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Home My WebLink AboutRDA RES 457RESOLUTION NO. 457 A RESOLUTION OF THE PALM DESERT ` REDEVELOPMENT AGENCY APPROVING A REPORT REGARDING EXCESSTAXINCREMENTREVENUESAND MAKING FINDINGS RELATED THERETO THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOL OWS: Section 1. The Palm Desert Redevelopment Agency (the "Agency") has caused to be prepared a Report Regarding Excess Tax Increment Revenues, which Report is attached hereto as Exhibit A. Such Report indicates the last equalized roll of taxable property in each of the Project Areas of the Agency, the projected amounts to be set aside into the Low and Moderate Income Housing Fund of the Agency pursuant to Health and Safety Code Sections 33334.2(a) and 33334.6(c), the housing requirements specified in paragraph 1.a, b and c of that certain Stipulation for Entry of Judgment in Case No. lndio 51143, as amended in 1997 and again in 2002, the projected housing needs included in the requirement set forth in paragraph 1.d of such Stipulation, and the estimated amounts of money necessary to meet the requirements of paragraph 1.a, b, c and d of such Stipulation. Such Report includes evidence and analysis reasonably supporting and substantiating the projections therein. Such Report is hereby approved. Section 2. The Agency hereby finds and determines that the surplus revenues described in the Report are not and will not be necessary to meet the housing requirements set forth in paragraph 1 a, b and c of such Stipulation with respect to Project Areas Nos. 1 and 2 of the Agency, and are not and will not be necessary to meet the housing requirements set forth in paragraph 1 d of such Stipulation with respect to Project Area No. 2 of the Agency. Such surplus revenues therebyconstitute "excess tax increments" within the meaning of that term under paragraph 2 of such Stipulation, as Amended. Such surplus revenues therefore may be pledged on an annual basis to pay future debt service on bonds, notes or other indebtedness of the Agency to finance its redevelopment activities, which are unrelated to low and moderate income housing, and such bonds, notes, or other obligations or indebtedness P6402\0001\675749.5 RESOLUTION NO. 457 will thereby constitute a"prior indebtedness" within the meaning of such term under paragraph 2 of such Stipulation. PASSED, APPROVED AND ADOPTED this 14ttiday of tvovember , 2002. AYES: BENSON, CRITES, FERGUSON, SPIEGEL, KELLY NOES: NONE ABSENT: NorrE ABSTAI N : NONE c �� RIC ARD S. KELLY, CHAIRMA ATTEST: RA HELLE D. KLASSEN, SECRETARY P6402\0001\675749.5 RESOLUTION NO. 457 EXHIBIT "A" Report Regarding Excess Tax Increment Revenues REPORT REGARDING EXCESS TAX INCREMENT REVENUES October, 2002 This Report has been prepared pursuant to paragraph 2 of the Stipulation for Entry of Judgment in Case No. Indio 51143, entitled City of Palm Springs v. All Persons Interested, as amended in 1997, and as amended again in September of 2002. The purpose of this Report is to set forth facts and projections upon which the Palm Desert Redevelopment Agency may make a finding that certain amounts of tax increment revenues, as identified in this Report, are not and will not be necessary to meet the housing requirements set forth in the Stipulation, as amended, and that such tax increment revenues may be pledged on an annual basis to pay annual debt service requirements on long term bonds, notes, or other obligations or indebtedness of the Agency to finance redevelopment activities other than housing. As used in this Report, "Agency" collectively also means related public entities such as the City of Palm Desert and the Palm Desert Housing Authority. 1. According to reports issued by the Auditor-Controller's Office of the County of Riverside, based upon the last equalized tax assessment roll' the assessed value of taxable property in all Project Areas of the Agency is set forth on Table 1, below, and is as follows: the Original Temtory of Project Area No. 1, $677,837,352; the Added Territory of Project Area No. l, $2,952,832,758; Project Area No. 2, $1,144,432,059; Project Area No. 3, $285,478,840; and Project Area No. 4, $1,314,714,496. TABLE 1 PALM DESERT REDEVELOPMENT AGENCY 2002-2003 EQUALIZED ROLL FOR ALL PROJECT AREAS Project Area No. 1 Original Territory Project Area No. Added Territory Project Area No. 2 Project Area No. 3 Secured $ 582,303,437 2.885,218,745 1,134,005,914 251, 593, 562 Unsecured $ 95,533,915 67,614,013 10,426,145 33,885,276 Total Assessed Value $ 677,837,352 2,952,832,758 1,144,432,059 285,478,840 Project Area No. 4 1,306,313,080 8,401,416 1,314,714,496 ' County Auditor-Controller report for fiscal year 2002-2003 available for review at office of Executive Director of Agency. 1 2. Table 2, below, details the growth during the last several fiscal years of the net assessed value of taxable property within all Project Areas of the Agency. The information in Table 2 is based upon previous reports issued by the Riverside County Auditor Controller's Office.'- TABLE 2 PALM DESERT REVELOPMENT AGENCY ASSESSED VALUATION HISTORY FOR ALL PROJECT AREA; Fiscal Year t 985-86 1986-87 1987-88 1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 ' Q97-98 98-99 99-00 2000-01 2001-02 2002-03 Project Area Projed Area No t No t Project Area Project Area Original Territory Growth Added Tercitory Growth No. 2 Growth No. 3 301,032,783 976,968,289 (not available) 329,193.372 9.35% 1,054,z�9,473 7.91% 102.157.447 baseyear 360.380,256 9.47°/, 1,106,840,081 4.99% (not available) 356,789,397 -1.00% 1,141,345,276 3.12% 267,444,268 397,104,031 11.30% 1,278,633,404 12.03% 345,058,637 29.02% Growth 443.241,598 17.62°/, 1,403,837,206 9.79°/, 431,794,716 25.14% 149,523,255 base yr 460,970,175 4.00°/, 1.515,782,443 7.97°/, 516,031,260 19.51°/, 158,703,458 est. 476,509,811 3.37% 1.612,292,706 6.37% 542,212,121 5.07% 185,318,169 16.77°/u 504,139,473 5.80% 1,692,432,395 4.97% 583,724.579 7.66% 191,012,915 3.07% 508,383,101 0.849'0 1,735,605,615 2.56% 565,046,462 -3.20% 192.765,917 0.92% 536.921,330 5.61% 1,745,423,703 0.55% 603,863,572 6.87% 203,423,387 5.53% 545,676.935 1.63% 1.752,305,202 0.39% • 639,950,488 5.98% 201,554,484 -0.92% 561,656,577 2.93% 1,784,367,801 1.83% 692,074.003 8.14% 210,542,941 4.46% 575,683,�06 2.50% 1,835,985,315 2.8996 735,914,253 6.33% 218,502,516 3.78% 582,008.406 1.10% 1,924,383,612 4.81% 814,178,455 10.63% 235,022.348 7.56% 647,354,888 11.23°/a 2.253,001,599 17.08% 883,822,369 8.55% 252,343,372 7.37% 663,561,785 2.50% 2.638,690,776 17.12% 959,692,226 8.58°/a 269,924.155 6.97% 677,837,352 2.15% 2.952,832,758 77.91% 1,144,432,059 19.25% 285,478,840 5.76% Average Annual Percentage Increase 4 979�0 6.84°/a 1125% 5.57% Area No. 4 Growth 58T,192,218 610,960,797 666,027.711 695,032,503 697,48T,317 729,959,358 789, 753,193 916.534,060 1,048,408, 747 1, 207, 732,362 1, 314, 714.496 As shown by Table 2, the average percentage increase in assessed valuation of taxable property in Project Area No. 1 over the prior 17-year period is as follows: for the Original Territory, 4.97 percent; and for the Added Territory, 6.84 percent. The average percentage increase in assessed valuation of taxable property in Project Area No. 2 over the prior 14-year period is 11.25 percent. The average percentage increase for Project Area No. 3 over the prior 12-year period is 5.57 percent, and the average percentage increase for Project Area No. 4 over the last ten years is 8.51 percent. 3. New development and construction activity continues in all Project Areas. Rosenow, Spevacek Group,� Inc., working with the City's Building Department and Planning Department, has reviewed new development and construction activity that will significantly increase the assessed value of the Project Areas.. That new development and construction activity is projected to result in additions to the assessment rolls for 2003-2004 for the Onginal Teiritory of Project Area No. 1 of � Counry Auditor Controller's reports for prior fiscal years available for review at office of Executive D'uector of Ageney. base yr. 4 05°/ 901% 4 35°/ 0 35°/ 4 66% 8.19 % 16.05 % 14.39°/ 15.20°i B.B6 i 8.51 °i 2 $25,000,000; for the Added Territory of Project Area No. 1 of $103,602,801; for Project Area No. 2 of $120,016,347; and for Project Area No. 4 of $18,096,903. The various development projects are separated by Project Area and set forth on Table 3, below. New Developments Project Area No.1 Original Territory Developarl Proket Projed Mu�iptlon Westfield Shopping 200,000 sq. it expansion: Center Expansion 1042 saeen stadium (formerly Palm seaGng theater, inc1.1,000 Desert Town space parking SUM TABLE 3 PALM DESERT REDEVELOPMENT AGENCY NEW DEVELOPMENT PROJECTS BY PROJECT AREA �1999100 � I BIdg6V�lue I LmdlLob I BI g V lue I LanOdlLob 01 V $0 � 200L03 Bldg V�lue � 2001103 2003104 Lmd md Bldg LmdlLob Bidg V�Iue 10 Ve�r ToW $25,000,000 $50,OOO,Q New Developments Project Area No.1 Added Tenitory TABLE 3 PALM DESERT REDEVELOPMENT AGENCY NEW DEVELOPMENT PROJECTS BY PROJECT AREA INew Developments Proied Area No. 2 Developerl Proj�ct Project DescripHon lnhawest Resat Corp. 310-unif vacation ownership complex Intrawest Resort Communifies f I60) 346-8014 10 bldgs. = 60 fime-share units Marriot Courtyard d Residence Inn Fox Development 6 single famil ly homes Marrpt Ownershiv Resat. Inc. 999 time-share unds wifh 18-hole gd1 'Shadow Ridae on Monterrev' course Marriofl Times�ares (760) 837-4963 2 bldgs. = 24 time-share unils To be added Exisdng new 2000101 ewy o.�n o.�.b� :oo�ro� tooyw :ao�ia zoous 199�100 1999R000 vdw �ddd vdu� addd v�lw �ddd valw �ad�d v�lw �dE�d 30 60 60 60 50 55,500,000 j2,720,124 55,440,208 55,440,248 55,440,248 54,533,54 511,000,000 511.000.000 511.000.000 59.166,667 unitslpermits x��a�nww. n�,:��.m.a.i �z��■m.n.� ar+nwb w�+ ay.�we r� .w. ain.r.� w�� E4,400,000 52,176,099 54,352,198 86,518,2! 38.800,000 E13,200.D00 f13.200.a I Marrioft Timesha�e Sales Bldg. Permd pu1/eA 6-17-99 30,000 sq. R. sales building I I � 52,250,000 permR (naled 7•26 2000 "---;�tt Maintenance Fxiliry 20,000 sa. 8. mainlenance bWg. 51,000,000 otl Clubhouse 20,�0 sq. ft. clu6house 52,000,000 : tt Golf Course Golf Course 18 holes 536,000,600 Desert W�Aow Area Conference Center d Hotel To be compleled by Conference Cenler 6 250 rooms 56 July 2002 Luxory Hotel To be crompleted by 420 raoms July 2003 Desert Welis Country Club Golf Course incuMes course, mantance tacitiry S1 clubhouse, heaftlrclub and restaurant S 6 N Hospitality 140 rooms With @ 90,�00 per rtn S1 7imeshates 85 Centruy Homes Project 687 homes buibout 6 years average p�ce � 3300.000 on 1he ron az 5105,000.000 114 11 34,200,000 534.500,0c � 4 TABLE 3 PALM DESERT REDEVELOPMENT AGENCY NEW DEVELOPMENT PROJECTS BY PROJECT AREA New Developments Project Area No. 2 Developer Esdmated zoaya tooe�or �oo�ia aoouos zoow�o to�a» t.od.�eemy Devdope►1 Project Projecl Dcsaiptlon valu� �dMd valw addd valw dd�d valu� �ddd vdu� addd vJw addd 10 Yw Tolal Inhawest Resort Corp. 310•unit vacalion ownership complex lntrawesf Resorf Communities (760� 346�8014 10 bldgs. = 60 fime•share unifs f23,574,407 542,166,667 Marrid Courryard d Residence Inn Fox Devebpmenf 6 single famil ly fpmes Maniot Ownershin Resat. Inc. 999 time-share unrts with 19-hole golf �a u�� .w� n�.na m.a� �r �4 m.n�u �a �,.�d m.t.� �z �r �w n�. �.� fotal 648 unils .�,. an«wwn: �.w en..nwra vw. eiw.no.rn �nw bn.«�a .rw eer.nooa vr. an.w�wrt �his rrod 'Shadav Ridoe on Mor�ene� cou�se p,,,,,, a,,,�, p,,,,, p,,,,,,, � � pe Marriott Timeshares (760) 837-4963 2 bldgs. = 24 time•share uniLs 56,528,297 56,528,29� 56,528,297 56,528.297 56,528,297 56,52B,297 556.626,379 513,200.000 513,200,000 513.200,000 E13,200,000 513,200,000 513.200,000 5114.100,000 Marrioft Timeshare Sales Bldg. Permd pulled 6•17•99 30,000 sQ. R. sahs Duilding fp,p5p,ppp permif finaled 7�26- 2000 Marriotl Maintenance Facility 20,000 sq. ft. mainlenance bWg. j�,ppp,ppp Marriotl Gubhouse 20,000 sq. ft. clubhouse 52.000,000 Marciori Golf Course Golf Course 18 holes E36,000.000 Oesert Wilbw Area Conference Center & Hotel To be completed by Conference Center & 250 raortu S55,ppp,ppp July 2002 Luxory Fbtel To be completed by 420 rooms E105,000,000 July 2003 DeseA Wells Couniry Club Golf Course inculdes course, maintance facifiry • clubhouse, healthclub and restauranl S 3 H Hospitality 140 rooms Wilh �a,190,p00 pe7rm � 512,600,000 Timeshares 85 Cenhuy Homes Projec1687 homes buildout 6 years average price @ 5300,000 ��5 115 115 113 534,500,000 534.500,000 S3d,500,000 533.900,000 5206,100,000 partments SUM E54,228,41 554,228,412 554,228,412 553,628,410 519,129,29 519,728,297 570,991,074 �� , me �ou ffi o�: zoosro� zooiroe zoae�as zao��o zo�on� zoiv�2 TABLE 3 PALM DESERT REDEVELOPMENT AGENCY NEW DEVELOPMENT PROJECTS BY PROJECT AREA New Developments Project Area No. 4 zoouo2 Developerf Projed Project Descrlption Bldg Value Building Permits 42-185 Washington Refail . St. 78-005 Country Mobil Gas/ Car Wash Club Dr. Fred Waring Dr. & Washington zoo�rox zooyos 2002103 sooaro� 2003101 Lmdllota Bidy V�iue LandlLots Bldg V�lue L�ndllota $55,115,398 $14,269,690 $818,375 $848,B38 a2,160,000 115 $8 $2,1 For purposes of this Report, the Agency has conservatively estimated future growth based upon historical experience and based upon expected new development and construction activiry and projected development. Estimated future growth in all cases is less than actual historical experience. Estimated future growth is shown on Table 4, below. Projections contained in Table 4 utilize the following growth rates: (i) for the Original Territory and Added Territory of Project Area No. 1, and for Project Areas Nas. 3 and 4, a four percent annual growth rate was applied to secured value; and (ii) for Project Area No. 2, a five percent growth rate was applied. Growth in the unsecured assessment roll for all Project Areas has been estimated at one percent per annum for the term of the projections. Based upon the foregoing, the future assessed value of taxable property in each of the Project Areas is projected on Table 4. The projections are well below the actual historical experience of the Agency. 200415 20W105 Land and Bldg Bldg VaFue Landllots 10 YesrToUl C� TABLE 4 PALM DESERT REDEVELOPMENT AGENCY TAX INCREMENT REVENUE PROJECTIONS PROJECT AREA N0.1 (ORIGINAL TERRITORY) Fiscal Secured Value Year Forecasted ' Growth @ 4.0% � Unsecured Projected , Value New Forecasted at � Development i 1.00% , , 8Y 1914•75 27,485,836 , 1 1999-00: 503,383,882 ; 78,624,524 � Actual 2 2000-01 � 553,055,808 � 98,627,475 i Actual 3 2001-02 �, 564,983,710 ' 98,578,075 i 4� 2002-03 j 582,303,437 ; 95,538,955 i 0 5 2003-04 � 605,595,574 � 96,494,345 I 25,000,000 � � 6; 2004-05 ; 655,819,397 ; 97,459,288 ; 25,000,000 7 2005-06 � 708,052,173 � 98,433,881 1 8 2006-07 � 736,374,260 ` 99,418,220 � 9 2007-08 � 765,829,231 ' 100,412,402 ! 10 � 2008-09 ; 796,462,400 ; 101,416,526 ' , 11 2009-10I 828,320,896 :102,430,691 ' 12 2010-11 ' 861,453,732 ' 103,454,998 • 13 2011-12 . 695,911,881 ' 104,489,548 14 2012-13 � 931,748,356 105,534,444 , 15 2013-14 , 969,018,291 � 106,589,788 16 ' 2014-15 ; 1,007,779,022 107,655,686 � 17 ' 2015-16 � 1,048,090,183 108,732,243 �� 18 2016-17 � 1,090,013,790 � 109,819,565 i 19 2017-18 � 1,133,614,342 ; 110,917,761 � � � 20 � 2018-19 � 1,178,958,916 � 112,026,938 i , 21 � 2019-20 � 1,226,117,272 I 113,147,208 22 2020-21 . 1,275,161,963 � 114,278,680 23 2021-22 ' 1,326,168,442 I 115,421,467 i, 24 . 2022-23 ! 1,379,215,179 ; 116,575,681 I � � 25 ` 2023-24 ! 1,434,383,787 � 117,741,438 26 2024-25' 1,491,759,138 ; 118,918,853 ; Net Estimated Unitary � � Incremental Tax , Utility Valuation Increment Revenue at 1.0°/a � ; ... ._. , _. i 554,522,570 624,197,447 636,075,949 650,356,556 699,604,083 750,792,849 779,000,218 808,306,644 838,755,797 !, 870,393,090 �'i 903,265,751 I 937,422,894 � 972,915,593 ; 1,009,796,964 ; 1,048,122,242 I 1,087,948,872 � 1,129,336,590 I1,172,347,519 1,217,046,267 1,263,500,018 1,311,778,644 ! 1,361,954,807 I 1,414,104,072 � 1,468,305,025 ; 1,524,639,389 ! 1,583,192,155 � , � � 5,545,226 ; 322,956 � 6,241,974 j 332,579 i 6,360,759 � 332,579 � 6,503,566 I285,323 � 6,996,041 285,323 � � 7,507,928 285,323 7,790,002 ! 285,323 ; � � 8,083,066 � 285,323 ; 8,387,558 � 285,323 'I 8,703,931 � 285,323 � 9,032,658 � 285,323 � 9,374,229 � 285,323 9,729,156 ' 285,323 ; 10,097,970 ; 285,323 ', 10,481,222 ! 285,323 �, 10,879,489 i 285,323 i 11,293,366 ; 285,323 � 11,723,475 i 285,323 I 12,170,463 285,323 12,635,000 285,323 13,117,786 ; 285,323 13,619,548 � 285,323 14,141,041 285,323 14,683,050 � 285,323 15,246,394 � 285,323 15,831,922 � 285,323 Total Gross Tax Increment and Unitary Housing Fund at 20% 5,940,736 1,188,147 6,574,553 ; 1,314,911 6,693,338 � 1,338,668 6,788,889 �, 1,357,778 7,281,364 I 1,456,273 7,793,251 � 1,558,650 8,075,325 � 1,615,065 8,368,389 i 1,673,678 . ; 8,672,881 i 1,734,576 � � 8,989,254 ; 1,797,851 9,317,981 ; 1,863,596 � 9,659,552 : 1,931,910 10, 014,479 : 2,002, 896 10,383,293 2,076,659 — 10,766,545 � 2,153,309 i 11,164,812 ; 2,232,962 11,578,689 � 2,315,738 12,008,798 I 2,401,760 12,455,786 ; 2,491,157 12,920,323 2,584,065 13,403,109 � 2,680,622 13,904,871 I 2,780,974 14,426,364 � 2,885,273 14,968,373 � 2,993,675 15,531,717 i 3,106,343 16,117,245 i 3,223,449 7 TABLE 4 PALM DESERT REDEVELOPMENT AGENCY TAX INCREMENT REVENUE PROJECTIONS PROJECT AREA NO. 1(ADDED TERRITORY) . Fiscal Secured Value Unsecured Projected � Net ' Estimated Unitary Total Tolal Housing Year � Forecasted Value New Incremental Tax Utility Tax Increment ' Gross Tax Fund ` Growth @ Forecasted at ' Development ' Valuation �; Increment Revenue ; and Unitary ; Increment at 20°/a 4.0% 1.0% , 1.000°/a ; Up to Cap l�l � (2) (31 (4) (5) (6) (�) (B) � (9) BY 198f-B4 656,065,059 ' i 1;1999-OQ . 1,879,979,931 , 44,4�3,681 i Actual i 1,268,318,553 i 12,683,186 �. t42,885 '; 12,826,070 j 13,714,716 ' 2,742,943 2:2000-01 � 2,195,250,612 ' S7,750,987 i Actual ' 1,596,936,540 i 15,969,365 � 152,108 ' 16,121,473 16,121,473 ; 3,224,295 , 3 2001-02 i 2,578,872,509 ! 59,818,257 I 126,452,280' 1,982,625,707 I 19,826,257 j 152,108 � 19,978,365 19,978,365 � 3,995,673 � 4;2002-03 � 2,896,393,452 ' 67,906,413 I 116,102,801 ' 2,308,234,806 ' 23,082,348 ': 134,804 i 23,217,152 1 23,217,152 '; 4,643,430 � I I i I , 5 2003-04 ! 3,132,996,103 � 68,585,477�� 103,602,801 j 2,545,516,522 i 25,455,165 ! 134,804 ; 25,589,969 '� 25,589,969 � 5,117,994 ; � 6�2004-051 3,366,062,861 I 69,271,332 � 97,260,078 i 2,779,269,134 ; 2�,792,691 i 134,804 ! 27,927,495 27,927,495 � 5,585,499 ' , , , � 7 2005-06 � 3,601,855,856 69,964,045 I 85,000,000 I 3,015,754,842 i 30,157,548 I 134,804 i 30,292,352 i 30,292,352 '� 6,058,470 � 8;2��6-07 � 3,834,330,09� I 7p,663,686 � 85,000,000 j 3,248,928,717 �� 32,489,287 I 134,804 ,, 32,624,091 � 32,624,091 ; 6,524,818 , 9;2007-08' 4,076,103,294 � 71,370,323 i 85,000,000 � 3,491,408,557 ! 34,914,086 " 134,804 � 35,048,890 � 35,048,890 ! 7,009,778 ; 10 �2008-09 � 4,327,547,425 '. 72,084,026 � 85,000,000 � 3,743,566,392 I 37,435,664 � 134,804 '' 37,570,468 � 37,570,468 ; 7,514,094 � 11 �2009-10 � 4,589,049,322 ! 72,804,866 I 85,000,000 j 4,005,789,129 i 40,057,891 � 134,804 i 40,192,695 � 40,192,695 i 8,038,539 � 12 i2010-11 �i 4,861,011,295 j 73,532,915 � 85,000,000 ' 4,278,479,151 �j 42,784,792 '; 134,804 ! 42,919,596 j 42,919,596 i 8,583,919 • 13 �2011-12 � 5,143,851,747 ':. 74,268,244 ; 4,562,054,932 � 45,620,549 � 134,8Q4 ; 45,755,353 I 45,755,353 I 9,151,071 "�2012-13 ; 5,349,605,817 � 75,010,926 � � 4,768,551,684 � 47,685,517 134,804 i 47,820,321 � 47,820,321 ; 9,564,064 '2013-14 � 5,563,590,050 i 75,761,036 ; 4,983,286,026 I 49,832,860 j 134,8Q4 � 49,967,664 ; 49,967,664 9,993,533 . �;2014-15 !' S,786,133,652 � 76,518,646 � 5,206,587,239 i 52,065,872 ; 134,804 � 52,200,676 � 52,200,676 � 10,440,135 , . , ; 17 ':2015-16 � 6,01�,5�8,998 ! 77,283,832 ! 5,438,797,771 1 54,387,978 � 134,804 ! 54,522,782 I 54,522,782 ' 10,904,556 18 2016-17 ! 6,258,282,158 ' 78,056,671 i 5,680,273,769 56,802,738 ! 134,804 � 56,937,542 i 56,937,542 � 11,387,508 � 19 .2017-18 6,508,613,444 �' 78,837,237 i I' S,931,385,622 i 59,313,856 � 134,804 �I 59,448,660 I 59,448,660 i 11,889,732 ; 20 2018-19' 6,768,957,982 ! 79,625,610 i j 6,192,518,533 � 61,925,185 � 134,804 � 62,059,989 I 62,059,989 � 12,411,998 � � � i � 21 ;2019-201 7,039,716,301 80,421,866 i ; 6,464,073,108 � 64,640,731 � 134,804 � 64,775,535 41,201,798 j 8,240,360 �; 22 2020-21 � 7,321,304,953 ; 81,226,084 � i 6,746,465,979 67,464,660 I 134,804 ; 67,599,464 0; 0� 2 3 2 0 2 1- 2 2 � 7, 6 1 4, 1 5 7, 1 5 1 i 8 2, 0 3 8, 3 4 5 � 1 7, 0 4 0, 1 3 0, 4 3 8 � 7 0, 4 0 1, 3 0 4 � 1 3 4, 8 0 4 I 70, 5 3 6,10 8 i 0 I 0 I � 2 4 � 2 0 2 2- 2 3 �; 7, 9 1 8, 7 2 3, 4 3 7 ; 8 2, 8 5 8, 7 2 9 I . � 7, 3 4 5, 5 1 7, 1 0 7 i 7 3, 4 5 5, 1 7 1 1 3 4, 8 0 4 � 7 3, 5 8 9, 9 7 5 4 I 0; � ; 25 2023-24 ! 8,235,472,375 i 83,687,316 i i 7,663,094,632 76,630,946 i 134,804 i 76,765,750 , 0 I 0 � 26 2024-25 ; 8,56d,891,270 I 84,524,189 � � 7,993,350,400 79,933,504 �� 134,804 ; 80,068,308 � 0�i 0' 27 2025-26 ; 8,907,486,921 � 85,369,431 I ! 8,336,791,293 j 83,367,913 ; 134,804 I 83,502,717 l 0 i 0' 28 2026-27 ! 9,263,786,397 � 86,223,125 I � 8,693,944,464 I 86,939,445 I 134,804 � 87,074,249 j 0 � 0' 2 9 2 0 2 7- 2 8 � 9, 6 3 4, 3 3 7, 8 5 3 I 8 7, 0 8 5, 3 5 7 � j 9, 0 6 5, 3 5 8, 1 5 1 �. 9 0, 6 5 3, 5 8 2 ! 1 3 4, 8 0 4 , 9 0, 7 8 8, 3 8 6 j 0! 0 i 30 2028-29 � 10,019,711,367 I 87,956,210 I j 9,451,602,519 I 94,516,025 i 134,804 ; 94,650,829 � 0 j 0� 31 .2029-30 � 10,420,499,822 j 88,635,772 ; i 9,853,270,535 I 98,532,705 �, 134,804 I 98,667,549 j 0� 0 32 203�-31 � 10,837,319,815 � 89,724,130 j � 10,270,978,886 ; 102,709,789 � 134,804 � 102,844,593 � 0 i 0� E:3 TABLE 4 PALM DESERT REDEVELOPMENT AGENCY TAX INCREMENT REVENUE PROJECTIONS PROJECT AREA NO. 2 �r�t9ae•e� � 1 1999-00 2 2000-01 • 3 2001-02 ' 4 '; 2002-03 j 5 ` 2003-04 � 6 ! 2004-05 7 ! 2005-06 8 � 2006-0i 9 I2007-05 10�2008-09 � i 11!2009-10 ; 12'2010-11 � I ; 13i2011-12 i 14�2012-13 � 15I2013-14i 16i2014-15 17I2015-16 , i 18 2016-17 i 19i2017-18 ' 2012018-19 I 21 i 2019-20 � 2212020-21 � 23;2021-22 24�2022-23 25 � 2023-24 26 � 2024-25 � 27 �i 2025-26 I 28; 2026-27 I 29�2027-28 30�2028-29 � 31j2029-30 32I2030-31 33 i 2031-32 , 34I2032-33 �` 35�2033-34 I 36I2034-35� 37I2035-36i 38i2036-37 � Secured Value . Unsecured Value : ProjecteG Forecasted Forecasted ' New � Growth at Growth at : Development ; 5.00% 1.0% ,oZ,s7,1I7 , 808,239,013 � 875,431,090; 948,228,023 1,134,005,914 1,250,388,470 1,438,925,058 1,697,098,379 1,843,653,227, 1,992,775,721 2,149,354,340 2,313,761,891 2,485,759,816 2,630,762,519 2,762,300,645 2,900,415,677 3,045,436,461 3,197,708,284 3,357,593,698 3,525,473,383 3,701,747,052 3,886,834,405 4,081,176,12� 4,285,234,931 4,724,471,512 4,960,695,087 5,208,729,842 5,469,166,334 5,742,624,651 6,029,755,883 6,331,243,677 6,647,805,861 6,980,196,154 7,329,205,962 1,695,666,260 8,080,449,573 8,484,472,052 5,939,442 8,385,279 11,464,203 10,426,145 10,635,7111 10,742.068 10,849,488 10,957,983 11,067,563 11,178,239 11,290.021 11,402.921 11,516,950 11,632,120 11,748,441 11,865,926 11,984,585 12,104,431 I 12,225,475 12,347,730 12,471,207 12,595,919 12,721,878 12,849,097 �z.sn,5ea 13,107,364 13,238,438 13,370,8221 13,504,530 13,639,575 13,775,971 13,913,731 14,052,868 14,193,397 14,335,331 14,478,684 14,623,471 actual actua! 18,970,124 56,840,248 120,016,347 177,359,113 I 58,761,837 � 54,228,412 I 54,228,412 54,228,412 � 53,628,410 � 19,128,297 i Net � Estimated Incremental ' Tax Valuation i Increment at 1.0% 712,021,008 � 781,664,922 �i 857,534,779 1,042,274,612 1,158,761,430 1,347,403,321 1,6U5,683,000 1,752,345,268 1,901,576,258 2,058,264,457 2,222,782,682 2,540,007.993 2,671,660,148 2,809,890,350 2,955,027,455 3,107,416,763 3,267,420,836' 3,435,420,367 3,611,815,080 3,797,024,688 3,991,489,895 4,195,613,404 4,410,061,109 4,635,163,162 4,871,515,229 5,119,679,759 5,380,247,324 5,941,102,966 s,2az,�2s,eos 6,559,424,385 6,891,952,438 7,241,101,383 7,607,702,210 7,992,627,457 8,396,793.289 8,821,161,678 Unitary Total Utility Gross Ta�c ' Housing Revenue � Increment Fund and Unitary at 20% 7,120, 210 i 7,816,649'i 8,575,348 � 10,422,746I 11,587,614I 13,474,033� 16,056,830I 17,523,453I 19,015,763! 20,582,645� z2,2z�,ez�l 23,948,924 25,400,080 � 26,716,601 28,098,904 29,550,275 31,074,168 32,674,208 34,354,204i 36,118,151' 37,970,247 39,914,899 41,956,734 44,100,611 46,351,632 48,715,152 51,196,198 53,802,473 i 56,538,380� 59,411,030 � 62,427,258 � 65,594,244I 68,919,524 � 12,4t1,014� 76,077,022 � 79,926,275 � 83,967,933! 88.211.617 � 21,385I 25,187 i 25,187� 22,519 � 22,519 i I 22,519! 22,519; 22,519I 22,519I 22,519 i 22,519 � 22,519 22,519 22,519 22,519 22,519 � . 22,519� I 22,519 � 22,519 22,519i 22,519 � 22,519 22,519 22,519I 22,519 22,519 22,519 22,519i 22,519I 22,519 22,519 22,519 22,519! � 22,5191 22,519�I 22,5191 22,519'. 22.519 i 7, 210, 703 ' 7,841,836: 8,600,535 � 10,445,265 j 11,610,1331 13.496,5521 16,079,349 17,545.972� 19,038,282 i 20,605,164 22,250,346 23,971,443 � 25,422,599I 26,739,120 28,121,423 29,572,794; 31,096,687 � i 32,696,727 � � 34,376,723I 36,140,670 37,992,766 39,937,418 41,979,253 44,123,130� 46,374,151 I 48,737,671 I 51,219,317 53,824,9921 56,560,8991 59,433,549j i 62,449,777 � 65,616,763 i 68,942,043 i 72,433,533; 76,099,541( 79,948,794� 83,990,452; 88,234,136: 1,454,141 1,568,367 � 1,720,107 2,089,053 � 2,322,027' 2,699,310 i 3,215,870: 3,509,194� 3,807,656i 4,121,033; a,a5o,ossj 4,794,289! 5,084,5201 5,347,824 � 5,624,285 i 5,914,559% 6,219,3371 6,539,345 � 6,875,345' 7,228,134� 7,598,553 j 7,987,484; � 8,395,851 I 8,824,626� 9,274,830 9,747,534 10,243,8631 10,764,998i 11,312,180' 11,886,710; 12,489,955! 13,123,353�� 13,788,409� 14,486,7071 15,219,908: 15,989,759'. 16,798,090 17,646,827: O TABIE 4 PALM DESERT REDEVELOPMENT AGENCY TAX INCREMENT REVENUE PR�JECTIQNS PROJECT AREA NO. 3 Fiscai Secured Value Unsecured Va Year Forecasted ; Forecasted i Growth @ Growth @ 4.00°/a � 1.0% It) 12) BY 1990-91 1 1999-OQ 2 2000-01 3 2001-02 4 2002-OJ 5 2003-04 6 2Q04-OS 7 2005-06 8 2006-07 9 2007-08 10 2008-09 11 2009-10 t2 2U1�-it 13 2011-12 14 2012-13 15 2013-1A 16 2014-15 17 2015-16 18 2016-17 19 2017-18 20 2018-19 21 2019-20 22 2020-21 23 2021-22 24 2022-23 25 2023-24 26 2024-25 27 2025-26 28 2026-27 30 2028-29 31 2029-30 32 2030-31 33 2031-32 34 2032-33 35 2033•34 36 2034-35 37 2035-36 38 2036-37 39 2037-38 40 2038-39 41 2039�0 42 2040-0t 119,52],235 i 207,586,398 i 215,683,687 ; 237,162,155 ! I 251,593,562 i 261,657,304 � 272,123, 597 283,008,541 294,328,BB2 � 306,102,037 i 316,346,119 � 331,079,964 � 344,323,162 � 358,096,089 � 372,419,932 � 387,316,730 � 402.809, 399 I 418,921,775 � 435,678,646 � 453,105,792 ' 471,230,023 ; 490,079,224 ' 509.682,393 '; 530,069,689 ! 551,272,476 � 573,323,375 � 596,256,310 � 620,106,563 i 644,910,825 I 670,707,258 � 697,535.549 �I 725,436,971 I 754,454,449 784,632,627 816,017,933 848,658,650 882,604,996 917,909,196 954,625,563 992,810,586 , 1,032,523,009 ! 1,073,823,930 I 1,116,776,887 � Projected ; Net New ; Incremental DevelopmenC; Valuation (3) I� (4) 27,435,95U T Actual 36,659,6851 Actual 32,762,000 ; 33,885,278 I 34,224,131 �. 34,566,372 ; 34,912,036 � 35,261,156 ! I 35,61�,768 � 35,969,905 i 36,329,604 j 36.692,901 i 37,059,830 ': 37,430,428 ; 37,804,732 { 38,182,779 I 38,564,607 ! 38,950,253 ! 39,339,756 39,733,153 40,130,485 40,531,790 ; 40,937,108 ; 41,346,479 i 41,759,944 ; 42,177,543 ': 42,599,318 ; 43,025,312 I 43,d55,565 I 43,890,120 I 44,329,022 � 44,772,312 � 45,220,035 I 45,672,235 � 46,128,958 I 46,590,247 � 47,�56,150 I 47,526,711 i 48,001,978 I A8.d81,998 '� 48,966,818 ! 49,456,486 i � Estimated Unitary Tax Increment Housing Tax Increment Utility Plus Fund at Revenue Unitary Utility at 20% 1.0°/a � . (51 � (6) (61 pl I 85,499,093 �, � 102,820,117 ; 120,400,900 j 135,955,585 ` 146,358,180 � 157,166,714 i 168,397,321 i 180,066,783 I 192,192,550 ' 104,792,769 f 217,886,313 I 231,492,8�8 245,632,663 260,327,105 j 275,598,201 i 291,468,923 � 307,963,127 ; 325,105,644 ; 342,922,292 ! 361,439,922 380,686,454 � 400,690,928 � i 421,483,541 I 443,095,700 � 465,560,064 i 488.910,598 i 513,182,626 I 538,412,882 564,639,568 � 591,902,414 i 620,242,737 649,703,506 6B0,329,407 I 712.166,913 ` 745,264,352 � 779,671,988 I 815,442,U9U � 852,629,020 � 891,289,309 ' 931,A91,752 I 973,267,493 � 1,016,710,118 j 854,991 1,028,201 ' 1,204,�09 ; 1,359,556 � 1,463,582 � 1,571,667 '. 1,683,973 � 1,800,668 I 1,921,926 � 2,047,926 � 2,178,863 �I 2,314,928 � 2,456,327 � 2,603.271 j 2,755,982 � 2,914,689 � 3,079,631 ' 3,251,056 i i 3,429,223 � 3,614,399 : 3,80fi,B65 � 4,006,909 � 4,214,835 ` 4,430,957 ! 4,655,601 I 4,889,106 � 5,131,826 i 5,384,129 � 5,646,396 I 5,919,024 I 6,202,427 i 6,497,035 '; 6,803,294 j 7,121,669 I 7,452,644 I 7.796,720 j 8,154,421 ! 8,526,290 � 8,912,893 ; 9,31A,818 I 9,732,615 ! 10,167,101 ; 538 908 908 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 723 654,991 1,028,201 1,204,009 1,359,556 1,463,582 1,571,667 1,683.973 1,8Q0,668 1,921,926 2,047,928 2,178,863 2,314,928 2,456,327 2,603,271 2,755.982 2,914.689 3,079,631 3,251,056 3,429,223 3,614,399 3,806,865 4,006,909 4,214,835 4,430,957 4,655,601 4,889,1�6 5,131,826 5,384,129 5,646,396 �I 5,919,024 6,202,427 6,497,035 6,803,294 7,121,669 7,452,644 7,796,720 8,154,421 8,526,290 8,912,893 9,314,818 9,732,675 10,167,101 170,998 205,640 240,802 211.911 292,116 3t4,333 336,795 360,134 384,385 409,586 435,773 462,985 491,265 520,654 551,196 582,938 615,926 650,211 685,845 722,880 761,373 801,382 842,967 886,191 931,120 977.821 1,026,365 1,076,826 1,129,219 � 1,183,805 ' 1.240,485 1,299,407 /,360,659 1,424,334 1,490,529 1,559,344 1,630,884 1,105,258 1,782,579 1,862,964 1,946,535 2,033,420 1� TABLE 4 PALM DESERT REDEVELOPMENT AGENCY TAX INCREMENT REVENUE PROJECTI�NS PROJECT AREA NO. 4 a 3 4 7 8 9 10 11 12� 13 14 15 16 17 18 19 20 21 22 24 27 28 29 30 31 33 34 35 36 37 38 39 40 41 42 43 Fiscal Year 1992•93 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 20Q5-O6 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33 2033-34 2034-35 2035-36 2036-37 2037-38 2038-39 2039-40 2040-41 2041-42 Secured Value Forecasted Growth @ 4.0% ��) 587,192,218 906,338,879 ' 1,038,287,127 1,197,730,257 1,306,313,080 1,413,681,001 1,488,325,144 1,547,858,150 1,609,772,476 1,674,163,375 1,741,129,910 1,810,775,106 1,883,206,111 1,958,534,355 2,036,875,729 2,118,350,759 2,203,084,789 2,291,208,180 2,382,856,508 2,478,170,768 2,577.297,599 2,680,389,503 2,787,605,083 2,899,109,286 3,015,073,657 3,135,676,604 3,261,103,668 3,391,547,815 3,527,209,727 3,668,298,116 3,815,030,041 3,967,631,243 4,126,336,492 4,291,389,952 4,463,045,550 4,641,567,372 4,827,230,067 5,020,319,270 5,221,132,040 5,429,977,322 5,647,176,415 5,873,063,472 6,107,986,010 6,352,305,451 Unsecured Value Forecasted at 1.00% 10,195,181 10,121,620 10,002,105 8,401,416 8,485,430 8,570,284 8, 655, 987 8,742,547 8,829,973 8,918,272 9,007,455 9,097,530 9,188,505 9,280,390 9,373,194 9,466,926 9,561,595 9,657,211 9,753,783 9,851,321 9,949,834 10,049,333 10,149,826 10,251,324 10,353,837 10,457,376 10,561,949 10,667,569 10,774,245 10,881,987 10,990,807 11,100,715 11,211,722 11,323,839 11,437,078 11,551,449 11,666,963 11,783,633 11,901,469 12,020,484 12,140,689 12,262,095 12,384,716 Projected Net New Incremental Development Valuation actuai 55,115,398 18,096,903 329,341, 842 461,216,529 620,540,144 727,522,278 853,071,116 909,703,211 969,321,919 1,031, 322,605 1,095,801,130 1,162,855,964 1, 232,590,344 1,305,111,422 1, 380,530,642 1,458,963,901 1,540,531,734 1,625,359,497 1,713,577,558 1,805,321,501 1,900,732,333 1,999,956,702 2,103,147,119 2,210,4.62,197 2,322,066,894 2,438,132,764 2,558,838,223 2,684,368,826 2,814,917,546 2,950,685,078 3,091,880,143 3,238,719,810 3,391,429,832 3,550,244,989 3,715,409,456 3,887,177,172 4,065,812,232 4,251,589,298 4,444,794,015 4,645,723,455 4,654,686,573 5,072,004,681 5,298,011,942 5,533,055,888 5,777,497,949 11 Estimated Tax Increment at 1.0% 4,320,880 5,441,554 6,205,401 7,275,223 8,530,711 9,097,032 9,693,219 10,313,228 10,958,011 11,628,560 12,325,903 13,051,114 13,805,306 14, 589,639 15,405,317 16,253,595 17,135,776 18,053,215 19,007,323 19,999,567 21,031,471 22,104,622 23,220,669 24,381,328 25,588,382 26,843,688 28,149,175 29,506,851 30,918,801 32,387,198 33,914,298 35,502,450 16,108,132 0 0 0 0 0 0 0 0 0 0 Unitary Utility Revenue 2,177 1,979 1,930 1,930 1,930 1,930 1, 930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 0 0 0 0 0 0 0 0 0 0 Housing Fund at 20% 864,611 t,oas,�o7 1,241,466 1,455,431 1,706,526 1,819,792 1,939,030 2,063,032 2,191,988 2,326,098 2,465,567 2,610,609 2,761,447 2,918,314 3,081,449 3, 251,105 3,427.541 3,611,029 3,801,851 4,000,299 4,206,680 4,421,310 4,644,520 4,876,652 5,118,062 5,369,124 5,630,221 5,901,756 6,184,146 6,417,826 6,783, 246 7,100,876 3,222,012 0 0 0 0 0 0 0 0 0 0 4. The base year assessment roll for each of the Project Areas is identified in Table 4, attached hereto. The first fiscal years shown on Table 4 through 2002-2003 are the actual tax — increment revenue figures and are based on reports of the County Auditor-Controller. Base year values are adjusted by the County Auditor-Controller's Office from time to time. The base year values identified are the adjusted values per the most recent reports from the Auditor-Controller's Office. For purposes of this Report, all projections utilize the general levy of one percent. A one percent rate levied on the projected incremental increase in assessed valuation of taxable property in each of the Project Areas would produce the gross tax increment revenues shown on Table 4 for the applicable Project Area. The amounts of tax increment revenues to be set-aside into the Low and Moderate Income Housing Fund of the Agency from each of the respective Project Areas are also shown on Table 4. 5. The Stipulation, as amended, provides that before December 31, 1992, 21 units were to be available to and occupied by very low income households and 78 units were to be available to and occupied by low income households. Under the terms of the Stipulation prior to its first amendment in 1997, the Agency was to develop, acquire, rehabilitate or otherwise assist 366 very low income units, 367 low income units and 367 moderate income units prior to December 31, 1995. At the time of the amendment of the Stipulation in 1997, the Agency had developed or acquired, or caused to be developed or acquired, most of those units, and the 1997 amendment to the Stipulation includes an extension of time relating to such development or acquisition to January 1, 2002, for the very low and low income units, and to January 1, 2006 for the moderate income units. However, the 1997 amendment to the Stipulation also provides that before January 1, 2001, one-half of the units which "remained" to be developed or acquired as of April 15, 1997 under the original Stipulation were to be developed or acquired before January 1, 2001. The "remaining units" as of April 15, 1997, were 96 very low income units (a total of 291 were being provided at that time), 2201ow income units (a total of 225 were being provided at that time), and 245 moderate income units (a total of 122 were being provided at that time). In lieu of the development or acquisition of the remaining 245 moderate income units, the 1997 amendment to the Stipulation provides that the Agency is to instead develop or acquire 49 very low income units prior to January 1, 2006. Thus, under the 1997 amendment to the Stipulation, as of January l, 2001, the Agency was to have developed or acquired a total of 339 very low income units (the 291 being provided on April 12 15, 1997, plus 48 of the remaining units) and a total of 335 low income units (the 225 being provided on April 15, 1997, plus 110 of the remaining units). As of January 1, 2002, the Agency was to have developed or acquired 366 very low income units (plus the 21 very low income units provided by December 31, 1992, for a total of 387 very low income units) and 367 low income units (plus the 78 --' low income units provided by December 31, 1992, for a total of 445 low income units). By January 1, 2006, the Agency is to have developed or acquired the 122 moderate income units (which were already developed or acquired as of April 15, 1997), plus an additiona149 very low income units (49 very low income units being 20 percent of the "remaining" 245 moderate income units). The Stipulation, as amended, also requires the Agency to commence development of 142 very low income units and 601ow income units before December 31, 2003. The Agency is providing the following rental housing units as of August 31, 2002 (based upon the September, 2002 report of rental information provided to the Agency by RPM Management), available at an affordable housing cost and occupied by persons and families at the income levels so indicated: Desert Point Apartments (64 units - 32 studio, 26 one-bedroom and six two-bedroom) 28 very low income 10 low income 25 moderate income One Quail Place Apartments (384 units - 156 one-bedroom and 228 two-bedroom) 93 very low income 184 low income 74 moderate income Neighborhood Gardens Apartments (24 units - all two-bedroom) I Z very low income 5 low income 5 moderate income 13 Taos Palms Apartments (16 units - all two-bedroom) 10 very low income 2 low income 4 moderate income Las Serenas Apartments (150 units - all one-bedroom) 53 very low income 55 low income 39 moderate income Pueblos Apartments (15 units - all studio) 13 very low income 2 moderate income Catalina Gardens Apartments (72 units - 48 studio and 24 one-bedroom) 43 very low income 161ow income 13 moderate income Santa Rosa Apartments (20 units - all two-bedroom) 20 very low income San Tropez Apartments (103 units — one and two-bedroom units) 22 very low income 81 low income Villas on the Green (15 units — three studio, ten one-bedroom, two two- bedroom) 8 low income 7 moderate income Candlewood Apartments (2'6 units - all one-bedroom) 13 very low income 13 low income 14 Laguna Palms Aparcments (48 units — studios, one and two-bedroorn units) 24 very low income 24 low income The report of RPM attached hereto as Attachment No. 3 provides a breakdown of the subcategories of income levels of the foregoing rental units. With respect to the Candlewood and Laguna Palms Apartments described above, there are currently no affordability restrictions on either project, but the owners accept Section 8 certificates. As noted below, Agency staff has commenced negotiations for the acquisition of the Laguna Palms Apartments. The Agency is providing the following ownership housing units available at an affordable housing cost and occupied by the persons and families at the income levels so indicated: Building Horizons (2 units - both three-bedroom) 2 low income Coachelia Valley Housing Coalition(11 units - all three-bedroom) 11 low income -- Desert Rose(161 units - 123 three-bedroom and 38 four-bedroom) 26 very low income 991ow income 36 moderate income Habitat for Humanity (3 units - all three-bedroom) 3 very low income Rebecca Road (2 units - both three-bedroom) 2 low income Portola Palms Mobilehome Park (141 units - number of bedroom not available) 25 very low income 13 low income 15 Home Improvement Program (46 units) 46 low income T'he subcategories of income levels of the above-described ownership housing are set forth on Attachment No. 4. To date, no affordability restrictions have been placed on any of the above-described homes improved under the Home Improvement Program. Thus, the Agency is currently providing 350 very low income units excludin the above-described very ]ow income units at the Candlewood Apartments and the very low income units at the Laguna Palms Apartments), 473 iow income units excludin the low income units at the Candlewood Apartments, the low income units at the Laguna Palm Apartments and the low income units improved under the Home Improvement Program), and 195 moderate income units. In further meeting its obligations under the Stipulation, as amended, the Agency intends to undertake all of the following: A. In order to assure that the Agency would have substantially complied with the January 1, 2002 requirement for low income units, but at the same time assure that it will meet the January 1; 2006 requirement for moderate income units (as well as its future construction need as forecasted in the Regional Housing Needs Assessment of the Southern California Association of Governments), in August of 2001, Agency staff directed the property manager at the One Quail Place Apartments to relet an aggregate of 80 moderate income and market rent units through attrition as soon as possible to low income households. Similarly, instructions were given to the property manager at the Las Serenas Apartments to convert 20 moderate income units to low income units as soon as possible. All of the above-described units have been converted to low income. B. Last year, the Agency approved a Disposition and Development Agreement with Palm Desert Development Company for the development of a 162-unit apartment project known as Hovley Gardens on 12.5 acres of the 40-acre site described in paragraph C, below. Under the terms of the DDA, the project will consist of 72 two-bedroom, 72 three-bedroom and l8 four-bedroom units. All of the units will be available at an affordable housing cost to very low income and low income (up to 60 percent of inedian) persons. The developer's pro forma indicates that the average income will be at 48 percent of inedian and the Agency expects that 81 units will be very low income and 81 will be low income. The expected completion date af this project is October of 2003. 16 C. The City of Palm Deseri has purchased a 40-acre site generally located on 42nd Avenue and Sheryl Street, west of Cook Street. An engineering firm is taking the master plan for the site through the entitlement process (site plan, zone change, etc.) and a parcel map has been recorded. The plan has 17 acres set aside for an aggregate total of approximately 120 units of very � low, low and moderate income single family rental and ownership housing. The ownership housing is proposed to include self-help housing. A tentative tract map is currently under study for the 17 acres. Agency staff expects that one-third of the units will be very low income, one-third low income and one-third moderate income. Agency staff also expects that the tentative tract map will be final within the nexi six-months, and that architectural services will be retained within the three- month period thereafter. Upon completion of the design, Agency staff will either develop the property (other than the self-help housing) on its own, or solicit proposals from nonprofit and for- profit developers. The Agency will solicit proposals from nonprofit developers for the self-help housing. D. Agency staff is currently negotiating with the owner for the acquisition by the Agency of a 141-unit apartment project known as Country Club Estates located on California Street. All units consist of one bedroom and the project will require some rehabilitation. Of the 141 units, Agency staff proposes to make 36 available to very low incorne persons and families, 70 to low income and 35 to moderate income households. Agency staff expects to conclude negotiations, execute a purchase contract and enter into escrow by the end of this year. The Agency issued bonds — in August of this year to finance the acquisition and rehabilitation of this project. E. Agency staff is currently in the process of developing of a 36-unit apartment project on Santa Rosa Way to be known as the Palm Village Apartments. All 36 units will consist of two becirooms, 18 of which will be available to very low income households and 18 of which will be low income households. Agency staff has requested revisions to the site plan and architectural design and expects to solicit proposals from contractors in April of 2003. Construction of the project is scheduled to begin in July of 2003. The recent Agency bond issue wi11 finance the development of this project as well. F. Agency staff has commenced negotiations with the owner of an existing 14-unit apartment project located on Las Palmas Avenue in the City. The units in the project consist of two bedrooms. The Agency would convert the project to seven very low income units and seven Iow income units. The Agency expects to successfuliy conclude negotiations and enter into escrow with the owner in early 2003. 17 G. As noted above, under an affordable housing agreement providing for a density bonus for a 76-unit senior housing apartment project known as Villas on the Green on California Street, eight units have been made available to low income households, and seven units have been made available to moderate income households. The owner of this project has recently contacted Agency staff and offered to sell all 76 units to the Agency. Agency staff is having the project appraised and hopes to conclude negotiations and enter into escrow in early 2003. Agency staff expects to convert this project to 26 very low income units, 25 low income units and 25 moderate income units. H. Pursuant to a development agreement, the developers of the 612-unit Canterra Apartments on Hovley Lane will provide 62 low income units. Construction of the first phase of 306 units is scheduled to be completed by the end of this year. The 31 low income units in the first phase will consist of 12 one-bedroom units, 17 two-bedroom units and two three-bedroom units. The second phase is expected to be completed by June of 2003. I. Agency staff has commenced negotiations for the acquisition of the Laguna Palms Apartments located on Santa Rose Way. This project consists of 48 units, including four studios, 18 one-bedroom units, 26 two-bedroom units. The Agency is retaining the services of an appraiser and expects to approve a purchase contract and enter into escrow after the first of next year. Agency staff expects to convert this project to 24 very low income units and 24 low income units. There are several mobilehome parks in the City. The Agency has been contacted by an experienced nonprofit corporate entity which specializes in the tax-exempt financing of the acguisition of mobilehome parks and the operation of such parks as affordable housing. K. The Agency will be establishing a Homebuyers Program. The Homebuyers Program will provide financial assistance in the form of low interest loans to very low, low and moderate income homebuyers. The Agency will publish notice of the Homebuyers Program in local newspapers, such as the Desert Sun and La Prensa Hispana, in English and Spanish, and in the City's newsletter, Brightside. The Agency, in cooperation with the Desert Sands Unified School District, will send home with each student at every school in the District a notice of the Homebuyers Program. Thus, assuming the above-described projects stay on schedule and the Agency is successful in its negotiations with the respective owners of Country Club Estates, the Las Palmas Avenue apartments, the Villas on the Green and the Laguna Palms Apartments, the Agency expects that the cumulative effect of the foregoing acquisitions tagether with the development of the Hovley Gardens 18 Apartments and the Cantena Apartments will result in an additional 174 very low income units, 269 low income units and 60 moderate income units being provided by the end of 2003. The Agency also expects that the development of the Palm Village Apartments wil] result in an additional ] 8 very low income units and 18 low income units by the end of 2004, and that the development of the — project on 42nd Avenue and Sheryl Street will result in an additiona140 very low, 40 low and 40 moderate income units by the end of 2005. Thus, by January 1, 2006, the Agency expects to be providing at least 582 very low income units, 800 low income units and 295 moderate income units. In the meantime, Agency staff will also continue to pursue other acquisition and development opportunities for affordable housing. 6. The Stipulation, as amended, also provides that the Agency is to meet its existing and future housing needs for very low, low and moderate income households over the life of the Agency's Project Area No. 2. In the Housing Element of its General Plan, the City has included a thorough identification of existing needs, established apprapriate priorities reflective of those needs and has included prograrns (including those described below) which will serve to address those needs. The projected hausing needs are identified through the regional housing needs assessment of SCAG. As noted by the Departrnent of Housing and Community Development of the State of California and SCAG, existing need numbers are not used as construction targets, nor are local governments expected to solve their existing need. Nevertheless, as shown by the discussion and the programs proposed below, the Agency is aggressively seeking to address the City's existing need. — Consistent with SCAG directives and pronouncements, existing need is being used by the Agency to demonstrate logical and eonsistent programming, goal setting and the allocation of resources. Attachment No. 1 to this Report is the most recent forecast of SCAG of existing and future (construction) needs of the City. To assist in its efforts to meet the existing housing need as soon as practicable, the Agency is creating two separate housing payment assistance programs, the Rental Subsidy Program (attached as Exhibit A) and the Mortgage Subsidy Program (attached as Exhibit B). Under the terms of the Rental Subsidy Program, owners of single family homes, condominiums, mobilehomes or multi-unit apartment complexes who rent to persons and families of very low, low or moderate income may receive direct rental payment assistance from the Agency. Owners must enter into a recorded agreement with the Agency which provides that in exchange for the ongoing direct rental payment assistance, the owner will assure the affordability of the home, condominium, mobilehome or apartment for the tenn required by law. 19 Under the terms of the Mortgage Subsidy Program, very low, low and moderate income owners of single family homes, condominiums and mobilehomes whose mortgage payments exceed � 30 percent of their gross income may receive direct mortgage payment assistance from the Agency. O�vners must enter into a recorded agreement with the Agency which generally provides that in exchange for the ongoing direct mortgage payment assistance, the owner will assure the affordability of the home, condominium or mobilehome for the term required by law. Property owners and tenants will be notified of the Rental Subsidy Program and the Mortgage Subsidy Program by several methods. The Agency will publish notice of the Rental Subsidy Program and the Mortgage Subsidy Program in local newspapers, such as the Desert Sun and La Prensa Hispana, in English and Spanish, at least once a month. The Agency will also publish the same notice in the City's newsletter, Bri�htside, which is published monthly and which is sent by mail to every resident in the City. In addition, the Agency will identify, with the assistance of title companies, the most recent County assessment roll, and City records, all apartment owners in the City and send them a letter describing the program and inviting their participation. Such letters will be resent periodically. The Agency will also frequently advertise the Rental Subsidy Program and the Mortgage + Subsidy Progratn in English and Spanish with local media, and through press releases in the same local newspapers. The Agency, with the hoped for cooperation of Desert Sands Unified School District, intends that notice of the Rental Subsidy and Mortgage Subsidy Program will be sent home with each student at every elementary, middle school and high school in the City. The Agency will also identify the owners in every mobilehome park in the City, and direct similaz notices to them. The Agency has also established a Home Improvement Program which is designed to address issues relating to substandard housing in the City. Agency staff will make efforts to both identify eligible homeowners and advertise the availability of the Home Improvement Program. Those efforts will include all those described above in connection with the Rental Subsidy Program and the Mortgage Subsidy Program, including publication of the notice and, with the cooperation of the School District, notification to students. 7. Attachment No. 2 to this Report is the operating cash revenue pro forma of the "-- Agency's Housing Fund. Attachment No. 2 identifies the total estimated costs of the Agency's 20 housing programs over time. It includes amounts necessary to subsidize housing available at affordable costs to households at the more restrictive income levels for the applicable time periods set forth in the Stipulation, as amended. Those income levels require that for housing units to be made available to very low-income households, at least one-half of the housing units must be � affordable to households with 35 percent or less of inedian income. Of that 50 percent, at least one- third must be affordable to and occupied by households with 25 percent, or less, of area median income and at least 18 percent must be affordable to and occupied by households with 20 percent, or less, of area median income. The remaining very low income units must be affordable to households with 45 percent or less of inedian income. Those income leveis also require that for housing units to be made available to lower income households, at least one-third of the housing units shall be affordable to households with 55 percent or less of inedian income, one-third to households with 65 percent or less of inedian income and the remainder to households with 75 percent or less of inedian income. These income Ievels further require that for housing units to be made available to moderate- income households, the units shall be at least affordable to moderate-income households who cannot afford housing at market rates. The estimates set forth in Attachment No. 2 are in tum based upon the actual experience of the Agency. The anaiysis in Attachment No. 2 also takes into account the costs of developing, maintaining and managing the housing units. It also identifies by year the number of additional affordable �. ery low, low and moderate-housing units the Agency expects to fund. Amounts necessary to pay annuaI debt service for prior indebtedness of the Low and Moderate Income Housing Fund have been identified in the row labeled "Debt Service Pledge." Based upon the estimates and projections set forth in Attachment No. 2, the estimated total amounts necessary to meet the obligations of the Agency to acquire, develop or rehabilitate housing units for occupancy by households at the income levels specified above, as compared to amounts available in the Low and Moderate Income Housing Fund to meet those obligations, aze detailed in Attachment No. 2. Attachment No. 2 also identifies debt service on bonds issued to fund the purchase and construction of units within the Agency's housing stock and includes among other costs, the total annual required payment for housing units for occupancy at the more restrictive income levels specified in the Stipulation, as amended (i.e., 20, 25, 35, 45, 55, 65 and 75 percent of inedian income). Attachment No. 2 also provides the basis for the annual housing obligations. Attachment No. 2 identifies a beginning Housing Fund balance of $18,165,215 and includes detailed estimates of other income such as bond proceeds and investment earnings and operating income from the Agency-owned affordable housing, which is available monies of the Agency in the funding of the A�ency's housing programs. � 21 Attachment No. 2 sets forth a present value calculation of the projected cost of the housing , requirements of the Stipulation, as amended, together with a present value calculation of the projected available revenues from the Agency's Housing Fund. As shown on Attachment No. 2, from both a cumulative total and present value standpoint, the Agency will have sufficient moneys over the life of Project Area No. 2 to meet the housing requirements. Based upon the foregoing analysis of past, current and projected future assessed values of taxable property in all Project Areas of the City, the tax increment revenues set-aside into the Low and Moderate Income Housing Fund of the Agency, as shown on Table 4 and Attachment No. 2, will be more than sufficient to meet the obligations of the Agency under the Stipulation, as amended. After making the required set-asides into the Housing Fund from tax increment revenues allocated and paid to the Agency through fiscal year 2005-2006, and after deducting debt service requirements on existing indebtedness and obligations to taxing agencies, the surplus (or excess) revenues of the Agency for Project Area No. 1, As Amended and Project Area No. 2 are shown on Table 5 beginning on the following page. 22 TABLE 5 PALM DESERT REDEVELOPMENT AGENCY PROJECTED AVAILABLE TAX INCREMENT NET OF PASS THROUGH AND HOUSING SET-ASIDE PROJECT AREA N0. 1, AS AMENDED AND PROJECT AREA NO. 2 Fiscal Projected Year Net 2002-Q3 lncrement Project Area No. 1- Original ierritory $ 5,431,111 Project Area No. 1- Added Territory 6,578,580 TOTAL $ 12,009,691 Project Area No. 2 $ 4,291,416 Annual Debt Service $ 8,472,092 $ 676,071 $3,537,599 $ 3,615,345 Fiscal Projected Year Net 2003-04 Increment Project Area No. 1- Original Territory $ 5,825,0g1 Project Area No. 1- Added Temtory 7,Z50,918 TOTAL $ 13,076,009 Project Area No. 2 $ 4,699,630 Annual Debt Service $ 8,336,251 $ 1,643,563 Su $4,739,758 $ 3,056,067 Fiscal Projected �Year Net 2004-05 - Increment Project Area No. 1- Original Tertitory $ 6,234,601 Project Area No. 1- Added Territory 7,913,256 TOTAL $ 14,147,857 Project Area No. 2 $ 5,360,703 Annual Debt Service $ 8,267,397 $ 1,642,119 $ 5,880,460 $ 3,718,584 Fiscal Projected Year Net 2005-06 Increment Project Area No. 1- Original Territory $ 6,460,2fi0 Project Area No. 1- Added Territory 8,583,338 TOTAL $ 15,043,598 Project Area No. 2 $ 6,265,813 Annual Debt Service $ 8,299,047 $ 1,644,983 �� $ 6,744,551 $ 4, 620,830 23 The amounts of surplus described on Table 5 are projected through fiscal year 2005-2006 because the Agency may incur long-term indebtedness, which is based upon the tax increment ! revenues as anticipated in 2005-2006. For example, the Agency may issue long-term bonds and place a portion of the proceeds in an escrow. The proceeds placed in the escrow would only be withdrawn by the Agency in the future if the future tax increment revenues allocated to the Agency met the projections. If the projections were not met, the tax increment revenues would not support the debt represented by the proceeds of the bonds placed in the escrow, and those proceeds would then be used to call and redeem a like principal amount of bonds prior to their stated maturity date. Pending their withdrawal from the escrow (either for the puipose of expenditure by the Agency or for the purpose of call and redemption of bonds) those proceeds would be invested at a rate of interest sufficient to pay interest on the bonds from which the escrowed proceeds were derived. The amounts of tax increment revenues described as surplus on Table 5 constitute "excess tax increments" within the meaning of that term under paragraph 2 of the Stipulation, as amended, and are not and will not be necessary to meet the housing requirements set forth in paragraph l.a, b and c of the Stipulation, as amended, with respect to Project Areas Nos. 1 and 2, and are not and will not be necessary to meet the housing requirements set forth in paragraph l.d with respect to Project Area No. 2. Long term obligations (including, without limitation, bonds, notes and other evidences of _ indebtedness) of the Agency to finance redevelopment activities unrelated to affordable housing which are payable on an annual basis from such amounts, will constitute "prior indebtedness" within the meaning of that term under paragraph 2 of the Stipulation, as amended. 24 LIST OF ATTACHMENTS ATTACHNIENT NO, 1: Regional Housing Needs Assessment ATTACHMENT NO. 2: Agency's Cash Revenue Housing Fund Pro forma — Number of Units to be provideci by Year ATTACHMENT NO. 3: RPM Management Report ATTACHMENT NO. 4; Income Level Subcategories for Ownership Units EXHIBIT A: RENTAL SUBSIDY PROGRAM EXHIBIT B: MORTGAGE SUBSIDY PROGRAM 25 Adopted RHNA Construction Need (Nov.'00) Jurisdiction is PALM DESERT Draft Construction Need (11199) ....� Reduction Per Local Revision Request e=] Reduction Per Appeal (8IOOj c 7 Redistributed Units c� 444 0 0 0 ADOPTED F1NAL CONSTRUCTION NEED a 444 County is Riverside FINAL AD4PTEQ NUMBERS BY INCOME Income Category Very Low Income •—•� �ow Income --� Moderate Incom� —� Above Moderate tncome �..� Tctal —� Draft (11199) 77 67 = SS Z�s 444 Adopted (11100) T7 67 83 21S 444 ATTAC��NT NO. 1 S CAG RH NA99 Adopted Existing Need - All Incomes Housing Problems Detail � Coachella Valley PALM DESERT � Income Level (% of A�� Renters Households Owners Tota! Househoids: Households with any Rente�s Problems Owners Total Househoids: Households with Renters Overpayment Owners Total Households: Households with Rente�s Overcrowding Owners Totai Households: Less than 34 to 50 to 80 to Greater Totai 30% 50% 80% 95% than 95% 515 ` 718 1,294 581 2,414 5,521 496 5T6 942 556 7,201 9,771 1,010 1,294 2,236 1,137 9,615 15,292 420 714 1,084 360 469 3,047 373 _ 450 4T7 227 1,423 2,950 T93 1,164 1,562 586 1,891 5,99T 385 714 992 360 358 2,808 373 428 477 227 1,423 2,928 759 1,142 1,469 586 1,780 5,736 0 92 147 97 132 467 18 28 30 14 75 163 18 118 177 110 207 630 ATTAC��NT NO. 1 � c � c a � D O o o^ 'o ,', R+ V� 2�� -� '� p S A D� ° � 1~ v v o t n a f f� � 3 w� o c° o c � °� �'�°`° ° a m ^ `° o n m o n�' m tn cn v Q7 VI y N. � C. 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U� I{O� N1p V O O O M M N O N � W � N � r i O{� O 10 Y�i O N fJ1 M N N �1 V V � � �W N O O M N S u�i " o a $ m v � � N M M O O V V �u % a Y N U� N N a � � 'v 'v O O N V r N 4 41 -01i s � M M V • N � � V i N N M M v Y �p Y a � Y i.1 G O y O O ATTACHMENT NO. 2 x ZC "'y 7�' ' ' � � C �__m --�=� I m c � � ''- ; s. m" _. � z o — m c�_-' v'� T d �� n o o O� � No Vl � �- �� p� 3=: o� 9 I m a_c � m'c 3 >°' � g H m,.� A N y ,. 3 ao � n ; ' ' A ? 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N M V N 111�� N � a O b O N N r N O P � N J Y O � , C M M Y+ + u N � V M � L u M Yy 1 .+a ? � 0 � N N N W V fJ 41 tJ N O1 �{� 01 � ♦ fJ� I/1N O OS N � v b W � � � b � m Q1 �D Y ATTACHMENT NO. 2 m zy�'J.�� - _ �x X tn � .. � � o = = � � C - � �p R 9 N"- �O m a _�� o . i H� NC 7�p U 7 J�� J m d H c°n o 0 0; � s� y � � c o� m m n 3 y ti � �� u m . , a � � m w � � a n �, � m m � fl y � N w 1 V 2 � l. Q N 3 N O C � Q "C m a � o = > > � o— n � m N j p N � N V � A m V Q M V O S o N V N O P o � Y O V O M Y Y V O N NN + 's W O N b ♦ � + O O � s N N O N Y C u N u O � � � tO U CI O m t0 tN.l Q N i0 C� f�J m N .00 O N 1N0 N � ��w ♦ �0 m m 1.1 A7 O V N 10 � N(� � S N O N V N � +{r tJ m m m O tn N m ^ V b � V N N r + v mp� 10 O m fJ N C + �O O U� O t�.l V � O P i0 �p fJ a ♦ O 1G 0�11 i0 O t�D m N o a o m N N i � m u a Q C tn iA s V N m O d O mW U O � J N � C iD o e a g � . 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O T N fil "I c � � n ? rD- W � ; � <� � -t GI y �N s ' C�p�I i ��p p ':A� O 2 H i � N i � � �i jj n � � I � E ? � N mff o�� '�� O o N 7c \ ; m : i { C p O I e i y Z fT1 � �i � � f G� �n vDi m � i :Nj m Z iAj T� � � 3 � ` f� m f A i n (n N � v � � fD ; ! � o e N � N i O v� (TI Z � 3 D Z � m.i1 m � � � C/1 0 f�D (n j ' 'O � m =. v 1 r�t � n � i :v�: z O � ' ` : -� � C7 Z m A ; ' � ' � I�� N u'; � Dm`� o N E ; � r (/� N �i� : o �� w:00 o N D � C Gi O z = �N o n m o EN'N m Z iWEW Z N Z ti � � n, : �, m N : r � �i ! ' � � � iUf W�NiViN InN � 0 o :OD ?AiWitD:N Ovi ID � � �: � C IN � � z !V �OIiCT�A m v� :WiOD;Vi(l1 Z . :O;A;Np� y INCOME LEVEL BY PERCENTAGE OF MEDIAN DESERT ROSE INCOME LEVELS NUMBER OF HOUSEHOLDS 35% AND BELOW 13 36% - 45% 26 46% -55% 30 56% - 65% 40 66% - 75% 24 76% - 85% 16 86% - 95% 5 96% - 105% 7 106% -120% 0 PORTOLA PALMS INCOME LEVELS NUMBER OF HOUSEHOLOS 25% AND BELOW 4 26% -35% 10 36% - 45% 7 46% - 55% 8 56% - 65°/a 5 66% - 75°/a ' 4 76% ANO ABOVE 0 ATTACHMENT NO. 4 SELF -HELP HOUSING PROGRAM INCOME LEVELS NUMBER OF HOUSEHOLDS 46% - 55% 2 56% - 65% 4 66°/a - 75% 5 REBECCA HOMES INCOME LEVELS NUMBER OF HOUSEHOLDS 66% - 75% 2 BUILDING HORIZONS INCOME LEVELS NUMBER OF HOUSEHOLDS 56% - 65% 2 HABITAT FOR HUMANITY INCOME LEVELS NUMBER OF HOUSEHOLDS 25% AND BELOW 1 26% - 35% 2 ATTACHMENT NO. 4 PALM DESERT REDEVELOPMENT AGENCY RENTAL SUBSIDY PROGRAM This Rental Subsidy Program is designed to provide direct monetary assistance to owners of affordable rental housing in the City of Palm Desert. Under the Program, the Executive Director of the Agency or his designee may approve direct monetary assistance by the Agency to owners of single family homes, condominiums, mobilehomes or multi-unit apartment complexes who rent to persons and families of very low, low and moderate income. Eligible housing includes single family homes, condominiums and mobilehomes and multi-unit apartment complexes (including duplexes) located in the City of Palm Desert. Owners who participate in the Program will be subject to annual verification of tenant income. At such time as applicable income limits have been exceeded, the direct monetary assistance payments to the owner may be reduced or terminated. Owners who participate in the Program must enter into a regulatory agreement or other recorded agreement with the Agency which includes assurances that the unit(s) will remain available at an affordable housing cost, as determined by the Agency, for the term required by law. Applications for the Program shall be made to the Director of Housing. The Director of Housing may develop further criteria for participation in the Program. P6402\0001\65466d.2 EX�llblt A PALM DESERT REDEVELOPMENT AGENCY MORTGAGE SUBSIDY PROGRAM The Mortgage Subsidy Program is desibned to provide monetary assistance is very low, low and moderate income homeowners in the City of Palm Desert whose housing cost exceeds 30 percent of their gross income. Under the Program, the Executive Director of the Agency or his designee may approve mortgage payment assistance by the Agency to very low, low and moderate income owners of eligible housing. Eligible housing includes owner-occupied, single family homes, condominiums and mobilehomes located in the City of Palm Desert. Homeowners who participate in the Program will be subject to annual verification of their income. At such time as applicable income limits have been exceeded, the mortgage payment assistance will be reduced or terminated. Homeowners who participate in the program must enter into a regulatory agreement or other recorded agreement with the Agency which includes certain restrictions relating to resale of the home, including assurances that the home will J remain available at an affordable housing cost, as determined by the Agency, for the term required by law. Applications for the Program sha11 be made to the Director of Housing. Homeowners who are currently subject to foreclosure actions shall be given preference in the application process. The Director of Housing from time to time shall establish the maximum price at which a home was purchased and still eligible for this program. The Director of Housing of the Agency may establish further criteria for the Program consistent with the goals of providing mortgage subsidies to very low, low and moderate income homeowners whose housing cost exceeds 30 percent of their gross income. P6402\0001\654660.3 EXillblt B