.71% LOWER ROM FLOOD IONES 100.I0 LOER TURNER FLOOD IMES LO" MINER FLO70 ZOVES IMER/ApiON FLO00 ZONES 2s.00% WWARRON FLU% IONES 2S.07% IWIVAP" FLOON ZONES Is .01 EA47V"" FLOOD ICKES 11.00% t Swmaz ENO1rR Eemwin &-+ TALE 4 PROPOSED PODIECT INPWaWr QW RECENT HOUSING PRICES AND QUALIFYING WINES susuue mmu nun• mmsmusuvaisu3imsanmmuumsmnsuamssmnnmsssas 5325.527 140.001 171,255 311.255 SOIITMI CUCAMISI REIGHRCAHO00 - t2 $310,800 100.005 .svasamnusmvausmusvns $22.554 PROP05ED 940E OF QUALIFYING IN.',TDIE$ D04 :HE 127,011 PWIECT URES VALUE CF I00riENE1TS rWEL• U TAE REIGHIOR- AWECT PROJECTS 71.46% 121,121 521.511 $11.411 SCUIMMEST CUCAXMaA NEIG1 0M400 - U NEIGMT10 QUALIFY INRRNENENT -nu imsuav- a... REIONBORII060 11000 AVERAGE 122 130 VALUZS Ns++aumuum OLD ASITA A LOU ONA NEIGXAORgGO • tl nv. ns. !1.071,100 sau. v.. ama .>�auanuunm.ua.nmuaansu.ummn.as OLD ALTA l0lU REIWIDOW - I1 S0ITMIEST CUC.'011GA REIM3010M - it 71.51% 571, :9) $32.611 N0 SO OLD ALTA LUNA 1EIGIIOD'M - 1: 1220.000 61.61! 71.111; 171,860 CENIAAL CXAmWA NEIE300"% - 11 1290,003 7..501 OLD ALTA LW NE1930,1" - it $12.414 CENTRAL CUCAWA HEISOCOM - 11 I71,/0f 517.191 NO f0 OLD ALTA LONA MEI0IB0.O:OOD - It $715.000 12.T]5 17.23% is.7U 311.17! 111,171 !11,19) CTIMA0.1 NE19400M - SI 11:5,000 OLD ALTA LORI NEIOC"ORIpW - 17 117,0!7 173.197 ETIMAOA 81122070= • 92 16S.5C0 NO f0 OLD ALTA lgll NEIGMB0kI06p • tl lIC0,400 11.10 $71,116 $71,111 172,065 MALIAN REIGN "OD - 11 C%O ALTA L0RA NEICMRORMND - 11 100.001 521,517 !17,511 TES !100.000 OLD ALTA LOIN NEI9100d1OO6 - IS 5111,600 11 111 51.33% 571,10E $38.)19 !71,211 OLD ALTA LOU NEIGIUDWOU - IS NO so OLD WA L0RA !EIGH80O" - 16 31,111,)50 /1 ST% 5).101 !71./97 375.295 $)1.111 OLD ALTA LOU REI6M00.k1060 - EI 11.609 $32.111 NO sp SOUTIDOT CUCAAONGA NEIeVOO 006 - 11 5325.527 140.001 171,255 311.255 SOIITMI CUCAMISI REIGHRCAHO00 - t2 $310,800 100.005 522,551 $22.554 SQUINMElr MCAUU NEIGN60An - IS 1111,140 91.00% 122,!S1 127,011 ATNNEST OUCANONGUA NE1G1®f.:N000 - 13 105 SOUTHMEST CUtKKA REIGIMIU D - W 1512,100 71.46% 121,121 521.511 $11.411 SCUIMMEST CUCAXMaA NEIG1 0M400 - U $1.541 121,121 5O/MMESr CUCAXONGA NEIGMAUt OD - 15 5510,000 11.631 $22.161 122 130 SQUIRMY CUtANOPGA HEICgOrom - 13 31.71% 122.554 S0ITMIEST CUC.'011GA REIM3010M - it 6250.500 100.00% $I2.311 122.116 NORTH TOM AREA SIS.ODD 100.00% 511,719 $21.719 CENIAAL CXAmWA NEIE300"% - 11 1290,003 7..501 132,121 $12.414 CENTRAL CUCAWA HEISOCOM - 11 02.50% $12.275 CENTRAL OXWO A MEIGMITOom • 12 $111,SO0 100.00! !12.155 !77,155 CTIMA0.1 NE19400M - SI 11:5,000 100.001 117,0!7 173.197 ETIMAOA 81122070= • 92 16S.5C0 50.001, !7•,771 !25,51! ETIHANOA REI6M Rao - IS 30.00% 177.197 MALIAN REIGN "OD - 11 1715.600 100.001 521,517 !17,511 IUIdER- REAmou TLO00 ZONES TURNER- HERRG5.1 FLOOD ZONES TUNER- MERROSA FL00D ZONES TURNEAi:ERFICU FLOOD IMES NO9ER- MERMOS: ROOD ZONES TURNER- HERNOSI FLOOD IMES TURNER -MERIM FL000 IONES rURNER-HEM FLOW IDLES TURNER- HERPOSA FL%-v !, El IU0EERilERPOS1 FLOOD ZONES TURNE"W45A FLOW ZONES luoumcArat 1w FMo IMER-9E11103A FLCOJ ZONES $1.000.000 7.22t 10.11% 10 31% 10.11% 10.31% a 00% 0.06t 10.31% 10.71% 10 71% 10.71% 11.31% 1.00% $39,521 $71,151 $34.139 132.455 132.219 111.319 $31,010 132,101 172,121 $22,140 $44.011 M. 11111,525 YES $510.100 YES 1711,140 YES 1312.141 YES IS40.000 YES 1250.500 YES $15.000 NO t0 NO $0 NO so NO f0 TES $265.600 YES 76,007,000 SwrcN1 Epin fmlafa / �A Totals. .. 111,117,175 fl /,{71,775 11.11% nmaaaaumnvrarmra® mrv® avmaavnams. mmmaaavavavnaraaaavrnsarranaacm .�navnaaaranuauava Wn Etoj, 4i O N `ak E� K TABLE 1 PROPOSED PROJECT IMPAOVENEINT ARM RECENT NQUSING PRICES AMD QIALIFYIRO :4M unnmmrnru..a...uvuavr. nano. rraurmnuv.. rvammmaummnnuumnnmmmmm�wnnvmr .m.uu PXPOSED SHIRE OF QUALIFYING INCOMES DOES THE PROJECT MANES VALUE OF IAFRO 215 IM THE PROJECT PROJECTS MEIO80R• NEIOMTEO QUALIFY IAPVALUESIII FEIOROMOM WOOD AYE RACE GCE W f9 HEWON AVENUE FL000 JONES 12.000.000 1.11% $11,109 $11,011 HELLMAN AVENUE FLOOD IONES YES $2.000.000 WELLMAN AVENUE FLOOD JONES f 111 171 111 HEILAN AVENUE FLOOD too f.r'j 111.119 MELLAM AVEUE FLOOD IONES f.tri 511,111 MELAHAN AVENUE FL000 Zoo 1.17% $.In 571,255 MAYAN AVENUE nmo IONES $X% 111,901 WILLMAR AVENUE FLOOD ZONES NELLAM AVENUE FLOOD ZONES 9.17% 111.160 MELLMM AVENUE FLOOD ZONES 1.11% 111.19 1 MELWd AVENUE FL000 ZONES 2. 171 112,101 MELLMI AYENOE FLOOD ZONES 1.111 517.010 1.26% 514.097 LOWER NURSER FLOOD ZONES LOWER TURNER FLOOD ZONES 12,500,000 101.001 $21.111 111,119 TES 15,500,000 LOU MINER FLOOD ZONES BAIWA WM FLOOR ZONES SAMER/ARROM FLOOD ZONES 11.020.000 75.0ot $2MIT 127.7U TES 11,000,000 RMEX/AIRON FLMD ZONES 3s.00i 511.27! IAMER/ARROM FLOW ZONES IS.00% 57t,117 23.00% 571,901 Totals. .. 111,117,175 fl /,{71,775 11.11% nmaaaaumnvrarmra® mrv® avmaavnams. mmmaaavavavnaraaaavrnsarranaacm .�navnaaaranuauava Wn Etoj, 4i O N `ak E� K APPENDIX A: CHARACTERISTICS OF THE RECENT HOUSING SALES IN RANCHO CUCAMONGA .i m GIURACTENiSTICS Cl THE REGENT NOOSING SA9f5 IN RAW* O1CM6A Seum1 Entn 6mocto RAR 0006 PRICE - S ULW co YEAR YEAR LIMIT 50• F7 COCE RAGE COIYM ROY PRICE 00111 SOLO BUILT AREA CENSt1Y 119100 (Dow BIOTrus) 50. FT Was AREA ..n..,...a.......o.. ae...m. o...,... 1 : a, 0 7 1111.900 111 13 Is lass 4.2 {53.13 : : 0 7 3115.000 201 16 11 1.111 1.2 111.81 ] 1 0 1 1160.001 251 11 10 2.171 1.9 163.01 / 2 0 1 1111.130 ES 10 2.551 1.5 151.31 S 2 0 1 $114.100 t6 11 I. it 1.5 161.06 a 2 0 t 1115.005 105 IS 76 1.100 1.1 110.56 1 2 0 1 114S.900 t5 IS 2.015 2.1 1T1.11 1 2 0 t 1150.000 as 11 1.111 2.1 MAI 9 1 0 t 1113.000 16 is 2,211 2.1 $1331 10 2 0 t 11 1{.900 IS 16 1,116 2.2 $11.28 11 1 0 l 1252.000 11 11 1.101 2.2 $81.01 12 1 0 S 1124 440 111 IS 94 1,101 2.1 172.10 11 2 0 5 31...700 It 16 2.010 7.3 373.11 14 1 7 S $152.350 11 is 2.060 2.0 171.22 15 2 0 5 $141.103 IS 16 2.010 1.7 $12.11 16 2 0 s $179.100 85 It 2.191 1.6 161.10 II 1 0 5 $171.743 45 11 2.111 1.1 st' 10 11 2 0 5 1164.900 Is Is 2.419 2.0 311.11 19 1 0 5 1151,!00 85 16 1.010 1 . 512.11 20 2 0 S 1111 100 ES It 2.111 1.1 $6T SS 21 2 0 S 1119.400 16 11 2.111 1.6 167 11 22 2 0 S $139.113 If 01 2.101 1.3 $51.70 22 1 E 2 3111.C35 221 Is 71 2114 1.0 119.11 St 2 E 2 1192,Sas It is 79 1.214 1.3 417.!1 25 2 E 1 $121.090 201 IS IS 1,141 1 113.79 26 2 E 6 1125.000 101 SS IT 1,501 I 187.41 27 2 f 4 3112.500 45 it 1.101 2.1 369.41 21 2 E t 3121,000 Si Is 17 1 111 2.: 111.07 29 2 E 4 $112333 203 ES 11 2.350 1.1 110.11 30 2 E 4 S1S2.000 213 It TI 1.110 I.S $71.11 it 2 E S 3101.540 151 t5 12 1.314 1.0 114.25 12 2 E 5 1121.500 IS 0 1.110 2.9 if1.99 is 3 E S $121.000 IS 11 1.910 1.2 165.15 2 E S s1f0.030 211 E6 Is 2.141 3.1 556.20 i1 It 2 E 5 3150.000 257 15 11 2.118 2.3 153.21 2 E 5 1115.000 155 Is 79 1,192 1.1 $17 11 31 71 2 F S $152.500 113 IS it 2.211 1.0 SIMI 11 2 f S $218.000 211 $5 11 1.515 3.0 $75.44 19 2 E 6 599.000 61 36 it 1,402 3.5 $10.36 t0 2 E 6 $116.500 91 IS 11 1,172 2.1 $11.10 11 2 E 6 410.050 1 Al 2 E 6 195,000 ' IS 11 1.135 3.5 166.61 A i F / $110.000 IOi IS it 2.001 1.2 $11.95 44 2 F 4 $141.000 f5 10 2.116 :.4 $52.79 4S 2 F 5 $100.100 Is IS 3.151 1.2 ST /.53 16 F 5 1111,100 203 It 14 1.196 2.9 712.54 41 2 F 5 S1i5.S00 243 Is so 40 2 F 5 1121.500 1% IS 1 2.031 3.9 $61.50 1s 2 F 5 7116403 IS 05 11 1,515 lA $?].IT 5a 2 F 6 $11.500 51 15 it 1,617 2.9 160.!2 51 2 F 6 $11.500 It IS 71 1.424 2.5 319.21 Seum1 Entn 6mocto CRIRLTER13TICS OF THE IECENt IIGOSING SALES 11 RNp1G 60tA11pI1GA mamaa.4141.v.vnnamammmvnmam.. 4141. .am.umm.a.aa...mamuaavnamnononvn RAP COOL. CODE p PAGE SELLING PRICE CO YEAR MAR LIVING 5021FT (iMAGg AeOINFR3) soon ts) CA SOLO AUILt AIEA CENSItY LIVING m.m ®• 30. St l6CRE AREA 52 : P ( $11.000 11 15 mnamSI 53 2 P 1 f11.000 fl $1 11 Is9 1.103 3.1mwm...n..21a L1 fiJ.71 St SS 2 P 1 717,700 n is IS 61 1,112 12 0.1 151.15 S1 2 P 1 210,000 is 65 1,112 3.1 111.71 37 3 A 7 2 1131,000 211 IS It 2.165 1.3 131.21 713 i3 31 A 1 1 1110.000 14% 11 it 2.315 1 7 it it A 2 4 7110,000 132 11 10 2.611 I S 361. 161 12 60 A 7 1 1206,000 221 11 10 1.017 1.5 261.12 41 A 7 3 1130.000 It it 1.161 12 A I 3 2150.001 431 IS 76 2.111 1.4 151.41 61 A 1 S 1111.000 111 66 71 1.113 2.S 171 O1 11 A I S 1165.000 141 16 if 1.143 4.2 111.91 65 A 3 3 1111.000 16 79 1.016 2.7 is A 3 A 1 111.000 n Is 71 1.511 3.1 161.11 61 3 6 190,001 I% IS 71 1.105 3.0 I35.13 $1 A l 1 142.500 111 IS 21 $10 4 3 19 A 3 A 1 105.000 lit SS It 1.131 1.9 MAN 161.11 To 3 1 7 1110.100 11 86 7.633 1.5 171.12 71 3 3 1111.000 in IS 0 1,132 1.0 $11.13 T2 1 3 1 1 3131.000 Is 11 !,I!! 1.0 $15.01 TI 3 B 1 $11,000 1% IS 0 I,IB ).S 171.01 TI 3 A S 11:2.0t0 IS it 1,141 L1 167.77 is 3 S 2111,100 101 IS li I,I71 1.1 lit It 11 A 3 1 5 113.110 fit IS 71 1.145 3.1 111 01 /1 3 1 5 1$1.500 110 13 19 1.413 31 371 71 11 6 $11.002 3i IS It 1.21p 2.3 173.24 7S 3 1 1 t 1'11.500 n 16 It 1.131 11 361.:4 10 0 1 s 1 142.300 121 It 11 1.169 1 1 330.14 11 1 C 6 1123,000 16 11 1.119 1.1 $61.71 1: 3 1 1250,002 231 16 12 3.411 1 I 111.70 13 C 3 1110,0:0 Is It 1.633 1.0 f51.17 11 1 C 3 3 !1311000 :n Is to 2,063 1.1 13/,65 Is C 3 C 3 1191.003 In Is It 3.331 0 1 210.90 11 I 5 111.500 31 Is it 1.219 4.1 110.31 11 C 1 C S 113,000 in e3 .y 1,116 4.2 373.31 II 3 C S 3 453.026 31 Is 10 1.87 t.2 717.10 13 1 : 5 2103.600 4t is le 1.531 I I 7S1 31 90 3 C S 1110.100 it 71 1.173 1.1 153.25 si 3 C 6 183.000 16 73 1.141 1.3 SS1.31 12 7 C 111.010 11 IS 10 1.161 4.2 156.11 fl 7 C 5 1122.000 141 I6 s0 1.011 1.2 15/.21 it I C 1 6 3IT.OP2 it IS 17 2.0O2 4 1 311.40 33 7 C A 111,A0o I5 is 1,230 4.2 170.10 it 3 C 1109,000 131 11 0 1,1s3 4.2 313.15 11 1 C 1 6 190,000 31 15 0 1.111 A ! $60.11 11 7 C 6 191.000 11 IS 11 1,311 4.2 163.56 7! 3 C 1102.000 131 IS 11 1,123 1.1 7(1.03 100 1 C 1121.0W 131 73 79 2.300 111 A A S !111.100 !31 I( is 1.111 4.2 1(1.11 M� 102 A A A 6 6 111,100 101 It Is I,OSS 3./ f127.I0R IS 11 1,341 Ii,it 3aurcela Faire [m oolu 70 (HAOACTERISTICS OF THE RECENT 1N IrA SALES 11 RANCID CL1'SNQNSA Enim Emleim 7/ RA➢ COM PRICE '^ SELLING CASDI TEAR VEIN LIVING SG. FT CODE PAGE MLLM SON PRICE OOM SOLD SUM AREA OENSITY LIVING (TINSW !BOTHERS) SG. FT VIM AREA 101 / 9 6 !75,000 IS U $9 1,$95 1.7 m 1St lF 106 / e S $91.401 IS Is 1.510 4.2 $61.16 105 A I 1 1125.000 If 11 2.275 1.0 $91.92 106 11 E 1 115.000 n IS 71 1.210 6.2 $$?.16 101 11 E I SHAD Ii Is 11 1.000 1.7 !91.00 101 I1 E I 1101.010 111 16 11 1.210 1.2 $91 43 109 11 E 2 5141.021 201 IS Is 1.915 2.4 $76.09 110 n E 2 1120.05 16 15 1.611 21 371.26 171 11 E 1 566.01 19 Is S6 1.011 1.1 161.22 112 11 E 4 $11.001 79 Is 51 1.111 1.1 $55.10 111 11 E 4 $71.000 if II so 1 112 1.1 $9s 6s 114 It E 4 115.002 109 IS it 1.212 1.2 160.11 111 II F 1 171.9co 11 Is 11 1.200 3.1 159.12 111 it F I S111.000 IS 10 2.215 2.9 115.01 117 II F I 511.100 61 Is is 1,111 1.7 SIi.ID III 11 F I $99.500 19 It 10 1.2sf 2.1 $77.65 of II F 1 $11.300 IS 11 1.172 1.9 f' 110 It F 1 $15.500 In Is 0 1 171 1.1 .00 311.01 121 11 F 1 111.000 1; If 17 1.119 4.2 115.02 122 11 F 2 $71,500 It 65 is 1 ISO 4.2 764.16 121 it F 2 $561500 Is I1 1.IS4 7.7 171.22 124 11 F 7 $70.000 II Is Is I.ISI , 2 $69.12 125 11 F 2 SWISS N IS 63 1.141 4.1 177.11 121 11 F 2 S51.S$9 If 70 1.240 1.7 116.7 127 11 F 2 199.601 61 If 11 1.219 ld 179.14 123 11 F 2 Sr1.000 n If is 1.240 4.2 310. to 129 11 F 2 177.500 Ili I1 if 1.111 3.4 111.52 170 11 F 2 $95.000 267 $1 1 I.S.2 1.1 110.11 121 11 F 1 $12,500 n .5 11 1.091 4.31 375.14 172 11 F 1 492,500 11 0 1.216 1.) 116.19 177 12 A 1 111.500 I9 11 11 1.240 4.1 175.10 114 12 A 1 $97.500 4% IS 14 1,525 6 1 $91.11 Its 12 A I $11,000 It Is 16 1 151 1.0 $94.21 170 12 A 1 310.501 Ii 66 1,120 1 9 171.11 117 11 A 1 115.511 11 IS 74 1,110 1.2 140.19 111 12 A I 192.6c0 in Is It I.7T0 1.6 151.9r 119 12 A I 1$9.099 it 11 71 1.240 17 176.11 110 ;2 A I 117.511 IS Is f1 1.290 4.1 162.50 141 12 A 2 $91.90r 5% If 76 1.410 1.: 117,11 162 12 4 2 111.S00 It I5 0 1,117 4.1 159.4 117 12 A 2 111,500 If 6 1.111 4.0 115.1% 144 12 A 2 399.20 lot IS Is 1502 4.2 S61.7S 145 •2 t 2 191,540 Is 72 I.S21 4 2 $12.05 146 12 A 2 1i5.0c0 In is 71 1.60 1.1 i5s.16 147 12 A 7 St0,00 101 Is It 1 117 7.1 $92.17 16 12 A I 017.000 In 11 TI 1.S57 4.0 $19.11 Its 12 A 1 17131.000 In Is 11 2.041 4.2 319.!7 '!r ISO 12 A I 191.100 fit I5 0 1.591 1.2 151.11 ISI 12 A 1 $10.000 In Is 0 1,100 4.2 $69.27 t 172 12 A 1 119.000 5: Is 71 1,210 4.2 169.51 151 12 A 1 $50.060 In ti It 1.141 4.1 111.17 Enim Emleim 7/ Ertn Cwnaln 7✓ OWACTEPISTICS OF THE 11MI U lro SALES IN RA11rNC MUDS n.mu.aruum 'un�w.mmnm..�u�nmmnm..nuamm 9A9 CODES CODE OA6E COILON Ad SELLING tE Ck% TEA2 YEAR LIYIeO /RICE S0. FT (Dom tI1ones) SOLD BUILT Am PELSItt Living u.u..m $0. FT. tACRE AREA IS/ ISS 12 A 17 A 1 3 597.000 71 Is D 1,111 4.2 •.um..u. $11.41 ISI 12 A 9101,900 II Is 11 1.115 1.2 S51.17 I5T l2 A S 591,000 4% 15 13 To I1 1.443 4.2 15!.24 751 12 A S 111.500 101 Is 0 1,112 4.2 151.31 151 12 A S 1%.000 4% Is 17 1,121 4.0 163.36 110 Ifl 12 A S stoo.On it Is it 1,105 1.232 4.1 179.17 712 12 A S 012,900 it 64 71 1,115 4.2 4.1 11!.29 111 12 9 I 1!9,900 ICA Is to I,SOI 4.7 341.29 111 12 B 1 $11,000 1i 17 TS 4700 1.1 361.12 175 12 e 7 119,500 Ji IS i1 1,247 t 1 f1 /.23 376 14 B 1 $101,000 IIt IS r! 1,164 4.2 370.92 163 12 B 1 390.010 1% II 7e 3,342 11 511.99 167 12 9 I 111.000 It Is 7s 1, /S5 1.3 151.11 Ile 12 1 1 1151.000 111 It 41 2.711 0.1 1(5.29 110 12 t S 111.soo 211 IS 10 1.354 4.2 111.51 111 12 B : 111.000 in 11 0 I,II3 4.2 111.11 112 12 3 2 191.300 it 11 n 3.117 4.0 161.14 113 12 e 2 191.000 Ii 11 1.400 1.1 161.70 117 12 1 12 1 2 111,500 n If 71 1.221 4.2 $18.00 166.00 175 12 e 2 2 414,000 q SS 17 1,117 61 119.14 lie 14 t 2 Il2.4ca 171 IS 0 1,241 1.0 113.12 117 12 t 2 It %.500 111 Is 11 1.927 4.1 !6311 1101.000 2% u a 1.215 /.3 171.01 lie 12 0 T 111.300 114.590 21 If n 0 1.215 4.3 115.11 too 12 e 4 110.009 15 71 IS 0 17 I,QI 1.5 151.11 III 12 e I 115.119 n 11 16 1.104 1.710 1.0 131.59 112 113 12 e 4 116.110 111 13 IS 1.019 4.3 7.1 1q.15 341 12 3 1 111.000 It cl s! 1,330 1.0 111.71 114 12 8 t $10,000 it Is s3 1,420 4.0 150.71 311 12 e 1 111.000 It Is 7f 1,2W 3.3 Is4.43 114 13 C 1 11[UM In IS IS 1,520 4.0 3 $1.29 111 12 C 1 (121,099 111 Is 41 I,SII 161.41 111 12 C 1 3113.!00 1% Is If 1,112 4 1 117.09 190 12 C 12 1 1115.700 1% IS IC 1,111 3.0 Its 73 111 C 1 1!1,500 St Is 71 2,476 3f 1!1.11 192 12 C 12 C I 111,003 it Is 11 1,213 1.9 941.51 114 12 C 1 1'3 111.51 114 IS I 3 UDD it is 11 1,161 E.3 115.21 ifS i li I 319.099 it Is 0 1.717 :41 12 391 i 12 i 2 : 10.000 it IS 13 1,110 4.3 755. t7 151.41 I!1 R i' 2 Slo.Oco 491.900 % 11 n Id To /.: 159.11 W 12 F = $11.700 11 n IS +i 7/ Ls11 4. 1!9.91 179 17 4 1 111,500 tl 65 1,317 4 315.11 200 2 0 I 1144,000 1% IS 11 1,712 2,014 1'1 151.13 201 202 D 7 IIS.420 1.1 111.21 163 : 0 1 1123.(99 71 is 17 1717 I.1 111.21 2 D 1 W11.11W 2% IS 76 2.561 111.11 Us 2 0 / $153.5% IS 71 !,1% LO 36131 4 163.11 Ertn Cwnaln 7✓ CLMICIE31STICS OF THE WENT HOLISM SALES IN LUD10 ItAn" W W���Y �lf�4 ��YWY� ®W��II WY�II��t�W Wtl O i�i}��W WYE W W CODES PRICE •• . SELLING CAM VEIN YEAR LIVING SO FT CODE PAGE CO13011 RON PIKE MIT SOLD BUILT AREA DENSITY LIVING (rA ULI BROTHERS) SO. FT vw #AEA 205 ! 0 A 133.000 IS if 2,114 I.S 174.11 236 ! D 1 1175,000 211 IS 15 2,667 1.2 13.27 201 2 0 4 1157.000 201 85 ?F 2.111 1.5 117.01 208 2 E 1 1141,000 Is it 1.971 2.2 SIM: 209 2 E 4 1117.50o 202 Is I1 2.214 1.5 112.01 110 ? E 4 11 INS 273 Is T9 2.005 1.5 111.71 211 l E 4 11171,000 IS 1$ 1,101 1 1 $12.21 212 2 E 5 11I1,003 n 85 11 1.111 1.0 sit 67 21) 2 E 5 1177.500 Ai Is 75 11745 3.0 170.77 214 2 E S $153,000 in IS IT 2.295 2.5 116.11 111 2 E 1 361,100 211 IS 76 1117 3.1 112.72 211 2 E 1 $175.090 205 15 76 1,447 9.1 151.61 211 2 E 1 116,000 71 IS 61 1,115 4.2 360.01 211 2 E 1 112.000 n IS 61 1,710 4.2 351.95 211 2 E 1 110,000 221 IS 63 1,714 3.1 113.10 220 2 E 1 3110.000 23 IS IS 1.427 l.s $71.10 221 2 E 1 $111.Sao n 3 11 1,774 3.0 166.21 222 2 F 2 5111,900 405 FS 11 1.152 1.9 $55.19 223 2 F 7 1157400 711 15 14 2,011 I 1 $14.12 224 2 F 4 8115.001 In 11 1$ 2,111 2.0 $6171 225 2 F 4 1110,000 111 Is 71 2.001 1.2 111.!5 225 2 F 1 1111,000 in Is 19 1,331 2.0 112.11 2.1 2 P S $125,00o 323 Is it 7,711 2.4 175.11 221 2 F 5 $110.100 IS 85 2,151 3.7 $14.57 729 2 F 5 5141.000 211 Is Tl 1.175 3.0 111.3* 270 2 F 4 $91,000 IS 61 1,377 4 1 151.10 271 2 P 1 117.500 11 it it 1.231 A 0 112.10 212 2 F 1 $101,000 OS 19 1,511 7.3 361.00 271 2 F 3 110,000 11 17 64 1,111 2.9 slam 23 2 F 6 111 100 11 IS 94 1,112 1.5 111.21 275 2 F 1 1121,900 211 I5 Is 2.221 4.1 157.49 211 2 F 1 189.040 is 77 1,73 3.2 $66.12 277 1 A 1 $155,000 111 15 is 2,102 1.5 31.77 211 3 A 7 5105.000 15 10 2.511 4.2 111.51 211 3 A 7 1112400 11 3 a 2.711 2.0 $1.19 240 3 A 7 1111.010 101 IS 71 2.552 1.5 $72.10 141 7 A 7 1151.010 212 Is 11 MIS 1.1 369.15 7 A 7 1145.10 115 IS 10 2.290 1.5 227.9 217 3 A 1 5161,060 IS is 2.172 IS.O $163 M1 7 A 4 113.400 211 IS 91 1.100 t.1 171.00 715 ] A 1 351,170 IS IS 2.359 1.3 39.90 216 7 A 4 3117,530 lit 15 IS 2.011 2.9 Sit.]! 249 1 A 4 131.000 in is 10 2.31 2.0 181.3 .41 3 A 4 $145.001 212 IS 10 2,017 2.1 $11.95 211 1 A 5 131.000 211 IS 17 1.32 2.3 $1131 230 7 A 5 1140.640 251 IS 77 1,122 1.0 311.9 251 1 A 5 322,500 101 IS 61 2,31 2.5 157.53 a 252 I A 5 1121,500 IS i5 7.011 2.4 361.21 157 1 A 5 1140.000 IS 11 1,912 2.9 111.7$ ' 254 3 A 5 1140,000 171 IS 71 2,012 2.9 $3.$1 1 !SS I A 6 $103,504 n IT 11 1,521 3.1 $11.00 _ $NMI Wtn hatomim ` 73 i' .r 01AMTENIST(CS OF IR? RECENT 110IIIING SALES to RAXW COC1R710.t •�.......o,..a..,.a... n.m...�.m �nmo.=.•.....a.v..�. ®aammv�mm w CODES PRICE •1 ULLW :AM TEAR YEAR LI11R6 S0. F; WOE PAGE CGLM Ax PRICE 5CL0 eOILT AREA DENSITY LIVING o ®�.maa�..�m�m"m. (TWOS OWNERS) $0, R. vm AREA if1 ] 8 I 5119,500 02'0202 IS mmvam..me.. IS 21261 2.1 111.11 257 3 A 7 S1T3.100 IS IS 2,211 1.3 $10.79 IS$ 1 A 2 1115,000 In IS IS 2,111 1.1 111.57 259 3 A 1 3112.000 in IS 11 1.911 1.9 $14.31 III 3 1 S $122,000 IS 19 1.141 1.1 111.21 711 3 a 5 1115,100 In IS IS 1.935 2.9 iTS.11 212 3 0 S 1111.103 10% IS IS I.SSS 3.2 571 It 261 1 6 S 383.000 It Is 16 1.100 3.6 115./5 211 3 a f 311,000 IS 11 1.138 4.0 151.66 213 3 6 5 111.000 71 IS 64 1.150 4.2 354.16 :it 3 1 s 111.000 In Is 13 1.911 3.1 $44.91 211 1 a 5 591.010 143 is II 1.251 5.2 111.43 211 1 1 5 3105,030 iS 11 1.160 4.2 131.66 211 ] e 3 2101.100 tit Is Is LIDS 2.1 114.12 210 ] B S 3101.000 es 11 Lai 3.1 $72.02 111 3 B 5 9107.00a it Is 40 1.740 4.0 361.11 212 1 4 3 lta6.590 Is 16 1.211 4.1 HIM 113 3 1 6 1141,000 51 Is IS 1,351 1.7 174.91 all 3 e 1 61%400 tit IS 0 1 .157 3.1 161.91 Its 3 B 6 133.000 11 IS 0 1.210 1,2 $71.It 119 I a 4 3127413 A 11 71 1.111 1.1 261.11 217 3 1 1 1122.00 lH IS 11 1.911 4.2 112.92 702 3 0 c $118.100 Is 11 1.457 1.2 110.39 211 1 1 I 1121/130 IS 11 1.131 1.3 161.01 110 ] e 1 9125.000 Is it 1.116 3.7 112.14 211 3 1 1 195,003 It 85 n 2,643 1.1 441.12 212 1 1 1 312.010 % IS 11 1.615 4.2 151.91 211 3 0 6 192,002 It Is n 1,911 12 556.36 294 1 B 6 1104,010 It IS 11 1.921 61 151.44 215 3 C 2 1151.030 "1 IS 19 2.011 1.1 S1 /.iS 211 1 C 3 S11S.a33 IWI IS 10 3.552 0.1 iS4.11 217 3 C S 195.500 n SS 11 1.751 4.3 316.51 211 3 C S 1101,040 It 1S 15 1.142 4.1 157.11 219 1 C 1 1101,070 In IS 10 1.190 1.1 151.11 210 3 C 1 196.900 n Is 11 11111 4.2 153.11 291 3 c 1 1135.600 a IS 71 11919 1.1 551.27 212 2 C 6 395,500 1 Is 17 1.210 3.S 115.19 213 1 C 6 1113.101 Ift IS it 1.911 2.1 151.61 214 1 C 6 113S.SCD 261 If 17 MCI 4 1 192.15 215 1 C 1 1106,500 211 35 is 1,119 S.0 511.52 411 4 O 1 $111.000 lit is 71 3.116 0.1 117.62 411 A A 3 $116.100 25t 35 15 1.109 3.9 16662 211 a A I 187,600 IS Is 1,020 5.1 5IS.11 219 4 A 6 1120.100 IS IS 1,113 4.2 265.10 100 A A 6 111T.609 150 15 IS 1,111 4.2 162.11 301 1 1 S 3910.013 IS 13 2.711 1.3 316.91 302 / ! 1 S"'000 rl IS 69 i,E99 4.2 161.63 ' 302 1 C S $92,500 It IS 19 1,111 4.1 112.21 1, 301 / 0 1 112.000 IS 0 1.211 1.2 159.11 305 II 0 3 110.000 n 35 SS 931 1.1 787.51 308 It E 1 111,000 is 12 1.I40 S.1 $13.39 Saursl, E.itro [aw11a � �' 7 11t$1itTEt111ICS OF TIRE MW MOUSIR SALES SE LiAM CXAMO Solo ftoe4I, 7� '�Y W MAP CODES MICE SELLERS CM YEAR YEAR LIVING $0. 1T. CO E FARE COMM RON MICE qli = BUILT AREA DENSITY LIVOID (TKW IADMIS) 51. FT NACRE AM 307 11 E 1 153.000 11 ti SI 1,211 4.1 114.71 367 11 E 2 115.50 IS SS 1,171 4.2 III 40 111 11 E 2 3:12,000 321 $1 16 1,116 $A ISMS Ito It E t 1141,000 in 11 IS 1315 2.4 W." 311 it E 2 1111,002 It 1S 12 1,311 2.1 111.10 712 11 E 2 fi01.00 It 61 SO 1.01 2.7 115.11 111 II E 3 112.001 It 65 it 1.141 4.0 119 it 310 11 E 7 112.500 20 111 6 1,212 1.6 111.72 115 11 E 1 $0.06 IS a 1. tot 7.6 161.8 its n E 4 $[11.•.0 It 11 45 2111 0.7 151.30 711 11 E 4 111.50 It 15 IT 1,113 1.1 161.21 318 11 E t 312.001 n 61 56 :.035 1.1 w.11 311 „ F 1 111.90 11 65 1.161 4.2 111.15 110 1 F 1 115.011 0 65 1.155 4.3 Sn.51 321 11 F I 326.110 n Is Is 1.722 1.1 1E6n .In 11 i 1 112.000 it is sn 1.110 7.1 $[1.16 In li F 1 112.930 21 11 36 1.172 1.1 161.11 nt 11 F 1 112.011 It u 0 1,067 1.6 I3.14 m 11 F 1 111,201 n li 1.132 7.1 111.00 126 It F 2 172,004 3t Is 55 1,123 7.6 311.55 372 11 F 2 $12.141 it 11 16 1.112 4.2 $63.11 III 11 F 2 HAXII In as $1 I.500 E.2 151.00 no II F 2 101.000 it 11 16 1,211 4.2 111.32 n0 I F 2 3 27.00 is 16 1,110 4.2 311.23 111 11 F 2 121.001 It 11 IS 1.100 1.1 315.06 111 It F 2 110.706 21 IS is 1,211 3.1 311.32 111 11 F 2 3IT.S0 n If 61 1,617 4.1 351.11 134 n F 2 511.010 n n is 1,210 3.1 112.31 115 11 F 2 TIMOR 3% 0 n 1.249 1.1 in." nl n F 3 Ms" All Is is 11701 4.2 161.42 311 11 F 1 391.000 In OS iR 1.111 7.1 161.31 us It F 1 190.010 is 11 1.321 7.5 $61.11 no 11 F 4 111.01 IS 51 511 3.1 115./3 u0 n A 1 515316 Is 65 1.513 4.1 151.11 ul 12 A 1 1$1.009 _ Is 14 1.211 4.2 111.12 422 12 A 1 175.000 IS I5 1.494 1.6 $11.23 u2 12 A 1 119,100 2% is 61 1,114 4.2 111.12 114 12 A 1 191.511 23 IS 72 11511 4.1 38.56 115 12 A t 311,000 A IS 61 1,511 4.2 iS1.14 426 12 A i $101.000 It 15 64 1,024 7.5 159.71 ul 12 A I $12.501 R IS 71 1,255 4.1 165.14 711 12 A 1 112.130 It IS 77 1,160 4.2 113.91 us I2 A 2 1101.110 9 IS 0 MIR 4.1 $[1,11 111 IT A 2 172.100 11 11 10 1,142 4 0 SI1.a5 151 12 A 2 313,509 It 11 12 I.276 4.2 551.61 352 12 A 2 $[1.501 n 11 li 1.311 3.1 161.31 117 17 A 2 173.006 TI is 61 1.111 1.1 S61.01 334 12 A 2 237.901 n $1 67 1.297 4.1 $61.0 $[S 12 A 2 195.914 it 01 76 1,112 4.2 314.10 I% t2 A 2 $15.50 It IS 01 1,203 3.3 111.95 117 it A 3 1195,50 111 IS n I.nl 4.2 ISM? Solo ftoe4I, 7� '�Y W OURACIERISTICS OF THE RECENT HOUSING !ALES IN AARON= LLV)ORFA .......,..a.. 1141....., 4140.,. o.. o,.......,. m.... m.......» ........ .....an..,.,.o......,..,......o HAD OOOES ,RICE SE111V0 CASH YEAR YEAR LIVING S0. F3 :DOE PAGE MLWN OOH Pallf 004 SOLO QUILT AREA OEY9IIV LIVING (TMW emwm) $0. FT 4CRE AREA 151 12 A 1 $10.000 118 IS it 1.190 4.2 141.11 751 12 A 3 $10.010 85 71 1.002 4.2 110.19 160 12 A 7 1101000 It is 36 1.106 0.1 118.111 111 12 A a` 11011000 201 IS 17 1.101 4.1 $51.10 762 12 A 7 115.000 It IS 61 1.211 4.2 151.70 311 12 A 0 1165.000 It Is 60 1.149 4.6 156.S1 160 12 A 4 $9i.6c0 2% is SO 110 3.1 $10.31 3SS 12 A S !11.000 11 Is 51 1 125 3.2 3641.51 111 12 A S 11!.000 It Is 11 1.150 0.1 t18.s2 167 12 A ! 1124!0 S2 1! 17 1.031 1.2 101.71 111 12 A S 112.000 3% IS 0 1171 4.2 01.01 111 12 A S 111.000 IS 71 1.252 4.2 $11.61 370 12 A S 117.5co 141 Is it 1.422 0.2 911.18 111 12 A 5 $14.500 10% 65 11 1.250 0.2 117.06 571 12 A S 111.500 14% 18 11 1.260 1.6 167.06 373 12 A 1 311.510 18 Is to 1.260 4.1 305.41 311 12 8 1 511.3:0 7% I3 is 1.260 4.2 110.11 775 12 8 I 3102.000 Is 11 11953 4.1 $52.27 376 12 a 1 111.600 101 Is 0 1120 4.2 3115.11 311 12 8 I $51.000 11 Is it 1.324 7.8 371 Do 371 12 1 I 312.54f, Is 11 1.241 7.8 14.51 311 12 1 1 $11.360 51 I5 16 1.274 4.2 $11.32 710 12 3 1 110300 11 Is 0 1.110 4.0 911.11 311 12 8 1 slat 000 It 33 1.442 4.2 $73.11 312 12 a 1 $11.000 tt Is so 1.211 ..2 17!.60 717 12 9 1 01.500 it 18 0 1.280 4.1 161.36 111 12 1 1 195.000 18 IS 0 1.111 4.2 164.51 715 12 1 2 311.011 It Is 71 1 110 4.2 ttf.it ]13 12 3 2 $11420 221 Is io 1.357 4.2 $67.11 311 12 8 2 311.020 Is 51 1.774 4.0 $60.12 3U 12 a 2 130.040 51 Is 11 1.240 4.2 $12.54 311 12 8 2 119.400 0 IS it 1.200 4.2 366.17 .90 12 a I 192.0co 51 45 17 1154 4.2 $60.15 191 12 9 2 $79.502 14 Is 11 1.152 1.5 111.01 312 12 8 2 3101.040 41 Is 0 1.116 4.2 $61.31 713 12 9 2 :101.000 Iii IS 11 1.112 4.0 120.07 711 it 1 2 SIS.000 241 is to 1.011 3.1 143.11 HS 12 6 2 121.000 Is it 1.331 1.0 172.11 $9I 12 6 2 115.300 11 Is 71 1.134 4.1 771.21 791 112 9 2 311.500 h Is is 1 100 1.6 $71.81 Jfl 12 1 2 111.000 3% OS 1s 1.301 4.2 169.15 793 12 1 1 1113.000 21 IS 13 1.176 1.2 $70.51 100 12 9 2 $91.050 31 65 11 1.540 1 1 160.31 101 12 9 7 $102.700 121 Is 11 1.225 3.3 $83.14 402 12 1 3 170.001 1% IS 10 1.219 4.2 18S.f0 403 12 a 3 $42.003 31 IS is 1.261 4.2 Hills 411 12 a 3 115.1110 71 IS IT 1.210 4.2 376.61 405 12 8 1 $11.000 It Is 10 1.142 4 2 $4.26 406 It 8 1 1601020 3% Is 72 1.600 2.6 137.50 fat 12 a 1 677.003 8s 0 1.225 4.2 362.81 401 12 9 4 $92.010 5% qS 77 1.120 1.2 47.92 Saws: WIN Ew J' i / 7 -j CNARL'TEIISTICS OF THE WEST NODSIXD SALES IN RA CHO WAOtA . uumv. w. uvu. mua.. uvwunv. m.... vwuvvvn .am.v..uvwuu.vvnw�v�v.�au.0 NAP CODES MICE SEWXG CASH YEAR YEAR LIVING SO. FT CODE RAGE COLDIN 0.0" PRICE WA SOLO BUILT AREA OEVSITY LIVING (THOW IMT"ERS) SO. FT \ACRE AREA 409 12 8 t 111.1.0 It Is 71 I; 10 1.5 112.62 410 12 B 4 171.0" Is 59 1.121 7.1 Islas ill 12 1 4 117.400 1% IS IT 1.111 1.7 190.14 ITT 12 c 1 189.530 51 85 T9 1,513 4.0 $59.15 417 i2 c 1 111.114 711 Is Is 1,157 6.1 181.22 414 12 C I SMSio Is 0 1.117 3.9 113.46 415 12 C I 121.000 3% 6s 11 1.213 7.7 $72.11 411 12 C 1 112,001 n IS TI 1,111 4.2 362.46 417 12 c 1 1101.500 Is IS 1.171 5.1 SIMI 411 11 c 1 III.00e tot Is Is 1.111 $.1 MM 139 17 c 2 $1111103 101 Is Is 2.177 1.0 174.62 40 12 E S 125,030 11 IS 61 1.110 1.1 $5130 121 12 F 2 111.000 Is 71 1.175 4.7 f19.56 422 12 F 915.000 It 85 11 1,172 4.1 10.11 421 12 F 2 110.040 11 IS 11 1,110 4.2 1S9.11 124 12 F 2 112307 1St If 0 I Ill 7.1 151.1s 425 11 F 2 SMOGS h IS is 1.161 9.2 911 IS 421 13 A 4 $0.900 It IE 13 107 4.7 176.07 421 13 B 7 116,500 Is 51 1,101 i 5 147 47 421 it 1 1 115.000 It IS 14 1.072 4.1 $60.67 421 1 0 7 $111,000 let IS 71 1,110 1.5 10.51 170 2 0 7 1111,006 201 IS 11 1,110 1.$ 171.1s 171 1 0 4 $117,560 IS IS 1,111 1.2 111.15 472 2 0 4 $115,100 IS IS 2.015 1.1 $11 71 111 2 D 4 $147,200 IS 15 2,045 2.2 372.12 411 2 D 4 1172.900 Is 15 1,110 2.2 371.71 115 2 0 l $142.000 Is Is 1,111 2.1 111.41 176 2 0 4 1111,900 Is Is 2.015 1.2 $12.72 437 2 0 4 1145.900 34% IS Is 2.011 1.3 312.70 471 T 0 4 $151,000 Is Is 2.045 2.2 $71.71 171 2 4 4 $151.900 CS Is 1,111 2.2 $14.47 41e 2 0 5 $151,101 sit 94 II 2,729 1.4 S11.16 141 2 E 2 1151,000 411 IS 60 2,117 0.7 S10.S5 U. 2 E 1 3576.100 201 Is 69 2,716 1.6 15T.41 117 2 E 7 9111,000 If 17 1.918 2.2 $71.3I 444 2 E 4 9161 :00 211 8s 11 2.110 1.5 1S6.01 11s 2 E 4 $155,000 Is n 1,910 1.1 $71.01 116 2 E 4 1111.500 •h IS to 2.121 1.5 $56.10 PAT 2 E 4 $121.000 1% IS 11 11100 1.0 $lo.S9 418 2 E 4 1110.000 IS iT 1,190 2.2 $13.77 W 1 E 4 1111.001 IS 16 1,909 1.8 112.21 450 2 E 4 9114.060 119 15 11 2.516 1.4 $71.41 151 2 E 4 Memo lot Is 71 2,274 1.5 $55.16 452 2 E 5 9111.003 149 IS TI 1,119 1.1 $64.14 451 2 E 1 1115,004 711 Is 17 2.819 2.3 631.44 454 2 E S 1110.900 2% 0 iT 1,719 2.5 955.11 Is$ 2 E f 515,000 11 1S 49 1.505 2I 156.11 454 2 E 5 117s,009 201 IS if 2.716 2.5 $57.07 101 2 E S $153.030 291 15 17 2,295 2.5 366.67 tsl 2 E 5 110,000 9t Is 71 2,326 3.0 30.0 431 2 E 1 1121.000 101 IS it 1,910 1.4 ;94.12 Savn1 6/1n fmrl4e' 7 7 _t a� ONARACTERISTICS OF In RECENT HMIIO SALES IN BANCIO WCANGNEGA Y[ Y�tYIYYN [YMWpiY�OnYYpY���MIM�MYYIDYtYY Yft�Y��M YY V �Y ID��ift�� swm,.Emlr &0wld w Com PRICE SELLIp CASH YEAR TCAR LIVING 50. FT CODE PACE COLUM PEN MICE 0" SOLO 1'JiLt AREA 004ITT LIVING (1X0115 BROTHERS) so. FT vzu APEA IDI�IDYY�M�YYY������.�.� 460 2 E S 1150,000 �� Cot I5 )YIDYYYYY6V�YYIID�IDf.yp4.1 17 1,171 7.7 115.10 451 i E 1 1125.000 101 15 11 1,195 1.S 111.10 462 2 1! 1 196,300 14 46 91530 4.2 $51.21 143 2 E 1 1121.000 211 IS 11 2.621 4.0 $51.91 46. 2 E 1 110,000 in IS $1 1.314 3.1 165.18 495 2 E 1 615,200 It I1 12 1,361 4.0 151.97 466 2 f 2 SCI.S00 131 Is 65 1,131 4.2 $74.71 661 2 F 2 114S.000 101 IS 71 1.024 IA 671.4.4 161 2 F 3 3141.200 lit 65 17 2. Ito 1.5 113.61 499 2 F 6 1165,060 in Is 71 2,146 2.0 $12.40 130 2 4 6 6151.505 101 15 77 1.261 1.1 110.30 111 2 F S 6115.000 if IS 11 2.010 3.2 SIMS :12 2 F S 1161,000 211 IS 71 EMS 2.1 510.05 413 2 F S 1131,So0 201 Is 77 1,010 4.2 111.10 414 2 F 1 1120.000 IOt IS 71 1,756 3.0 156.97 ❑S 2 F S $135.020 731 If is 2,197 3.0 162.30 All 2 F 5 1105.000 91 11 1.11S 2.1 192.31 471 2 F 5 3116.120 lot H 72 1.810 1.1 163.33 471 2 F S $120.000 4h is $1 1,112 3.0 $11 10 479 2 F 1 391,100 11 is 14 I,)IS 4 3 117.10 410 2 F 1 1:2,506 It 11 6S 1,151 4.2 912.19 lot 2 F 1 111.00 IS 65 1,317 4.l $65.27 112 1 ? 1 116,120 11 IS 46 1,114 4.2 171.31 Al) 2 F 1 111,007 21 IS 0 I.3TS 4.0 SL5.11 111 3 A 2 1110.000 111 IS 11 2,615 1.1 HIM 415 1 A 2 1117.000 In IS 00 2.656 3.3 151.72 466 1 A 1 3111,000 221 IS 60 3.SCs 15 IS1.10 Ill 3 A 1 3142.500 lot IS t0 1,965 1 1 512.52 481 1 A A 1115.000 M 15 $1 2.511 1.4 111.62 419 2 A A 1191.000 251 as to 2.431 2.0 511.45 no 3 A 4 1115.500 101 Is 11 2.033 1.s 311.46 491 3 A 5 $131.500 Its Is 0 2.081 3.4 163.59 493 3 A 9 $121.500 AA IS 71 2.045 1.9 166.15 493 3 A 5 1141.500 Is is 2.344 5.5 110.31 414 1 A S 6145.0co lit 15 11 2,303 2.5 112.15 its 3 A S SIMMS 201 IS 71 2130) 2.5 111.66 416 3 A S $123.500 121 45 17 2.003 2.5 $12.41 497 7 A 5 $109.620 lit I5 TS 1,551 2.3 370.21 491 l A 5 7152.500 111 35 15 2.015 2.4 161 72 199 3 A I 111.000 It Is it 1,150 4 1 152.43 Soo 3 A d ,73,500 IS 51 1 137 4.3 114.64 Sol S 8 2 5101.000 IS 76 1,553 5.1 661.54 502 3 1 2 111I.S00 IS Is 2.241 2.1 113.81 Sol 3 B 1 1119,000 IS IS 2.291 1.3 $11.79 $44 3 8 1 1115,002 431 Is 65 2.173 1.6 117.53 505 1 B 1 1150,000 251 Is 11 1,991 0.1 315.01 SCI 3 8 3 1161,000 201 15 11 2,116 1 S 115.97 507 3 8 4 1117.000 251 IS 11 2.131 1 1 ST 1,11 sac 3 8 1 $111,000 261 Is it 1.122 1.5 451.55 $01 3 B 4 5170.000 IS I9 2.121 1.5 111.21 _ $10 1 1 4 11S.Sal 21 35 0 11411 3.5 161.12 swm,.Emlr &0wld DURUTERISTICS 09 THE RECENT "oUSIAe SALES IN "%NO WCAKIOA IITITiTTftVA.+ mTTtTIIQT.T IO.ItiMA.M MYITIT.YT {IillL 72777 AAD Cm CODE SELLING CASH YEAR TEAA LI1IX0 *RICE So. FT 30, Fr PAGE OWN 8011 PRICE OG1N SOLO 8011T AAEA OENSIIT (1xnLAf B60n:F/3) $G. FT WIE AREA 511 SI7 ] a S f9t,000 li IS it t.sil 3.2 162.10 113 7 B S 119.100 It 14 is 11021 4.5 11117 114 3 1 3 117.100 19 t5 14 1.241 7.7 $74.48 its 7 8 1 191.1ro 271 I! 0 1.512 3.4 111.8 SI6 3 B a s13.00 11 IS 10 1,157 1.7 1!0.72 SIT 3 8 { 3111.000 Is 11 1,157 3.2 110.11 748 ] e 1 111.500 IS 1t 1.:51 1.1 !61.19 519 7 B 1 3110.000 It is 77 2.000 1.e 155.00 570 3 1 1 3111.000 1% IS 0 1.512 11 f5d.10 $21 3 8 1 111.010 It is 0 1.512 3.1 1412.11 122 3 a 1 111.000 4% IS 11 I,S40 4 3 311.04 $23 3 1 6 111.000 11% IS is 1.210 4.1 367.50 $24 3 8 6 1194.000 11 If 0 1,512 4.2 111.21 3 c 1 :110.000 lot IS :0 2.101 11 111.21 525 1 C 1 1123, 610 at f5 is 2.029 7.t 481.01 $21 3 c ! 481.011 24 19 a 1,501 3 r 7 $7.0 521 7 c 1 191.000 1% Is 71 1.504 4.1 163.41 521 3 C S $115,000 IS 11 7.157 1.1 153.11 529 3 C 1 1115.000 2% IS 71, 1.311 4.2 111.25 $30 3 c 6 111.000 11 is 12 1.351 3.1 $11.81 131 $32 3 c 1 131.000 2% IS 11 1.212 3.9 115.69 1 c 1 $11.000 % IS 11 1.160 4.2 102.11 113 1 c 6 111,570 1% IS it 1.700 7.s 110 71 SIR 3 C 1 111,300 1t IS it 1,312 t,l 161.03 135 3 c 1 111, 00 It Is 11 1.119 4.2 341.11 SIR 7 C 6 119,000 in IS 77 1,111 7.7 341.01 571 3 C 6 5 101 111 IS to 1,111 4.2 112.41 $31 ] 0 3 1215.600 151 05 11 7.115 I.] 5i1.ss 531 1 A 5 1111,100 lot IS Is 1.173 4.0 141. to $40 S$1 4 A 6 113.100 11 Is 1,010 3.1 171.60 4 A 1 177.500 Is is 155 9.1 315.12 4 A 6 1114,100 Is {3 1,843 4.2 164.16 4111 511 1 A 1 1110.100 IS IS 1,113 4.2 565.60 515 1 e 6 $12.500 IS 43 1,516 3.7 159.01 Std 1 0 0 173.910 /t IS 113 1,211 3.1 357.14 $17 4 a 6 S11,5w it 19 is 1,216 4.1 119.92 511 4 11 0 0 i 7 113.102 11 12 1 169 3.1 SC-11 $41 II 0 119 goo 03 SI all 3.5 $68.48 SSO 4 $54.100 11 IS S0 1 117 1.0 $52.53 111 11 E 1 111,50: 10% 19 17 1,110 41 $57.35 SIR 11 It E I 111,000 In Is 72 1,210 4.2 $51.35 sit E 2 1133,500 201 IS 31 2.150 4.2 HIM 35$ 11 31 E E 3 1 $13.000 161.90C 45 31 Is 0 1,202 !.1 121.04 SSS II E t 11001003 In IS 55 0 1,051 3.5 567.73 $54 I1 E 4 $15.900 IS 17 1,794 1,215 4.2 7 + $57 11 E 1 fT1 000 % IS 13 1 160 7 9 1 $11..1 551 1 E 4 IIC,000 St AS 83 „oil 5 4 $61.11 117.71 sit 11 F 1 $11.904 It 13 St I Ill 3.3 $19.13 Soo II F 1 111.000 IS IS 1.131 770.51 $41 11 F 1 I11.W0 7t AS 51 I.ISI 4.3 1111.93 /411 1N11r3 Em"Im 7 1 CHARACTERISTICS OF ENE RECENT HOUSING SALES IN RANCHO CUCANOVW ummmmmaawavuamaaaaanawammunnn .ueuamunuua mmawwavuuauwnnnn NAP CDDES PRICE SFLLINO CASN YEAR YEAR LIVING 50. It CODE PAGE COLL" ON PRICE 0340 SOLO BUILT AREA CENSITY LIVINI 48489740.4040 (M)PULS BROTHERS) $0. 97 WE AREA 597 11 F 1 403.. 112.000 ..+3aaaa®ea�avaa.muamauwswaann. 91 IS 56 2.110 4.2 tlt..4 $97 It F 1 1771000 It IS 54 1,117 II !11.11 511 11 F 1 111,000 Is S4 1 44 3.6 112.55 51s it F 1 1100,000 101 IS U 1,:36 1.1 110.11 511 11 F 1 111,500 IS% If 12 1,111 3.9 !62.31 SIT 11 F I 111,000 q IS 13 1.152 4.0 $15.52 M 11 F 1 111.000 11 35 II 1.110 4.6 172.32 SRI 11 F 2 !13.500 Is 71 1,210 4.2 115.40 510 11 F 2 SIMOO 111 IS I6 I ICO 1.3 40.21 $11 11 F 2 9100.000 2Ct SS 11 1,561 4.2 164.02 $12 11 F 2 119.100 31 15 71 t.410 3.1 160.14 513 11 F 2 1921500 211 13, 71 1.562 1.1 351.22 Sit 11 F 2 111.557 101 15 69 t,25t 1.1 151.16 57S 11 F 2 9110.007 101 i5 11 1,111 1.2 167.53 511 11 F 3 111,100 It Is 11 1,316 4.1 162.11 511 11 P 3 110,0:0 Is 11 1,121 I.S 111.13 511 17 A 1 161.000 1S 11 1,140 3.6 141.11 519 12 A 1 911,010 IS It 1,.40 4.2 170.16 510 12 A 1 116.000 31 IS 11 11:71 4.1 111.3s Sol 12 A t 40.003 it Is 11 1.240 4.0 160.48 512 12 A 1 111,500 A IS 71 1.210 41 911.31 531 12 A 1 115,000 A Is 10 1.316 4.6 140.19 314 12 A 1 911,500 1% IS 12 1,251 1 1 ]16.15 SIS 12 A 1 111.000 31 is 72 1,111 4.2 1169t 591 12 A 2 1115.590 Is it 1,011 3.1 110.93 •I1 12 A 2 113.001 It IS IT 1,121 3.5 SES.73 S11 to A 2 111,100 11 65 15 1,310 4.2 959.56 519 12 A 2 101.560 Is 91 1,233 1 2 511.60 510 12 A 3 115.000 111 Is IT 1,141 3.1 965.21 $91 12 A 2 117,500 13 IS 11 1,111 4 2 119.01 S12 12 A 3 111.100 48 is 71 I,SIs 3.0 1!6.59 513 12 A 1 !103.000 101 05 11 1,119 3.9 SST.S7 511 12 A 3 $12.000 5% Is 71 1,511 4.2 151.11 595 12 A 3 393,000 $1 IS 17 1,112 4 I 110.71 S93 12 A I 176.030 151 Is 65 1.152 3.1 964.24 Sill 12 A 2 171,503 Is 1 1,343 4.2 954.73 511 t2 A 7 119.000 11 IS 0 1,143 4.2 1S1.27 599 12 A I 511,700 85 0 1.119 4.2 957.53 S00 f2 A 3 911.500 1% 15 57 1 116 1.4 961.71 701 12 A 5 315.400 R Is it 1.450 1 1 165.52 432 12 A 5 197.000 31 IS 14 1,232 4.1 170.11 603 12 A 5 111.6t0 11 IS it 1,252 1.1 119.19 631 12 A 5 1103,000 701 IS 71 1,612 4 1 151.17 14848 n .4 .,wa 4.4 438.11 401 12 A 5 1104.030 11 t5 11 1.08. 4.1 433.11 101 12 A 3 45.020 .5 71 1,411 4.2 361.00 301 12 A • 100 111 11 1,101 3.1 712.54 301 12 A S F' , 1 St .. to 1.155 4.0 160.11 610 12 A S h4.: It IS 77 1,310 4.2 14613 411 12 A S S10i.S01 31 Is 71 1,151 4.1 957.72 112 12 A 1 195.000 Is 12 1.342 4.1 310.71 s,auwi i�' EAOfn ECrle4ln CHASACTERISTICS OF INE RECEIIT 4.21SIN0 SALES 18 RAA`NO LUC7.NONG,A ��aa +awamw.aaamwmuuwawuuwawaawmuun� usava..uawn�m�mmwunnna�u W C"ES PRICE - SELLIR3 CM YEAR TEAI LIVING, SO. F7 COLE PAGE COLUMN FA PPICE Oft SU BUILT AREA CMITY 1IVIN6 (THOMAS 19DIHERS) S). 97 ME AREA SYO WSwSalnno®aanruruuawwnu WSW 117 12 1 1 7102,060 IS it 1,157 61 $51.23 614 12 1 1 HIM() n IS 11 1,312 1.0 111.01 115 12 1 2 111,009 3% Is 10 1.111 1.2 761.10 616 12 8 2 $39.100 St Is 11 1.216 3 1 $69.50 617 12 1 1 113.000 IS 11 1,512 4 2 161.51 111 12 1 1 $71.100 111 Is 77 1 152 4.2 161.21 611 12 8 2 110.500 n is 73 1,714 $A 151.10 120 12 1 2 119.990 it IS is I,lt6 1 2 $51.73 621 12 8 1 110,060 11 Is 15 1,102 1 1 111,11 622 12 8 1 115.300 IS 11 1,252 A 1 166.29 423 12 1 2 111.100 1t 15 IS 1.022 11.6 112.16 sit 12 1 2 811,000 1% 35 0 1.515 4.2 160.51 615 12 9 1 115,003 711 Is 71 1.240 4 2 3il.Ss 121 12 1 7 181.000 It IS 0 1.113 4.2 311 31 127 12 1 t $91.000 101 IS is 1.100 1.2 ISOM 121 12 1 t $71.000 31 is 11 1.210 1.7 161.16 621 12 9 1 783.00 is 0 1,215 62 $66.11 630 12 C 1 $100.100 2" IS Is 1,110 7.5 $71.51 631 11 C 1 $113.100 If 15 1,191 1.1 161.71 632 12 0 1 $113.1" 111 Is IS 1,636 4.1 $31.12 133 12 F 1 811,500 Is 0 111 4.1 $75.40 fit 12 F I $11.500 It Is to 98 1.) $74.39 63S 12 F 1 112.000 n as 16 1.141 1.3 165.70 632 12 1 2 $12.000 13 61 14 1, 06 3.1 $60.06 111 12 F 2 112.500 11 Is 15 1.210 2.1 160.4 171 12 F 2 $11,000 In Is 71 1 110 1.6 $63.12 $39 12 F 2 MAO IS 0 1 051 1 1 $71 71 810 12 F 2 37t.T0o IC its 1 132 3.1 31:.52 111 12 F 2 310.000 IS 74 , 111 4.3 350 II 812 12 F 2 7TI.000 it Is 71 1 110 4 2 $81.23 811 12 F 2 $31.4" n IS 73 1.209 4.2 116.24 fit n F 2 $81.000 It IS •4 1222 4.0 ISSAS 145 4 1 3 $13.10 11 11 tl 1.011 4.0 313.02 611 13 1 3 365."0 is SA 1.014 1.2 354.10 111 2 0 I $115.000 M 41 f0 1.116 1.5 st :.0f fit 2 0 7 3111.900 lot It IS 3.079 2 0 $59.01 Its 1 0 4 1111.100 11 14 2.501 2.0 56/." 150 2 0 / 1111.1" 291 14 81 2.102 1 5 167.62 151 2 0 t 3113.100 14 11 2.519 2 1 369.03 652 2 0 5 3:61.503 15 It 1.475 1.4 $13.41 611 2 0 S $141.2" 15t IS 14 1.11(0 2.0 17611 151 2 0 S $130.000 1st 14 19 2,026 2.4 114 17 6$5 2 E 1 192300 `S 54 1.501 1.5 WAS 651 2 E 7 $11s.000 It 11 1,112 1 S $59.45 $57 2 f 1 $14,000 in It TI 2.500 1.5 .151.60 451 2 E 3 $131.500 St 11 72 Roll 1.5 162.79 6S9 2 E S $10MC0 111 1S 61 1151 1.4 360.90 660 2 E S $133.000 11 IS 0 2,000 t : 161.50 161 a E 6 IIS,s00 100 23 14 1.712 3.S 151,61 252 2 E 1 $76.200 IS 63 1,IOt 1.1 $51.31 007 2 E 6 $70.000 In 81 IS ,314 4.2 151.32 CMIACTERISTICS CI Iii AEWT FArIP0 SALES to RARO10 CaXARC00A 1111115 m. aamavm. awan�an�aaaanmmmm�nma ..�r.va..r,na.nannavunanvnman. Caen: fuin'Eanc9la DL . =C All coo PRICE SMIQ CASH YEAR Y02 LIM W. r COLE PAGE C0A5M IN PRICE OCRI M 80(U AM Pf831fY LIVtK (THOU$ MrAE131 So. 71. v4m AREA 662 2 E ( 517.510 SS !i ICA 2 2 $78.41 ass 2 E 6 !111.112 It 7! 1 111 J.1 562.11 1 a 2 E 1 1-0.011 101 5A 10 1. 19 1 15 150.26 $67 2 I MI 640 M. 1: is 1.010 2.0 56.51 lag 2 I ! 1110.90, 152 11 12 :,ass 1 0 157 2/ $53 2 E 5 1141 °70 n It 10 I'M 1.1 !70.61 90 2 E 5 5.8.090 st 14 I$ 1,165 3 0 $19.70 611 2 I 6 $11.579 157 it t1 1,61) 3.1 HIM 117 1 I 1 1111.970 G 11 1,110 4 0 $51 is 011 2 I 1 $100,170 19 IS 1,112 t.2 111.11 571 E 1 5101,910 11 is 1,111 7.7 M. is 3110.100 84 Is 1.613 t 2 561.9! 1110 P 1 !101.100 It Is 1,IC0 4.2 3T1.71 177 I i $101,500 is Is 1, ::7 9.9 M. is 676 1 A 1 3145.0110 6 Is 2.107 1.5 162.1s 671 7 A 7 3113.130 K% Is n 2.214 0.1 312.13 510 1 A t $161.000 29 Is 10 2.811 1.$ 155.19 Ifl 3 A 4 1118,900 511 69 64 2,140 1 f HIM 112 1 A 4 1111.106 6 is 2.011 1.0 $61.21 611 1 A 4 S1S1.0W Is 79 2,124 2.2 $11.21 66 3 1.. 4 3162.810 10% 14 Os 2.181 1.5 16+.27 615 1 A t $151.100 In 14 IS 2.331 1 S $52.70 sli 3 A s 130.150 211 It it 3.O4j 2.7 M 97 191 1 A S $72.500 14 Is 1 112 2.7 356.32 11$ 1 A f f1IMI 51 14 11 1,651 2.9 $61.00 119 1 A S 111 .001 11 71 1,191 1 7 112.21 110 1 A a $19.100 It 1.331 4 2 $59.12 691 1 A 1 $11.900 153 S. 6 1,064 .0.7 311.SS 192 3 A 1 $11.,00 In it 14 1,112 1.1 116.70 691 3 1 5 111,563 56 It 711 1,711 1 ; 351.61 634 3 a S $181,100 Is 1, 1,536 7.6 $63.11 695 3 3 S 516.100 14 85 1,776 1.9 311 I5 614 1 1 s $17,000 11 It 0 1.721 1.1 516,11 691 1 a 1 116.110 121 It is 1,260 A ; 376.11 Ill 1 6 1 111,500 IS 71 1,122 4 2 110.11 691 3 C 1 1210,00 is 10 1,115 1.0 $57 77 t00 3 C 5 $87,002 106 It 66 1,165 3.4 512.76 701 7 t 1 1107.500 Is is 1 679 3.5 M.12 In 1 C 1 5100.000 an 6, 11 1 121 I.v 365.15 701 1 0 3 1720,000 14 is 8.71f 0.1 $11.6 at 1 A 3 $152.019 it i1 2.525 &.2 150.71 105 t A 6 $13.700 11 14 It 1451 6.0 $12.12 lot ' A A 1 91.100 211 it It 1.1S1 6.0 113.46 707 4 A 6 19.COA In It at 1.172 5.1 $70.12 1 4 1 511.9a in 14 14 1.172 1.8 169.9 i 109 4 A 6 tia.13 20 9 11 1112 5.5 $6243 1 110 4 A t $71,06 9 It it 111 5.9 113.11 Y tit 1 A 0 I'Mal 111 16 14 1,137 3.1 1 $9.44 M1 tat 1 A 1 1185,109 In Is A 1.711 t 0 131.10 113 A A 6 $104.300 A Is !4 1.611 Jd $63 1, �y. tiA 4 A 6 311.200 9 11 It 1,134 ! s 95.13 Caen: fuin'Eanc9la DL . =C CHARACTERISTICS OF IHE WENT 10051X0 SALES IN uxotO CUCAR'ku . Source: Ealn Em In $3 H MAP COOTS vela - SEILIX. CA% YEAR YEAR LIVING $0. FT "OE PAGE COLm ROW PRICE OU SOLO BUILT AREA OEN511T LIVING (I)POW BBOMfRS) SQ. ET WK AREA lls 4 A 1 191,100 211 It IS 1,160 2.1 111.91 716 4 A 0 110,500 51 14 14 179 13 $10.20 717 l A 6 311.100 211 11 It 1.071 1.5 111.11 111 4 A 6 $11,010 M 14 11 1,172 10 110.12 119 4 A 1 111,600 St 14 It 1,111 IA 371.11 110 1 A 6 312,000 201 14 84 1,112 1.0 119.51 721 4 A 6 119,000 2:1 It 11 9ss 1.9 SILLS 722 A A 1 111,100 153 Is Is 1,011 S.0 371.41 111 1 A 6 111,101 2S1 IS 13 1,172 1,6 112.73 111 1 A 1 310!,109 it 14 81 1.133 t.2 $11.14 715 4 A 1 313,700 5% 14 11 1,011 1 0 111.12 il6 4 A 6 160,110 257 14 It 915 1.1 115.77 127 t A 1 111.140 St 61 It 1 172 1.0 $11.30 121 t A 6 111,200 237 " 14 119 1.0 31172 729 4 A 6 311,100 251 11 14 1,014 1.0 511.51 170 A A 6 116,100 233 Is IS 1,112 5.0 111.11 111 4 A 4 117.000 2111 11 11 1.112 $A 17t.21 172 t A 1 86,90[ in it It 1,413 1.5 311.51 117 4 A 1 111,001 St Is IS 1,111 1.2 81.15 114 1 A 6 115.203 It 11 14 1,117 7.S 111.11 773 A A 4 1101,100 St it it 1.651 7.S 11111 111 4 A 4 3101,100 201 11 11 1.651 1.1 111.40 127 4 9 l 31911"0 It I3 54 2.111 1.2 111.11 711 11 0 4 $31.000 II 61 is 1.110 4.1 311.09 119 It I 1 111.500 IS s1 1.617 3.1 MAI 710 11 E 1 $11,500 117 Il 77 1.240 4.0 110.56 141 11 E 1 390.100 It 12 1.410 4.1 161.11 142 It E 1 117.100 14 70 1.157 1.3 149.91 111 11 E I 111,010 it St b 1 171 7.1 $51.16 111 11 E 2 112.000 11 Is 73 1.110 t 1 $61.6! 115 It E 2 Silt 100 IS SI 1 131 1.1 117.46 746 11 E 2 3705.000 :9t iS 41 1,101 2.1 $51.21 717 II E 4 119300 SS It IS 1 191 4.2 116.8 111 11 E t 161.000 lit It S7 1.110 1.1 151.19 111 I1 P 1 179.000 14 so 1 117 1.! $11.31 150 II P 1 191,500 It IS 14 1,104 t.2 1117t ISl 11 0 1 1101,100 15t It 8 1,400 t 1 111.11 752 11 f 1 315.000 IS 14 I Its t 2 SIS.21 18 II 1 2 $97,500 217 IS 70 I.SSI 4.1 $61.51 134 11 2 2 85.000 It It 55 1 III 8.1 115.31 755 It P 2 117.000 IS 39 1.240 4.1 MAI 156 It P 7 $62,000 221 11 14 165 11.1 113.55 757 11 2 1 114.900 IS 11 1,321 1 1 165.11 151 II P 1 191,000 4% 11 11 1.150 4.1 114.01 159 It 9 1 161.000 207 It it 766 ILt 18.14 760 12 A 1 110.000 St IS it 1.440 4.2 1SS.56 lit 12 A 1 $82.000 11 It 12 1,213 1.2 161.11 752 12 A 1 519.000 15 12 1.1 173.92 711 12 A I 112.500 it It 71 1,80 1 1 ISOM lit 12 A 2 179.000 It it 16 t.750 4.1 331.52 165 12 1 1 $80.001 171 11 1S 1,576 4.2 ISSAS . Source: Ealn Em In $3 H QWXTERISTICS OF THE RECENT X075[18 SALES IN Met WCMKA wwnamniaauiavaaaviiaaaas® awaiamYivawrvmnwanavanYYYamiwwiuuwauau w CDOES PRICE ULLING CASH YEAR YFAA LIVING 50. It (DOE PAGE CO11011 OX PIKE DOW 50.0 GUILT AREA DENSITY LIVING (TKI1U INGTHERS) 50. FE WA AREA 761 It A 1 111,010 in Is 0 1.111 4 1 162.10 T17 12 A 1 317.000 TI 11 11 ,.117 2.5 ISS.52 711 n A 1 110.010 In 14 IL 1.111 4.0 110.14 769 12 A 2 SIt.S00 n 11 12 1.110 3.S PUT Ito 11 A 2 S11.040 n IS 71 1.471 2.1 151,05 111 11 A 1 111,000 91 IS 11 1.111 4.2 $15.61 171 12 A 1 s1S.o00 71 IS 0 1.110 4.2 isl.41 111 11 A 1 315.311 n IS IT 1.011 1.1 171.55 111 11 A 1 iS1.400 In 14 it ;.111 1.2 $40.11 115 12 1 1 SIO.1oa in 11 19 1.311 1.1 115.11 7+3 12 1 1 $45.000 In 14 17 1.112 4.2 121.11 +if 12 1 1 $91.000 IS 0 1.719 1 1 $75.41 111 12 1 1 $17.500 n Is 0 1.211 62 tit 4 11t 12 1 2 $73.120 n 14 55 1.124 1.1 ISS..1 710 12 1 2 $61.0.0 It is 1 111 1.0 $36. It 311 62 1 2 111.001 It 7s 1 111 12 16141 In 12 1 2 111.413 In 14 is 1.710 4.0 111.16 713 12 1 2 311.901 1$ 11 1.312 4.2 111.24 714 12 1 2 $11.001 15t 11 13 1.204 1,2 In.05 T95 12 1 1 111.431 In I3 It 1.241 3.0 111.91 711 12 1 3 $11.100 101 14 72 1.040 4.1 311.41 731 11 1 2 sn,000 n It 1.302 7.3 359.14 311 12 1 t $13.000 n IS ss 1,141 1.3 34104 119 12 1 1 111.400 In 14 17 1.116 1.1 U1.16 310 It c 1 015.000 11 is 1.239 4.1 161.51 191 11 0 2 $11•900 14 14 113 6 7 $71 10 192 12 F 1 1t1.Sn n It 71 1.073 3.3 511.40 317 It F I 171.020 It Is 11 1311 7.9 $10.21 714 12 1 : 173.000 si 11 14 1.112 1 1 310.23 115 12 F 2 111.0.4 It It 17 I9a 4.1 $71.71 316 11 A 171.1$0 1n Is It 921 3.9 SIT 41 lit 11 1 iS1.000 It IS 10 lit 4.2 151.70 fit 17 1 1 $41.000 n 11 61 1,010 1.2 95171 un.,w,a.>a.,n,.nn. iii®a�muaawiiiiiiaiYYwn - So+rcV• 64131 [calale O OLD ALTA LOMA Neighborhood No. 4: needed Improvements include: Lo Grande- pavement rehabilitation and street lights, driveway aprons ($20,250) Agate - pavement rehabilitation, street lights, replacement curb and gutter to water carrying curb and gutter, sidewalk Improvements (where possible), relocation of water meter /lines (where necessary) ($119,400) Roberds - pavement rehabilitation, street lights, repiccement of curb and gutter to water carrying curb and gutter, sidewalk (where possible); relocation of water meter /lines (where necessary) ($34,375) La Vine - pavement rehabilitation, street lights, replacement of curb and gutter to water carrying curb and gutter, sidewalk (where possible); relocation of voter meter /lines (where necessary) ($37,625) Garnet - pavement rehabilitation, street lights, replacement of curb and gutter to water carrying curb and gutter, sidewalk (where possible); relocation of water meter /lines ($154,375) COST: $400,000 for City improvements NOTE: Includes Lo Lema Court ($12,500) and Roberds Court ($20,625). 6 85 r SOUTHWEST CtJC.1MONGA Neighborhood No. I: needed Improvements includes Hellman Avenue - street widening in vicinity of Arrow Highway and Calle Vejar ($68,625) Calle Vejor - street lights, replace curb and gutter, drainage culvert, sidewalks considered. rehabilitation of street pavements, cul-de-sac bulb by park at west end, relocation of water meter /lines (where necessary) ($163,625) Avenida Lean - Calle Vejar sidewalk to Arrow, street lights, reploce curb and gutter, drainage culvert, rehabilitation of pavement, cul-de -sac bulb; relocation of water meter /lines (where necessary) ($48,125) Konoc:V - street ending at pork (cul- de-soc bulb) ($22,900) Ailey betwea: Avenida Leon and Hellman Avenue - regrading and paving, ($22,250) COST: $325,525 for City Improvements 10 87 s •� =• 11 1 i 1 1 1. 1 I• I I' . 7 OP 1 1 1 T�7^{/.� T ' ,1i -i ITT FOOT",,, MH FF r lu •FG _� _ ' 1 11 i ,. rJll�•1 i 1 11 SOUTHWEST CUCAMONGA NEIGHBORHOOD NIO 1 1 L C I n U it i SOUTHWEST CUCAMONGA Neighborhood No. 2: needed improvements include: Colaveras - curb, gutter and sidewalk, street lights as needed, undergrounding utilities if possible, pavement rehabilitation, install 8" water and sewer line ($63,750) (CCWD Improvements - $40,000) S/S 91h Street - street lights, curb, gutter and sidewolk, pavement rehobilitiation, upgrade water line to 8" to Vineyard, Install 8" sewer line to Baker ($65,125) !CCWD improvements - $200,000) Vinmar - street lights, cur'i, gutter and sidewalk, pavement rehabilition, install 8" sewer line ($63,750) Sierra Madre - street lights, curb and gutter, sidewalk, pavement rehabilitation; may need cul- de -soc bulb, ($70,000) alley - maintenance grading and base pave ($8,200) COSTr $270,800 for City Improvements $240,000 for CCWD improvements NOTE, CCWD plans may be available for both water and sewer work: laterals and Individual connections additional ($3500 /connection. I t �� ■s, X� 1 l SOUTHWEST CUCAMONGA Neighborhood No. 3: needed Improvements include: PINS 9th Street - curb gutter and sidewalk, street repavement, street lights, underground utilities, upgrade water line to 8" to Viney rd, install 8" sewer line to Baker ($82,000) Sierra Madre - pavement rehabilitation, curb and gutter rehabilitation, sidewalks, driveway aprons, street lights as needed, sewer connections, relocation of water meter ($34,400) Salina - pavement rehabilllotion, sidewalks, driveway aprons, street light as needed, sewer connections, relocation of water meter /lines ($20,400) Edwin (NEC 19th) - cross gutter needs rebuilding, curb and gutter maintenance, slurry seal of pavements ($12,600) Calaveras - curb, gutter and sidewalk, street Ilghts and driveway aprons as needed, underground utilities If possible, sewer connections, relocation of watrir meter /lines; street rehabilitation ($53,40) I 1� Y e. r• Virmor - pavement rehollitation as needed, sidewalks, Arlveway aprons, street lights as needed, replace curb return at Vinmor & Salina (NEC), sewer connections ($10,000) S/S Arrow Highway (from Calaveras to Baker) - Curb, gutter, sidewalks, pavement widening, street lighh, undergrounding of utilities, relocation of water meter /lines ($131,300) COST: $344,100 for City improvements 13 �� r; / J SOUTHWEST CUCAMONGA Neighborhood No. 4: needed improvements include, Arrow Highway (from Baker, east to Flood Contro;) - complete improvements In front of existing homes, minimal widening of undeveloped lots w /AC berm, underground utilities, curb, gutter, sidewalk, relocation of water meter /lines (where necessary) ($257,100) Baker (from 8th Street to Foothill) - complete Improvements in front of existing homes, minimal widening, street rehabilitation ($315,600) COST, $572,700 NOIEr Storm Droln Project No. 4 should be completed prior to street improvements. n 14 9T SOUTHWEST CUCAMO; IGA Neighborhood No 5: needed Improvements include: Sierra Madre - curb. gutter and sidewalk, street rehabilitation, driveway aprons; look at street light spacing, sewer connections, relocution of water meter /lines= upgrade water line to 10" from Arrow to Foothill ($108,700) (CCWD improvements -$60,010) Avenida Vejar - curb, gutter and sidewalk, street rehabilitation, Icok at street :fight spacing, driveway aprons, sewer connections, relocation of water meter /lines ($117,400) Plocido - "rb, gutter, and sidewalk, street rehabilitation, look at street light spucing, dr: eway aprons, sewer connections, relocation of water meter /lines ($35,400) Via Ccrillo - curb, gutter and sidewalk, street rehabilitation, look at street lignt spacing, driveway aprons (may be able to do street trees If parkway Is established), sewer amnections, relocation of w,ter mater /lines ($33,500) N/S Arrow Highwcy (from Baker west almost to Gram) - Complete Improvements in front of existing tw.me,, minimal widenl ig of undeveloped lots w /AC berm, undergrounding utilities, curb, gutter end sidewalk ($185,000) COST: e 400,000 for City improvements; $60,000 for CCWD improvements y 15 f ;C SOUTHWEST CUCAMONGA Neirjibonccud No. 61 needed imp. ovements includes Tapia Via (already committed to CDBG Program if funding available) - curb, gutter, sidewalk, pavemen• rehab, street lights, relocation of water meter /lines ($100,400) Rancheria (already committed to CDBG Program If funding available) - curb, gutter, sidewalk, street llghts, pavement rehab, relocation of water meter /lines ($150,100) COST1 $250,500 for City improvements 16 9 LT;• i SOUTHWEST CUCAMONGA Neighborhood No. 6: needed improvements include, Tapia Via (already committed to COBG Program if funding available) - curb, gutter, sidewalk, pavement rehab, street lights, relocation of water metes /lines ($100,400) Roncherla (already committed to CDBG Program If funding available) - curb, gutter, sidewalk, street Iights, pavement rehab, relocation of water meter /lines ($150,100) COST, $250,500 for City improvements f 16 �� r NORTH TOWN AREA needed Improvements include: Humboldt Avenue - sewer connection by Turner Avenue - no sewer line exists at present time on a portion of Humboldt Avenue COST: $15,000 for CCWD improvements NOTE: Storm Drain Project 03 would need to be done in order for the Humboldt sewer line to be Installed. 17 / C � r/ ETIWANDA AREA Neighborhood No. 3: needed improvements include: Curb and gutter spot replo:ement, pavement rehobilltation or replacement (as appropriate, street Ilgh, review, sidewalks, sewer connections may be possible, driveway aprons (as needed) COST: $265,600 for City Improvements 23 /L lvlpd l O� 1 1� -- l , a GC E.S.P. u�+■uusun r I.s.P• 1 I 'ETIWANDA AREA NEIGBBOP.ROOD NO• 31 I.S.P. /Of 1 i t 1 1 t 1 i 1 1 ■ ■ ■ 1 i fe i6 12 , VICINITY* MAP �.J :I �v o1 PROJECT !3 phq nq....aaq ,WOt �I i Cn-r OF nAUCH-> q•.C.IMNNi,t, RESOLUTION 110. RA 86— O.Z. A EESOLOTION OP THE REDEVELOPMENT ACERCY OF THE CITY 07 RANCHO CUCAMONGA. CALIFOULA. APPRORBC REPORT CONCERNING GOOSING S.•'[ ASIDE PONDS, LPPROPIMC ORE OP HOUSING SET ASIDE FOODS OOTSICg OF RANCHO REDEVELOPMENT PROJECT AREA AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO The Redevelopment Agency of the City of Rancho Cucamonga bas resolved as follows WHEAEAS, the Rancho Cu,swaga Redevelopment Agency (the "Agency ") in required by the Community Redevelopment Lae (33000 at seq. of the California Dealt).- and Safety Code (the "Lae ") and by the approved redevelopment plan for the Agency's Rancho Redevelopment Project Area (the "Project Araa ") to sat aside certain tax increment revenues for the purposes of increasing or improving the supply of low and moderate income housing within the City of Rancho Cucawaga, all as such requirements all more particularly set forth in Section 33334.2 of the Lew; and WSEREAS, the Agency desires to use a portion of the tax increment revenues so required to be set aside to pay for public improvements which rill Improve the supply of lov and moderate income housing within the City of Rancho Cucamonga, or otherwise to provide for the financing of sucb public improvements by the issuance of tax allocation bonds of the Agency; and WHERE4S, the Agency has caused Empire Economics to prepare a cCPOrt, dated May 12, 1986, entitled "City of Rancho Cucamonga Housing get f ide Panda Proposed Neighborhood Improvement Projects" (the utepart "), wherein Empire gecnosics hot determined which of the proposed public improvement projects of the Agency rill improve the supply of lov and moderate income housing within the City of Rancho Cucamonga; and WHEREAS, the Radevelopseat Agency (the "Agency ") has ravimed the Ropore and the findings of Empire Economics contained therein; and WHEREAS, certain of the proposed public improvement projects vhicb will Improve the supply of law and moderate income housing are located outside the Project Area; and WBEREAS, Section 33334.2 of the law provides tax incremant revenues required to be set aside by 33334.2 my only be used to pay for. or othseVINO finance, projects outside the Project Area if both the Agency and the Council first determine that such use is of benefit to the Project Area. PASSED, APPROVED, and ADOPTED this day of , 1986. 1A6 CITY OF RANCHO CUCAMOf REDEVELOPMENT AGENC' FF ��s �T TO: Chairman and Members of the Redevelopment Agency FROM: Jack Lam, AICP, Deputy Executive Director BY. Linda D. Daniels, Senior Redevelopment Analyst SUBJECT: APPROVAL qF RESOLUTION OF ISSUANCE OF TAX ALLOCATION BACKGROUND: The Redevelopment Agency is preparing to Issue a tax allocation bond, wh ch w l everogo the Agency's housing set aside fund, at some future olnt in time. In order to prepare for this future bond isst'ance it Is ne.:essary or t to Agency to take certain measures now In order to begin a validation proceeding for the 6sue. As port take of the preparatory action of the Agency Is the adoption ce a Resolution which authorizes the Issuance of b: nds. EVAL_ UAr TION' Once the Redevelopment Plot is amended to increase the available Eondmg copanty, the attached Resolution will enable the Agency to Issue a maximmt of $25 million in bonds for neighborhood conservation Improvements. The Agency does'erve the privilege of Issuing an amount less than the authorized $25 million should It determine that o lesser amount is sufficient. The Agency also retain the prlvilege of not bsaing a bond should the Plan limitation not be successfully amended. In the interim, however, it Is necessary to prepare now for the potential Issuance of bonds so that the neighborhood conservation housing program can be validated as being a lawful use of the housing set aside funds. In order to do this a Resolution and General Trust Indenture must be adopted by the Agency. The attached Trust Indenture e so definitions borganization of the program can b des described. prepared o eomlete Trust I Indenture e prepared once the bond Issue becomes more finalized. Some of the informatluon that cannot be determl„rd at the present time Includes the designation of a Trustee. Once the Issue is ready to be solo •M Indenture will be finaled and executed by the Chaltmon of the Agency. /Q2 REDEVELOPMENT AGENCY STAFF REPORT APPROVAL RESOLUTION OF ISSUANCE[TAX ALLOCATION BONDS FOR FUNDING NEIGHBORHOOD CONSERVATION WROVEMEMS June 18, 1986 Page 2 RECOMIAENDATe N: The Agency adopt the attached Resolution of Issuance which nx es the en rat rust Indenture. Please note again this Resolution is only for the purposes of validating a potential and future bond Issue. �Rx. eetfully LsmItt( d �CCIL. Jack Lam, AICP, Deputy Executive Director JL:LD:kap attachments: Resolul :on of Issuance General Trust Indenture q j /OE 280004 JHHW:AGH:ea 06.09 86 H7206 GEYERAL TRUST WDENTURE by and between RANCHO CUCAMONGA REMV & =:I AUFVCY and s Trustee Dated as of 1986 Reta&q to Not to Exceed 525,000,000 Rancho Redeveioptnent Project Tax Abcatlon Bonds y : <T /D! GENERAL TRUST INDENTURE THIS GENERAL TRUST INDENTURE (the 'General Indenture') is made and entered Into as of __. 1986, by and between the Rancho Cucamonga Redevelopment Agency, a public body, corporate and politic, organized and existing under, and by virtue of the laws of the State of California (the "Agency "). and , a national banking association, duty orgaNZed and existing under the laws of the United States of America and authorized to execute trusts of the character nerein set out under and by virtue of the laws of the State of Califo:nia with its principal corporate trust office located In , California; MHINE$SEIH, WHEREAS, the Rancho Cucartcnga Redevelopment Agency Is a public body. corporate and politic. duty created. established and authorized to transact business and exercise powers under and pursuant to the provisions of the Community Redevelopment Law of the State of California. Including the power to Issue bonds for any of Its corporate purposes. WHEREAS, a redevelopment plan for Rancho Redevelopment Project Area (the 'Project "). in the City of Rancho Cucamonga. Caldomte, has been adopted In compliance with all requirements of law; WHEREAS, the Agency has by Resolution No __. adopted . 1986, (the "Resoharon'). authorized the Issuance of Its Rancho Redevelopment Project Area Tax Allocation Bonds, In the principal amount of not to exceed S25.000.00O. WHEREAS, the Agency has now determined to Implement the Issuance of the Bonds and to enter into this General Ir.:ontura to s -ure the Bonds by a pledge and assignment under this General Indenture of the Tax Revenues and certain proceed: of the Bond.and WHEREAS, all things necessary to cause the Bonds, when authenticated by the Trustee and Issued pursuant to a Series Indenture as In this General Indenture provided. to be valid. binding and legal special obligations of the Agency In accordance with their terms, and to constitute this General Indenture a valid assignment and pledge of the Tax Revenues pledged to the payment of principal of and Interest and any redemption premium on the Bonds, and all things necessary to cause the creation, execution and delivery of this General Indenture and the creaticn, execution and Issuance of the Bonds, subject to one terms hereof, have in all respects been duly authorized; 1/ o 1� ;x NOW THEREFORE. THIS TRUST INDFNTURE WITNESSETH GRANTING CLAUSES The Agency in consideration of the premises and the acceptance by the Trustee of the vests hereby created and of the pufchaae and acceptance of the Bonds by the Owners thereof, and for other good and valualoo consideration, the receipt of which is hereby acknowledged. In order to secure the payment of btio principal of and Interest and any redemption premium on the Bonds according to their Wrhor and effect and to secure the performance and observance by the Agency of at the covenants expressed or implied herein and in the Bonds, dons hereby assign and pledge unto, and grant a security Interest In the following (the 'Trust Estate') to, es trustee, and its successors in trust and assigns forever for the securing of the performance of the obhigabrins of the Agency hereinafter set forth GRANTING CLAUSE FIRST All right We and interest of the Agency in and to the Tax Revenues, including, but without limiting the generality of Ne foregoing, the present and continuing right to make clam for collect. recelvo and receipt for any Tax Revenues payable to or eceivable by the Agency under the Constitution of this State and the Community Redr slopmerd Law and any other applicable laws of this State or otherwise. to bring acticrh; and proceedings thereunder for the enforcement thereof, rind to do any and at things worth the Agency is or may become enUUed to do thereunder subject to the terms hereof GRANTING CLAUSE SECOND All moneys. including, without Umffation. moneys In the Reserve Account and securities and all other rights of every kind and nature from time to time herein or hereafter by delivery or by writing of any kind pledged. as signed or transferred as and for additional security hereunder to the Trustee by the Ag. ncy or by anyone to its behalf. or with Its written consent. and fo hold and apply the same, subject to the terms rtereoi. TO HAVE AND TO HOLD ag and sutgular the Trust Estate, whether now owned or hereafter acquired, unto the Trustee and Its respective successors in trust and assigns forever for the benefit of the Bondowners and such pledge shat constitute a oen on and security Interest in sLtzh Trust Estate. IN TRUST NEVERTHELESS, upon the terms and trusts herein set forth for the Eq. rat and propo:bonate benefit, security and protection of all present and future Owners of the Bonds Issued under and secured by this General Indenture without privilege. priority or distincUon as to the lion or otherwise of any of the Bonds over any of the other P.onns, PROVIDED, HOWEVER. that It the ykjency, its successors or assigns shall wag and truly pay, or cause to be paid the principal of and Interest on the Bonds due or to become due thereon. at the Umes'and In the manner provided in the Bonds according to the true Intent and meaning thereof, and shall well and truh keep. perfrxm and observe all lip the covenants and cenddlons pursuant to the terms of this General Indenture to be kept. performed and observed by IL and shag fay or cause to be paid a the Trustee all sums of money due or to become due In accordance with the terms and provisions hereof, then upon such final payments or deposits as horein provided, this General Indenture and the rights hereby granted shag cease, determine and be void; otherwise this General Indenture shad remain in fug force and offect. THIS TRUST INDENTURE FURTHER WITNESSETH, and it is expressly declared, that all Bonds Issued and secured herounder are to be Issued, authenticated and delivered, and all said property, rights and interests. Including, without limitation, the Tax Revenues hereby assigned and pledged, are to be dealt with and disposed oL under, upon and subject to the terms, conditions, stipu;agons, covenants, agreements, trusts, uses and purposes hereinafter expressed, and the Agency has agreed and covenanted, and does hereby agree and covenant with the Trustee and wdh the respective Owners, from time to time. of the Bonds, or any part thereof, as lollrvs: NOW, THEREFORE, BE IT RESOLVED by the Rancho Cucamonga Redevelopment Agency, as follows: 3• /C� ARTICLE I AUTHORIZATION OF BONDS; DEFINITIONS $ectfon 1.01 &Itholjzabgg, The Agency has reviewed all proceedings heretofore taken and has found, as a result of such review, and hereby rinds and determines, that all things• conditions and acts required by law to exist happen or be performed precedent to and in connection with the Issuance of the bonds do exist, have happened and have been performed In due Mo. form and manner as required by law, and the Agency is now duly empowered• pursuant to each and every requirement of law. to Issue the Bonds In the manner and form provided In this General Indenture. Section 1.02 2it laliltiM. UNess the context otherwise requires• the terms defineu In this Section 102 shall• for all purposes of this General Indenture, of any Indenture supplemental hereto. and of any certificate opinion or other document herein montioned. haw the meanings herein specified AdMijonal Tax Revenue Allowance means. as of any date of computation. an allowance for estimated annual additional Tax Revenues to be received by the Agency. within any of the three Fiscal Years following the date computation Is made. due to mere ^ens in assessed valuation of taxable property in the Project Area resulting from construcuo., which has been completed. but which has not yet been entered on the assessment rolls• as shown by the Report of an Independent Financial Consultant Aeons y means the Rai—no Cucamonga Redevelopment Agency, a public body. corporate and politic. established under the Law. Annual Debt Sevice. Maximum Annual Debt Service means. for each Fiscal Year the sum of (1) the Interest payable on the Outstanding Bonds In such Fiscal Year assuming that the Outstanding Serial Bonds are retired as scheduled and that the Outstanding Term Bonds are redeemed from minimum sinking account payments as schoduhod (2) the principal amount of the Outstanding Serial Bonds payable by Their terms In such Fiscal Year and (3) the principal amount of the Outstanding T•irm Bonds scheduled to be paid or called and redoemea from minimum sinking account payments in such Fiscal Year excluding the redemption premiums. if any, thereon "MShdmum Annual Debt Service" moans, as of any date of cemputa7en. the largest Annual Debt Service for any Fiscal Year during the period from such drte of the Bonds through the final maturity date of any Outstanding Bonds. ArtiCle5. Section All references herein to "Articlos." "SwAons' and other subdivisions are to the carrel ling Articles. Sections or subdivisions of this General Indenture. and the words 'hs,ein," "hereof,' 'hereunder' and other words of similar Import refer to this General Indenture as a whole and not to any particular Article. Section or subdivision hereof Authenr atina Avert means the Authenticating Agent and Co-Registrar appointed by the Agency in the applicable Series Indenture. the successors and assigns of each of them. and any other corporations or associations which may at any time be substituted !n the place of any of them, as provided pursuant to Section 6 02. -0• /,3 Bonds. Additional Bonds Serial Bonds Term Bon 'Bonds" means the Rancho Cucamonga Redevelopment Agency Rancho Redevelopment Project Area Bonds authorized under this General Indenture and Issued Pursuant to a Series Indenture, and to the extent required by any Supplemental Indenture. any Additional Bonds authorized by, and at any time Outstanding pursuant to. this General Indenture or any Series or Supplemental Indenture or any other resolution authorizing the Issuance of Additional Bonds. 307 'Additional Bonds" means Bonds of the Agency Issued in accordance with Section "Serial Bonds" means Bonds so designated In the applicab'e Series Indenture for wh, It no minimum sinking account payments are provided "Term Bonds" means Bonds so designated in the applicable Series Indenture which are payable on or before their specified maturity dales from minimum sinking account payments established for that purpose and calculated to retire such Bonds on or before their specified mat irity dates Bond Year means the annual period commencing on August 2 of any year and terminating on August 1 of the following year Chairman means lie chairman of the Agency appointed pursuant to Section 33113 of the Health and Safety Code of the State of California or other duly apMlnted officer of the Agency authorized by the Agency by resolution or bylaw to perform the functions of the chairperson In the event of the chairperson s abserce or disquali5cation. Federal Securifie s means United States Treasury notes bonds, bills or certificates of Indebtedness or Nose for which the faith and credit of the United States are pledged for the payment of principal and Interest Including United States Treasury (book entry) certificates, notes and bonds, stale and local government series, obligations Issued by banks for cooperatives, federal land banks, federal intermediate crePot banks. federal home loan banks, the Federal Home Loan Bank Board, the Tennessee Valley Authority, or obligations, participations, or other Instruments of or issued by, or fully guaranteed as to principal and interest by. the Federal National Mortgage Association; or participation certificates eviJencing beneficial Interests In obligations, or In the right to receive interest and principal collections therefrom, which obligations have been subjected by one or morn gove, nenl agencies to a trust or trusts for which any erocudve department, agency or instrumentality of the United States (or the head thereop has been named to act as trustee. all as and to the extent that such securities are oligibie for the legal investment of Agencyfunds Fiscal Year means any twelve -month netted extending from July 1 In one calendar year to June 30 of the bucceoding calendar year both lnclus:ve. or any other twelve-month period hereafter selected and designated by the Agency as its official fiscal year period 0 .112111 Ind ill too means this General Indenture, entered Into by the Agency by resolution adopted by the Agency under the Law, as originally approved or as It may be •5- amended or supplemented by any Supplemental Indenture or Series Indentures adopted pursuant to the prWslons hereol. Independent Certified Public means any accountant or firm of such accountants duly licensed or registered or entitled to practice and practicing as such under the laws of the State of California, appointed by the Agency, and who, or each cf whom: (1) Is in fact Independent and not under the domination of the Agency; (2) does not have any substantial Interest, direct or Indirect with the Agency; and (3) Is not connected with the Agency as an officer or employee of the Agency, but who may be regularly retained to mako reports to the Agency. Indemdent Engineer means any engineer or firm of such engineers duly licensed or registered or enbl ed to practice and practicing as such under the laws of the State of California, appointed by the %oncy, and who, or each of whom- (1) is in fact Independent and not under domination of the Agency; (2) does not have any substantial Interest. direct or Indirect. with the Agency; and (3) is not connected with the Agency as an officer or employee of the Agency, but who may be rugutart, retained to make reports to the Agency Independent Financial Consu= means any financial consultant or firm of such consultants, appointed by the Agency. and who. or each of whom: (1) is In fact Independent and not under domination of the Agency, (2) does not have any substantial Interest, direct or Indirect, with the Agency; and ,3) Is not connected with the Agency as an officer of employee of the Agency, but who may be regularly retained to make reports to the Agency Independent Real Est to Consultant means any real estate consultant or firm of such consultants appointed by the Agency, and who. or each of whom: (1) is In fact Independent and not under domination of the Agency, (2) does not have any substantial Interest direct or Indirect, with the Agency: and (3) is not connected with the Agency as an officer or employee of tits Agency, but who may be regularly retained to make reports to the Agency. Investment Earnlnas means all Interest earnod or gain or loss on the Investment of moneys in any Fund or Account created by this General Resolution or by a Series or or Supp'emental Resolution or by any other resolution authorizing the Issuance of Additional Bonds- -b- //1.5— Liv means the Community Redevelopment Law of the State of California. constituting Part 1 of Division 24 of the Health and Safety Code of the State of California. and the acts amendatory thereof and supplemental thereto. Net Bond Proceeds. Cost of Issuance means the aggregate amount of proceeds received by the Agency upon the sale of the Bonds (excluding accrued Interest thereon). less all Costs of Issuance, namely expenses of the Agency Incurred in connection with the authorization. Issuance and sale of the Bonds (Including, without limitation, legal and financial and fiscal consultant faes, rating agency foes. Initial Trustee toes and charges. coats of reproducing and binding docurrents and printing and advertising expenses) Outstandire when used as of any particular date with reference to Bonds. moans (subject to the provisions of Saction 7.04) all Bondc except (1) Bonds theretetore cancelled by the Trustee or surrendered to the Trustee for cancellation. (2) Bouds pad or 000rned to have boun paid within the meaning of Section 9.03, and (3) Bonds In lieu of or in substitution for which other Bonds shall have boon authorized. executed. Issued and delivered by the Agency pursuant to Section 211 of this General Indenture or pursuant to any Serlos or Supplemental Indenture or other resolution authorizing the issuance of Additional Bonds. Owner. Bondmvner "Owner" or "Bondowner" means any person who shall be the registered owner of any Outstanding Bond Permitted Investments means any of the following which at the time are legal Investments for the Agency under the laws of the Stale of California. and to the extent provided by law. for We moneys held hereunder then proposed to be Invested therein, (1) Federal Socurities. (2) Interest-boating demand or time deposits (Including cerbliicates of deposit) In national or State of California banks (including the Trustee and any Authenticating Agent) which have deposits Insured by the Federal Deposit Insurance Corporation or in federal savings and loan associations or State of California chartered savings and loan associations which have deposits Insured by the Federal Savings and Loan Insurance Corporation; or (3) any other such legal Investments as may be defined to be Permitted Investments by any Series or Supplemental Indenture or other resolution authorizing the issuance of Additional Bonds ELM means the Redevelopment Plan for Rancho Redevelopment Project. approved by Ordinanco No 166, enacted by the City Council of the City of Rancho Cucamonga on December 23. 1981 together with any amendments thereof heretofore or hereafter duly authorized pursuant to the Law. Prefect Redevelopment Profect "Project" or "Redevelopment Project" means the undertaking of the Agency pursuant to the Plan and the Law for the redevelopment of the Project Area, and includes, without limitation, public Improvements and facilities within the Project Area described In the Redevelopment Plan for Rancho Redevelopment Project. //b and Projects which may be further defined or described In the applicable Series or Supplemental Indenture. ` Prcied Area means the project area described in the Plan. fiedeyelooment Fund moans the fund by that name to be designated and established by Series Indenture pursuant to Section 3.02. t .8- Ratio Q means a Report In writing signed by an Independent Financial Consultant or an Independent Engineer and Including: 01 a statemont that the person or firm making or giving such Report has read the pertinent provisions of this General Indenture to which such Report relates; (2) a brief statement as to the nature and scope of the examination or Investigation upon which the Report Is based; and (3) a statement that, in the opinion of such person or firm. sufficient examination or Investigation was made as Is necessary to enable said consultant to express an Informed opinion with respect to the subject manor referred to in the Report. Reserve Account means the account by that name to be designated and established by Series Indenture pursuant to Section 4.03. Reserve Reoulrement means the maximum annual amount of principal and Interest payable on the Bonds (Including any Additional Bonds) in any Bond Year after the Bond Year In which the calculation Is made. San Bernardino County Assessor means the person who holds-Abe office designated San Bernardino County Assessor from Ume to Ume, or one of his duly appointed deputies. or any person or persons performing substantially the same duties In the event said office Is ever abolished or changed. San Bernardino County Audilar Contraller means the person who holds the office designated San Bernardino County Auditor-Controller from time to time. or one of his duly appointed deputies. or any person or persons perf3rming substantially the same duties in the event said office is ever abolished or changed Secreta means the secretary of the Agency appointed pursuant to the law. or other duly appointed officer of the Agency authorized by the Agency by resolution or bylaw to perform the functions of the secretay including, without limitation. the Assistant Secretary of the Agency. Serbs Bonds when used with respect to loss than all of the Bonds. means and refer to all of the Bonds delivered pursuant to an applicable Series Indenture on original Issuance In a simultaneous transaction. regardless of variation in maturing. interest rate or other provisions. and any Bonds thereafter delivered in lieu of or substitution for any of such Bonds of such Series pursuant to Sections 2.06. 2 07 2.09 and 2.10. Series Indenture moans an Indenture of the Agency entered Into pursuant to resolution of the Agency authorizing the issuance of a Serlas of Bonds in accordance with the terms and p•ovislons hereof adopted by the Agency In accordance with the terms and provisions hereof. Special Fund means the Fund by that name designated and established pursuant to Section 4.02. .g. Stionlemental Indenture morns, otter than a Series Indenture. any indenture then In full force and effect which has boon duly entered Into by the Agency under the Law, or any act supplementary thereto or amendatory thereof, at a meeting of the Agency duly convened and hold, at which a quorum was present and acted thereon, amendatory of or supplemental to this General Indenture; but only II and to the extent that • Jch Supplemental Indenture is speci0caly authorized hereunder Tax Revenues means twenty percent (20 %) of all taxes In the Redevelopment Project and received by the Agency, which is allocated to and paid Into a special fund of the Agency pursuant to Article 6 0: Chapter 6 of the Law and Section 16 of Article XVI of the Constitution of the Sate of California, all as more particularly set forth hereafter In this Indenture and in any Supplemental Indenture authorizing the Issuance of Additional Bonds and which Is required by Section 33334.2 of the Law to be used by tie Agency for Increasing and Improving the sup;.ty of low and moderato Income housing only. however. to the extent necessary to repay the Bonds and any Additional Bonds Issued to finance public Improvements and facilities authorized to be financed under said Section 33334.2; but in no event shall the percentage of such taxes be less than such twenty percent (201:). Tax Revenues shall not Include any other taxes allocated to the Agency that are required by Section 33334 2 of the Law to be used by the Agency for Increasing and Improving the supply of low and moderate Income housing Tax Revenues shall not include Investment Earnings Trustee means the Trustee appointed by the Agency In the applicable Series Indenture and acting as an independent trustee with the duties and powers herein provided. its successors and assigns, and any other corporation or association which may at any time be substituted in Its place, as provided in Section 6.01 Wrinen Reauesl_yi the Aoancv moans an Instrument in writing signed by the Chairman or by any other officer of the Agency duly authorized by the Agency for that purpose and by the Secretary. with the seal of the Agency affixed. Sectlnn 1.03 Enual Secur) . In consideration of the acceptance of the Bonds by those who shall hold the same from time to time, this General Indenture shall be deemed to be and shall constitute a contract between the Agency and the Ovmors from time to time of the Bonds and Additional Bonds, and the covenants aid agreements herein set forth to be performed on behalf of the Agency shag be for the equal and proportionate benefit. security and protection of all Owners of the Bonus and Additional Bonds and the Interest thereon without preference. priority or distinction as to security or otherwise of any of the Bonds and Additional Bonds or the interest thereon over any of the others by reason of the number or data thereof or the time of sale, execution and delivery thereof, or otherwise for any cause whatsoever except as expressly provided therein or herein -10- �/ 9 ARTICLE II THE BONDS -ties ao1. Authorization. Bonds in the aggrega�o principal amount of not to exceed TwenyFive Million Dollars ($25,000000) are herety authorized to be Issued by the Agency under and subject to the terms or this General indenture and the Constitution and laws of the State of California. This General Indo•iture constitutes a contin,ing agreement with the Ownors of all of the Bonds Issued nr fo be issued hereunder and than Outstanding to secure the full and final payment of principal and premiums. If any, and the interest on all Bonds which may from time to time be executed and delivered hereunder subject to the covenants, agreements, provisions and conditions herein contained Se -lion o Issuance In Series pursuant to Article Ill, the Bonds may bo Issued and sold In Series and In such amounts as from Umo to time shall be established by the Agency by Series Indenture, In an amount not to exceed the aggregate amount specified herein Series of Bonds shall be Issued subject 10 the provisions of Article III. The Series Indenture for each such Series of Bonds shalt set forth the Items required by Section 3 02. together with such additional Information as may be authorized by this General Indenture or necessary to Identify more fully such subsequent Series of Bonds. In addition, the Agency shall be authorized to set forth any of said Items or any suct, Information with respect to a Santis of Bonds In the resolution calling for proposals to purchase the applicable Series Bonds Section 203 Terms of Bonds. Tho Bonds may be Issued only as fully registered Bonds without coupons In denominations of 55.000 and any multiple thsreof, or such other denominations as may be provided in the applicable Series Indenture. No registered Bond shall have principal maturing In more than one year The fully registered Bonds shall be substantially In the form set forth In the applicable Series Indenture The Bonds shall mature and become payable on the date In each year, as specified In the Series Indenture The Bonds shall boar Interest at the rates designated by the Agency at the time of the sale of the Bonds. but not to exceed twelve percent (12%) per annum or, if higher, not to exceed the interest rate then authorized by law, payable on the date or datos specified In the Series Indenture The Series Indenture may provide thAI the Bonds shall bear either a fixed Interest rata or a variable Interest rate. or an Interest rate that is converGblo one to the other Both the principal of and Interest on the Bonds shall be payable in lawful money Of the United States of America at the location designated in the applicable Series Indenture The Bonds shall be numbered upwards in consecutive numerical order and shall bear Interest from their dale as above permitted. Bonds shall be lettered alphabetically by year of maturity (excluding, however the letters "I" and "O "). The Bonds shall bear Interest from the Interest payment date next precP 7ng the date of autnentication thereof unless such data of authonbcation of a Band Is ar. Interest Payment dale. In which event It shall bear interest from such date. or unless a Bond is .11. /v v authenticated prior to art interest payment date and after the close of business on the fifteenth day of the month preceding such Interest payment date, In which event It shall bear Interest from such Interest paymdnt date. or unless such date of a,^lenucation of a 9ond is prior to the first Interest payment date. In which event it shall bear interest from Its date; provided. however, that if, at the time of authentication of any Bond, interest Is in dolawl an such Bond. such fully registered Bond shall bear Interest from the interest payment date to which Interest has prevlousty been paid or made available for payment on such Bond Payment of the Interest on any Bond shall be made to the person whose name appears on the Bond registration books of the Trustee as the registered owner thereof. such Interest to be paid by check or draft mailed to the registered owner at his address as It appears on such registration books or at such other address as he may have filed with the Trustee for that purpose; provided that the final Installment of Interest payable upon maturity or earber redemption of such Bond shall be payable together with (and not separately from) the payment of the principal of such Bond. Section 2.94• ftAamBlL -M. Optional Redemption. Optional redemption of the Bonds. if any. shall be as specifically provided In the applicable Series Indenture Such redemption shall be at a redemption price equal to the principal amount thereof to be redeemed together with accrued Interest thereon to the redemption date. plus a premium. it any, as designated in the applicable Series Indenture. (b) Slnkino Account RedemobQO. Term Bonds may also be suo)ect to redemption in whole. or In part by lot. upon mailed notice, from minimum sinking account payments made by the agency pursuant to appticablo Series Indenture. shall be at a redempl'on price equal to the principal amount Iheraof to be redeemed together with accrued Interest thereon to the redemption data, without premium, as specified in the applicable Series Indenture tc) Additionai Bonds Any Additional Bonds Issued pursuant to Article III of this Indenture or the applicable Series Indenture or other resolution authorizing the Issuance of Additional Bonds may be made as specified in said Series Indenture (d) Notice of Redamotfon Not less than ten (10) not more than sixty i60) days prior to the date fixed for redemption, the Trustee shall cause notice of any redemption to be mailed to the respective registered owners of any Bonds designated for redemption at their addresses appearing on the Bond registration books In the of0ce of the Fiscal Agent; but failure of a registered owner to receive any such notice shall not affect the validity of the proceedings for the redompton of such Bonds. Such notice shall state the redemption date and the redemption price and, if less than all of the then Outstanding Bonds are to be called for redemption, shall designate the serial numbers and letters of the Bonds to be redeemed by giving the Individual number and letter of each Bond or by stating that all Bonds between two stated numbers and letters, both Inclusive or all of the Bonds of one or more maturities have been called for redemption, and shall require that such Bonds be then surrendered, at the option of the respective Owners thereof, at the office of the Trustee or at the office of the Authenticating Agent, for redemption at the said redemption price, giving notice also that further Interest on such Bonds vall not accrue after the redemption date (o) Partial Redemollon Of E!LUXJ1QQ2IkLtdJ1= If the Bonds to be redeemed Include a fully registered Bond of a denomination larger than $5.000 (in the event only a •12• portion of any such fully registered Bond is than called for redemption), than upon surrender of such fully registered Bond redeem-ad in part only, the Agency shall execute and the Trustee shall deliver to the registered owner, at the expense of the Agency, a now" Bond or Bonds, of the same series and maturity, of authorized denominations in aggregate principal amount equal to the unredeemed portion of the Bond or Bonds. (Q Efteot or Rer(gMUM After the date fixed for redemption. It notice of such redemption shall have been duly mailed and funds available for the payment of the principal of and Interest (and premium. if any) on the Bonds so called for redemption shall have been duly provided, such Bonds so called shall cease to be entitled to any benefit under this General Indenture other than the right to receive payment of the redemption price, and no Interest shall accrue thereon on or after the redemption date specified In such notice (g) FAanner of RedemolIon Whenever any Bonds are to be selected for redemption by lot. the Trustee shall determine, in any manner doomed by it to be fair, the serial numbers of the Bonds to be redeemed, and shall nobly tho agency thereof The Trustee shall determine. in sufficient time to give Bin notices required by this Section, what sums will be available In accordance with this General Indenture, and shall cause notice to be given In accordance with such dotermination. Any notice of redemption may be cancelled it for any reason funds era not available on the da'a fixed for redemoton for the payment In full of the Bonds then called for redemption All Bonds redeemed pursuant to this Section and all Bords purchased by the Trustee pursuant to the authorization set forth in Section 4.04 shall ba cancelled and shall be surrendered to the Agency Section 2.05 Execution of Bonds The Bonds shall be executed on behalf of the Agency by the signature of Its Chairman or Vice Chairman and the signature of Its Secretary who are In offico on the data of adoption of this General Indenture or at any time thereafter and the soaf of the Agency shall be Impressed, imprinted or reproduced by facsimile signature thereon. Either of such signatures may be affixed by facsimile thereof. provided that one of such signatures shall be manually signed on each Bond. If any officer whose signature appears on any Bond ceases to be such offer before delivery of the Bonds to the purchaser such signature, either on such Bonds, or on both, shat) nevertheless be as effective as If the officor had romai:ied in office until the delivery of the Bonds to the purchaser Any Bond may be signed and allosted on behalf of the Agency by such persons as at the actual date of the execution of such Bond shall be the proper officers of the Agency although at the nominal data of such Bond any such person shall not have been such officer of the Agency Only such of the Bonds as shall bear thereon a certificate of authentication and registration. executed and dated by the Trustee or by the Authenticating Agent, shall be valid or obligatory for any purpose or entitled to the benefits of P „s General Indenture and the applicable Series Indenture, and such certificate of the Trustee shall be conclusive evidence that the Bonds so registered have been duly authenticated, registered and delivared hereunder and are entitled to the benefits ar this General Indenture and the applicable Series Indenture. 13- p1�- Section 2.0 6. Transfer of Fully Registered Bonds. Any Bond may, In accordance with its terms. be transferred without charge, upon Mo books required to be kept pursuant to the provisions of Section 2.06, by the person in whose name it Is registered, in person or by his duly authorized allomoy. upon surrender of such fully registered Bond for cancellation, accompanied by delivery of a written Instrument of transfnr in a form approved by the Trustee, duly executed. Whenever any Bond shall be surrendered ror transfer, the /ienry shall execute and the Trustee or the Authenticating Agent shat deliver a new fu /gistered Bond or Bonds, for like aggregate principal amount. Much shall have endorsed thereon the same Band number or numbers and letter or letters. No transfers of fully registered Bonds shall be required to be made during the 15 days next preceding the Interest payment date for such Bonds Section 2.07 Exchange of Bps Bonds may be exchanged without charge at the principal office of the Trustee or of the Authenticating Agent for a like aggregate principal amount of Bonds of other authorized denominations of the same maturity. No exchanges of Bonds shall be required to be made during the 15 days next preceding each Interest payment dale for such Bonds. Sectipri2.0 . Registratio., Books, The Trustee will keep and maintain or cause to be kept and maintained, at us principal corporate trust office, sufficient books for the registration and transfer of ltie Bonds. which shall at all times be open to inspection by the Agency and, upon presentation for such purpose. the Trustee shall, under such reasonable regulations as It may prescribe, register or transfer or cause to be registered or transferred. on said books. Bonds as herelnbofore provided. Section 2.09 Temporary Bonds. The Bonds may be initially Issued in temporary form exchangeable for definitive Bonds when ready for delivery. The temporary Bonds may be printed, lithographed or typewritten, shall to of such denominations as may be determined by the Agency, shall be without coupons and may contain such reference to any of the provisions of this General Indenture as ,nay be appropriate. Every tomporary Bond shall be executed by the Agency upon the same conditions and In substantially the same manner as No definitive Bonds. If the Agency Issues temporary Bonds it writ execute and furnish definitive Bonds without delay, and thereupon the temporary Bonds may be surrendered, for cancellation, in exchange therefor at the principal corporate trust office of the Trustee designated for payment of the Bonds, and the Trustee shall deliver In exchange for such temporary Bonds an equal aggregate principal amount of definitive Bonds of authorized denominations Until so exchanged. the temporary Bonds shall be entitled to the same benefits pursuant to this General Indenture as definitive Bonds authenticated and delivered hsrrunder Section 2.10 $gods Mutilated Lost nestroved or Stolen. If any Bond shall become mutilated the Agency, at the expanse of the owner of said Bond, shall execute, and the Trustee shall thereupon deliver a new Bond of like tenor and number and letter in exchange and substitution for the Bond so mutilated, but only upon surrender to the Trustee of the Bond co mutilated. Every mutilated Bond so surrendered to the Trustee shall be cancelled by it and delivered to. or upon the order of. the Agency. If any Bond .14• /— shall be lost destroyed or stolen, evidence of .uch lots, destruction or theft may be submitted to the Agency and the Trustee and, It such evidence be satisractory to both and Indemnity sZUsfactory to them shall be given, the Agency. at the expense of the owner, shall execute, and the Trustee shat, thereupon deliver, a now Bond of Ike tenor and number and letter In lieu of and in substitution for the Bond so lost destroyed or stolen. The Agency may require payment of a sum not exceeding the actual cost of preparing each new Bond Issued under this Section and of the expenses which may be Incurred by the Agency and the Trustee in the premises. Any Bond Issued under the provisions of this Section in lieu cf any Bond aleged to be lost destroyad or stolen shall constitute an original additional contractual obNadon on the part of the t gency whether or not the Bond so alleged to be lost destroyed or stolen be at any time enforceable by a :,one. and shall be equally end proportionate[ • entitled to the benefits of this General Indenture with all other Bonds Issued pursuant tu this General Indenture. -ts- /= / s ARTICLE III PROCEEDINGS FOR THE ISSUANCE OF SERIES OF BONDS: ISSUE OF BONDS. ADDITIONAL BONDS Section 3.01 Issuance By Series IndenjUTe. Whenever the Agency shall determine to issue any Series of Bonds. It shall adopt a Series Indenture determining that the Issuance of Bonds Is necessary, as below stated, specifying the principal amount of such Bonds, prescribing the terms and conditions of such Bonds and the Funds and Accounts (if the same are not prescribed herein or are not inconsistent herewith or In substitution of those herein) to be established for the security and payment thereof, and specifying an appropriate Series designation for th.. Bonds of such Series. Section 1.02. Conant of Serues Indenture. Each Series Indenture providing for the issuance of a Series of Bonds shat: contzin a determination, or ratification of a previous determination, by the Agency that the principal amount of such Series of Bonds is necessary for the purpnse of carryng out the Redevelopment Plan, for the retund(ng or redemption of Bonds or other Indebtedness of the Agency or for other lawful purposes, and e,all. In addition to provisions elsewhere herein authorized or required, specify (a) The purpose or purposes for which such Series of Bands is being issuee (b) The authorized principal amount and denominations of su-h Series of Bonds. (c) The form or forms. title and designation of, and, If other than in this General Indenture provided, the manner of numbering and locenng. such Series of Bonds (d) The portion of the Series of Bonds which are Term Bonds (it any) and the portion of the same which are Serial Bonds (if any), (a) The date or dates of maturity of such Series of Bonds, and the Issue Data of such Series of Bonds. (Q The amount and Principal Installment Date of each Principal Installment for Serial Bonds. it any, and of each Sinlung Fund Installment for Term Bonds, if any. required by such Series Indenture to be paid by the Agency for the retirement of any of such Series of Bo ids. (g) The Authunticabng Agent (if any) appointed by such Series Indenture for such Series of Bonds, (h) The :ate or rates of Interest. or the .Wanner of determining such rate or rates of Interest on such Series of Bonds and the Interest Payment Dates of such Series of Bonds. (I) The application of the proceeds of the sale of the Series of Bonds •16• /1r1 U) The designation of any Accounts or Funds to be established. (k) The amount if any, necorsary for deposit In the Reserve Account. (1) The provisions, If any, for redemption of such Series of Bonds, and (m) Any covenants or other provisions deemed advisable by the Agency, not In conflict with tha provisions of this General Indenture Sertion 10 I« an .e and Delhory of Bond . After their authorization pursuant to a Series Indenture, the Series of Bonds may be executed by or on behalf of the Agency. and delivered by the Trustee to the purchasers thereof upon compliance by the Agency with the requirements. If any, set forth In such Series Indenture and with the requirements of Section 3 04 Section 3 0; Conditions Precedent to Delivery of Bonds The Trustee shall deliver to the purchasers thereof any Series of Bonds authorized to be Issued pursuant to this General Indenture and a Soy„ Indenture, but only upon receipt of the following. (a) A copy of this Gonnral Indenture. the applicablo Series Indenture for such Series of Bonds and any other applicable Supplemental Indenture. each certified by an Authorized Officer, (b) An Opinion of Bond Counsel staling (1) that In the opinion of such counsel this General Indenture. any applicable Series Indenture and any applicable Supplemental Indenture each have been duly adopted by the Agency and any applicable Series Indenture contains the provisions required by this General Indenture; (2) that this General Indenture and any applicable Series Indenture are valid and binding upon the Agency and are emorcoabls in accordance with their terms; (3) that this General Indenture and any applicable Series Indenture create a valid plodge of that which this General Indenture and such applicable Series (nder,ture purport to pledge. subject to the provisions of this General Indenture and s.uh applicable Series Indenture: provided, however, that the Opimon of Bond Counsel may be qualified to the extent that the enforceability of W-1 General Indenture and any applicable Series Indenture may be limited by bankruptcy. Insolvency and other laws alfocting the rights of creditors generally; (4) that the Trustee Is duty authorized by the Agency to deliver Bonds as Identified and described in any applicable Series Indenture, and (5) that the principal amount of Bonds to be Issued and then Outstanding will not exceed any limit imposed by law; (c) An Officer's Certificate stating that the Agency Is not at the Umo of Issuance of such Series of Bonds. in default hereunder directing the Trustee to deliver such Series of Bonds as authorized, and stahng the amounts to be deposited in the various applicable Funds and Accounts. (d) With respect to a Series of Additional Bonds, an Officers Certificate In compliance with with the requirements, if any, set forth In any applicable Series Indenture. Supplemental Indenture or other resolution authorizing the Issuance of Additional Bonds. as such requirements are authorized to be established pursuant to Section 3.07 •17• d-b (e) An Officer's Certificate that. upon the Issuance of the prepared Series of Bonds. the amount credited to the Reserve Account will be equal to or In excess of the Reserve Requirement and (p Such further documents and moneys as are required by any applicable Series Indenture (a) Bonds may be Issued to refund as a whole all Series of Bonds Issued pursuant hereto and at the Umo outstanding. In such case. a now General Indenture shall be adopted (b) Bonds Issued to refund a Series of Bonds or a potion thereof, than Outstanding shall ba Issued by the Agency under this General Indenture and a Series Indenture. but only upon the receipt by the Trustee of (1) The applicable Series Indenture for the refunding Bonds, (2) The documents referred to In subsections (a), (b), (c) and (d) of Section 3 04. (3) Irrevocable Instructions to the Trustee to give due notice of redemption of all the Bonds to be refunded on the Redemption Date speciliod in such instructions. (4) If the Series of Bonds to be refunded is not by its terms subject to redemption within the next succeeding sixty (00) days. irrevocable instructions to the Trustee to make due publication of a notice, as shalt be provided for in the Series Indenture. to the owners of the Bonds being refunded; (5) Eithar (A) moneys in an amount sufficient to effect a discharge as described In Section 9 03 and in the Series Indenture, which moneys shall be held by the Trustee In a separate a6count Irrevocably In bust for and assigned to the rospectivo Owners of the Bonds to be refunded. or (B) Federal Securities and moneys. If necessary, which satisfy the provisions of Section 9.03 and the Series Indenture, which Federal Securities and moneys shall be held in bust and used only as provided In the Se•fes Indenture, and (3) Such further documents and moneys os are required by the provisions of this General Indenture or thu applicable Series Indenture. Section 3.06. Validity of Bonds The vaudity of the author=Uon and Issuance of any of the Bonds shall not be affected by any omission by the Agency or by any officer agent or employee of the Agency or any othar defect In the prccoodings taken under the Law subsequent to the Issuance of the Bonds. The validity of the authorization and issuance of the Bonds shall not be dependent upon the eompleUon of the Project or upon the performance by any poison of his obligation with respect to the Project Section 3.07 Issuance of Ad4RuQ3al Bonds in addition to the Series Bards, the Agency may by other Series Indenture. by Supplemental Indenture or by any other resolution authorizing the Issuance of Additional Bonds. establish one or more additional series of Bonds to finance the Project In such principal amount as shall ba determinad by -10• the Agency. The Agency ma; celiver Additional Bonds so established sr •eject to the specific conditions which are made conditions precedent to the delhrory of any such Additional Bonds by No Series Indonluro. Supplemental Indenture or by any other resoluuon authorizing tho Issuance of Additional Bonds. nothing In this General Indenture, or in any Series Indenture. Supplemental Indenture or other resolution authorizing the issuance of Additional Bonds shall prohibit the Agency from Issuing bonds or other obligations by Series Indenture, Supplemental indenture or other rosolution which are pay•ble from No Tax Revenues, provided that any lien and pledge of the Tax Revenues e payment the Tax Rovenuos herein authorized shall junior and authorized forr the Bonds and any Additional Bonds. pledge ARTICLE IV THE TAX REVENUES; SPECIAL FUND AND ACCOUNTS ='41 AM PI-doe of Tar. Revenues. the Bonds shall be secured Irr a pledge of the Tax Povenuos and a pledge of tf.a moneys In th3 accounts as designated in the Series Indenture. Section 4.0 . Soeclat Fund. There !it hereby established a special fund is be designated as the "Special Fund'. which the Agency hereby covenants and agrees to cause to be maintained and which shall be held In trust by the Truslso. The Agency shall pay or cause to be paid to Zia Trustee all of the Tax Revenues and the Agency covenants that it will, so far as permitted by law. authorize and direct. and does hereby authorize and direct the payment of such Tax Revenuos when collected for the account of the respective taxing agencloa or by the official who collected such Tax Revenues on behalf thereof All Tax Revenues at any time paid Into the Special Fund shall be hold by the Trustee In trust for the benefit of tbo Owners from time to time of the Bonds. and shall be disbursed. allocated and applied solely for the uses and purpnses provided in this General Indenture or In an applicable Series or Supplemental Indenture or In any other resolution authorizing the Issuance of Additional Bonds So long as any of the Bonds are Outstanding. the Agency shall not have any ber9ficial right or Interest In the Tax Revenues. except only as In this General Indenture provided, and such moneys shall be used and applied by the Trustee as hereinafter act IoM in the applicable Series Indenture. 5=11on 4.03 Cstaoilshmvnt and Maintenance of Accounts to; Revenues. Tax Revenues In the Spe -lal Fund shall be set as.do by the Trustee In the Accounts within the Special Fund and shall be applied to the manner and In the order of priority specified In the applicable Series Indenture. Section 401. Purchase of Bonds Tito Agency may. In the applicable Series Indenture. authr. a the Trustee to purchase Bonds with funds otherwise sch3duled to be applied to the redemption of Bonds ��9 AF 1 it,LE V OTHER COVENANTS OF THE AGENCY Section 5.01 Punctual Paymgrt The, Agency wll; punctually pay or cause to be paid the principal and Interest to become due In respect of all the Bonds, In strict conformity with the terms of the Bands, this General Indenture and the Series Indenture. and it will faithfully observe and perform ell of the conditions, covenants and requirements of this General Indenture. the Series mdentur0 and all 3upplamental Indentures and ci the Bands Nothing harain containrd s'tatl prevent the Agency from making advances of its own moneys howsoever derived to any of the uses or purposes referred to herein Section 5.02 E2decsMtL of Time tar Payment In order to prevent any accumulation of claims for intotost after malurly, the Agency will not, directly or indirectly. exiond or consent to the extension of the bme for the payment of any claim for Interest on any of the Bonds and will not, diractly or Indirectly, be a party to approve any such arrangement by purchasing or funding such claims for intorect or In any other manner In case any such claim for interest shall bo extended or funded. rfiether or not with the consent of the Agency, such claim for Interest so extended or funded shall not be enbtlad. in casq of detac!t hereunder to the bon0hts of this General Indenture except subject 10 the prior paymert In full of the principal 01 all of the Bonds then Outstanding and of all claims for rogrost which shall not have so extended or funded. Section 5.03 Against EncumbranCe g The Agency will not encumber pledge or place ary charge or lien upon any of the Tax Revenues superioi to or on a parity with the pledge and ben here!n created for the benefit of the Bonds. except as permitted by IN$ Generalinuonlure Section 5 QA Managpmrnt and OnerationMpt Properties trios The Agenov will manage ivid operato all properties awned by the Agency and comprising any part of the Project u. a sound and businesslike mannyr, and will keop such prop3rttas Insumd at all times .n conformity with sound businees practice Section 5.05 Pill of Claims The Agency will pay and discharge, br cause !a be paid and discha: god, any and all lawful claims tar labor, materials or supplies which, It unpaid. might become a lion or charge upon the properties owned by the Agency or upon the Tax Revenues or any part thoreo!. or upon any fiu,ds In the hands o! thg Trustee or the Aulhonticabng Agent, or which might impair the security of the Bonds Nothing Lewin contained shall require the Agency to make any such payment so tong as the Agency in good faith shall ccriest the .alid,ty a! said claims SMUon 5.08. Beak g and ftgni nts. Financial Statement. Tha Agency wi!I keep, or caus,� to be kept. proper books of record and accounts. separate from all other records and accounts of the Agency and the City of Rancho Cucamonga. In which complete and correct entries s .hall be mane of all transacbons relating to the Project and to the Tax Revenues Such books of record and accounts shag at all times during business hours be ssb ;ect to the inspectlon of the Owners of not tess than ton portent (10::) of Iho principal amount of Cie Bonds tli -n Outstanding, or their represenlaltv3s authorized in rmtlng 21 / ZD J The Agancy will cause to be prepared and filed with the Trustee annually within one hundred a-hd twenty ,120) days attar the close of that Fiscal Year so long as any of the Bonds are Outstanding, complete financial statements with recpect to such Fiscal Year showing the Tax Revenues, all disbursements from the Tax Revenues and the financial condition of the Project. Including the balances In all Funds and Accounts relating to the Protect, as of the and of such Fiscal Year which statement shall be accompanied by a certificate or opinion In writing of an Independent Certified Public Accountant The Agency will furnish a copy of such statements to any Bondowner upon request. Section 5,07. P(Ote0hen of Securily end Rtehta of gondowners The Agency will preserve and protect the security of the Bonds and the rights of the Bonduwners, and will warrant and defend their rights against all claims and demands of all persons. From and after the sale and delivery of any of the Bonds by the Agency, the Bonds shall be incontestable by the 4gency. Benton 5.08 Payments of Taxes and Clher Charges. Subject to the provisions of Section 511 hereof. the Agency will pay and discharge, or cause to be paid and discharged, all taxes. service charges, assessments and other governmental charges which may hereafter be lawfully Imposed upon the Agency on :tie properties then owned by the Agency In the Project Area• or upon the revenues therefru i, when the same shall become due Nothing herein contained shall requ!re the Agency to make any such payment so lone, as the Agency In good faith shall contest the validity of said nixes. assessments or ;harges Tho Agency will duly observe and conform with all valid requirements of any governmental authority relative to the Project or any part thereof. Section 509 Completion of Prolgct The Agency will commend• and wdl continue to completion, with all practicable dispatch. the Project and the Project will Lo accomplished and completed In a sound and economical manner and in conformity wilt the Plan and the Law Section 5J.0 Taxadon of ac d Proo lv Whenever any properly In the Project Area has boon redeveloped and thereafter Is leased by the Agency to any person or persons (other than the City of Rancho Cucamonga or the County of San Bernardino or any other public agency) or whenever the Agency leases real property in the Project Area to any person or persons for redevelopment the property shall be assessed and taxed in the same manner as privately owned property (In accordance with Section 33673 of the Health and Safety Code o! the State of California). and the lease or contract shall provide (1) that the lessee shall pay taxes upon the assessed value of the entire property and not merely upon the assessed value of his or Its leasehold interest and (2) that if for any reason the taxes paid by th3 lessee on such property In any year during the form of the lease or contract shall be less than the taxes which would have been payable upon the assessed value of the entire property If the proporti were assessed and taxed in the same mannar as privately owned property the lessee shall pay such difference to the Trustee within thirty days after the taxes for such year become payable to the taxing agencies and In any event prior to the delinquency date of such taxes established by law All such payments to the Trustee shall be treated as Tax Revenues and shall be deposited by the Trustee In the Spe:ial Fund 5=11on 5.15 Amendment of Plan and 2JaQe;tinn of Proo 0) The Agency wtl not authorize the disposhton of any land or real property In the Project Area to anyone -22• /3i which will result In such property becoming exempt from taxation because of public ownership or use or otherwise (except property planned for such ownership or use by the Plan in effect on the date of this General Indenture) so that such disposlOon shall, when taken together with other such dispositions, aggregate more than ten percent (10%) of the land area in the Project Area unless the Plan Is amended with the approval of the Trustee as hereinafter provided In this Section 5.11 It the Agency proposes to make such a disposition, it shall propose an amendment to the Plan which expressly provides for the disposition of such real property with such an effect and shall apply to the Trustee for approval of said proposed amendment. The Agency shall thereupon appoint a reputable Independent Financial Consultant and direct said consultant to report on the effect of said proposed disposition 11 the Report of the Independent Financial Consultant concludes that the security of the Bonds or the rights of the Bondowners will not be materially impaired by said proposed disposition, and that taxes allocated to the Agency will not be significantly diminished by the proposed disposition. the Trustee shall approve the proposed amendment and the Agency may thereafter adopt the amendment (pursuant to all applicable provisions of the Law) find make the disposition If said Report concludes that taxes allocated to the Agency will be significantly diminished or that such security will be materially Impaired by said proposed disposition, the Trustee shall either disapprove said proposed amendment or In Its discretion and as a condition precedent to its approval of said proposed amendment declare that the requirements set forth In subsection (2) of this Soction 5.11 must be required by the amendment to be imposed on any new owner or owners who acquire real property pursuant to dispositions authorized by said amendment The Agency shalt have the sale and exclusive authority to appoint said consultant Neither the Trustee nor said consultant shall be liable In connection with the performance of their duties hereunder except for their own negligence or willful default. (2) It the Trustee Is not required to approve said proposed disposition pursuant to subsection (1) of this Soction 5.11 the Trustee may nevertheless approve said proposed disposition, provided that as a condition precedent to said approval, the Agency shall be required not to dispose of any property In the Project Area to anyone which will result In such property becoming exempt from taxation because of public ownership or use or otherwise (except property planned for such ownership or use by the Plan in effect on the data of adoption of this General Indenture), without imposing the following requirements on such new owner or owners: (a) Said new owner or owners shall pay to the Trustee so long as any of the Bonds are Outstanding, an amount equal to the amount that would have been received by the Trustee as taxes allocated to the Agency If the property were assessed and laced In the same manner as privately owned non - exempt property: and (b) Such payment shall be made to the Trustee within thirty (30) days after taxes for each year would become payable to the taxing agencies for non- exempt property and In any event prior to the delinquency dale of such taxes established by law All such payments in lieu of taxes to the Trustee shall be treated as taxes allocated to the Agency and shall be deposited by the Trustee In the Special Fund Section 5.12. Single Sum moments In t.feu of Taxe <_. As an alterable to payment to the Trustee pursuant to subsection (2)(b) of Section 511 the new owner or owners of property becoming exempt from taxation provided for in Section 5.11 may elect to make -23- / I payment to the Trustee In a single surr equal to the amount estimated by the Trustee to be receivable from taxes on said property from the data of said payment to the maturity date of the Bonds. less a reasonable discount value. All such single sutn payments in lieu of taxes shall be treated as taxes allocated to the Agency and shall be deposited by the Trustee In the Special Fund Section 5.13. Tax Revenues The Agency shall comply with all requirements of the Law to Insure the allocation and payment to It of the Tax Revenues, including without limitation the timely filing of any necessary statements of Indebtedness with appropriate officials of San Bernardino County, and shall forward Infcrmation copies of each such riling to the Trustee Section 5.14 Fminent Domaln The not prccoads received by the Agency from any eminent domain proceeding may. but shall not be required to, be deposited by the Agency In the Special rund; provided that the net proceeds received by the Agency from the taking of any property In the Project Area the redevelopment of which was financed by the Agency through the Issuance of revenue obfgaUons shal he deposited, used and applied In the manner provided by the resolution authorizing the Issuance of such revenue obligations Section 5.7.5. Further Assurances. The Agency will adopt, make, execute and deliver any and all such further Indentures and resolutions. Instruments and assurances as may be reasonably necessary or proper to carry out the Intention or to facilitate the performance of this General Indenture, and tor the bettor assuring are confirming unto the Owners of the bonds of the rights and benefits provided In this General Indenture. y 24 - 'Ad 433 ARTICLE VI THE TRUSTEE AND THE AUTHENTICATING AGENTS Section 0.01 A000mtment of Trustee The Trustee shall be designated In the Series Indenture and Once cg appointed shall act as the. agent and depositary of the Agency for the purpose of receiving all moneys required to be paid to the Trustee hereunder to allocate, use and apply the same, to hold, receive and disburse the Tax Revenues '3nd other funds pledged or hold hereunder and otherwise to hold all the offices and perform an the functions and duties provided in this General Indenture to be held and performed by the Trustee The Trustee shall signify Its acceptance of the duties and obligations Imposed upon It by by executing and delivering to the Agency a written acceptance thereof: and by executing and delivering such acceptance, the Trustee shall be deemed to have accepted such duties and obligations, but only upon the terms and conditions sot forth in this General Indenture. The Agency may remove the Trustee initially appointed. and any successor thereto, and may appoint a successor or successors thereto. but any such successor shall be a bank or trust company doing business and having an office in the State of California, 'laving a combined capital (exclusive of borrowed capital) and surplus of at least Fifty Million Dollars (SSO.OB0.000), and subject to supervision or examination by federal or state authority. If such bank or trust company publishes a report of condition at least annually. pursuant to law or to the requirements of any supervising or examining authority above referred to, then for the purposes of this Section the combined capital and surplus of such bank or trust company shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published The Trustee may at any time resign by giving written notice to the Agency and by giving to the Bondowners notice by mall substantially in the manner described in Section 2 04(d) Upon receiving notice of such resignation, the Agency shall promptly appoint a successor Trustee by an Instrument in writing. Any resignation or removal of the Trustee and appointment of a successor Trustee shill become effective upon acceptance of appointment by the successor Trustee. Se ^lion 0.02 A000intment of Authenticating Agent. The Agency may appoint an Authenticating Agent, In the applicable Series Indenture. for the purpose of paying the principal of the Bonds at maturity or upon earner redemption, for maintaining an office where Bonds may be presented for registration of transfer and exchange. and for maintaining an office upon which notices and demands in respect of the Bonds may be served Each Authe,lticabng Agent shall signify its acceptance of the duties and obligations Imposed on it by this General Indenture by executing and delivoring to the Trustee a written acceptance thereof The Trustee shall enter Into such arrangements with any such Authonticating Agent as shall be necessary and dosirabla to enable such Authenticating Agent to carry out the duties of its office The Agency may remove any Authenticating Agent at any time by giving written notice of such removal to such Authenticating Agent and to the Trustee. Any Authenticating Agent may at any time resign by giving written notice of such rosignation to the Agency and the Trustee. In the event of the resignation or removal of any Authenticating Agent. such Authenticating Agent shall pay over, transfer assign and deliver any moneys hold by it to its successor or if there be -25- 1,351- no successor then appointed, to the Trustee The Agency shall give prompt notice of the acceptance of appointment by any successor Authenticating Agent to the Bondowners by mail substantially In the manner designated In Section 2 04(d). Section 6.03 Llabllity of Trustee and AuthenticalmgAgent The recitals of facts. covenants and agreements herein and in the Bonds contained shall be taken as statements, covenants and agreements of the Agency, and neither the Trustee nor any Authenticating Agent assumes any responsibility for the correctness of the same, or makes any representations as to the validity or sufficiency of this General Indenture or of the Bonds, or shall Incur any responsibility in respect thereof, other than in connection with the dunes or obligations herein or in the Bonds assigned to or Imposed upon it. Neither the Trustee nor any Authenticating Agent shali be liable in connection with the performance of Its duties hereunder, except for Its own negligence or bad faith. The Agency agrees to Indemnity the Trustee for and to hold a harmless against any loss, liability or expense Incurred without negligence or bad faith on Its part arising out of or In connection with the acceptance or administration el this trust. Including the costs and expenses of defending itself against any claim or liability In connection with the exe•-"se or performance of any of its powers or duties hereunder The Trustee and its directors, officers, employees or agents. may in good faith. buy. sell, own, hold and deal in any of the bonds or the coupons pertaining thereto and may join In any action which any holder of a bond may be entitled to take, with like effect as if the Trustee was not the Trustee under this ronoral Indenture. The Trustee may in good Ianh hold any other form of Indebtedness o' the Agency, own, accept or negouato any drafts, bills of exchange. acceptances or obligations of the Agency, and make disbursements for the Agency and enter Into any commercial or business arrangement therewith. without limitation Section 6.04 Notice to Trustee and Authenticating Agent. The Trustee and Authenticating Agent shall be protected in acting upon any nouco, resolution, request consent order, certificate, report, warrant, Bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or proper parties. The Trustee and any Authenticating Agent may consult with counsel, who may be of counsel to the Agency, with regard to legal questions, and the opinion of such counsel shall be full and complete authorization and protection In respect of any action taken or suffered by it hereunder in good faith and in accordance therewith Neither the Trustee nor Authenticating Agent shall be bound to recognize any person as the Owner of a Bond unless and unlit such Bond is submitted for lnspecUon. if required. and his btle thereto satisfactorily established. If disputed. Whenever in the administration of Its duties under this General Indenture th,r Trustee or Authenticating Agent shall deem it necessary or desirable that a matter ue proved or established prior to taking or suffering any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, In the absence of bad faith on the part of the Trustee or the AuthenticaUno Agent be deemed to be conclusively proved and established by a ceNficate of the Agency, and such certificate shall be full warrant to the Trustee or the Authenticating Agent for any action taken or suffered under the proviSions of this General Indenture or any Supplemental Indenture -26• /3S upon the faith thereof, but In its discretion the Trustee or the Authenticating Agent may, In lieu thereof, accept other evidence of such Maher or may require such additional evidence as to it may seem reasonable. Section 6.0 5, Deaeell and InylfStmenl of MonAyg In Funds All moneys hold by the Trustee In any of the funds or accounts established or authorized to be established by Series Indenture pursuant to this General Indenture shall be deposited In time deposits (which may be represented by certificates of deposit) or other Interest boating accounts In any bank or trust company authorized to accept deposits of public funds (including the banking department of the Trustee), and shall be secured at all times by obligations which are eligible by law to secure deposits of public moneys of a market value at least equal to the amount required by law, except such moneys which are at the time invested as hereinafter provided Such obligations shall be deposited with such bank or banks as may be selected by the Trustee after consultation with the Treasurer of the Agency and held by or for the account of the Trustee as security for such deposits. Moneys in the Special Fund. Including the Accnunts created thereunder may, and upon the Written Request of the Agency shall, be invested by the Trustee In Permitted Investments maturing as hereinafter provided. Moneys In the Special Fund, Including the Accounts created thereunder, shall be invested by the Trustee. and moneys In the Redevelopment Fund may be Invested by the Treasurer in such ebligations which by their terms mature prior to the date on which such moneys are required to be paid out hereunder except moneys in the Reserve Account may be so invested in such obligations nhich by their terms mature prior to the data estimated by the Agency to be required to be paid out or transferred to another Account hereunder or to be paid out hereunder Investment Earnhigs in the Redevelopment Fund during the period terminating upon completior of the Project are to be applied to the Project end, thereafter, (a) any unused Band proceeds shall be (hen transferred by the Agency Treasurer to tho Special Fund and used to pay debt service on the Bonds: and (b) any Investment Earnings on the Redevelopment Fund shall be transferred by the Agency Treasurer to the Agency's administrative fund or other such fund in which Agency administrative !unds are deposited. For purposes of the foregoing transfers. the Agency shall be deemed to have applied Bond proceeds to the costs of the Project and then to have applied Investment Earnings to the costs of the Projocl. All Investment Earnings In the Special Fund (Including the Interest Account. Principal Account, Sinking Account and Reserve Account) shall be transferred by the Trustee to the Agenr;y and shall be deposited by the Agency Treasurer in the Agency's administrative fund or other such fund Into which Agency administrative funds are deposited, such transfers to be made by the Trustee from time to time. when Investment Earnings during any Bond year shall be available, but in any avant. Investmont Earnings during any Bond year shall be so transferred no later than the Ia.-.t day of such Bond Year provided that: -27• /3A p) at the time of any such transfer, the amount required to be maintained in the Reserve Account shall be an deposit in the Poser to Account: and (it) at the time of any such transfer, debt service payable on the Bonds during . such Band Year shall have been paid or provided for. The Trustee shall. irom time to time, apply arty then available Investment Earnings to pay debt service on Ina Bonds or to restore a deficiency In the reserve Account In the event that the proceeds of Tax Revenues shall that. be Insufficient for such purpose, provided brat, if, and to the extent, the Trustee shall, from time to trine. apply any then available Investment Earnings to paj debt service on the Bonds or to raslr.•e a deficiency In the Reserve Account In the event that the proceeds of Tax Revenges are then Insufficient for such purpose: provided that if, and to the extent that. ttio T -ustee shall, from Ume to time, so apply Investment Eamings the Trustee shall replace such Investment Eamings with the first proceeds of Tax Revenues not then required to be applied to payment of debt service on the Bonds or to restore a defclency In the Reserve A�cqunl and shall then transfer the replaced Investment Earnings to the Agency for deposit by the Treasurer In the administrative fund or other such fund In which Agency administrative funds are deposited. All Investment Earnings shall be transferred to the Agency free and clear of the lion and pledge of this General Indenture, provided that nothing herein shall prohibit the Agency from pledging all or any portion of Investment Earnings to the payment of the Bonds or any Additional Bonds pursuant to the applicable Series Indenture. Supplemental Indenture at other resolution authorizing the Issuance of such Additional Bonds Upon retirement of all the Bonds then Outstanding, the Trustee shall pay all moneys then In ft Reserve Fund to the Agency Treasurer for deposit in the Redevelopment Fund for use by the Agency for any then lawful purpose. The Trustee may act as principal or agent In the acquisition or disposition of any Investment security Investments In any and all funds and accounts may be commingled in a separate fund or funds for purposes of making, holding and disposing of investments, noWthstanding provisions herein for transfer to or holding In or to the credit of particular funds or accounts of amounts received or held by the Trustee hereunder, provided that the Trustee shall at all times account for such investmanls strictly in accordance with the funds and accounts to whicn they are credited and otherwise as provided In this General Indenture The Trustee shall sell at tho best price obtainable. or present for redemption, any Investment security whenevar it shall be necessary to provide moneys to meet any required payment, transfer, withdrawal or disbursement from die fund or account to which such Investment security is credited and the Trustee shall not be liable or responsible for any loss resulting from the acquisition or disposition of such Investment security In accordance herewith. The Agency covenants with the (timers of all Bonds at any time Outslandinj that It mll make no use of the proceeds of the Bonds which will cause any of the Bonds to be .28- /3 7 •• �r1 "arbitrage bondv" subject to federal Income taxation by reason of Section 103(c) of the Intemal Revenue Code of 1954, as anrended. To that end, so long as any of the Bonds are Outstanding. the Agency and the Trusleo, with respect to the proceeds of the Bonds, will comply with all requirements of said Section 103(c) and all regulations of the United States Department of the Treasury Issued thereunder, to the extent that such requirements are, at the time, applicable and In affect. Secgon 8.09 Compensation, Indemnification. The Agency shall pay to the Trustoo Irom timo to time reasonable compensation for all services rendered undo, this General Indsnture, and also all reasonable expenses, charges, counsel fees and other disbursements, Including those of their attorneys, agents and employees, Incurred in and about the performance of their powers and duties under this General Indenture, and the Trustee shall have a lien therefor on any and all funds at any time held by it under this General Indenture. The Pgoncy fuller agrees to r—' emnily and save the Trustee harmless against any gabllities which it may Incur in ;.,e a�ercise and performance of its powers and duties hereunder which are not duo to Its opN;anca or bad faith .yo. I'm ARTICLE VII MODIFICATION OR AMENDMENT CF THE GENERAL INDENTURE Section 7.01. Amendments Permitted. This General Indenture and the rights and obligations of the Agency and of the Owners of the Bonds may be modified or amended at any bmo by a Supplemental Indenture and pursuant to the at„rmative vote at a meeting of Bondowners, or with the written consent W.thoul a masting, of the Owners of sixty percent (60 %) In aggregate p,incipal amount of the Bonds than Outstanding, exclusive of Bonds disqualified as provided in Section 704 No such modification or amendment shall (1) extend the maturity of any Bond ow A —s the Interest rate thereon, or otherwise alter or Impair the obligation of the Age, r the principal thereof, or interest thereon, or any premium payable on the reder thereof, at the time and place and at the rate and In the currency provided therein of the express consent of the Owner of such Bond, or (2) permit the creation by the Agency of any pledge or lien upon the Tax Revenues superior to or on a parity with the pledge and lien created for the banefit of the Bonds (except as permitted by this General Indenture), or reduce the percentage of Bonds required for the affirmative vote or written consent to an amendment or modification. or (3) modify any of tho rights or obligations of the Trustee or of any Authenticating Agent without its written assent thereto This General :adenture and the rights and obligations of the Agency and of the Owners of the Bonds may also be modified or amended at any time by a Supplemental Indenture. without thu consent of any Bondowners, but -nly to L1e extent permitted by law and only for any one or more of the following purposes (a) to add to the covenants and agreements or the Agency In this General Indenture contained. other covenants and agreements tha,eaher to be observed. or to surrender any right or power herein reserved to or conferred upon N- Agency. (b) to make such provisions for the purpose of curing any ambiguity: or of curing, correcting or supplementing any detective provision contamed In this General Indenture: or In regard to quesUons arising under this General Indentu,.. as the Agency may deem necessary or desirable and not inconsistent with this General Indenture. and which shall not adversely affect the Interests of the Owners of the Bonds, and (c) to provide for the issuance of any Additional Bonds. and to provide the terms and conditions under which such Additional Bonds may be Issued, subject to . nd in accordance with the provisions of Socton 3 07 Section 7.02. Bondowners' Meolinos The Agency may at any time rail a meeting of the Bondowners. In such event the Trustee is authortzed to fix the Umb and place of said meeting and to provide fur the giving or notice thereof and to fix and ad.lpt rules and regulations for the conduct of said meeting. aecaon r.oa. . The Agency may at any time adopt a Supplemental Indenture amending the provisions of the Bonds or of lids General Indenlure'or any Supplemental Indenture, to the extent that such amendment Is permitted by Section 7.01 to take effect -1en and as provided In this 30- /3F Section. A copy of such Supplemental Indenture, togetiter with a request to the concerned Bondowners for their consent thereto, shall be mailed by the Agency to each of Bondowner but failure to mail copies of such Supplemental Indenture and request shall not affect the validity of the Supplemental Indenture when assented to as in this Section provided Such Supplemental Indenture shall no: become effactive unless there shall be filed with the Trustee the written consents of the Owners of sixty percent (60°.x) In aggregate principal amount of the Bonds then Outstanding (exclusive of Bonds disqual:ffod as provided In Section 7.04) Each such consent shall be effective only if accompanied by proof of ownership of the Bonds for which such consent Is given which proof shall be st.ch as is permitted by Section 9 04 Any such consent shall be binding upon the Owner of the Bonds giving such consent and on any subsequent Owner (wholher or not such subsequent Owner has notice thereol) unless such consent is revoked in wriring by rite Owner giving such consent or a subsequent Owner by filing such revocation with the Trustee prior to the dale when the notice hereinafter in this Section provided for has boor. mailed. After the Owners of the required percentage of Bonds shall have filed their consents to the Supplemental Indenture, the Agency shall mail and publish a notice to the Bondowners In the - .Anner hereinbeforo provided in this Section lot the mailing of the Supplemental Indenture, staring in substance that the Supplemental Indenture has been consented to by the Owners of the required percentage of Bonds and will be effective as provided in this Section (but failure to mail copies of said notice shall not affect the validity of the Supplemental Indenture or consents theielo) Proof of the mailing of such notice shall be riled with the Trustee A record. consisting of the papers required by this Socton to be filed wdh the Trustee, shall be prool of the matters therein stated until the contrary is proved The x•upplomental Indenture shall become effective upon the filing with the Trustee of the proof of the publication of such last-mentioned nbbce, and the Supplemental Indenture shall be deemed conclusively binding (except as otherwise hereinabovo specifically provided in this Article) upon the Agency and the Owners of all Bonds at the expiration of sixty (60) days alter such filing, except In the event of a final decree of a court of competent jurisdiction setting aside such consent in a legal action or equitable proceeding for such purpose commenced within such sixty-day period. Section 7.04. Disqualified Bonds. Bonds owned or held for the account of the Agency or the City of Rancho Cucamonga, excepting any pension or retirement fund, shall not be doomed Outstanding for the purpose of any vote, consent or other action or any calculation of Outstanding Bonds provided for In this Article Vlt, and shall not be entitled to vote upon consent to, or take any other action provided for In this Article VII. Section 7.05 E=t of Supplemental Indenture. From and after the time an/ Supplemental Indenture becomes aeactive pursucnt to this Article VII, this General Indenture shall be deemed to be made ied and amended In accordance therewith, the respective rights, duties and obligations under this General Indenture of the Agency and all Owners of concerned Bonds Outstanding shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications P;rd amendments. and all the terms and conditions of any such Supplemental Indenture shall be deemed to be part of the terms and conditions of Ihis•General Indenture for any and all purposes -fit• /�v The Agency may adopt appropriate regulations to require each Bondowner, before his consent provided for in this Article VII shall be deemed effective, to reveal it the Bonds as to which such consent Is ghren ate disqualified as provided in Section 7 04 Section 7.06. Endorsement or Replacement of Bonds Issued After Amendments. The Agency may determine that Bonds Issued and delivered after the effective date of any action taken as provided In this Article VII shall bear a notation, by endorsement or otherwise. in form approved by the Agency, as to such action. In that case, upon demand of the Owner of any Bond Outstanding at such effective date and presentation of his Bond for that purpose at the principal corporate trust office of the Trustee or at such other office as the Agency may select and designate for that purpose, a suitable notation shall be made on such Bond. The Agency may determine that now Bonds, so modified as in the opinion of the Agency Is necessary to conform to such Bondowners' action, shall be prepared, executed and delivered In that case, upon demand of the Owner of any Bonds V!en Outstanding, such new Bonds shall be exchanged at the office of the Trustee In San Francisco. California without cost to any Bondownor, for Bonds then Outstanding, upon surrender of such Bonds. Section 7.07. Amendatory Endorsement of B�ndg, The provisions of this Article VII shall not prevent any Bondowner from accepting any amendment as to the particular Bonds held by him, provided that due notation thereof Is made on such Bonds. -- -- -32- ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES OF BONDHOLDERS Section 8.01. Events of Default and A r _'oration of Maturities. It one or more of the following events ('events of default`) shall happen. (1) it default shall be made In the due and punctual payment of the principal of or redemption premium of any) on any Bond when and as the same shall become due and payable. whether at maturity as therein expressed, by declaration or otherwise; (2) If default shall be made In tt'e due and punctual payment of any Installment of interest on any Bond when as as such Interesi -nstallment shall become duo and payable; (�j) it default shall be made by the Agency in the observance of any of the covenants, agreements or conditions on its part in this General Indenture, in any applicable Series or Supplemental Indenture or In any other resolution authorizing the Issuance of Additional Bonds, or In the Bonds contained, and such default shall have continued for a period of thirty (30) days; or (4) it the Agency shall file a petition or answer seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law of the United Stales of America, or if a court of competent jurisdiction shall approve a poUlion. filed with or without the consont of the Agency. seeking reorganization under the federal bankruptcy laws or any other applicable yaw of the United States of America, or It. under the provisions of any other law for the relief or aid of debtors. any court or competent jurisdiction shall assume custody or control of the Agency or of the whole or any substantial part of its property, then, and in each and every such case during the continuance of such event of default, the Trustee. upon notice in writing to the Agency or the Owners of not less than sixty percent (60%) in aggregate principal amount of the Bonds at the time Outstanding. upon notice in writing to the Trustee and to the Agency, shall be entitled to declare the principal of all of the Bonds then Outstanding. and the Interest accrued thereon, to be due and payable Immediately. Ind upon any such declaration L.e same shall become and shall be Immediately duo and payable, anything in this General Indenture or in the Bends contained to the contrary notwithstanding. This provision. however, is subject to the condition that it. at any Ume after the principal of the Bonds shall have been so declared due and payable. and before any judgment or decree for the payment of the monoys due shalt have been obtained or entered. the Agency shall deposit with the 1 rustoo a sum sufficient to pay all principal on the bonds matured prlor to such declaration and all matured installments of interest (if any) upon all the Bonds. with Interest at the respective rates torne by the Bonds on such overdue Installments of principal, and the reasonable expenses of the Trustee. and any and all other defaults known to the Trustee (other than in the payment of principal of and Interest on the Bonds due and payable solely by reason of such doclsraUon) shall have been made goad or cured to the eatisfaction of the Trustee or provision doomed by the Trustee to be adequate shall have been made therefor. then, and in every such case. the -33- 1PCO- Owners of at least sixty vercar,l (00 %) In aggregate principal amount of the Bonds then Outstanding, by wrrhon i,00ce to the Agency and to the Tri stee. may, on behalf of the _ Owners of all of tie Bonds, rescind and annul such declaration and its consequences. However no such rescission and annulment shall extend to or shall affect any subsequent default, or shall Impair or exhaust any right or power consequent thereon. Section 8.02. Application of Funds Upon Acceleration. All of the Tax Revenues and all sums in the Funds and Accounts established ur authorized to be established by this General IndenVire upon the date of the declaration of acceleration as provided In Section 0 01, and all sums thereafter received by the Trustee hereunder, shall be applied by the Trustee in the order following upon presentation of the several Bonds. and the stamping thereon of the payment It only partially paid, or upon the surrender thereof it fully paid: Fj131. to the payment of the costs and expenses of the Trustee and of the Bandowners, including reasonable compensation to Its or their agents. attorneys and counsel; Second. In case the principal of the Bonds shall not have become due and payable. to the payment of the Interest In default in the order of the maluriy of the Installments of such interest. with Interest on the overdue Installments at the respective rates borne by the Bonds (lo the extent that such Interest on overdue Installments shall have been collected). such payments to be made ratably to the persons enUtiod thereto without discrimination or preference: it , in case the principal of the Bonds shall have become and shall be then due and payable, to the payment of the whole amount then owing and unpaid upon the Bonds for principal and interest. with interest on the overdue principal and Installments of interest at the respective rates borne by the Conds (to the extent that such Interest on overdue Installments of Interest shall have been collected), and In case such moneys shall be Insufficient to pay in full the whole amount so owing and unpaid upon the Bonds. then to the payment of such principal and haerest without preference or priority of principal over Interest, or Interest over principal. or of any installment of Interest over any other Installment of Interest, ratably to the aggregate of such principal and Interest. Section 8.03. Other Remedies of Bondowners. Any Bondowner shall have the right. for the equal tenetil and protection of all Bondovmers similarly situated: (1) by mandamus, suit action or proceeding. to compel the Agency and Its members, officers. agents or employees to perform each and every term, provision and covenant contained In this General Indenture. in any applicable Series or Supplemental General Indenture or In any other resolution authorizing the issuance of Additional Bonds, and in the Bonds, and to require the carrying out of any or all such covenants and agreements of the Agency and the fulfillment or all duties Imposed upon It by the Law: (2) by suit action or proceeding In equity, to enjoin any acts or things which are unlawful ur the violation of any of the Bandowners' rights, or (3) upon the Happening df any event of default (as defined In Section 8.01), by suit. action or proceeding In any court of competent Jurisdiction, to require the Agency and •34• Its members and employees to account ca if it and they were the trustees of an express trust. Section 8.04 Non - waiver. Notting in this Article Vlll or In any otter provision of this General Indenture, or In the Bonds, shall affect or impair the obligation of the Agency. which Is absolute and unconditional, to pay the principal of and Interest on Iho Bonds to the respective Owners of the Bonds at the respective dates of maturity, as herein provided. or affect or impair the right of action, which is also absolute and unconditional, of such Owners to Institute suit to enforce st ch pa.•.tenl by virtue of the contract embodied In the Bonds A waiver of any default by any Bondowner shall not affect any subsequent default or impair any rights or remedies on the subsequent default. No delay or omisclon of any Owner or any of the Bonds to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or an acquiescence therein, and every power and remedy conferred upon the Bondowners by the Law or by this Article VIII may be enforced and exercised from Umo to time and as often as shall be deemed expedient by the Owners of the Bor.ds. If a suit. action or proceeding to enforce any right or exercise any remedy be abandoned or uo:3rmined adversely to the Bondowners, the Agency and the Bondowners shall be restored to their former positions, rights and remedies as It such surL action or proceeding had not been brought or •aken Section 8.05 Actions by Trustee as Attorney -in -Fact Any suit, action or proceeding which any Owner of Bonds shall have the right to bring to enforce any right or remedy hereunder may be brought by the Trustee for the equal benefit and protection of at Owners of Bonds similarly situated and the Trustee Is hereby appointed (and the successive respective Owners of the Bonds Issued hereunder by taking and holding the same. shall be conclusively deemed so to have appointed it) the true and lawful attorney - In-fact of the respective Owners of the Bonds for the purpose of bringing any such suit, action or proceeding and to do and perform any and all acts and things for and on behalf of the respective Owners of the Bonds as a class or classes, as may be necessary or advisable In the opinion of the Trustee as such attorney -in -fact. S=Ilon 8.0 . I,emedies Not Emlusive. No remedy herein conferred upon or reserved to the Owners of Bonds is ints dod to be exclusive of any other remedy. Every such remedy shall be cumulative and shall be In addition to every other remedy given hereunder or now or hereafter existing, at law or In equity or by statute or otherwise, and may be exercised without exhausting and without regard to any other remedy conferred by the Law or any other law -35- , /? ARTICLE IX MISCELLANEOUS Section 9.01 Benefits of Indenture Limited to Panles Nothing In this General Indenture, expressed or implied, is intended to give to any person other than the Agency, the Trustee. any Authenticating Agent and the Owners of the Bonds, any right. remedy, claim under or by reason of this General Indenture. Any covenants, stipulations, promises or agreements In this General Indenture contained by and on behalf of the Agency shall be for the sole and exclusive benefit of the Owners of the Bonds. the Trustee and the Authenticating Agent. Section 9.07. Successor 11 Deemed Included in All References to Predecessor. Whenever in this General Indenture or any Series Indenture or any Supplemental Indenture either the Agencv or the Trustee or any Authenticating Agent Is named or referred to, such reference shall be deemed to Include the successors or assigns thereof, and all the covenants and agreements in this General Indenture contained by or on behalf of the Agency or the Trustee or any Authenticating Agent shall bind and Inure to the benefit of the respective successors and assigns thereof whether so expressed or noL Section 2M : ! ^.:[ergo of General Indenture. If the Agency shall pay and discharge the entire indebtedness on all Bonds Outstanding in any one or more of the following ways. (1) by well and truly paying or causing to be paid the principal of and Interest on all Bonds Outstanding, as and when the some becomo due and payable: (2) by depositing with the Trustee. in trust, at or before maturity, money which, together with the amounts then on deposit in the funds and Accounts provided for in this General Indenture, Is fully sufficient to pay all Bonds Outstanding, including all principal, Interest and redemption premiums, or (3) by dupusiting with the Trustee, In trust. Federal Securities or general obligation bonds of the State of California In such amount as the Trustee shall determine will. together with the Interest to accrue thereon and moneys then on deposit In the Funds and Accounts provided for in this General Indenture, be fully sufficient to pay and discharge the Indebtedness on all Bonds (including all principal, interest and redemption premiums) at or bufore their respective maturity dates: and. If such Bonds are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as In this General Indenture provided or provision satisfactory to the Trustee shall have been made for the giving of such notice, then. at the election of the Agency, and notwithstanding that any Bonds shall not have been surrendered for payment the pledge of the Tax Revenues and other funds provided for in this General Indenture and all other obligations of the Agency under this General Indentura with respect to all Bonds Outstanding shall cease and terminate, except only the obligatiof of the Agency to pay or cause to be paid to the Owners of the Bonds not so surrendered and paid all sums duo thereon: and thereafter Tax Revenues shall not be payable to the .36- M Trustee Notice of such election shall be filed with the Trustee and each Authenticating Agent Any funds held by Authenticating Agent, at the time of receipt by the Authenticating Agent of such notice from the Agency, which are not required for the purpose above mentioned, shall be paid over to the Agency. 9echon 9,04. Execution of Documents and Proof of Ownership by Bondownec;, Any request, declaration or other Instrumeni which this General Indenture may require or permit to be executed by Bondowners may be in one or more Insuuments of similar tenor and shall be executed by Bonoowners in person or by their attorneys appointed In writing. Except as otherwise heroln expressly provided, the fact and daM of the execution by any bondowner or his attorney of such request, declaration or other Instrument, or of such writing appointing such attorney, may be proved by the certificate of any notary public or other officer authorized to take acknowledgments of deeds to be recorded in the state in which he purports to act, that the person signing such request declaration or other Instrument or wnUrg acknowledged to him the execution thereof, or by an affidavit of a witness of such execution, duly sworn to before such notary public or other officer Except as otherwise herein expressly provided, the amount of Bonds transferable by any such person executing such request, declaration or other Instrument or writing as a Bondowner and the numbers thereof, and the dale of his holding such Bonds. may be proved by a certificate, which need not be acknowledged or verified, satisfactory to the Trustee, executed by a trust company, bank or other depositary wherover situated. showing that at the date therein mentioned such person had on depcsit with such depositary or exhibited to it the Bonds described In such ccrtilfeate. Continued ownership after the date of deposit stated In such certificate may be proved by the presentation of such certificate it the certificate contains a statement by the depositary that the Bonds therein referred to will not be surrendered without the surrender of the certificate to the depositary, except with the consent of the Trustee. Tho Trustee may no:•o.^,heless in Its discretion require h•4her or other proof In cases where It deems file same des,rable. The ownership of Bondc and the amount. maturity, number and date of hclding the same shall be proved by the registration berks. Any request, declaration or other Instrument or writing of the Owner of any Bond shall bind all future Owners of such Bond In respect of anything done or suffered to be done by the Agency or the Trustee in good faith and in accordance therewith. Section 9.05. Welder of Personal Llati tv No member, officer. agent or employee of the Agency shall be Individually or personally liable for the payment of the principal of or Interest on the Bonds: but noting herein contained shall relieve any such member officer cgent or employee from the porlormancs of any official duty provided by law. SCMinn 9.06. Publl.ation for Succe-gsive Weeks Any publication to be made under the provisions of this General Indenture in successive weeks may be made In each Instance upon any business day of the weak and need not be made on the same day of , any succeeding week or In the •same newspaper for any or all of the successive 3 publhcafions, but may be made on different days of the week and in different newspapers. ,R Y / ? r 41. Section 5.07. QQ2IrUCtien of Cancelled Bonds. Whenever in this General Indenture provision Is made for the surrender to the Agency of any Bonds which have been paid or cancelled pursua,d to the provisions of this General Indenture, a certificate of destruction • - duly executed by the Trustee shall be deemed to be the equivalent of the surrender of such cancelled Bonds and this Agency shall be entitled to rely upon any statement of fact contained in any certificate with respect to the destru:tion of any such Bonds theroln referred to. Section 9.99 Notices and Demands on Men Any notice or demand which by any provision of this General Indenture's requ.ted or permitted to be given or served by the Trustee to or on the Agency may be ghen or served by being deposited postage prepaid in a post office letter box addressed (until another address Is filed by the Agency with the Trustee) as follows: Secretary. Rane..to Cucamonga Redevelopment Agency. 9230 Baseline Road, Suite C. Rancho Cucamonga. California g1730. Section 9.09. Partial Invalidirv. it any Section, paragraph, sentence, clause or ahrase of this General Indenture shall for any reason be hold illegal or unenforceable, such holding shall not affect the validity of the remaining portions of this General Irv]enture. The Agency hereby declares that It would have adoplad this General Indenture and each and every other Section, paragraph, sentence, clause or phrase hereof and authorized the issue of the Bonds pursuant thereto urcvpecWe of the fact that any one or more Sections, paragraphs, sentences, clauses. or phrases of this General Indenture may be held illegal, Invalid or unenforceabla. It, by reason of the Judgment of eny court• the Trustee is rendered unable to perform its ruties hereunder, all such duties and all of the rights and powers of the Trustee hereunder shall be assumed by and vest in the Treasurer of the Agency In trust for the benefit of the Bondowners. The Agency covenants (or the direct benefit of the Bondowners that Its Treasurer In such case, shall be vested with all of the rights and powers of the Trustee hereunder and shall assume all of the responsibilities and perform all of the duties of the Trustee hereunder In trust for the benofil of the Bonds. _ •38• 1 IN WITNESS WIiEREOF, the Rancho Cucamonga Redevelopment Agency has caused this General Indenture to be signed on Its behalf by the Executive Director of the Agency. and attested by Its Secretary, and its corporate seal to be herunto affixed; and has caused this Indenture to be signed on its behalf, In Its corporate name, by cne outs Assistant Vice Presidents, all as of the date and year first above mentioned. RANCHO CUCAMONGA REDEVELOPMENT AGENCY Chairman (SEAL) Assistant Vice President i R -39- 28000.4 JHHW:ACH:ea 11/16'85 H7235 RESOLUTION N0. ...WPAI p C+' 0 3 A RESOLUTION OF THE RANCHO CUCAMONGA REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $25,000,000 PRINCIPAL AMOUNT OF CITY OF RANCHO CUCAMONGA RANCHO REDEVELOPMENT PROJECT TAX ALLOCATION BONDS, SUCH BONDS TO BE ISSUED PURSUANT TO A GENERAL INDENTURE AHD AS IN SAID GENERAL INDENTURE MORE PARTICULARLY PROVIDED RANCHO REDEVELOPMENT PROJECT WHEREAS, the Rancho Cucamonga Redevelopment Agency (the "Agency ") is a redevelopment agency, a public body, corporate and politic, duly created, established and authorized to transact business and exorcise powers under and pursuant to the provisions of the Community Redevelopment Law of he State of California. Including the power to Issue bonds for any of its corporate purposes; WHEREAS, a redevelopment plan for Rancho Redevelopment Project In the City of Rancho Cucamonga, California, has been adopted In compliance with all requirements of law; and V,HEREAS, to improve he supply of low and moderate housing within the City of Rancho Cucamonga, the Agency now desires to provide for the Issuance of tax allocation bonds, as more particularly herein described, NOW THEREFORE, IT IS HEREBY FOUND, DETE9MINED and ORDERED, as follows: 1 The Rancho Cucamonga Redevelopment Agency Rancho Redevelopment Project Tax Allocation Bonds, in the principal an,ounl of not to exceed $25,000,000 are hereby authorized to be issued pursuant hereto and to a General Indanture and as In such General Indenture more particularly provided, said General Indenture to be dated as of the date of the Eonds. In form substantially as submitted at this meeting, which General Indenture Is hereby approved and authorized and directed to be executed by the Chairman of the Agency and his signature thereto to be attested by the Secretary ti.ho shall affix thereto the official seat of the Agency. a 2. This resolution shall take effect from and afar its adoption f& , S, /q? / CITY OF RANCHO C REDEVELOPMENT STAFF REPORT DATE: June 18, 1986 TO: Chairman and Members of the Redevelopment Agency FROM: Jack Lam, AICP, Deputy Executive Director BYs Linda D. Danlels, Senior Redevelopment Analyst SUBJECT: ANALY� in order to successfully Implement a neighborhood conservation program It Is nKiii&y to carry out a formal court process which verifies the validity of the programs benefit. Under the provisions of State Redevelopment law, the main gaol for Initiating validation proceedings Is to Insure that the proposed neighborhood Improvements qualify as a legitimate debt obligation for which the Agency's housing set aside funds may be used as a pledged revenue for paying the outstanding debt. Because use of the housing set aside fund for neighborhood conservat; an improvements is an Innovative approach, It Is necessary to undertake the validation proceedings it only as a cautionary measure. The validation proceedings will take approximately thirty (30) days to complete, with a sixty (60) day appeal period. The Agency may Implement the eligible neighborhood conservation impre•..nents after such proceedings have concluded. RECOMMENDATION: The Agency adopt the attached Resolution which authorizes Bond ounse to ,s gate 1 i• proposed validation proceedings Jack Lam, AICP, 1 Deputy Executive Direvi-r JL/LD /kap attachments Resolution •� T r c. n.a: 280004 JHHW:ACH:ca 11/16185 H7240 RESOLUTIONNO. b4 9 (1'0y' A RESOLD r1ON OF THE RANCHO CUCAMONGA REDEVELOPMENT AGENCY -- AUTHOF,0NG IN gam( VALIDATION PROCEEDINGS WITH RESPECT TO THE RANCHO CUCAMONGA REDEVELOPMENT AGENCY RANCHO REDEVELOPMENT PROJECT TAX ALLOCATION BONDS WHEREAS, this Ole Rancho Cucamonga Redevelopment Agency (the 'Agency') proposes to Issue bonds secured by tax allocation funds received by the Agency, all pursuant to the Community Redevelopment Law, being Part I, commencing with Semen 33000 of Division 24 of the California Health and Safety Cade: WHEREAS, on the date hareof, this Agency adopted Its Resolution No. _, A Resolution of the Rancho Cucamonga Redevelopment Agency Authorizing the Issuance of Not to Exceed $25.000,000 Principal Amours of Rancho Cucamonga Redevelopment Agency Rancho Redevelopment Project Tax Allocation Bonds, and WHEREAS. Section 33501 of aald Law provides that an action may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure to determine the validity of bonds and of all proceedings theretofore taken and proposed to be taken for the authorization, Issuance, safe and delivery of the bonds and tar the payment of the principal thereof and Interest thereon, NOW THEREFORE, BE IT RESOLVED by the Rancho Cucamonga Redevelopment Agency that the law firm of Jones Hall Hill & White, A Professional Law Corporation, Bond Counsel to the Agency. Is hereby authorized and directed to initiate and prosecute to conclusion an action pursuant to Section 860 and follow!ng the code of Civil Procedure o! the State of California for the purpose of establishing the validity of said Rancho Cucamonga Redevelopment Agency Rancho Redevelopment Project Tax Allocation Bonds prior to their Issuance PASSED. APPROVED and ADOPTED THIS _ day of 1986 AYES, Members: NOES, Members ABSENT, Members: RANCHO CUCAMONGA REDEVELOPMENT AGENCY Chairman (SEAL] ATTEST• Secrerary CITY OF RANCHO Ci REDEVELOPAIENT STAFF REPORT DATE.: June 18, 1986 TO: Chairman and Members of Redevelopment Agency FROM: Jack Lam, A!CP, Deputy Executive Director BY: Linda D. Daniels, Senior Redevelopment Analyst SUBJF:.T: REIMBURSEMENT AGREEMENT BETWEEN THE RANCHO rt ir. • CNUA BACKGROUND: The primary focus for use of the Agency's housing set aside funds Is on neighborhood conservation Improvements. The bulk of these Improvements are anticipated to be funded from the proceeds of a futurs potential tax allocation band Issue which leverages the housing fund for debt service. Due to present limits of the Redevelopment Pion, a bond Issue cannot presently be sold. The Agency does Intend to emend the Plan so that a bond Issue will be possible at some future point in time. In the interim, the Agency has the ability to proceed with doing the projects which the li:using Report Identified as being eligible on a pay- as- you-go basis. The Agency anticipates Mot the amount of lox Increment monies available In FY 86/87 for doing a neighborhood project is $3,3:0,000.00. It Is recommended that these monles be used to support the development of the lower Turner Avenue storm drain and the first phase of the T.,rner/Fiermosa shrm drain Of those projects whirn can be funded by the housing set aside account, these two are considered to be of highest priority while at the same time providing the greatest benefit to the Project Area and the community. EVALUATION: Attached for your consideration is a reimbursement agreement between t e�i Tr ncy end the City which will provide for use of the Agency housing set aside fund. Briefly, the Agency would reimburse the City up to a maxlir,km .I $3,350,000 for work Incurred on the development of the lower Turner and Turner/Hermoso storm drains. The reimbursement does allow for amendmer.ts sfvuid the Agency find It necessary to increase the total amount or add future projects. This reimbursement agreement will not Impair the Agency's ability to fell a tax allocation bord as the amount for reimbursement Includes accumulated tax Increment through cY 86/97. When the Agency Is prepared to Issue a housing fond It will he sized on the owing year's tax Increment projection and not the funds that hove tsaen received from prior years. REDEVELOPMENT AGENCY STAFF REPORT Reimbursement Agreement /RC- RDA /City of Rancho Cucamonga June 18, 1986 Page 2 RECOMMENDATIONS The Agency cuthorize the Chairman :o execute the e rnwrsement greement between tho City and the Agency. Respectfully s matted, �Joalordtni A , Deputy Executive Executive Director JL:LD:kop attachments: Reimbursement Agreement o: 'J REIMBURSEMENT AGREEMENT BETWEEN THE RAI4CHO CUCAMONGA REDEVELOPMENT AGENCY . AND THE CITY OF RANCHO CIJCAMONGA THIS REIMBURSEMENT AGREEMENT, dated June 18, 1986, by and between the Rancho Cucamonga Redevelopment Agency, end the City of Rancho Cucamonga. RECITALS under the laws WHEREAS, the Agency' is a duly constituted redevelopment agency of the State of California and Pursuant to such laws has duly proceeded with the f the Rancho Redevelopment Project (the "Pro)ect "3 within the City; aril redevelopment o WFIEREA the Redevelopment Plan for sold Project provides for tax increment provisions of Chapter 6, Pct I of Division 24 of the financing in accordance with the Health and Safety Code of the State of California and Section 16 of Article XV1 of the und Constitution of the State of Coliforni Cade Section 33445 Provides, I., pertinent part, that WHEREAS, Health and Safety dl or pat of the an Agency may, with the corsent of the CItY Connell of the City, DoY cost of the +nstalla;,on and eomiructlon of any building, foul th structure le other improvements which are publi_ly owned, either within In without the Project es or upon a determination by the legislative body that such buildings, facllltles, structures or other Improvements are of benefit to sold Project or the Immediate neighborhood In which the Project islocated; , construction of WHEREAS, when the value of such cost for the ohot, has been m wliI be paid such h.,lding, facility, structure or other improvement, or u enter Into an Agreement with the or provided for Initially by the City, the Agency may rtes to City, pursuant to Section 33445 of the Health and Safety Code, In which It og reimburse the City for all or part of the value of the colt of such building, facility, 1/5-1/ structure or otter Improvement, or both, by periodic payments over a period of years; and - WHEREAS, no other reasonable alternative means of financing the improvements contemplated by this Rer�,bursement Agreement are available to the community because the private properties benefifirg from such Improvements are economically distressed and unable to bear the cost of special assessments or special foxes or otherwise undertake the financing cf such Improvements on their own initiative; and WHEREAS, the obligutlon of the Agency under such Agreement shall constitute an indebtedness of the Agency for the prupose of carrying out the Project for which Indebtedness may be made poycbl.s out of taxes levied In such Project and allocated to the Agency under subdivision tb) of Section 33670 of the Health and Safety Code of the State of California, or out of any other available funds; and WHEREAS, the City and Agency wish to undertake the construc•ion of capital Improvements to be located In the Protect or which are of primary benefit to the Project (as described In Exhibit nAn attachments). WHEREAS, the Agency determines that the construction of the capital improvements Is of benefit to the Project, the surrounding neighborhood In which the Project Is faceted and the entire community of the City of Rancho Cucamonga, and fn_rease and Improve the community's supply of low and moderate Income housing available at affordable housing cost, as defined by Health and Safety Code Section 50052.5, to persons and families of low and moderate Income, as defined in Health and Safety Code Section 50093 and very low Income household:, as defined in Health and Safety Code Section 50105. NOW, THEREFORE, In consideration of the mutual covenants herein contained, it Is agreed by and between the parties hereto as follows: -2- COVENANTS Section I. Reimbursement. The Agency and the City agree that, to he extent r vessary, tax Increment shall be used and applied to repay the City for all Contributions made by the City for the development of certain capital Improvements of benefit to the Project. "Contributions" means oil payments, past and future, mode or to be made by the City to meet the costs of construction of certain capital Improvements of benefit to tixt Project, including, but not limited to, payment of architectural, engineering, project design work, inspection work, legal fees and costs of site preparation. The terms and conditions of such repayment shell be as follows: I. Cs dributions to the City to meet the costs of construction of the Project shall not exceed $3,350,000. Said Contributions shall be derived from that portion of tax increment received by the Agency pursuant to Section 33334.2 or the Health and Safety Code. 2. The Agency agrees to repay an amount equivalent to Contributions made by City plus Interest costs computed at 4l- percent (0%) per =rum. Section 2. Subordination This Reimbursement Agreement may be amended from time to time by the parties hereto (I) to subordinate the Agency's obligations hereunder to any other obligations Issued or Incurred or to be Issued or incurred by the Agency, or (2) for any other purposes and with any other effect whatsoever. This Reimbursement Agreement Is subordinate to any existing or future bonded Indebtedness of the Agency. Section 3. Indebtedness. This Reimbursement Agreement shall constitute an obligatlen and debt of the Agency to use available tax Increment revenues to repay the City by periodic payments, and the expenditures or obligations Incurred by the Agency= pursuant to this Reimbursement Agreement shall constitute an indebtedness of the Project pursuant to Health and Safety Code Section 33334.2(h). -3- / IN WITNESS WHERCOF, the parties hereto have executed this Reimbursement_ Agreement as of the day and yeti first above written. r ATTEST: City Clerk ATTESTS Executive Director and Secretary CITY OF RANCHO CUCAMONGA Mayor TI$ RANCHO CUCAMONGA REDEVELOPMENT AGENCY By: Chairman _4_ /5 7 I REIMAURSEMENT AGREEMENT Between the Rancho Cucamonga Redevelopment Agency and the City of Rancho Cucamonga EXHIBIT "A" Capital Improvement Projects: 1. Turner Avenue/Hermosa Avenue Storm Drain generally located as follows: beginning at Foothill Boulevard go north on Turner Avenue, crossing Baseline Road and ending just north of 19th Street at the existing Alta Loma Channel 2. Lower Turner Avenue Drainage System generally located as follows: beginning at Deer Creek east of Turner Avenue and north of 8th Street follow Humboldt Avenue to Turner Avenue, go north on Turner Avenue to Feron Streot, go west on Feron to Rancho Cucamonga Middle School, go north through the school to Ramona Avenue then north on Ramona Avenue until It Intersects with Arrow Route. This Drainage System work could also Include the Installation of a sewer line and connection on Humboldt Avenue In the vicinity of Turner Avenue. s. _S /57& v. CITY OF RANCHO C REDEVELOPMENT STAFF REPORT DATE& June 18, 1986 TOt Chairman rxd Members of the Redevelopment Agency FROM: Jock Lam, AICP, Deputy Executive Director SUBJECT: APPROVAL OF THE BVDGET FOR THE RANCHO CUCAMONGA REWEEENT Attached to this staff report is the proposed Redevelopment Agency budget for Fiscal Year 1986/87. For the board membere information, this final budget reflects the some information which has been previously submitted to you In the draft Agency budget. All of the Agency programs are described by each of the Fund descriptions and messnges In the budget document Itself. During preliminary discussions, various board members expressed a desire to discuss the amount allocated to promotions in Fund 10. Staff will be prepared to discuss and receive direction from the Board for this specific Item at the meeting should there be su;fficient Interest In the matter. Also, as part cf the budget approval process is the Inclusion of the Agency's repayment of the City loon and interest to the extent that monies are available. As the Agency wgl recall, this "repayment" has been an cnmx&I action to Insure proper balance of Agency debt and revenue. RECOMMENDATION: The Agency adopt the budget 'or Fiscal Year 1986187 and direct stoTr to -execute the necessary transactions for repayment of the City loon, including interest. Respectfully submitted, Jock Lam, AICP Deputy Executive Director JL/LO /kap attathment& Redevelopment Agency Budge! X59 RANCHO CUCAMONGA FISCAL YEAR 1986 - 1987 AGENCY BOARD; Jeffrey King, Chairman Richard M. Dahl Charles J. Buquet, :I Jon D. Mikels Pamela Wright AGENCY STAFF: Lauren M. Wossermary Executive Director Jack Lam, Deputy Executive Director Jim Hut, Treasurer Linda D. Daniels, Senior Redevelopment Analyst Olen Jones, Jr., Redevelopment Analyst Sharon Leonard, Accountant 1 d 161 r. \w k [ / )] 4 4 4 4 §!& 4 \\ §) a j` K\ <Z »< z k} ! u ) z ! as § !m i CC? 7 /( $ 4 m a \ \ 5� / � ! \ \ § | � u k ) I) c < u a })) / } 2 0 LL J < } ) ] k < { /& � s FUND 10 RDA ADMINISTRATIVE FUND DESCRIPTION Fund 10 is the account which the Redevelopment Agency uses to operate Its odminirtrative activities. The Administrative Fund derives the majority of its operating revenues from tax increment which are directly attributable to the Agency. Other revenues which are available ore the proceeds from the City loan, administrative transfers from pass -thru accounts, interest from certain bond funds and certain bond reserve funds. Highlights of the operations budget include an Increased advertising and promotions allocation. This increase is due to the Agency's continuation of a promotions campaign to gain exposure and contacts with potential revenue producing clients and industries which are looking to locate In this area of southern California. The advertising /promotions comTaign began in FY 85/86 with the development of a marketing /public relations brochure and very limited promotional advertisements in local as well as national publicottons. In FY 86/87 the campaign will see the exponsion of the advertisements and promotlons in local and national economic and business journals as well as the beginnings of professionally prepared articles about Rancho Cucamonga. This program would allow the Agenry's promotions campaign to be on a similar footing to those of Ontario and Fontcna. In addition to the general administrative octivlHWe the Agency Is also planning on amending the Redevelopment Plan. The purpose for doing this Is to Increase 'he caps on the annual tax Increment amount that the Agency receives as well as the bonding limitation. In order to amend the Plan the Agency will need to retain the services of a consultant to assist in the Plan's amendment process and County negotiations. -3- /� v :r L FUND 10 RDA ADMINISTRATION BUDGET $ 482,413 Estimated Expenditures: Personnel RDA Board $ 3,600 City Services to RDA & RDA Staff $199,595 Sub -Total $ 203,195 Operations I Inanclal Audit 1986/87 Estimated Revenuest $ 15,000 City Loan $ 467,413 Transfer from Fund 24 5,000 Transfer from Fund 25 10,000 $ 482,413 Estimated Expenditures: Personnel RDA Board $ 3,600 City Services to RDA & RDA Staff $199,595 Sub -Total $ 203,195 Operations I Inanclal Audit $ 10,000 PrintinglPublications $ 15,000 Office Supplies $ 5,000 Travel /Meetings $ 5,000 Dues $ 2,000 Advertising/Promotions $ 80,000 ILW d Ecom Dev. Conference 10,000 Sub -Total $ 127,000 -4- /� L/ V nj: FUND 10 RDA ADMINISTRATION BUDGET Contract Services Redevelopment Plan Consulton•* $ 50,000 Legal Services $ 30,000 Professional Services (lnc. 1 -15 Interchange design) 45,000 Sub -Total $ 125,000 Capital Outlay 2 CRT's, I Printer, 2 at's, share of digitizer & plotter $ 17,218 Software Pkg. (proformo and bond financing analysis) $ 6,000 Office Equipment 2,000 Sub -Total $ 27,216 TOTAL $482,413 *This includes consultant to assist In Plan Amendment process and County negutlations, all necessary postage, mailing and printing costs, Incidental office materials as needed. -5- FUND 10 RDA ADMINISTRATION PERSONNEL DETAIL FY 1986/87 1986/87 i RDA Board $ 3,600 Direct City Staff Services Agency Staff: Senior Redevelopment Analyst Redevelopment Analyst Accountant (50%) Office Assistant Overhead /Fringe Benefits Sub -Total -6- $ 71,631 $ 36,396 $ 29,220 $ 146G4 17,568 $ 94,788 $ 33,176 $ 127,964 $203,195 A � f FUND 11 DAY CREEK PROJECT FUND Monies contained within this fund are derived from the transfer of certain monies from Fund 22, Regional Facilities, through repayment of the City loan, which is designated for Day Creek and not needed to pay for debt service obligations, and from a portion of the bond proceeds from TA 84 -I. At the present time this fund is being utilized to pay for a portion of the annual debt payments for the City 1985 issued Community Facilities District -Mello Roos Donds. The approved minimum annual payment from this fund for such purposes Is $500,000. This payment Is made to the City pursuant to a loan and pledge agreement which was adopted at the time the Mello Roos bonds were issued by the City. This fund is also utilized to assist In the development of the Day Creek flood control channel project as revenues are available The primary resource of money to construct the facility is the proceeds from the Community Facilities District bonds issued In August of 1985. The proceeds from the Issue will be used over the next three years. $4,477,665 -7. �W 7 A t ;i r 1986/87 Estimated Revenues Day Creek Project Revenues FY 86/87 $ 906,250 Estimated Project Fond Oulance 6/30186 $3,571,415 $4,477,665 Estimated Expenditures Amount Available for Corytructlon & Personnel $4,477,665 $4,477,665 -7. �W 7 A t ;i r MELLO -ROOS DAY CREEK FLOOD CONTROL PROJECT BUDGET DETAIL In FY 1985 -86 a Mello-Roos Finance District was adopted which included 3,734 acres of land. In addition, an annual assessment tax of not to exceed $550 /acre was approved by property owners within the Mello-Roos District. In September 1985 the .^.gency concluded the Mello-Roos financing program through the sale of $18 million In bonds. The proceeds are being used to finance the design, construction and administration of the Day Creek Flood Control Channel facility. In addition to the Mello Roos bond sale, funds for construction and design of the facility are also available from the 1984 tax oilocation bond sale. Cost estimates for t'e Day Creek Flood Control project are estimated to be $30,645,955. The project is slated to be completed In the early part of fiscal year 1988189. More funds are necessary to fully complete the present scope of tba project because of the uncertainty about Ontorio's total fund commitment to the project, the desire not to Increase the $350 per acre Mello Roos levy to the authorized $550 per acre levy, and the need for additional Improvements necessary after Initial design. In order to obtain the necessary funds, a later tax Increment bond sale or an interest free loan from the Federal government are presently being explored. Such fun's will not be needed until the later stages of the program. Funds to pay debt service for the bonds which have already been sold will come from two sources: 1) tax assessments from the property owners of land within the Community Facilities District and, 2) tax Increment monies which are used for Regional Facilities pursuant to the Agency /County wjreement. ., FUND 1 I DAY CREEK PROJECT PERSONNEL DETAIL Personnel Project Manager* Resident Engineer* City Engineer Senior Engineer Assistant Engineer City Overhead Revenue Services Program TOTAL *These salaries Include County overhead $ 13,837 $ 11,833 $ 2,186 $ 50,000 $ 50,000 $ 50,000 $218,060 $216,915 In 0 874 -9 -- // / N F (portion) 86/87 87/88 88189 $ 62,400 $ 65,520 $ 22,932 $ 53,100 $ 55,755 $ 19,r'• $ 2,878 $ 3,022 $ 1,057 $ 22,211 $ 24,432 $ 5,185 14,437 S 6,353 $ -0_ $155,026 $155,082 $ 48,668 $ 13,837 $ 11,833 $ 2,186 $ 50,000 $ 50,000 $ 50,000 $218,060 $216,915 In 0 874 -9 -- // / N F The following summaries provide general descripti.im of the proposed three -yeer construction period based on assumption, prior to bond sales. DAY CREEK FLOOD ZURTRU P- kOJECT W. -Year Projection) ESTIMATED RESOURCES FY 86/87 FY 87/88 FY 88/89 Mello -Roos Levy, $ 1,327,725 1 $ 1,327,725 $ 1,327,725 RDA Fund 22 Pledge $ 500,0''7 C 704,275 $ 704,275 Fund 11 Available for Construction/Pers. $ 4,477,665 $ 1,201,975 $ 1,251,975 r, ,,d 86 Mello -Roos Bond Sale $16,444,030 Interest Earned on Bond Sale $ 1,000,000 200,000 $ -0. Federal Loon/Bond Sale 6,088,979 Carry Forward of fund 86 9980763 2 943 999 TOTAL $23,749,420 $19,503,714 $ 6,227,974 ESTIMATED EXPENDITURES Debt Service e I?rT l Roos District $ 1,547,000 $ 2,032,000 5 2,032,000 Delinquency Reserve $ 50,000 $ 50,000 $ 50,000 Personnel $ 218,860 $ 216,915 $ 100,874 Oeratloonn aM intenance and Operation $ 300 $ 300 5 100 Travel and Meetings $ 1,500 $ 500 $ -0. Contract Services ore udwlg -Willdan 101 000 200,000 40- $$ -0- -0- -0- Soils & Material Testing 160,000 $ 210,000 $ 40,000 - Inspection Coordination 0, 0 5,000 - Geotcchnical for Dam Site 150,000 $$ X5-0,000 j$ Facility Construction Pharr I Phose II -City Portion Only Phase 111 6,300 000 5,000,000 -0- 0. 6,000,000 8 000 000 -0- 4,000=0 SUBTOTAL $13,768,660 $16,S59,715 $ 6,227,974 BALANCE TO CARRY FORWARD $ 9.980.760 $2,943,959 $ -0- GRAND TOTAL $23,749,420 $19,503,714 $ 6,227,974 (Assumes 100% collecticns on 3,734 acres $350 /acre current level , 550 /oc?e oithorized by vote -to- Y FUND !2 REGIO14AL SHOPPING CENTER PROJECT FUND This fun8s primary source of revenue is the proceeds from the Tax Allocation bond said by the Agency in 1984. In additinn, the fund also receives revenue from interest received an the bond proceeds, revenues from Fund 20 which are not required for debt service obligations, and revenues from the Initial City loan. These sources of revenue, when combined, will meet the required Agency obligations under Owner Participation Agreement (OPA) 84 -I. Estimated Revenues Estimated Fund Balance 6130186 TA 86-1 Proceeds E: tiTtated Expenditures Carry Forward OPA 84 -1 Legal Services Professional Services 1,21 $2,538,911 $4,761,089 $7,300,000 $7,250,000 $ 15,000 35,0M $7,300,000 OWNER PARTICIPATION AGREEMENT (OPA 84.1) BUDGET DETAIL Under OPA 84 -1 the Redevelopment Agency has agreed to provide a total Investment of approximately $9.5 million towards the development of a Regional Shopping Center. This investment Is In three ports: $4,500,0000 lard acquisition $4,700,000 Infrastructure improvements 300,000 engineering costs $9,500,000 The Agency obligation, under OPA 84-! as amended, Is to be available In August 1987. In order for the Agency to meet that obligation It Is necessary to sell o second Tax Allocation Issue whereby the net proceeds rill be used for paying the required Infrastructure Improvements and engineering costs. The $4,500,000 needed for lard acquisition Is being paid for from portions of the proceeds of TA 84 -I. *A portion of the land acquisition, $2,250,000, has already been disbursed pursuant to r OPA 84 -I. -� -12- I I FUND 13 FIRE PROTECTION FACILITIES This fund is being established Initially for two major purposes: for the development of fire protection facilities and for contract services specifically for plan review old plan check activities. Fire Protection Facilities /fdoster Plan In preparation to implement the Foothill Fire Protection District's master plan for fire protection facilities, this fund will contain the resources available for development and construction of sold facilities. The majority of the funds available for construction will be derived from the ptnceeds of tax allocation bonds sold by the Redevelopment Agency. Tne bond proceeds will then uW to develop and construct the necessary fire protection facilities which are Identified In the District's master plan. The Agency anticipates selling a tax allocation bond or poolea finoncing Issue In FY 86/87 in which a pottion of the issue will be for Fire Protection Facilities. Once staff has prepared the necessary information for the proposed bond Issue and the fire protection focilit' needs, a more detailed budget will be presented for the Agency's consideration. The debt on the bonds will to paid by Fund 25 - Fire Protection Fund which contains the tax Increment received b; the County for the development of fire Protection facilities. Estimated tax Increment revenue for this fiscal year could support a bond amount of approximately $6,300,000. r y. 173 FUND I3 FIRE PROTECTIOtd FACILITIES Plan Review and Plan Check The Fire District currently has extremely limited resources to provide the necessary level of plan review and plan -heck commensurate with the level of activity within the project area end the City. As a result, extreme pressure is upon the District for more timely and consistent plan review services In an effort to Improve this situation, the Agency proposes to enter Into a contractual iarrangement with the Foothill Fire District for specific service commitments to plan k review and plan check activities for the project area where much of the activity Is uoccuring in Rancho Cucamonga. This contractual arrangement will free up and reinforce r existing Fire District resources for the rest of the City. Specific service commitments by the Fire District would provide for retention of one plan check review person and f i require a matching commitment of our additional personnel to meet this level of service commitment. The contract would be funded through the Fire Protection Facilities Fund v and the matching resources world be from other District resources The contract mecharasm is necessary because a contractual service Is an eligible redevelopment activi ebt where Fire District staff funding Is not at this time. 0 The contract would benefit not only the Redevelopment Agency but the City as a whole by adding qualified plans review personnel to the Fire District staff - one through contracts and another by Fire District match. -14- V r e FUND 13 FIRE PROTECTION FACILITIES Estimated Revenue: 1986 Bond Issue FY 86187 $4,300,000 $4,300,000 Estimated Expenditures; Fire Protection Facdities Construction $4,300,000 $4,300,000 -I5- FUND 20 RDA TAX INCREMENT FUND This fund is established for the payment of debt obligations of the Agency. The resources which are used by the Agency to pay the obligations are derived directly from tax Increment revenues. In order to meet the Agency's obligations under OPA 84 -1 It is necessary to sell a second Tax Allocation bond. The net proceeds for this second tax allocation fond will be used to pay for the Infrastructure Improvements and associated engineering costs which have been approved under OPA 84-I. In addition to meeting the financial obligations of OPA 84 -1 the Agency has authorized for additional bards to be sold against the tax increment that Is expected In FY 87/88. This typo of bond sale is referred to as an "escrow bond ". The proceeas fran the Issue will be held by the Trustee In an escrow account and will be disbursed to the Agency as tax Increment becomes available to pay debt on the bonds. The strategy for using an escrow bond sale Is to take advantage of favorable market conditions. However, in light of pending Tax Reform legislation, there Is an added advantage of selling an escrow bond Issue. This advantage deals with the fact that the escrow bonds would not be subject to any added restrictions Imposed by Tax Reform legislation. Thus, escrowed bond monies could be used with greater flexibility because the monies would be governed by the legislation that Is in place at the time they are sold. With an escrow bond structure the Agency anticipates sizing an Issue of approximately $22 million. Tic proceeds of the Issue will be used to complete OPA 84 -1 commitments as well as other commitments of the Redevelopment Agency. _15_ i / 76 J FUND 20 RDA TAX INCREMENT FUND The following identifies the amount of debt and necessary transfers which ore affordable by the Agency in comparlson to the estimated tax increment. FY 86/97 Estimated Revenue: Tax Increment $ 2,730,000 Transfer Out to Fund 30• $ 2,730,000• Other Transactlo= Transfer In from Fund 30 $ 467,413 Payment of City Loan $ 467,413 *Transfer Out to Fund 30 (Special Trustee) expenditures include: , TA WI Debt Service $ 459,250 TA 86 -1 Debt Service (proposed) $ 1,803,337 P -17- /77 FUND 21 AFFORDABLE HOUSING For the past several months a subcommittee of the Agency has been working to develop a housing program which focuses on neighborhood conservation orograms. To assist In carrying out this program a study was authorized by the Agency which Identified residential areas providing affordable housing. The purpose for preparing the study was so that the Agency could justify doing neighborhood conservation programs with the monies which ore required to -e used solely for the purpose of increasing or Improving the commurdWs supply of affordable housing. The study Identified a total of $14.7 mll!lon in potential neighborhood conservation projects. At same future point in time tho Agency plans to sel I o bond Issue in which the proceeds will be used to carry out the identified projects In the qualified neighborhoods. In the Interim, however, The Agency could begin Implementing the findings of the study by using housing set o_lde funds for qualifl• orojects on a case -by -case basis. In order to do this the tax increment revenues received by Fund 21 will be used by the Agency to assist in project development. Estimated Revenue Fund Balance as of 6/30/86 Tax Increment FY 1986/87 $1,950,000 $1,400,000 $3,350,000 Estimated Expenditure • i Neighborhood Conservation Project $3,350,000 /79' / V FUND 22 REGIONAL FACILITIES FUND Under agreement with the County of S= Bernardi•.o, tax Increment monies received In this account are to be used for the development of regional flood control protection facilities. The first regional facility which is being developed utilizing these monies is the Day Creek flood Control project. 10 date the Agency has committed to two separate debt obligations utilizing this fund for the development of the Day Creek Flood Control project. The first obligation was with the sale of TA B44 In which a portion of the proceeds Is being wed for construction. The second more recent obligation was with the sale of the City Community Facilities District fxvd issue. In this second obligation the Agency has agreed to pledge a minimum of $500,000 annually towards payment of the annual debt service assessments on the bond. While this pledge Is an expenditure of project Fund 11, the revenue resources of project Fund I I are directly related to this tax Increment fund. Once these t -to obligations are met, any remaining tax increment monies are transferred to Fund I! to oe used for construction of the project. FUND 22 REGIONAL FACILITIES FUND FY 86/87 Estimated Revenues: Tax Increment $ 1,750,000 Transfer Out to Fund 30• $ I, 150,000 Other Transactions: Transfer In from Fund 30 $ 1,406,250 Loan and Piedge to Mello Roos 844 $ 500,000 Payment of City Loan S 506,250 $ 1,406,250 *T.cnsfer out to Fund 30 (Specicl Trustee) e9efditures include: TA 84 -I Dent Service $ 343,750 -20- / g0 �i 9 Y1 FUND 23 NON- RECLAIMASLE WATER This fund is a pass thru fund to Chino Basin Municipal Water District to pay for bonded Indebtedness on the industrial non reciaimablo water line as per agreement between the Redevelopment Agency and Chino Basin. _21_ 1g.1 4 FUND 24 SEWER AND WATER FUND This Is a pas thru fund with Chino Basin Municipal Water District and the Cucamonga County Water District. These funds arc passed through to these ;encies, however, Chino Basin must submit Its annual budget estimate to tho Redevelopment Agency for review prior to releaso of funds for t'o fiscal year. In addition, an Administrative fee of $5,000 is collected by the Agency as a reimbursement for time and charges in processing and coordinating the post -thru agreement. This fee is a transfer in to Fund 10. -22- FUND 25 FIRE PROTECTION FUND This fund contains monies which are to be used by the Agency for the development and acquisition of fire protection facilities which benefit the Project Area For fiscal year 1986/87 the Agency anticlpatts selling a tax ollecotlor bond issue or pooled bond issue in which the proceeds will be used for the acquisition of land and the development of fire protection facilities for the benefit of the Project Area. Approximately $430,000 Is available to service debt on a tax allocation bond Issue, the proceeds of which will be used for construction of the first phase of the fire protection facilities capital improvement pions. Initial Improvements will Include the construction of a fire protection facility In the Industrial onto of the City. At the present time the Foothill Fire Protection District is prepm' -g a comprehensive Plan of needed fire protection focilit es and equipment. Once this plan is completed a revised budget for this fund will be submitted for the Board's consideration. An annual expenditure which has alreody been approved by the Agency Is in the amount of $65,000 for the aerial ladder fire truck. An additional one -time expenditure of not to exceed $162,000 has also been approved by tht Agency for necessary remodeling to Fire Station 03 to house the truck temporarily, and $65,000 for required equipment for Me truck. 83 -23- FUND 25 FIRE PROTECTION FUND FY 86/87 Estimated Revenue: Tax Inurement $ 560,000 Estimated Expenditures: Administrative Fee - Trarufer Out to Fund 10 $ 10,000 Transfer Out to Fund 30 $ 430,000• Fire Truck $ 65,000 Plan Review & Plan Check Services Contract 55,000 $ 560,000 •Transfer Out to Fund 30 (Special Trustee) Expenditures Include: Debt Service on TA or Pealed Issued (proposed) $430,000 -24- le/ i�t FUND 30 SPECIAL TRI ISTEE Revenues in this fund are derived from transfers from the tax Increment fund and transfers from other funds as appropriate to relieve debt service. All funds are forwarded to the particular trustee for the respective bond issue. Programmed surplus funds are returned to repay the other debt obligations of the Agency. FY 86!87 Tax Increment Transfers from: $ 4,910,000 Fund 20 $ 2,730,000 Fund 22 $ 1,750,000 Fund 25 430,000 Total $ 4,910,000 Estimated Expenditures TA 84 -1 Debt Service $ 803,000 TA 86 -1 Debt Service (proposed) $ 1,003,337 Debt Service TA or Pooled Issue (FFD) 430,000 Sub -Total $ 3,036,337 Transfers to Tax Increment Funds: Fund 20 $ 467,413 Fund 22 1 406 250 Sub -Total $ 1,873,663 TOTAL $4,910,000 -25- I 4 HOME MORTGAGE REVENUE BOND PROGRAMS (SB -99)e BUDGET DETAIL Since 1983 the Redevelopment Agency has participated onnmlly in the Home Mortgage Revenue Bond Prosrom. In 1983 the Agency issued $36.2 million of single family mortgage revenue bonds. The Agency issued $21,375,000 and $5,274,000 in 1984 and 1985, respectively. The following table shows the monies used, as of May 1, 1985, for each year's program. The loan origination period for the 1983 Issue expired In February 1986. However, Lewis Homes obtained a one-year extension for $496,850 of mortgage money. Monies which remain In the 1934 and 1985 program must be funded by July 1987 and March 1988, respectively. It is anticipated tt,3t approximately 785 homes will be financed under these programs. A proposed 1986 -87 Home Wrtgage Bond Progran has been delayed pending federal action on Tax Reform. Should it became feusible to I sue bonds, the Agency will pursue such a program. An application for a state allocation of Mortgage Revenue Bond capacity has been accepted and developer interest solicited. 'Note that these are Agency Issues only. City budget contalm detail an AB 1355 Home Mortgags Revenue Bond pro jronu Amount of Rema!ning Loan Approved Money Available Progmm Yea Bonds Issued by Agency for Loon Funding 1983 $36,200,000 $33,145,192 $ 496,850 1984 $21,375,000 $14606,772 $ 9,768,228 190.5 $ 5,174,000 $-0- $ 5,724,000 The loan origination period for the 1983 Issue expired In February 1986. However, Lewis Homes obtained a one-year extension for $496,850 of mortgage money. Monies which remain In the 1934 and 1985 program must be funded by July 1987 and March 1988, respectively. It is anticipated tt,3t approximately 785 homes will be financed under these programs. A proposed 1986 -87 Home Wrtgage Bond Progran has been delayed pending federal action on Tax Reform. Should it became feusible to I sue bonds, the Agency will pursue such a program. An application for a state allocation of Mortgage Revenue Bond capacity has been accepted and developer interest solicited. 'Note that these are Agency Issues only. City budget contalm detail an AB 1355 Home Mortgags Revenue Bond pro jronu