1989/11/14 Community Development Agency Minutes COMMUNITY DEVELOPMENT AGENCY OF THE CITY OF ROHNERT PARK MINUTES
November 14, 1989
The Members of the Community Development Agency of the City of
Rohnert Park met this date immediately after the City Council
meeting at approximately 10:35 p.m. in the City Offices, 6750
Commerce Boulevard, Rohnert Park, with Chairman Cochran presiding.
Call to Order Chairman Cochran called the meeting of the Community Development
Agency of the City of Rohnert Park to order at approximately
10:35 p.m.
Roll Call Present: (5) Agency Members Eck, Hollingsworth, Hopkins, Spiro
and Chairman Cochran.
Absent: (0) None.
Staff present for all of part of the meeting: City Manager
Callinan, City Attorney Flitner, Director of Administrative
Services/Assistant to City Manager Netter, and Assistant to the
City Manager Leivo.
Approval of Minutes Upon motion by Agency Member Hopkins, seconded by Agency Member
Hollingsworth, and unanimously approved, the minutes of October
24, 1989 were approved as submitted.
Approval of Bills Upon motion by Agency Member Hopkins, seconded by Agency Member
Hollingsworth, and unanimously approved, the bills presented per
attached list in the amount of $868, 118.35 were approved.
Acknowledging The Executive Director/Secretary's report on the posting of the
Executive Director/ agenda was acknowledged.
Secretary's Report
Unscheduled Public Chairman Cochran stated that in compliance with State Law, (The
Appearances Brown Act) , anyone in the audience who wished to make a comment
may do so at this time. No one responded.
Budget/1989-1990 City Manager Callinan said that review of the fiscal year 1989-90
budget would be deferred to the next Agency meeting.
City Manager Callinan explained necessity of emergency item and
resolution for consideration asking the County to advance funds
against the City's increment of which the Sonoma County Board of
Supervisors approved today.
A motion was made by Agency Member Hollingsworth, seconded by
Agency Member Hopkins, and unanimously approved to put the County
funds transfer request on tonight's agenda as an emergency item.
COMMUNITY DEVELOPMENT AGENCY OF THE CITY OF ROHNERT PARK MINUTES
(2) November 14, 19
?esolution No. RESOLUTION OF THE GOVERNING BOARD OF THE COMMUNITY DEVELOPPEM
39-09 AGENCY OF THE CITY OF POHNERT PARK, A DISTRICT OF THE COUNTY 1
SONOMA, STATE OF CALIFORNIA, REQUESTING FUND TRANSFER UND1
ARTICLE XVI, SECTION 6 OF THE STATE CONSTITUTION
City Manager Callinan explained the resolution.
Upon motion by Agency Member Hollingsworth, seconded by Agent
Member Spiro, and unanimously approved, Resolution No. 89-1
was adopted.
Fiscal Year 1988-89 City Manager Callinan explained that copies had been provided 1
Annual Report Agency members of the Community Development Agency's Annual Repo]
for fiscal year 1988-89 (a copy of which is attached to tt
original set of these minutes.
A motion was made by Agency Member Hollingsworth, seconded 1
Agency Member Hopkins, and unanimously approved, to approve tt
Fiscal Year 1988-89 Annual Report.
Adjournment There being no further business, Chairman Cochran adjourned tt
meeting at approximately 10:42 p.m.
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Chairman
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ANNt_JAL R E PC7RT
FISCAL YEAR 1988-1989
THE COMMUNITY DEVELOPMENT AGENCY
OF THE CITY OF ROHNERT PARK
MEMBERS OF THE COMMISSION
Charlie Cochran, Chairman
David L. Eck
Arthur F. Hollingsworth, Jr .
Warren K. Hopkins
Linda Spiro
EXECUTIVE DIRECTOR
Peter M. Callinan
November 14, 1989
The Conmulity Developmer►t Agency
of the City of Rohnert Park
6750 Counurce Boulevard
Rohnert Park, Sonoma County, California 94928
Telephone: (707)795-2411
COMMUNITY DEVELOPMENT AGENCY
of the
CITY OF ROHNERT PARK
6750 Commerce Boulevard
Rohnert Park, Sonoma County, California 94928
Telephone (707) 795-2411
FAX (707) 664-8474
November 14, 1989
This report is issued to inform residents, taxpayers, and business persons on
the activities and the financial condition of the Community Development Agency
of the City of Rohnert Park. It is issued because a properly infoiired citi-
zenry best protects our system of self-government.
One project was completed during this first full year of Agency operation.
Agency funds were used to finance paving of a parking lot and installation of
turf on a play field at Crane Elementary School thigh is adjacent to Colegio
Vista Park.
Mach was initiated through the auspices of the Community Development Agency
during the past year. Agency funds were used to initiate construction of a
Performing Arts Center. Construction started on an extension of the Rohnert
Park Expressway west to Stony Point Road. Construction design plans for
Roberts Lake Road were prepared and a construction contract was awarded in
July, 1989. The project includes a commuter parking lot. The office building
at 100 Enterprise Drive was purchased. This building will be rebuilt for use
as the Codling Center. The Codling Center will house senior citizen programs,
among other activities.
The Agency also initiated a housing rehabilitations program during the year.
Low interest loans are provided to low and moderate income home owners to help
rehabilitate and upgrade their homes.
This housing program could not have gotten off the ground without the invalu-
abl e, cooperative assistance of the Sonoma County Community Development Com-
mission. It provided expert assistance in developing the housing loan program
and has helped the Agency administer the program.
Cooperation between the private and public sectors is an essential element of
Agency projects. The success of the Performing Arts Center depends upon the
active involvement of Rohnert Park citizens. The Roberts Lake Road project
will enhance private development efforts in northwest Rohnert Park that will
create new jobs and increase local tax revenues. The Codding Center was
purchased at substantially less than appraised value through the generosity of
the owner. The individual rehabilitation efforts of home owners is helping to
refurbish entire neighborhoods. The success of these and future Community
Development Agency projects will be assured through the cooperation of the
private and public sectors, citizens and local officials.
Dedicated service was provided by our excellent staff to formulate these
projects and conduct the programs of the Agency. We value and appreciate the
direction provided by the Commission and the assistance and input that has
been received from citizens. All such contributions have contributed to the
achievements of the Community Development Agency of the City of Rohnert Park.
Peter M. Callihan,
Executive Director
COMMUNITY DEVELOPMENT AGENCY
of the
CITY OF ROHNERT PARK
6750 Commerce Boulevard
Rohnert Park. Sonoma County, California 94928
Telephone (707) 795-2411
FAX (707) 664-8474
November 14, 1989
The Community Development Commission of the City of Rohnert Park proudly
points to the many exciting projects initiated this year. These projects will
substantially benefit those that live and work in Rohnert Park.
What changes are taking place in our community!
The Performing Arts Center, funded with Agency bonds, will be a cultural
facility of the finest quality. The Center as well as other Agency projects
will augment Rohnert Park's growing convention and tourism trade.
We hope to consolidate programs for our senior citizens at the Cackling Center.
Agency funds were used to purchase the building.
This has been a year of important starts. When completed, Agency projects
started this last year will have long-lasting, beneficial effects.
We can take pride in the progress of our Community Development Agency. This
Agency is proving a useful tool to take advantage of opportunities and meet
community challenges.
Charlie Cochran,
Chairman
1?RCDJ"ECT S LJNINIA.Ft I E S
CRANE SCHOOL/COLEGIO VISTA PARK IMPROVEMENTS
Crane Elementary School serves the west central portion of the City. It is
adjacent to Colegio Vista Park. The Community Development Agency provided
funds for paving a parking lot and installing turf on a play field curing the
fiscal year. This project is complete.
PERFORMING wrs CENTER
The Agency financed, in part, construction of a Performing Arts Center. This
$7,000,000 facility will be paid for from fees imposed on lands annexed to the
City and Agency bonds. The Center is located at the Community Center site
near the intersection of the Rohnert Park Expressway and Snyder Lane. The
Center includes a 500 seat theater, a second small theater, lobby and lounge
area, backstage workrooms, dressing rooms, and offices. The grand opening is
scheduled for early 1990. This magnificent new facility will set Rohnert Park
aside from other communities.
HOHNERT PARK EXPRESSWAY EXTENSION
The Agency provided funds for construction of an extension of the Rohnert Park
Expressway from Hinebaugh Creek to Stony Point Road, outside the City limits.
When completed in fiscal year 1989-1990, the extension will be a two lane
highway. The extension will create an east/west connection between U.S. 101
and Stony Point road, a major local highway and alternative route for 101
traffic. The extension will be the only connection between 101 and Stony
Point Road from the Gravenstein Highway, over one mile to the south, and
Wilfred Ave., 3/4 of a mile to the north. While the extension was designed so
as to not encourage development along its right-of-way, it will provide an
important "back door" traffic link to commercial and industrial development
near U.S. 101. This street improvement project will help ease traffic conges-
tion in the center of Rohnert Park and on U.S. 101.
ROBERTS LAKE ROAD
The Agency paid for engineering design of Roberts Lake Road during the fiscal
year. This street will link Golf Course Drive, just east of the Northwestern
Pacific Railroad, to South Santa Rosa Avenue. The street will run parallel to
U.S. 101. Rohnert Park residents will thus be able to travel north to Santa
Rosa without having to use U.S. 101. The street will provide improved access
to Roberts Lake and benefit commercial development near the Red Lion Inn.
Construction of this street link is expected to be completed during fiscal
year 1989-1990. Construction started in August, 1989.
SWIM CENTER
Recreation development plans of the City of Rohnert Park stipulate that an
indoor swimming pool should be built. During the fiscal year, community
leaders began the process of formulating this project. The possibility was
explored of building a facility capable of hosting aquatic events of national
and international caliber. A tednnical advisory committee was created. The
services of an architect were procured. Economic Research Associates was
hired to prepare an economic feasibility analysis. The process of determining
the scale and design of an indoor aquatics facility will continue during the
1989-1990 fiscal year.
COMING CENTER
At present, program that benefit senior citizens occur in facilities through-
out the community. The Senior Drop-in Center is located downtown, Fun After
Fifty use the Burton Ave. Recreation Center and the Nutrition Program provides
meals for seniors at the Community Center for instance. It has long been a
dream of many Rohnert Park seniors to develop a central senior center.
There exist many other social service needs in the community. Community
leaders have emphasized the crisis facing young residents. They envision a
site where young citizens can develop friendships with older mentors, receive
counseling, invigorate relationships with family, and thereby avoid the pit-
falls present in today's society.
The Agency took advantage of the opportunity to purdzase a centrally located
building that could be converted into a service center for the community.
This building is located at 100 Enterprise Drive. The Agency was able to
purchase the 14,595 square foot building for just over $800,000, substantially
less than the appraised value. In recognition of the kindness of the owners,
the facility will be called the Coaling Center.
The City of Rohnert Park obtained a $125,000 Community Development Block Grant
to help pay for building modifications. Construction will begin during the
1989-1990 fiscal year.
LOW AND MODERATE INCOME HOUSING FUND
During the fiscal year, the Agency initiated a housing rehabilitation loan
program. The goals of the program are to: 1) assure that low and prate
income homes owners have safe, adequate, decent and sanitary housing; and 2)
help maintain and upgrade residential neighborhoods.
The Sonoma County Community Development Commission (SCCDC) assisted in the
formulation of the program. In addition, the Agency contracted with the SCCDC
to administer the loan assistance program.
Law interest loans to low and moderate incase households for housing rehabili-
tation are made available through the program. The process for obtaining a
loan is as follows:
1) The household submits an application.
2) The applicant's annual income is verified.
3) The home is inspected to determine needed repairs.
4) Specifications are prepared and contractor bids are obtained.
5) Loan documents are prepared and signed.
6) SCCDC staff supervise the rehabilitation project.
Operation of the program commenced on April 1, 1989. The Agency set aside
S425,000 for rehabilitation loans. By the end of the fiscal year (June 30,
1989), 38 applications had been received. Processing of four applications was
completed, loans approved, and construction started.
F' I NAN C I A L S TA T EME N T S
11% FJ ," 1707 1"1..JG Ln7 J.r-. •.-'"
Deloitte
Haskins--Sells
50 Fremont Street
San Francisco. California 94)05.2230
415) 393-4300
Telex: 340336
INDEPENDENT AUDITORS' REPORT
Community Development Agency Board,
Rohner' Park, California:
We have audited the accompanying component unit financial statements of the
Community Development Agency of the City of Rohnert Park (the Agency) as of and
for the year ended June 30. 1989 listed in the foregoing table of contents. These
financial statements are the responsibility of the Agency's management. Our
responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the component unit financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the component unit financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by
management. as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion. such component unit financial statements present fairly. in all material
respects, the financial position of the Community Development Agency of the City of
Rohnert Park at June 30, 1989 and the results of its operations for the year then ended
in conformity with generally accepted accounting principles.
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COMMUNITY DEVELOPMENT AGENCY OF THE
CITY OF ROHNERT PARK
COMBINED STATEMENT OF REVENUES, EXPENDITURES. AND
CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
FOR THE YEAR ENDED JLTNE 2,0. 1989 _ -
GOVERNMENTAL
FUND TYPES TOTAL
DEBT (MEMORANDUM
GENERAL SERVICE ONLY)
REVENUES:
Taxes $ 1 ,901 ,632 $ 1 ,901,632
Interest and rentals 1,097,322 $ 51 , 191 1 ,148,513
Total revenues 2,998,954 51 ,191 3,050,145
EXPENDITURES:
Current:
General administrative 424,385 424,385
Public works 107 ,215 107,215
Professional services and other 59,000 59,000
Capital outlay 5,329,265 5,329,265
Debt service:
Principal retirement 300,000 115,000 415,000
Interest and fiscal charges 360,000 957 ,1307 1,317 807
Total expenditures 6,5794865 1 ,072,807 7,652,672
EXCESS OF EXPENDITURES OVER
REVENUES (3,580,911) (1,021 ,616) (4,602,527)
OTHER FINANCING SOURCES (USES):
Operating transfers in 1 ,001 ,889 1 ,001 ,889
Operating transfers out (1,001 ,889) (1 .001 ,889)
Total other financing sources (uses) (1 ,001 ,889) 1,001,889 -
EXCESS OF EXPENDITURES AND OTHER
USES OVER REVENUES AND OTHER
SOURCES (4,582,800) (19, 727) (4,602,527)
FUND BALANCES, JULY 1, 1988 14,469,768 1 , 117_,784 15,587,552
FUND BALANCES, JUN .' 30, 1989 $ 9,885,968 $1 ,09p,0177 $10,985,025
See notes to component unit financial statements.
COMMUNITY DEVELOPMENT AGENCY OF THE
CITY OF ROHNERT PARK
STA1 E,MIENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET
(GAAP BASIS) AND ACTUAL - GENERAL FUND
FOR THE YEAR ENDED JUNE_ 30, 1989 -
GENERAL FUND
VARIANCE
FAVORABLE
BUDGET ACTUAL (UNFAVORABLE)
REVENUES:
Taxes S2,348,910 S 1 ,901 ,632 $ (447,278)
Interest and rentals 800,000 1 ,097 ,322 297,322
Total revenues 3,148,910 _ 2 ,998,954 (149,956)
EXPENDITURES:
Current:
General administrative 424,385 424 ,385
Public works 107,215 107 ,215
Professional services and other 72,000 59,000 13 ,000
Capital outlay 3,500,000 5,329,265 (1,829,265)
Debt service - interest and
fiscal charges 660,000 (660,000)
Total expenditures 4 , 103, 500 6,579,865 (2,476 L265)
EXCESS OF EXPENDITURES OVER
REVENUES (954 ,690) (3,580,911) (2,626,221)
OTHER FINANCING USES -
Or+erating transfers out - _ (1,001 .889) (1,001 .889)
EXCESS OF EXPENDITURES
AND OTHER USES OVER REVENUES S (954,690) (4,532,800) t (3.628, I1Q)
FUND BALANCES, JULY 1. 1988 14,469,768
FUND BALANCES, JUNE 30, 1989 $ 9,886,968
See notes to component unit financial statements.
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COMMUNITY DEVELOPMENT AGENCY OF THE
CITY OF ROHNERT PARK
NOTES TO COMPONENT UNIT FINANCIAL STATEMENTS
1. DESCRIPTION OF THE COMMUNITY DEVELOPMENT AGENCY AND
REDEVELOPMENT PLAN
The Community Development Agency of the City of Rohnert Park (the Agency) was
established under the provisions of the Community Redevelopment Law (California
Health and Safety Code, commencing with Section 33000) primarily to assist in the
clearance and rehabilitation of areas determined to be in a declining condition in the City
of Rohnert Park (the City). Financial activity of the Agency commenced in fiscal year
1987. The result of this activity is the Agency's Redevelopment Plan (the Plan). Under
the Plan, approved in July 1987, the Agency�prroposes to assist in the development of
property located within the boundaries off` theCiity of Rolinert Park. The Agency receives
incremental tax revenues on the developed property due to increases in assessed value.
The Agency functions as an independent entity and its policies are determined by the City
Council of the City in a separate capacity as members of the Community Development
Agency Board (the Board). All staff work is performed by the officials and staff of the
City, or by consultants to the Agency.
For financial reporting purposes, the Agency includes all funds and the account groups of
the Agency that arc controlled by the Board. The Agency is an integral part of the City,
and the accompanying financial statements are included as a component of the general
purpose financial statements prepared by the City.
2. SIGNIFICANT ACCOUNTING POLICIES
Description of Funds and Account Groups - The accounts of the Agency are organized on
the basis of funds and account groups. each of which is considered a separate accounting
entity. The operations of each fund are accounted for with a separate set of self-
balancing accounts that comprise its assets, liabilities, fund equity, revenues, and
expenditures, as appropriate. Government resources are allocated to and accounted for
in individual funds based upon the purposes for which they are to he spent and the means
by which spending activities are controlled. The various funds are grouped in the
financial statements in this report into categories as follows:
• Governmental Fund Tvpes:
• • General Fund is the general operating fund of the Agency. It is used to account
for all financial resources except those required to be accounted for in the debt
service fund.
• • Debt Service Fund accounts for the accumulation of, and payment of, resources
for long-term debt principal, interest and related costs.
• Account Groups;
• • General Fixed Assets - The general fixed assets group was established July 1,
1988. Fixed assets used in governmental fund type operations (general fixed
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• i—,• ..ow ijrm7 .11
assets) are accounted for in the general fixed assets account group, rather than in
governmental funds. Public domain (infrastructure) assets consist of
improvements other than buildings, including roads, bridges, curbs and gutters,
streets and sidewalks, drainage systems, and lighting systems. Infrastructure
assets are capitalized alongwith other general fixed assets. No depreciation has
been provided on general ixed assets.
• • General Long-Term Debt Account Group - Long-term liabilities expected to be
financed from governmental funds are accounted for in the general long-term
debt account group, not in the governmental funds.
Basis of accounting refers to when revenues and expenditures are recognized in the
accounts and reported in the financial statements. Basis of accounting relates to the
timing of measurements made, regardless of the measurement focus applied.
All Agency transactions are accounted for using the modified accrual basis of accounting.
Revenues are recognized when they become measurable and available as net current
assets. Revenues considered susceptible to accrual include property taxes and interest
income. Expenditures are generally recognized when the related fund liability is incurred
except for interest on long-term debt which is recognized when due.
Budgets and Budgetary Accounting - The Agency operates under the general laws of the
State of California and annually adopts a budget for its General Fund expenditures to be
effective July 1 for the ensuing fiscal year. From the effective date of the budget, which is
adopted and controlled at the Agency level, the amounts stated therein as proposed
expenditures become appropriations to the Agency. The Board may amend the budget
by resolution during the fiscal year. The Agency Manager may authorize transfers from
one object or purpose to another within the Agency. All appropriations lapse at year-end.
The Agency does not adopt a budget for its Debt Service Fund.
Annual budgets are adopted on a basis consistent with the generally accepted accounting
principles. The Agency prefers to leave its original budget unaltered during the year. so
that the effectiveness of meeting budget objectives can he evaluated, and the adequacy of
the budget itself can be judged. Expenditures in excess of budgeted amounts are allowed
by law hut must he approved individually by the Agency.
Cash and Investments - Investments are stated at cost, which approximates market value.
The Agency maintains cash and investments in accounts separate from those of the City
and investments are made in the name of the Agency.
Property, Tax Levy, Collection and Maximum Rates - The State of California (State)
Constitution Article XIII A provides that the combined maximum property tax rate on
any given property may not exceed one percent of its assessed value unless an additional
amount for general obligation debt has been approved by voters. Assessed value is
calculated at 100 percent of market value as defined by Article XIII A and may
be adjusted by no more than two percent per year unless the property is sold, transferred
or improved. The State Legislature has determined the method of distribution of receipts
from a one percent tax levy among the counties, cities, school districts and other districts.
The Agency's property tax revenues include only property taxes resulting from increased
assessed values on property within the Plan area.
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Sonoma County assesses properties, bills for, collects, and distributes property taxes sis
follows:
Secured Unsecured
Lien dates March 1 March 1
Levy dates July 1 July 1
Due dates 50670 on November 1 July 1
50% on February 1
Delinquent as of December 10 (for November) August 31
April 10 (for February)
The term "unsecured" refers to taxes on personal property other than real estate, land and
buildings. These taxes are secured by liens on the property being taxed.
Property taxes levied are recorded as revenue and receivables, net of estimated
uncollectibles, in the fiscal year of levy.
"Total (Memorandum Only)" Information - Columns on the accompanying component
unit financial statements captioned "Total (Memorandum Only)" do not present
consolidated financial information. They are not necessary for a fair presentation of the
financial statements, but are presented as additional analytical data.
3, CASH AND INVESTMENTS
Cash Depos:ts - A summary of cash at June 30, 1989 follows:
Carryi r,g Bank
Amount Balance
Cash on deposit with fiscal agent $4,579,461 $4,579,461
Certificates of deposit 1 ,386,000 1 ,386,000
Checking accounts and petry cash 33 ,493 60,199
Savings accounts 100 100
Total cash deposit $5,999,054 6 025 760
The difference between the hank balance and the carrying amount represents outstanding
checks and deposits in transit. The entire bank balance was covered by federal depository
insurance or by collateral held by the Agency's agent in the Agency's name.
Investments - Statutes authorize the Agency to invest in obligations of the U.S. Treasury,
its agencies, and instrumentalities, commercial paper, hankers' acceptances. reverse
repurchase agreements, and the State Treasurer's Local Agency Investment Fund. The
Agency entered into no reverse repurchase agreements during fiscal year 1989.
The Agency's investments are categorized below to give an indication of the risk assumed
by the Agency at June 30, 1989. Category 1 includes investments that are insured or
registered or for which the securities are held by the Agency or its agent in the Agency's
name. Category 2 includes uninsured and unregistered investments for which the
securities are held by the broker's or dealer's trust department or agent in the Agency's
name. Category 3 includes uninsured and unregistered investments for which the
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securities are held by the broker or dealer, or by its trust department or agent but not in
the Agency's name.
Current
Category Carrying (Market)
3 Amount Value
•
U.S. government securities $2,958,691 - - $ 2,958,691 $2,977,792
Centennial Government Trust
Mutual Fund 504,588 504,588
State Treasurer's Local Agency
investment Fund 1,999.000 1,999,000
Total investments 5,562,279 $5,581,380
Total cash deposits (discusse4
abovc) `.999,054
Total cash and investments ,$11,56R33
4. FIXED .\SSEel'S
A summary of the Agency's property at June 30, 1989, follows:
Land, structures, improvements and equipment $ 965,245
Construction in progress 4,364.220
Total $5,329.�"65
Construction in progress primarily represents $3,895,893 expended to date on the cultural
arts facility. The remaining balance consists of expenditures related to various projects.
5. LOAN FROM AND DUE TO THE CITY OF ROHNERT PARK
In 1988, the Agency borrowed $4,500,000 ($4.200,000 outstanding at June 30, 1989) from
the City's General Fund for the purpose of constructing a cultural arts facility. The loan is
to be repaid over 15 years in annual installments of S300,000 plus accrued interest at 8%.
Debt service requirements, including interest, follow:
Year ending June 30, •
1y90 $ 636,000
1991 612,000
1992 588,000
199; 564,000
1994 540,000
Thereafter 3,780,000
Total $6,720,000
The remaining $633,572 due to the City represents noninterest-hearing short-term loans
to finance operations until property tax increments are available to repay these amounts.
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6, LONG-TERM DEBT
In June 1988, the Agency issued $12,000,000 tax allocation bonds ($11,885,000
outstanding at June 30, 1989) to finance the Rohnert Park Redevelopment Project. The
debt is expected to be repaid from property tax increments collected from properties
within the plan area.
Debt service requirements on these tax allocation bonds, including interest, follows:
Interest
Rates of
Maturing
Amount principal
Year ending June 30,
1990 $ 1 ,071 ,482 5.50-6.00%
1991 1 ,074,583 5.50-6.50
1992 1,071 ,782 5.50-7 .00
1993 1 ,073,345 5.90-7 .25
1994 1 ,073 ,920 5.90-7 .25
Thereafter 25,950,738 5.90-8.00
TJtai $31,315,850
- 9 -
11/10 /171:1y 14:39 UHS S.F. 415 393-4300 41b 227 LI .5b r. 1�
Deloitte
Haskins—Sells
50 Fremont Street
San Francisco, California 94105.2230
14151 393.4300
Telex: 340336
INDEPENDENT AUDITORS' COMPLIANCE REPORT
Community Development Agency Board,
Rohnert Park, California:
We have audited the component unit financial statements of the Community
Development Agency of the City of Rohnert Park (the Agency) for the year ended
June 30, 1989 and have issued our report thereon dated August 25, 1989. Our audit was
conducted in accordance with generally accepted auditing standards. Section 33080.1(a)
of the Health and Safety Code of the State of California, and the procedures contained
in the Controller of the State of California Guidelines for Compliance Audits of
California Redevelopment Agencies. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the component unit financial
statements are free of material misstatement.
The. Agency's management is responsible for the Agency's compliance with laws,
regulations and administrative requirements. In connection with our audit, we
performed tests of the Agency's compliance with laws, regulations and administrative
requirements governing activities of the Agency, to determine the Agency's compliance
with laws, regulations and administrative requirements noncompliance with which could
have a material effect on the component unit financial statements of the Agency.
The results of our tests indicate that for the items tested, the Agency complied with
applicable laws, regulations and administrative requirements noncompliance with which
could have a material effect on the component unit financial statements. Nothing came
to our attention that caused us to believe that for the items not tested the Agency was
not in compliance with applicable laws, regulations and administrative requirements
noncompliance with which could have a material effect on the component unit financial
statements.
August 25, 1989