CITY OF GLENDALE CALIFORNIA NO. A RESOLUTION OFTHE COUNCIL OFTHE CITY OF GLENDALE, CALIFORNIA, SETTlNG ASIDE CERTAIN TAX INCREMENT REVENUES GENERATED IN THE CENTRAL GLENDALE REDEVELOPMENT

CITY OF GLENDALE CALIFORNIAJOINT REPORT TO CITY COUNCIL/AGENCY

November 13, 2007

AGENDA ITEM

Report on a method to set aside a percentage of tax increment generated per residential unitto fund parks and libraries_

1) Council resolution directing staff on the method for setting aside tax increment to fundparks and libraries including a percentage of Tt generated per residential unit.

2) Agency resolution directing staff on the method for setting aside tax increment to fundparks and libraries including a percentage of TI generated per residential unit.

AGENCY ACnON

Public Hearing [l Ordinance [ Consent Calendar [1 Action Item [X) Report Only [ 1Approved for November 13 2007 calendar

ADMINISTRATIVE ACTION

SubmittedPhilip S. Lanzafame, Director of Development Services __

PreparedPhilip S. Lanzafame, Director of Development Services .

ApprovedJames E. Starbird, Executive Director __

ReviewedScott Howard, City Attorney _ .

Ron Ahlers, Interim Director of Finance ..~1l'>::':1Li:!'~ ."'-""'~_

George Chapjian, Director of Parks, Recreation & Comm. Svcs.

Nancy Hunt-Coffey, Director of libraries _

Method to Set A.s«:Ie a Percentage ofTax Increment to Fund Parks and Libraries.

November 13. 2007Page 3

2. The projected year end balance of each account; and3. The projected Parks/Library TI set-aside funds available for the coming year which

would include any new set-aside plus the estimated remaining balance.

Proposed Projects: The report will identify all proposed projects thai would use theParks/Library TI set-asIde for funding. The project description will include a specific budget forindividual projects and the proposed use of development impact fees to help fund the project.

As part of the annual report, staff will analyze the critical mass of development to determine ifand when it is advantageous to combine the Par1<slLibrary TI set-aside revenue with other TIto issue a bond. As part of the financial strategy developed for a bond issue, the Agencywould translate the annual set-aside amount to a specific amount of bond proceeds to beused for funding park and library projects. Until that critical mass is achieved, funds would beset aside on a pay-as-you'90 basis.

FISCAL IMPACTThe extent of fiscal impact will depend largely on the amount of development that actuallytakes place, its per unit value added and the percentage of TI determined to be set aside.

EXHIBITS1. Percentage of T1IUnit Worksheet

RESOLUTION NO.

A RESOLUTION OF THE COUNCIL OF THE CITY OF GLENDALE,CALIFORNIA, SETTlNG ASIDE CERTAIN TAX INCREMENT REVENUES

GENERATED IN THE CENTRAL GLENDALE REDEVELOPMENT PROJECT AND INTHE SAN FERNANDO ROAD CORRIDOR REDEVELOPMENT PROJECT AREAS TO

SUPPLEMENT DEVELOPMENT IMPACT FEES COLLECTED FROM NEWRESIDENTIAL DEVELOPMENT PROJECTS FOR PARKS AND LIBRARIES

WHEREAS, the Council 01 the City of Glendale from lime 10 lime eslablishespolicies and adopts ordinances which reflect operafing and other needs in Citygovernment including Ihe adoption of a Development Impact Fees Ordinance to fundparks, recreation and library facililfes; and

WHEREAS, the Council as the legislative body for the Glendale RedevelopmentAgency desires to establish a policy whereby" %" of the tax increment revenues(aller required pass-through amounts and 20% housing set aside) (the "Net Set Aside")thai are generaled by new residential developments in the Central GlendaleRedevelopment Project and in Ihe San Fernando Road Corridor RedevelopmentProject Areas and which are subject 10 the Development Impact Fee Ordinance be selaside to fund parks and libraries; and

WHEREAS, pursuant to the Redevelopment Plan tor Central GlendaleRedevelopment Project Area adopted in 1972, lax increment revenues generated inthat Project Area may be used to fund public improvements including parks andlibraries located in or benefiting the Project Area; and

WHEREAS, pursuant to the Redevelopment Plan for the San Fernando RoadCorridor Project Area adopted in 1992, tax increment revenues generated in thatProject Area may be used to fund those park and recreation improvements described inthe Plan and located in or benefiting that Project Area.

NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OFGLENDALE;

The Council of the City of Glendale hereby adopts a net tax increment set asidepolicy 10 fund parks, recreation and library facilities in or benefiting the Project Areas asfollows:

SECTION 1. That "__%" of Ihe Net Set Aside that is generated by new residentialdevelopments in the Central Glendale Redevelopment Project Area that are subject to theCity's Devetopmentlmpact Fee Ordinance No. 5575, be set aside to fund parks, recreationand library improvements to be located in or benefiting the Project Area.

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RESOLUTION NO.

A RESOLUTlON OF THE REDEVELOPMENT AGENCYOF THE CITY OF GLENDALE, CALIFORNIA, SETIING ASIDE CERTAIN

TAX INCREMENT REVENUES GENERATED IN THE CENTRAL GLENDALEREDEVELOPMENT PROJECT AND IN THE SAN FERNANDO ROAD

CORRIDOR REDEVELOPMENT PROJECT AREAS TO SUPPLEMENTDEVELOPMENT IMPACT FEES COLLECTED FROM NEW RESIDENTIAL

DEVELOPMENT PROJECTS FOR PARKS AND LIBRARIES

WHEREAS, the Glendale Redevelopment Agency from time to time establishespolicies and adopts ordinances which reflecl redevelopment priorities set forth in theProjecf Area plans; and

WHEREAS, fhe Glendale Redevelopment Agency desires fo establish a policywhereby' %" of the net tax increment revenues (after required pass-throughamounts and 20% housing set aside)(the "Net Set Aside") thaI are generated by newresidenlial developments in the Central Glendale Redevelopment Project and the SanFemando Road Corridor Redevelopment Project Areas and which are subject to theCity's Development Impact Fee Ordinance be sel aside 10 fund parks and libraries; and

WHEREAS, pursuant to the Redevelopment Plan for Cenlral GlendaleRedevelopment Project Area adopted in 1972, tax increment revenues generated inthat Project Area may be used to fund public improvemenls including parks andlibraries located in or benefiting the Project Area; and

WHEREAS, pursuant to the Redevelopment Plan tor the San Fernando RoadCorridor Project Area adopted in 1992, tax increment revenues generated in thatProject Area may be used to fund those park and recreation improvemenls described inthe Pian and located in or benefiting that Project Area.

NOW THEREFORE, BE IT RESOLVED BY THE REDEVELOPMENT AGENCY OFTHE CITY OF GLENDALE;

The Redevelopment Agency hereby adopts a net tax increment set aside policy tolund parks, recreation and library facilities in or benetiting the Project Areas as follows:

SECTION 1. That "__%" of the Net Set Aside that is generated by new residentialdevelopments in the Central Glendale Redevelopment Project Area that are subject to lheCity's Development Impact Fee Ordinance No. 5575. be set aside to fund parks, recreationand library improvements 10 be located in or benefiting the Project Area.

SECTION 2. That "__%" of the Net Set Aside that is generated by new

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residential developments in the San Fernando Road Corridor Redevelopment ProjectArea that are subject to the City's Development Impact Fee Ordinance No. 5575, be setaside to fund the Redevelopment Plan specified parks and recreation improvements tobe located in or benefiting the Project Area.

SECTION 3. The Agency, by resolution, may reduce or suspend the percentageof Net Set Aside generated by new residential units used to fund parks, recreation andlibraries to a level below percent L%) upon a finding thallhe reduction orsuspension of the percentage of Net Set Aside deposited is necessary to use saidfunds for other Redevelopment Plan priorities.

SECTION 4. The Finance Director shall establish accounts for each Project Areainto which the percentage of Net Set Aside used for parks and libraries shall bedeposited.

SECTION 5. Each year the Director of Development Services shall provide a report10 the Agency and City Council that addresses the Net Set Aside, specifically thenumber of residential units and amount 01 tax increment generated by residentialdevelopment in each respective Project Area, the percentage of net tax increment setaside; any amounts spent in the prior year, and the availability of the net tax incrementfunds lor specified projects. Such report shall be presented annually in conjunction withthe Redevelopment Agency budget.

SECTION 6. The deposit of a percentage of the Net Set Aside into specificaccounts for purposes of funding parks and libraries is exempt from review under theCalifornia Environmental Quality Act pursuant to CEQA Guidelines Section 15378(b)(4).

Adopted this __ day of " 2007.

Chair

ATTEST:

Agency Secretary

STATE OF CALIFORNIA )COUNTY OF LOS ANGELES )CITY OF GLENDALE )

I, ARDASHES KASSAKHIAN, Secretary of the Redevelopment Agency of theCity of Glendale, do hereby certify that the foregoing Resolution No. was dulyadopted by the Redevelopment Agency of the City of Glendale, California, at a regularmeeting held on the __ day of , 2007 and that the same was adopted by thefollowing vote:

Ayes:

Noes:

Absent:

Abstain:

Agency Secretary

J.."'R.E~SlRES<MGl;NCYTtFlJNOTO SUPP DEY IMPACT FEES· AGENCY RESO.OOC

Percentage of TI Per Unit Worksheet

PERCENTAGE OFTAXINCREMEHT BY UNIT/PROJECT

PtolectIlnc,emen

PtfUnlt 100% Tl tOO% Tl 215% n 25% Tl 5ll% TI"" TI

15"10 Tl 15% TI

U" ." U,' T." UoM ." Unit T"'"""~.. 4 128 4.128 829 728 1 032 201432 ,... .14.864 '''' 622296No. of Units ,mV,,, Gardens 3751 3151 1 076 531 ". 28a 134 1.878 53"69 2813 8014031'40. 01 Units 287

c; Clr, II 5 122 5.122 i42448 1 281 235812 "" 471 224 "" 70B 836No, of Units '"Oran e1Milford 35a3 3593 5102011 8O' 121552 17a7 2eS 1 3 2695 382655No. of Units '"DPSS H45 H45 24853 '" 82134 1G13 124268 2959 186401No, of Unit!! 53

ICIS , '0' 1.106 341~ '" 60'" '" 110800 "" 255.900No. of Units '00

3,948654 987,184 1,914,321 2,961,491

P.1of2

e~hibit 1

Percentage of 11 Per Unit Worksheet

ONE-TIME IMPACT FEE REVENUE

P-'KI.... Unlll

1~~Y..rTl~Tol.1

n~1 ~l1 25 TI ~' 75% 11 75% 11n·t 0UI1 UOI! ".. " U"' To..

Alexaooer 2000 6,128 " ".. 51''''~nQ 20'

102~1m Fee '02 000 1 231 72 .."" 816864

VMoo G.""". 2000 5.151 "" 3816 <1.813~nrts '"1m Fee 57<1000 1,65063 8<13 13<1 111228 1 381<103

" CIr. II 2000 1122 3281 "., 50"No. of Units lB'1m act Fee ". 000 1310448 603.612 83922<1 1 074,836

~IM'~Ord 2000 50. 2898 3197 4.695No. of Units ,,,1m act Fee 26<1000 184 208 411~52 53910 666 655

OPSS 2000 .... 29M 3913 4959No. of Units "1m act Fee 126000 314 535 '88134 2~O 68 3'2401

ICIS 2000 ""' 2427 2 853 3280INo~un~s 2001m Fee .00 000 741,200 485300 570600 655900

C '" ."" 2000 2000 , 000 2000 , 000

INoP;UMs '"'1m Fee 412.000 412. 412,000 412, 412,000

• • . ,. 3• 3,164 ... 5.527,491

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