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OSB 14-015 RESOLUTION NO. OSB 14-015 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE POWAY REDEVELOPMENT AGENCY APPROVING A JUNE 16, 1992 DRAINAGE FUND LOAN BETWEEN THE CITY OF POWAY AND THE FORMER POWAY REDEVELOPMENT AGENCY AND MAKING FINDINGS RELATING THERETO WHEREAS, pursuant to the provisions of the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.), the City Council of the City of Poway ("City") activated the Poway Redevelopment Agency ("Redevelopment Agency") and adopted, and subsequently amended, the Redevelopment Plan for the Paguay Redevelopment Project Area ("Redevelopment Plan"); and WHEREAS, in furtherance of its redevelopment activities, the City and Redevelopment Agency completed a loan, dated June 16, 1992 (June 16, 1992 Drainage Fund Loan; Exhibit A), whereby the City lent to the Redevelopment Agency an amount equal to $81,700 from the City's Drainage Fund for the purpose of completing Cobblestone Creek Road Improvements; and WHEREAS, Assembly Bill (AB) X1 26, enacted June 2011, and AB 1484, enacted June 2012 (collectively, the "Dissolution Act") required the dissolution of redevelopment agencies and established certain procedures and requirement for the wind-down of their activities; and WHEREAS, the Successor Agency to the Poway Redevelopment Agency ("Successor Agency") is the successor entity to the Redevelopment Agency and, pursuant to the Dissolution Act, is responsible for the wind-down affairs of the former Redevelopment Agency, including without limitation the performance and repayment of all enforceable obligations of the former Redevelopment Agency; and WHEREAS, the Oversight Board is the oversight board to the Successor Agency and, pursuant to the Dissolution Act, is responsible to oversee the actions of the Successor Agency in the wind-down affairs of the former Redevelopment Agency, including without limitation the performance and repayment of all enforceable obligations of the former Redevelopment Agency; and WHEREAS, Health and Safety Code Section 34171(d)(2) provides, with a few exceptions, that "enforceable obligation" does not include any agreements, contracts, or arrangements between the city, county, or city and county that created the redevelopment agency and the former redevelopment agency; and WHEREAS, the Dissolution Act further provides that after a successor agency receives a finding of completion from the Department of Finance ("DOF") pursuant to Health and Safety Code Section 34179.7, loan agreements entered into between the redevelopment agency and the city, county, or city and county that created the redevelopment agency shall be deemed to be enforceable obligations provided that the oversight board makes a finding that the loan was for legitimate redevelopment purposes; and Resolution No. OSB 14-015 Page 2 WHEREAS, the Successor Agency has received a finding of completion from the DOF on May 24, 2013; and WHEREAS, in addition to establishing when a loan agreement between the city and redevelopment agency shall be deemed to be an enforceable obligation, Health and Safety Code Section 34191.4 further establishes certain restrictions and limitations concerning loan repayments; and WHEREAS, the City and Successor Agency have submitted the June 16, 1992 Drainage Fund Loan, together with other information relating thereto, to the Oversight Board and requested that the Oversight Board approve the June 16, 1992 Drainage Fund Loan, and find that the loan of funds under the June 16, 1992 Drainage Fund Loan was for legitimate redevelopment purposes; NOW, THEREFORE, BE IT RESOLVED by the Oversight Board to the Successor Agency of the Poway Redevelopment Agency as follows: Section 1. Recitals. The recitals set forth above are true and correct and are incorporated into this Resolution by this reference. Section 2. Findings. The Oversight Board has reviewed the original purpose and use of the June 16, 1992 Drainage Fund Loan and hereby finds and determines that the loan of funds by the City to the former Redevelopment Agency under the June 16, 1992 Drainage Fund Loan was for legitimate redevelopment purposes. This finding is based upon the following: a) The amounts due and owing to the City under the June 16, 1992 Drainage Fund Loan reflect the repayment to the City of amounts advanced to or on behalf of the former Redevelopment Agency in order to assist the Redevelopment Agency with completing Cobblestone Creek Road Improvements to benefit the Paguay Redevelopment Project Area and the community. b) Financing public improvements in the Paguay Redevelopment Project Area was specifically identified in the Redevelopment Plan as activities to be undertaken by the Redevelopment Agency to further the goals of the Redevelopment Plan. c) Health and Safety Code Section 33133 authorizes a redevelopment agency to accept assistance from any public or private source for the redevelopment agency's activities. Furthermore, the Redevelopment Plan specifically authorizes the Redevelopment Agency to receive assistance from the City in forms that include advances and loans. d) The Redevelopment Agency was established for the purpose of eliminating blight; stimulating private investment; upgrading commercial and industrial areas; developing parks and recreation facilities; financing public improvements; alleviating infrastructure deficiencies; and providing affordable housing in the areas constituting the Paguay Redevelopment Project Area pursuant to the adopted Redevelopment Plan. The Redevelopment Agency entered into the Resolution No. OSB 14-015 Page 3 June 16, 1992 Drainage Fund Loan with the City in order to borrow funds necessary for the Redevelopment Agency to pay costs associated with completing Cobblestone Creek Road Improvements in accordance with and in implementation of the Redevelopment Plan and the five-year Implementation Plan adopted by the Redevelopment Agency pursuant to Health and Safety Code Section 33490. e) The amounts provided to the Redevelopment Agency under the June 16, 1992 Drainage Fund Loan were loaned to the Redevelopment Agency to further the Redevelopment Agency's redevelopment activities and goals in accordance with and in furtherance of the Redevelopment Plan and the Implementation Plan, to benefit the Paguay Redevelopment Project Area and the surrounding community. Section 3. Approval of June 16, 1992 Drainage Fund Loan. The Oversight Board hereby approves the June 16, 1992 Drainage Fund Loan from the City to the former Redevelopment Agency, including without limitation the recalculation of interest using the Local Agency Investment Fund rate as of the quarter ending December 31, 2013, in accordance with and as set forth in the June 16, 1992 Drainage Fund Loan Repayment Schedule (Exhibit B). The total principal and interest owed ("Amounts Owed") for the June 16, 1992 Drainage Fund Loan is $86,593.81. The Oversight Board further determines that the repayment of Amounts Owed under the June 16, 1992 Drainage Fund Loan is an enforceable obligation and the Successor Agency is authorized to include the repayment of the June 16, 1992 Drainage Fund Loan as an enforceable obligation under its future Recognized Obligation Payment Schedules (ROPS) submitted to the Oversight Board for approval. As Proposition 218, and other constitutional requirements that must be met, support the need for repayment of the full amounts loaned to the Redevelopment Agency from the City's Drainage Fund, the Oversight Board hereby approves, and authorizes the Successor Agency to take such actions, in cooperation with the City, to ensure that all monies due and owing under the June 16, 1992 Drainage Fund Loan are repaid in full to the City's Drainage Fund. Section 4. Transmittal of June 16, 1992 Drainage Fund Loan to Department of Finance. The Successor Agency is hereby authorized and directed to take any action necessary to carry out the purposes of this Resolution, including without limitation, providing any documentation and evidence to the Department of Finance as necessary to obtain from the Department of Finance approval of the June 16, 1992 Drainage Fund Loan as an enforceable obligation. Resolution No. OSB 14-015 Page 4 PASSED, ADOPTED AND APPROVED by the Oversight Board to the Successor Agency of the Poway Redevelopment Agency at a meeting thereof this 30th day of April 2014. Bruce Tarzy, Chair ATTEST: ER Sheil . Cobian, CMC, Secretary Resolution No. OSB 14-015 Page 5 STATE OF CALIFORNIA ) ) ss. COUNTY OF SAN DIEGO ) I, Sheila R. Cobian, Secretary of the Successor Agency of the Poway Redevelopment Agency, do hereby certify under penalty of perjury that the foregoing Resolution No. OSB 14-015 was duly adopted by the Oversight Board to the Successor Agency of the Poway Redevelopment Agency at a meeting of said Board held on the 30th day of April 2014, and that it was so adopted by the following vote: AYES: TARZY, FONG-SAKAI, LYON, SCOTT, LADERMAN, THOLANDI NOES: NONE ABSENT: TAM DISQUALIFIED: NONE Sheila R. Cobian, CMC, Secretary Attachments: Exhibit A — June 16, 1992 Drainage Fund Loan Repayment Agreement and Supporting Budget Documentation Exhibit B — June 16, 1992 Drainage Fund Loan Repayment Schedule • • ). • I • • .111 • RtPAANT.AdkttOEHT, • - . Th ,Rerayrnent Ag-reetent entered in to as..of the .16.th •da'Y of' June • 199Z,, by and.betifeent they Poway Redevelopment AgenciTrplibric. liody:;, corporate ' ariCrAl itid (the •"Agency ): and the City of Poway,-a municipal corporation (the RECITALS'. • A. The Agency.l.t. responsible for tarriprig Out redeveloPment bttiVities in: -the P.Oway RecleVel:6pinerit Prejett•Area. (the •4ProjetV,Area") h.fch is the 'SObjett of a redevelopment PTO •OPprolied; by the City •coacti of the .City by ordinance • adorited on Det'embef :13,. 1983. B. The City Council; of the .City desires, to advance 'a' loan io the Agency in the principal arnbunt Idf up: to $, 817.0.0A° . to assist the Agency: lb paying the Cott of the design and .construction of publlc improvement projects„ and the • Agency .desires to accept said loan. on the terms and Conditions set forth herein • (the '"Public Improvement 11044- Limn"). C. The purpo..se of .this. loan is- to finance the design k and construction of a hvidae.dkrer Powareetek.Rbad area at project. . • . Cobbleqtone:Creek.Roas:1 NOW•, THEREFAE.,, in conSl.deratiOn Of the foregtang and, the mutual covenants ( ) and con'd• ti'ons S"et fOrth• he-ein, the parties heretb agree as followS,: . . SeCtion. 1.. The City' ,hereby advances to the Agency• a.,Rublic Improvement Proects. Loan ',19-the .ptinciparl amount. of. up to .$ 90Q:00. with Interest • 'thereon calculated: at the: rate of return' on. •City inVestments' calculated at January 1 of each Year., and. the Agency hereby' accepts the ;Publ:it IMPrOveMent Projects Loan on the terms provisions ;set forth herein. The .Ag4nOS! shall be ,authorized to draw .404.11st the putilit. Impraeinerif 'projects Loan up to the authorized principal amowit therefif from time •tp time In accordance with *generally accepted accounting prfnci3Olet. The Agency's obligation to repay the .Public .Improvement PrOSectt. Loan and the interest ..thereon shall: be .evidenced by a. AtoilsSof•St note in the •fp1 -attached hereto as 'Exifibit "A" and, incorporated .herein by reference. (the "Public -Improvement Projeets Promissory Note"). ,Seeti.om2.. The:Agency''s obligation to make payments to the city. pursuaiiCtb the 'promissory note: relerred. to, herein and in the ;recitals hereinaboVe shall, be repayed solely, from amounts deposited in the special 'fund* tfeatei With respect to the Project., Area into ibith tax Increment revenues .receiVedby the Agency pursuant 'to; section .33570.(b) are deposited, if .and only to the extent that Such • tax increment reveniiet'are 'received. The Parties" hereto .adknowledge,;and agree that the 'Agency's 'obli- gation to repay .amounts' evidenced by the Promissory Note referred to herein. Shall be .automatically subordtnated to any other obligation of the Agency • secured. !by 'tax increment revenues .deriVed. 'froth the. Area fin. which such tax. increment revenues are Otherwise pledged In connection! with the issuance of bonds, .notes'.„.ccip- ceittf-i.cateS- of participation,-(S part of the Implementation of the' Redevelopment Pl'an, for'the Project Area. . , . Exhibit A . .., . . , 0 • 7.-". • , , • -2- . • . Secti.:on::k., -'The: Kge-oty Shall liave, the ti§ht, at any time:, from time,to time., .upon at least .tin cm. .thrgs..14efften-tip:ifcp to the city r to prepay;'without pre- MIMI by jp•Regsi the .cii4fanding. balance of the {Promissory •Note .referred to he'recil,. or any portion thereof:, with the interest, payable through the .date of •Su6h,.prepayment. • ' tection 5. Thi:s. Agreement shall terminate; when all .obligatiioh$ of the Agency evidenced by 'the Promissory Note' referred to herein shall have been 'discharged in full.. • . Section 6. •Iii C:aSe, any' one or more,:of the .prov.i.sibnsi -contained. -in. this Agreement should. be: held, lnyOrid, illegal.,_ or unenforceable in any respect, the. val i ditty, legal ity, and ,enforceabl 1 i•ty ef. the. remal:ni jig' bilovisidns contained k herein shall not in any .Way be affected: or impaired' theFeby. :Section 7•,: No Meber,. officef, agent,. or employee .gf the Agency shall be individually or personally liable for the payment of the principal of or interest on the P.romfssory ..No,te. . Secti:on 8. The partiteshereto• acknowledge. anti, agree that trip • bli.gaticins of the..Agency 'evidenced by the 'Promiissciry. Nbti :'referred to tere'ln, constitutes an . "indebtedness!' within the:Meaning of Health and• Safety Code; Section 33670(b). IN WITNESS 'WHERFOF, .the parties hereto :have. executed this Repayment' ( •s Agreement. its of the date; first above written. • .) CITY ) P.011AY • A - • 4,1_,,. , iiii•-; •_. ,- - ol dsmi' Mayor ATTEST: • . . • Narori . Wahl:sten; City.iclerk . . • . . POWAY. ,EDEVELO• ENT AGENCY , r / ,: , ve.v_turidit. • - . • 01. , . chairman. ATTEST: r. . . . . ikarjort .. 14ahlisten, 'Secretary • •-• . - 761G/Rep0.11-.37CP33 . . • Exhibit A MI. il . • F k. PAWS MARS:MOT PROJECTS: PROMISSORY MOTE . . . . . : .• Poviay.,. Crifornia. . ' Dated as of: June 16 , 1992 The Poway Redevelopment Agency; a public body Corporate and politic VAgencry, for 'value ifeceived.,. hereby, promise's to pay- the City of Poway, a municipal corporation ('C:14.9"). the principal sbm,of $: 81lf:760:00 , in lawful •money of the LIMO; States° .or America, 020:her, with interest' thereon on the :Urtafd balance fbefixif from the date hereof at the rate of .return on the City of . poway.11 Investments as calculated.. This: rate As not to exceed. 12% or the Maxi- num intere.st rate that may_ be lawfully paid by a ;RedeVelopment Agency. - Repayment of principal :and interest shall be made at monies are available from tax 'increment or other sources:. • POWAY •i-DEVELOP - NT AGENCY • 1 . Blair • • . . i . - Ndsmit Shatrinan , . ATTEST: 11 .., . , y i .. • i, .91).„),,, , .._ . .. . . _. Marjorie Wahl;stery,. Secretary ii . • • . . ° . EXHIBIT ."A" • . . . . • . . , . . Exhibit A LJ ] . . . . FUND ACTIVITY DETAIL DRAINAGE FUND (FUNDS #12 & 24 ) . ] . 1990-1991 1991-1992 1991-1992 1992-1993 1992-1993 ACTUAL BUDGET ACTUAL PROPOSED APPROVED BEGINNING BALI July 1 $ 811,131 $ 577,121 $ 577,121 $ 496,667 $ 496,667 jPrior Years Appropriation - - - - - • Revenues 435,868 443,590 . 508,467 422,080 422,080 • ,,:3Y:.4:..,•:,n}•n ny:}v..,Y%•YYY:•Y:•:.: fv :{•Yy.:y j. ....... i.. .:..r; .....{.wY:-Y:;;<a;{;,;•.••..:..:...:.........,......-:,..........,•..r..,•n,,:..,.,::rr..:.s::::.:.•.,.......,..:::::•r:;,..:{.::;••:•{•;;•is{ :;•:L.Y:{3:.::::.:::.:•,+:.1•a{.::^{:{;•:•??.}:::::•::::•:::•:.;3:•:{•1::•}:•:3:•?:0:•::::{2Y;;;a.?:3:{y{{%:;:<•;;;;?•:::3::•..... .. R 'j' 7 J�[ y :•:{J ( + �:• :•W h'tf:7: �' '9g '0~'I.•:2::�.v;�M1. ,•N8•' Y• i?):'."'::':'.v'::;.;:;:n .�Y.•:�....�.!1Tf� Ti:. 2...T }:�.:-"T�!. .�... :•.�. 'Y.••��.. �i:v.... {:::�...Y •::\,v.„v„,•.,'•.:::,,,,::•n4,,,v,:,,,,•:\„„•.v::.vv v....l..:.,:�,•.::.:..,:.................r.:v:::::..n.:...::.v.vn .:nv:.v.,.� JJ.iJ.:wnv...v:...:..•..v:•:fii::}:�.,v,.....v,.{v.:v.v..: •:.:•v... �'�:J.:L:..v "{.,-�n;.. ..:y....; j. . . • ' EXPENDITURES - • Operating Expenses ' tol Administrative Services $ 11,317 $ 14,691 •$ 13,628 $ 14,050 $ 14,050 Public Services 313,994 306,180 279,045 321,760 321,760 • • Engineering Services - 32,676 32,676 32,676 • Total Operating Expenses $• 325,311 $ 320,871 $ 325,349 $ 368,4.86 $ 368,486 3 : ' : Capital Projects: }3: Flood Control & Drainage$ 17,567 •$ 170,000 $ 91,872 $. - . $ 65,000 Government •Buildings - - - - - • :Total Capital Projects $ 17,567 $ 170,000 $ 91,872 $ - $ 65,000 ..... •.,•..,•• „•:•:•. „•.:• .,•.,•: ...:. !::, ,.:..:.,•„••.,••,,..,..:: v,;•:n..•r::::,•:::.. ..,• ::•.,„v. ,,:: ....... ..:.•.,:•r••,•.,•: -•.,•:n•:.,: .w ?wxJ:J}?:3wi}+.m Y..Y}.>../:. r Y� .Y?:{ ../, n Mn Y 3. }.. ..}..... >. •?:tr..{,} Y,..M•, v,.J,.,r--: ..}Y>}iYY:::.,•/;YJ•:f..:�;}:!nY.•}:;•Y•}••K{f;{':^:;;:i'f.•2Y:{;n?::•Y Y:j3Y:Si: ,.i:sr.:R.,....5.{£!?,,t:..}.,.v..,,a?r•:...,.,.:}:r.•f',.,••.<.t.}S>};:;'t,}a ;{,fY.y..Ad:<3.+..}:r,:::...y„c;7:{:2#:2.:-„•,? :.J.:,v,,:;2:••:n,:3.,{,'3}::,}.<.,YY.'.3..:,.,.2.<,,cC,,b:.,tw.,.,... „•,.,•.:..,. ,:... r.,L. ::t•:.,:.,,3•.r{:::;}..}?:,•: x!3:•Y;r. 1•.:3:•{,Y;'t:. •:2 %::'•::fi2:ir .�9 ..:Sk .yJ :::s x::::::::,44,a � ii:i<;is:% .... `:;n:. .. �:, i::;v .. ..1..n.. ?jii{•i !� yi$ '-:�<Je :t'+Yi •`i:.is .3,`4:•�::f {: :5� 4�.v}:•:v`i.^. ]�.: v::: w{-.,,:,L.r: vvm.vr��ri .�v.,,: :..Y:,.Y..nv....w,��.Y.�.SF.{{•.T i2f}:':.v v2•kv>:v. ]v:nv:::n.,: i?is2+i�...........n7:v:: n ::w:n ..............:�{vmMV I 7. TRANS FE R/LOAN S-In (Out) • tit:' Loan to Redevelopment - Agency . $ (327,000) $ (90,000) $ . .(171,7 0) $ -u' $ ( 3r 9Yti ,6:+{{5{•.63Y) _Y •^1T v ; rC v }aR: ; } : .w � y v vA :1 � � Av�/"0� � 9000 } x ? 4 v::j .> 'rr wryArW�: 0•ffv4A�.� N.,�09 } �."�m�'? n: 3yrt {� Y n> Y :UnJ� V w > Wvw2we{ jr Anv1}' fSl:• N..,,,,,.. I S =7 "ti� dl f., � }£ o S d` , _R' omsgsIgppomttimgwgggmsymonotsrrmmmpvsBnewaavuoom n^ v, v v n »9 3 f vnw 3k r. 3 ..: :w .. . w: l:n. 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PROJECT COMMENTARY 5413 COBBLESTONE CREEK BRIDGE This project provides for the construction of a bridge across Poway Creek at Cobblestone Creek. P J P 9 Y , Cost Estimate - $245,000 Funding Source - FY 92-93 • RDA Admin./CIP Fund (#39) $163,300 FY91-92 - $ 81,700 FY 92-93 - $163,300 • • • • • • • • • • L C ;,. . . �M � I Exhibit A JUNE 16, 1992 DRAINAGE FUND LOAN 18-YEAR $81,700 Principal Balance Annual payment on 6130 of each.fiscal year(18 year repayment) 4,91768. LAIF Interest"rate --' 0.26% Pymt# Balances Principal Interest Total Balance @ 6/30/15 81,700.00 4,893.81 86,593.81 1 ( Payment CO 6/30/15 23.87 4,893.81 4,917.68 Balance (4 7/1/15 81,676.13 - 81,676.13 FY 15-16 Interest - 212.36 212.36 Balance @ 6/30/16 81,676.13 212.36 81,888.49 2 I Payment @ 6/30/16 4,705.32 212.36 4,917.68 Balance @ 7/1/16 76,970.81 - 76,970.81 FY 16-17 Interest - 200.12 200.12 Balance @ 6/30/17 76,970.81 200.12 77,170.93 3 Payment @ 6/30/17 4,717.56 200.12 4,917.68 Balance @ 7/1/17 72,253.25 - 72,253.25 FY 17-18 Interest - 187.86 187.86 Balance © 6/30/18 72,253.25 187.86 72,441.11 4 I Payment © 6/30/18 4,729.82 187.86 4,917.68 Balance @ 7/1/18 67,523.43 - 67,523.43 FY 18-19 Interest - 175.56 175.56 Balance @ 6/30/19 67,523.43 175.56 67,698.99 5 I Payment © 6/30/19 4,742.12 175.56 4,917.68 Balance © 7/1/19 62,781.31 - 62,781.31 FY 19-20 Interest - 163.23 163.23 Balance @ 6/30/20 62,781.31 163.23 62,944.54 6 1 Payment @ 6/30/20 4,754.45 163.23 4,917.68 Exhibit B JUNE 16, 1992 DRAINAGE FUND LOAN 18-YEAR $81,700 Principal Balance Continued Pymt# Balances Principal Interest Total Balance @ 7/1/20 58,026.86 - 58,026.86 FY 20-21 Interest - 150.87 150.87 Balance @ 6/30/21 58,026.86 150.87 58,177.73 7 I Payment @ 6/30/21 4,766.81 150.87 4,917.68 Balance @ 7/1/21 53,260.05 - 53,260.05 FY 21-22 Interest - 138.48 138.48 Balance @ 6/30/22 53,260.05 138.48 53,398.53 8 I Payment @ 6/30/22 4,779.20 138.48 4,917.68 Balance @ 7/1/22 48,480.85 - 48,480.85 FY 22-23 Interest - 126.05 126.05 Balance @ 6/30/23 48,480.85 126.05 48,606.90 9 I Payment @ 6/30/23 4,791.63 126.05 4,917.68 Balance @ 7/1/23 ' 43,689.22 - 43,689.22 FY 23-24 Interest - 113.59 113.59 Balance @ 6/30/24 43,689.22 113.59 43,802.81 10 I Payment @ 6/30/24 4,804.09 113.59 4,917.68 Balance @ 7/1/24 38,885.13 - 38,885.13 FY 24-25 Interest - 101.10 101.10 Balance @ 6/30/25 38,885.13 101.10 38,986.23 11 I Payment @ 6/30/25 4,816.58 101.10 4,917.68 Balance CO 7/1/25 34,068.55 - 34,068.55 FY 25-26 Interest - 88.58 88.58 Balance @ 6/30/26 34,068.55 88.58 34,157.13 12 I Payment @ 6/30/26 4,829.10 88.58 4,917.68 Exhibit B JUNE 16, 1992 DRAINAGE FUND LOAN 18-YEAR $81,700 Principal Balance Continued Pymt# Balances Principal Interest Total Balance @ 7/1/26 29,239.45 - 29,239.45 FY 26-27 Interest - 76.02 76.02 Balance @ 6/30/27 29,239.45 76.02 29,315.47 13 I Payment @ 6/30/27 4,841.66 76.02 4,917.68 Balance @ 7/1/27 24,397.79 - 24,397.79 FY 27-28 Interest - 63.43 63.43 Balance @ 6/30/28 24,397.79 63.43 24,461.22 14 I Payment @ 6/30/28 4,854.25 63.43 4,917.68 Balance @ 7/1/28 19,543.54 - 19,543.54 FY 28-29 Interest - 50.81 50.81 Balance @ 6/30/29 19,543.54 50.81 19,594.35 15 I Payment @ 6/30/29 4,866.87 50.81 4,917.68 Balance @ 7/1/29 14,676.67 - 14,676.67 FY 29-30 Interest - 38.16 38.16 Balance @ 6/30/30 14,676.67 38.16 14,714.83 16 I Payment @ 6/30/30 4,879.52 38.16 4,917.68 Balance @ 7/1/30 9,797.15 - 9,797.15 FY 30-31 Interest - 25.47 25.47 Balance @ 6/30/31 9,797.15 25.47 9,822.62 17 I Payment @ 6/30/31 4,892.21 25.47 4,917.68 Balance @ 7/1/31 4,904.94 - 4,904.94 FY 31-32 Interest n - 12.75 12.75 Balance @ 6/30/32 4,904.94 12.75 4,917.69 18 I Payment @ 6/30/32 4,904.94 12.75 4,917.69 Balance @ 7/1/32 (0.00) - - Exhibit B