HomeMy WebLinkAboutTax Allocation Reimbursements ALBERT A. WEBB ASSOCIATES Ref. W.O. 86-25
Consulting Engineers
• File No. 3544.8 #7
MEMORANDUM
TO: Don Gee, Redevelopment Agency
Fontana Redevelopment Agency
FROM: Ernie Massey
SUBJECT: Reimbursements from, Subordinated Tax Allocation
Bonds, Issue of 1988 ($35,000,000)
DACE: June 21, 1988
V
1
The following requests for reimbursement from the above mentioned bonds
are submitted for your review and approval.
(1) Payee: Community Facilities District No. 2 (District)
Amount Due: (1) $3,578,818.00 (Loan) D
(2) $ 175,898.38 (Interest on Loan4. \� c
Purpose: Storm Drain Facilities Loan G' v rr
Source: Storm Drain & Flood Control Facilities Fee
Reimbursement Agreement, approved September 1, 1987. )
The above agreement outlines, among other things, the procedures by
which the District may loan monies to the Redevelopment Agency (Agency)
for construction of Storm Drain and Flood Control Facilities within the
Village of Heritage Project. These loans are to be repaid with
interest as calculated in accordance with Section 3, Page 7, Paragraph
1, of the Agreement.
As of October 1987, the District had paid its share of Storm Drain
Facilities costs, and has loaned monies to the Agency. These loans
(Attachment A) and interest on the loans (Attachment A-1) are to be
reimbursed from first available bond funds.
(2) Payee: Commun ty Facilities District No. 2 (District)
4 mniYn t D�we• (1 ) $ `5F -7°9 00 (T r)
(2) $102,811.00 (Interest thru June 30) Cff g• 7°
Purpose: Sewer Facilities Loan
Source: -Sewer Reimbursement and Sewer Connection Fee Agreement
approved February 17, 1987.
The Sewer Agreement states the District will pay for the first
$3,600,000 in expenses, to be reimbursed by the City of Fontana through
// the collection of sewer connection fees ($600 per EDU) . Costs over the
$3.6 mil (Attachment B) are considered loans to the Agency. Also, the
Agency is required to pay interest (Attachment B-1) on the outstanding
principal of the $3.6 mil loan until sufficient sewer fees are
collected to pay back the District.
LETR2/86-25 Memo i
Page 2
Mr. Don Gee
June 21, 1988
Each year before April 1 the District is responsible for preparing a
schedule similar to Attachment B-1, calculating the current year's
interest due from the Agency to be paid from (a) bond funds (if
available) , or (b) tax increment revenues.
(3) Payee: Fontana Heritage West End Associates
Amount Due: (1) $ 5,127,813.41 (Loan)
(2) $246,265.74 (Interest thru June 30)
Purpose: Developer Advances
Source: Owner Participation Agreement, approved
December 17, 1985.
In accordance with the OPA, the Developer may loan monies to the Agency
with interest as stated in the OPA. Attachment C has estimated the
interest due through June 30, 1988.
(4) Payee: Fontana Heritage West End Associates (Developer)
Amount Due: $2,693,496.00
Purpose: Repay Developer for Land Purchases
Source: Owner Participation Agreement, approved
December 17, 1985.
Per the OPA and recent negotiation, a portion of the land purchased by
the Developer is to be repaid from the Series-B issuance of Tax
Allocation Bonds. The remaining land payment will be resolved at a
later date.
(5) Payee: City of Fontana
Amount Due: $1,227,100.00 /'
Purpose: Repay City loans to Redevelopment Agency
The City has loaned monies to the Agency for a variety of
Administrative expenses. As of June 30, 1987, there was an amount of
$910,000.00?due, plus an additional amount of $317,100.00 projected
through June 30, 1988.
LETR2/86-25 Memo
Page 3
Mr. Don Gee
June 21, 1988
The following summarizes the amount of funds to be expended from
Series-B net bond proceeds on or about June 30, 1988.
(1) Community Facilities District No. 2
Storm Drain Facilities Loan $ 3,578,818.00
Interest 175,898.38
Sewer Facilities Loan 56,709.00
Interest 102,811.00
Credit for Cucamonga County Water
District share of Sewer Facilities
Costs paid to CDF No. 2 <1,718,172.79>
Interest <46,198.08>
$ 2,149,865.51
(2) Fontana Heritage West End Associates
Developer Advances $ 5,127,813.41
Interest 246,265.74
Land Purchases 2,693,496.00
$ 8,067,575.15
(3) City of Fontana $ 1,227,100.00
Total Due $11,444,540.66
With your concurrance, payment request forms will be prepared and
submitted to Doris Morris for payment upon receipt of bond proceeds.
Ernie Massey
Albert A. Webb Associates 5OCidt@5
Attachments'
cc: Doris Morris
Terry Shea
EM:clb
LETR2/86-25 Memo
(ATTACHMENT A)
-INVOICE FOR PRINCIPAL DUE-
(DEBTSVC) CFD 42 LOAN TO RDA FOR STORM DRAIN/FLD CONTROL EXPENSES,
21-Jun-88 PER THE "STORM DRAIN/FLD CONTROL REIMBURSEMENT AGREEMENT"
AS OF .JUNE 30, 1988
CFD #2 ADVANCE'S
ADVANCE ADVANCE PAYMENT
DATE NO. AMOUNT
OCT 22, 1987 #9 $1,058,813'/
OCT 26, 1987 49-A 70,479 -
NOV 10, 1987 49-A 122,135_:
NOV 20, 1987 #10 1,145,581
NOV 25, 1987 410 39,891-
DEC 20, 1987 411 711,066,
JAN 20, 1988 412 297,380
JAN 25, 1988 #12 63,123
FEB 22, 1988 413 70,350
TOTAL DUE $3,578,818 •
(ATTACHMENT A-1)
-INVOICE FOR INTEREST DUE-
(DEBTSVC) CFD $2 LOAN TO RDA FOR STORM DRAIN/FLD CONTROL EXPENSES,
21-Jun-88 PER THE "STORM DRAIN/FLD CONTROL REIMBURSEMENT AGREEMENT"
INTEREST DUE, PROJECTED THRU JUNE 30, 1988
ADVANCE PAYMENT DATE ADVANCE PAYMENT DAYS INTEREST INTEREST TOTAL TOTAL INTEREST
AMOUNT RATE DUE ADVANCE DUE
(FROM) (TO) (LAIF) PAYMENT'S
OCT 22, 1987 DEC 31, 1987 $1,058,813.00 71 7.825 $16,340.28 $1,058,813.00 $16,240.28
OCT 26, 1987 DEC 31, 1987 70,479.00 67 7.825 1,026.40 1,129,292.00 17,366.68
NOV 10, 1987 DEC 31, 1987 122,135.00 41 8.121 1,129.62 1,251,427.00 18,496.29
NOV 20, 1987 DEC 31, 1987 1,145,581.00 41 8.121 10,595.38 2,397,008.00 29,091.68
NOV 25, 1987 DEC 31, 1987 39,891.00 36 8.121 323.95 2,436,899.06 29,415.63
DEC 20, 1987 DEC: 31, 1987 711,066.00 10 8.071 1,594.17 3,147,965.00 31,009.80
3,147,965.00 331,009.80
JAN 1, 1988 JUN 30, 1988 182 8.078 12q 825.45 3,147,9A5 fill 160,835.25
JAN 20, 1988 JUN 30, 1988 297,380.00 162 8.073 10,810.06 3,445,345.00 171,645.31
JAN 25, 1988 JUN 30, 1988 63,123.00 157 8.078 2,223.76 3,508,468.00 173,869.07
FEB 22, 1988 JUN 30, 1988 70,350.00 129 8.05 2,029.30 :3,578,818.00 175,898.33
$:3,578,818.00 $175,898.38
•
CFD #2 ADVANCE'S:
OCT 22, 1987 ;9 $1,058,813
OCT 26, 1987 $9-A 70,479
NOV 10, 1987 $9-A 122,135
NOV 20, 1987 ;10 1,145,581
NOV 25, 1987 110 39,891
DEC 20, 1987 $11 711,066
JAN 20, 1988 ;12 297,380
JAN 25, 1988 412 63,123
FEB 22, 1988 113 70,350
$3,578,818
(ATTACHMENT B)
(DEBTSVI) CFD 112 COSTS FOR SEWER FACILITIES, TO BE REIMBURSED PER THE
15-Jun-88 "SEWER REIMBURSEMENT AND SEWER CONNFC:TION FEE AGREEMENT"
AS OF APRIL 1, 1988
CFD A2 ADVANCE'S ADVANCE
ADVANCE PAYMENT
DATE NO. AMOUNT
MAY 19, 1987 DEVELOPER REIMB. $248,128
APR 17, 1987 A 1 14,170
MAY 5, 1987 11 2 190,540
MAY 13, 1987 A 3 46,854
• JUN 2, 1987 K 4 773,303
JUN 19, 1987 11 5 1,981,561
JUL 10, 1987 5-A 1,312
JUL 17, 1937 * 6 364,629
NOV 20, 1987 11 10 35,714
$3,656,709
(ATTACHMENT B-1)
(DEBTSVI) CFD 12 COSTS FOR SEWER FACILITIES, TO BE REIMBURSED PER THE
15-Jun-88 "SEWER REIMBURSEMENT AND SEWER CONNECTION FEE AGREEMENT"
AS OF APRIL 1, 1988
(CFD 12 DEBT SERVICE SCHEDULE) (CITY'S RESPONSIBILITY) (AGENCY'S RESPOONSIBILIT'Y)
•
. PRINCIPAL PRINCIPAL : LESS:
MATURITY . INTEREST SERIAL SEWER DUE PAID : INTEREST DUE CREDIT FOR NET
DATE PAYMENT BONDS EXPENSE'S : (CITY) (CITY) (AGENCY) INT. EARNED INTEREST DUE
MAR I, 1987 $1,440,986.54 .
SEP 1, 1987 1,323,355.00 $3,656,709 .
MAR 1, 1988 1,323,335.00 3,656,709 $284,652 ($181,840) $102,811
SEP 1, 1988 1,323,335.00 3,656,709 .
MAR 1, 1989 1,323,335.00 3,656,709 284,649 (0) 284,649
SEP 1, 1989 1,323,335.00 $145,000 : 3,656,709 $15,595 .
MAR 1, 1990 1,318,642.52 . 3.641,114 284,145 (0) 284,145
SEP 1, 1990 1,318,642.52 200,000 : 3,641,114 21,510 .
MAR 1, 1991 1,311,892.52 3,619,604 282,914 (0) 282,914
SEP 1, 1991 1,311,892.52 265,000 : 3,619,604 28,501 .
MAR 1, 1992 1,302,617.52 3,591,104 281,191 (0) 281,191
SEP 1, 1992 1,302,617.52 335,000 : 3,591,104 36,029 .
MAR 1, 1993 1,290,557.52 3,555,074 278,896 (0) 278,896
SEP 1, 1993 1,290,557.52 415,000 : 3,555,074 44,633 .
MAR 1, 1994 1,275,410.02 3,510,441 275,970 (0) 275,970
SEP 1, 1994 1,275,410.02 500,000 : 3,510,441 53,775 .
MAR 1, 1995 1,256,910.02 3,456,666 272,351 (0) 272,351
SEP 1, 1995 1,256,910.02 595,000 : 3,456,666 63,992 .
MAR 1, 1996 1,234,597.52 3,392,674 267,962 ' (0) 267,962
SEP 1, 1996 1,234,597.52 695,000 : 3,392,674 74,747 .
MAR 1, 1997 1,203,187.52 3,317,927 262,722 (0) 262,722
SEP 1, 1997 1,208,187.52 805,000 : 3,317,927 86,578 .
MAR 1, 1998 1,176,993.77 3,231,349 256,526 (0) 256,526
SEP 1, 1998 1.176.993.77 925.000 : 3.231.349 99.484 ,
MAR 1, 1999 1,141,150.02 3,131,865 249,316 (0) 249,316
SEP 1, 1999 1,141,150.02 1,055,000 : 3,131,865 113,465 .
MAR 1, 2000 1,100,268.77 3,018,400 241,065 (0) 241,065
SEP 1, 2000 1,100,268.77 1,200,000 : 3,018,400 129,060 .
MAR 1, 2001 1,053,768.77 2,889,340 231,667 (0) 231,667
SEP 1, 2001 1,053,768.77 1,350,000 : 2,889,340 145,193 .
MAR 1, 2002 1,001,456.27 2,744,147 221,039 (0) 221,039
SEP 1, 2002 1,001,456.27 1,520,000 : 2,744,147 163,476 .
MAR 1, 2003 942,556.27 2,580,671 209,079 (0) 209,079
SEP 1, 2003 942,556.27 1,700,000 : 2,580,671 182,835 .
MAR 1, 2004 876,681.27 2,397,836 195,659 (0) 195,659
SEP 1, 2004 876,681.27 1,895,000 : 2,397,836 203,807 .
MAR 1, 2005 803,250.02 2,194,029 180,677 (0) 180,677
SEP 1, 2005 803,250.02 2,110,000 : 2,194,029 226,931 .
MAR 1, 2006 720,168.77 1,967,099 163,844 (0) 163,844
SEP 1, 2006 720,168.77 2,340,000 : 1,967,099 251,667
MAR 1, 2007 628,031.27 1,715,432 144,999 (0) 144,999
SEP 1, 2007 628,031.27 2,595,000 : 1,715,432 279,092 .•
MAR 1, 2008 525,853.14 1,436,339 124,100 (0) 124,100
SEP 1, 2008 525,853.14 2,870,000 : 1,436,339 308,669
MAR 1, 2009 367,846.89 1,127,671 96,117 (0) 96,117
SEP 1, 2009 :367,846.89 3,165,000 : 1,127,671 340,396
mAR 1, 2010 288,225.01 787,275 • 70,561 (0) 70,561
SEP 1, 2010 288,225.01 3,485,000 : 787,275 374,812
MAR 1, 2011 151,003.13 412,463 47,239 (0) 47,239
SEP 1, 2011 151,003.13 3,835,000 : 412,463 412,463 •
$50,009,818.60 $34,000,000 : $3,656,709 $0 : $5,207,338 ($181,840) $5,025,497
ASSUMPTION:
(1) SEWER FACILITIES EXPENSES (ACTUAL COSTS) ARE $3,656,709.
(2) ACTUAL COSTS ($3,656,709) IS 0.10755 OF BOND ISSUANCE ($34,000,000).
(3) ACTUAL COSTS WERE EXPENDED BETWEEN 3-3-87 AND 11-20-87.
(4) YEAR USED FOR CALUCATION RUNS FROM SEP 1 THRU AUG 31.
(5) INTEREST EARNED ON FOLLOWING ACCOUNTS, CALCULATED AS MAR 1, 1988:
RESERVE FUND $344,640
INTEREST ACCT 8,748
BOND PYMT FUND 250,302
IMPROV FUND 687,036
SET ASIDE ACCT 113,346
ENCUMBERED ACCT 286,680
$1,690,752
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