HomeMy WebLinkAboutAgenda Packet 10/21/2004 �'_ Suite 2200,345 California St.,San Francisco,CA 94104
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1
Q , Tel:415 984-5i61 I Toll Free:Boo 247-7834 I Fax:415 984-5159
1 October 21, 2004
' Ms. Amy Doppelt
FitchRatings
650 California Street, 8t' Floor
San Francisco, CA 94108
' Dear Ms. Doppelt:
' It is truly a pleasure to present this credit package for the Atascadero Community
Development Agency (the "Agency"). The Agency is looking to issue its first series of
tax allocation bonds in the upcoming weeks and this package outlines the proposed
structure and credit strength of these bonds. We look forward to your response by
November 2, if at all possible. Following this letter is a full power-point presentation on
the key credit strengths of the financing as well as full documentation for the financing.
Summary of Key Credit Points
' The Atascadero Project Area presents a number of excellent credit strengths,
including:
' ➢ A diverse tax base with over 56% of the assessed value coming from
residential uses;
' ➢ The twenty (20) largest assesses total under 17% of the Project Area's
assessed value and the single largest is less than 2.40%;
➢ The Project Area is 1,110 acres and stretches the length of the City;
➢ The Project Area is predominantly composed of one and two story buildings
' that are the most seismically stable;
➢ The assessed value growth over the last four years has averaged 11.1% and
' has been consistent each year;
➢ All standard revenue sharing pass through payments (there is one special
school revenue sharing provision for less than $25,000 which may not be
subordinate) are expected to be subordinate to the bonds.
The Atascadero Project Area is relatively new, being formed in 1999. This year is
' the fourth year of tax increment revenue generation. The Project Area base value is
approximately $281.6 million and-the current assessed value is $433.3 million. This is
obviously very substantial growth for a four-year old project. While there has been
' limited new construction within the Project Area, a substantial level of this growth has
come from property re-sales and reassessments.
' Ms. Allison Kingsley
9 Y
Page 2 of 4
The City of Atascadero
' Atascadero is a community of 26,400 people located in the Central California
coastal region. The community was founded in the early 1900s and incorporated as a
City in 1979. The community encompasses a typical mix of industrial, commercial and
residential land uses, though the overall mix is skewed toward a high number of single-
family homes, most valued at over $400,000. The community is viewed as both a
favorable town for raising a family as well as an excellent retirement community. The
near proximity to San Luis Obispo and the large State College in the San Luis Obispo
community also makes Atascadero an excellent location for those involved in the
educational community.
' The Redevelopment Program - the Atascadero Community Development Agency
' The Atascadero Community Development Program was formally adopted in 1999
and is a standard California redevelopment program. The Project Area encompasses
1,110 acres in the central and commercial parts of the community as well as certain
older residential neighborhoods. A breakdown of the land uses by assessed value is
included in this package. It is believed that much of the assessed value growth of the
last four years has come from residential property re-sales and improvements.
' Purpose of this Financing
The proceeds of this financing will be utilized to fund various public
improvements throughout the Project Area. A part of the proceeds may be utilized to
fund the rehabilitation of the new, temporary city hall facility, but most of the proceeds
will be focused towards physical improvements of the community. These improvements
will range from street and bridge construction to park and community building
enhancements.
' Seismic Issues
With the exception of the new Carlton Hotel (still under construction and four
stories), the Project Area is almost exclusively one and two story construction. The two
major construction types are stick-built smaller and medium sized buildings and larger,
concrete and steel retail and commercial buildings. In the recent earthquakes to the
' north, the Project Area has seen no substantive damage to any buildings that were
privately owned (there was major damage to the 90+ year old City Hall). In the major
earthquake of December 2003 In Paso Robles, as noted above, there was no
' substantive damage to property within the Project Area and within the entire City only
two single-family homes were lost. The preponderance of damage to private property
was focused on collapsed chimneys.
' While the recent seismic activity within this region of Central California has
grabbed a lot of headlines, the actual damage to private property within Atascadero has
been very minimal. The City building inspector and other City staff are available to
discuss this issue as a part of the credit analysis.
Community Redevelopment Agency
of the City of Atascadero
' Ms.Allison Kingsley
9 Y
Page 3 of 4
' Debt Service Coverage & Credit Strength
The Project Area shows very diverse ownership (less than 17% in the top twenty
property owners) and solid growth over the last four years since formation. The
assessed value today is $433.3 million, and the 1999 base is $281.6. Total tax
' increments for this year, which are pledged to the bonds, are $1.5 million, less the 20%
Housing Set Aside and non-subordinated pass-throughs, for a net of $1.2 million.
Maximum annual debt service is expected to be approximately $850,000.
' We are proposing an additional bonds test of 125%. This financing, with the
inclusion of bond overrides and supplemental revenues, actually shows debt service
' coverage of 174%. We are open to consideration of a higher additional bonds test
coverage level so long as it is a decreasing test that would drop to the 125% level once
assessed value is reasonably higher than the current level.
' One key factor to bear in mind when reviewing the Atascadero redevelopment
credit (and most other California redevelopment credits) is that the assessed value is
' very low compared to the actual values. At its most extreme example in Atascadero,
the average assessed value for single family homes is roughly $166,000 per home,
while it would be practically impossible to find more than a very small handful of homes
' within the Project Area valued at under $300,000. City Staff and the financing team
have consulted with local realtors and we have been told that the average home value
within the Project Area is in the $400,000 range with some homes selling for much more
' than that level. Condominiums, which have an average assessed value of $129,000
are also undervalues, as there are practically no units available for under $200,000 and
the average value would be closer to $275,000.
' Debt Service Coverage
' Net Increment Total Pledged
Revenues Revenues
Revenues from 1% Levy $ 1,517,718 $ 1,517,718
Overrides == 153,226
Supplemental (1) 175,616
Gross Revenue $ 1,517,718 $ 1,846,560
' Less: Housing Set-Aside 303,544 303,544
' Less: Non-Subordinated Basic Aid Pass-Through (19,004) (19,004)
Less: SB 2557 County Admin (39,081) (39,081)
' Pledged Revenue $ 1,156,089 $ 1,484,931
Maximum Annual Debt Service $ 852,375 $ 852,375
Debt Service Coverage 1.36x 1.74x
(1)2004-05 Supplemental Revenue is assumed to be equal to 2003-04 Supplemental Revenue
Community Redevelopment Agency
of the City of Atascadero
' Ms. Allison Kingsley
Page 4 of 4
The project area time limits are:
' Date Redevelopment Plan Adopted July 13, 1999
Last Date to Incur New Debt July 13, 2019
' Last Date for Redevelopment Activity July 13, 2029
Last Date to Receive Tax Increment July 13, 2044
' Use of Synthetic Fixed Rate Structures
This first Atascadero financing is being structured with very straightforward fixed
rate level debt. There is no Escrow Fund or Housing pledge. However, as we are
increasingly seeing structures that successfully utilize interest rate swaps from variable
' to fixed as a means to lower financing costs, it is our desire to preserve that option for
future financings. The financing team is still working on language that will be sent to
you shortly that will provide, in the additional bonds test and elsewhere, for the use of
' synthetic fixed rate financings in subsequent parity issues. We look forward to your
comments on this approach.
' The Credit Presentations
A full credit package is attached to this letter. Our firm would welcome the
' opportunity to meet with you in San Francisco or Atascadero to present the Project Area
and to answer your questions. We are applying for both bond ratings and municipal
bond insurance. Though the project area is new, all other factors are very favorable.
' We look forward to discussing this financing with you.
' Best regards,
Mark Curran
' Managing Director
Public Finance
i ' CC: Interested Parties List
Community Redevelopment Agency
' of the City of Atascadero
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$12,675,000
Atascadero Redevelopment Agency
Series 2004 Tax Allocation Bonds
Sources & Uses
Dated 11/15/2004 1 Delivered 11/15/2004
Sources Of Funds
Par Amount of Bonds
$12,675,000.00
Total Sources
$12,675,000.00
Uses Of Funds
Pro ject Fund
9,663,761.45
Deposit to Capitalized Interest CIF Fund
1,479,527.17
DeRosit to Debt Service Reserve Fund (DSRF)
852,375.00_
— —_ _ —
Gross Bond Insurance Premium (175.0 bp)
—_ — —
424,086.38
Costs of Issuance
128,500.00
Total Underwriter's Discount 1.000%
126,750.00
Total Uses
$12,675,000.00
Series 2004 102904 (New C I SINGLE PURPOSE I 10/29/2004 2:40 PM
Piper Jaffray •
$12,675,000
Atascadero Redevelopment Agency
Series 2004 Tax Allocation Bonds
Net Debt Service
Schedule
Date
Principal
Coupon
Interest
Total P+I DSR
CIF
Net New D/S
09/01/2005
-
446,487.71
446,487.71 -
(446,487.71)
09/01/2006
-
562,012.50
562,012.50 -
(562,012.50)
-
09/01/2007
-
-
562,012.50
562,012.50 -
(562,012.50)
-
09/01/2008
-
-
562,012.50
562,012.50 -
-
562,012.50
09/01/2009
290,000.00
2.700%
562,012.50
852,012.50 -
-
852,012.50
09/01/2010
295,000.00
3.000%
554,182.50
849,182.50 -
-
849,182.50
09/01/2011
305,000.00
3.200%
545,332.50
850,332.50 -
-
850,332.50
09/01/2012
315,000.00
3.350%
535,572.50
850,572.50 -
-
850,572.50
09/01/2013
325,000.00
3.550%
525,020.00
850,020.00 -
-
850,020.00
09/01/2014
335,000.00
3.700%
513,482.50
848,482.50 -
-
848,482.50
09/01/2015
350,000.00
3.800%
501,087.50
851,087.50 -
-
851,087.50
09/01/2016
360,000.00
3.900%
487,787.50
847,787.50 -
-
847,787.50
09/01/2017
375,000.00
4.050%
473,747.50
848,747.50 -
-
848,747.50
09/01/2018
390,000.00
4.150%
458,560.00
848,560.00 -
-
848,560.00
09/01/2019
410,000.00
4.250%
442,375.00
852,375.00 -
-
852,375.00
09/01/2020
425,000.00
4.300%
424,950.00
849,950.00 -
-
849,950.00
09/01/2021
445,000.00
4.400%
406,675.00
851,675.00 -
-
851,675.00
09/01/2022
465,000.00
4.500%
387,095.00
852,095.00 -
-
852,095.00
09/01/2023
485,000.00
4.550%
366,170.00
851,170.00 -
-
851,170.00
09/01/2024
505,000.00
4.550%
344,102.50
849,102.50 -
-
849,102.50
09/01/2025
530,000.00
4.800%
321,125.00
851,125.00 -
-
851,125.00
09/01/2026
555,000.00
4.800%
295,685.00
850,685.00 -
-
850,685.00
09/01/2027
580,000.00
4.800%
269,045.00
849,045.00 -
-
849,045.00
09/01/2028
610,000.00
4.800%
241,205.00
851,205.00 -
-
851,205.00
09/01/2029
640,000.00
4.900%
211,925.00
851,925.00 -
-
851,925.00
09/01/2030
670,000.00
4.900%
180,565.00
850,565.00 -
-
850,565.00
09/01/2031
700,000.00
4.900%
147,735.00
847,735.00 -
-
847,735.00
09/01/2032
735,000.00
4.900%
113,435.00
848,435.00 -
-
848,435.00
09/01/2033
770,000.00
4.900%
77,420.00
847,420.00 -
-
847,420.00
09/01/2034
810,000.00
4.900%
39,690.00
849,690.00 (852,375.00)
-
_2,685.00)_
Total $12,675,000.00
- $11,558,507.71
$24,233,507.71 (852,375.00)
(1,570,512.71)
$21,810,620.00
Series 2004102904 (New C 1 SINGLE PURPOSE 1 10/29/2004 12:40 PM
TABLE 1
ATASCADERO REDEVELOPMENT AGENCY
' Calculation of Pledged Revenues
Assuming 4% Growth
11
7
7
Prepared by Piper Jaffray if 10129/2004
Total Tax
SB 2557
'
Plan
Increment
Unitary Housing Set
County Admin
Basic Aid
Year
Year
Assessed Value
Incremental Value
Revenues
Revenue
Aside
Collection
Pass -Through
Net Revenues
2005
5
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
'
2006
6
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2007
7
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2008
8
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
'
2009
2010
9
10
433,311,316
433,311,316
151,716,110
151,716,110
1,517,161
1,517,161
556
556
303,544
303,544
39,081
39,081
19,004
19,004
1,156,089
1,156,089
2011
11
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2012
12
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2013
13
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2014
14
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2015
15
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2016
16
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2017
17
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2018
18
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
'
2019
19
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2020
20
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2021
21
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2022
22
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
'
2023
23
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2024
24
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2025
25
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2026
2027
26
27
433,311,316
433,311,316
151,716,110
151,716,110
1,517,161
1,517,161
556
556
303,544
303,544
39,081
39,081
19,004
19,004
1,156,089
1,156,089
2028
28
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2029
29
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2030
30
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2031
31
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2032
32
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2033
33
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
2034
34
433,311,316
151,716,110
1,517,161
556
303,544
39,081
19,004
1,156,089
'
Total
46,649,021
17,250
9,333,143
1,189,450
570,120
35,573,002
0=
Actual
Values
"RDA Plan Adopted
July, 1999 (FY 2000).
Plan expiration June, 2050 (FY 2050 - incl. 1 yr. ERAF extension).
'
(1) Original Frozen Base equals $281,249,711, changes to $281,595,206 in FT 2004.
(2) Forecast
period (FY
2005-2050) assumes 1% tax rate and does not include Supplemental Revenues.
(3) AB 1290 Pass Throughs step up from 20% of increment in Plan Year 1, to 16.8% of additional
increment in Plan
Year 11 (using Plan
Year 10 as Base Year) and 11.2% of additional increment in Plan Year 31 (using Plan Year 20 as Base Year).
'
(4) SB 2557 County Admin. Fees estimated at 2.575% of Gross Tax Increment. This is based on an average of the last 4 years.
11
7
7
Prepared by Piper Jaffray if 10129/2004
11
TABLE 2
ATASCADERO REDEVELOPMENT AGENCY
' Calculation of Available Revenues for Debt Service
� I
11
Il
11
Prepared by Piper Jaffray 12 10/29/2004
Fiscal
Plan
AB 1290
ERAF Payment
Available
Year
Year
Net Revenues
Revenue Sharing
(1)
Revenues
2005
5
1,156,089
303,544
15,177
837,368
'
2006
2007
6
7
1,156,089
1,156,089
303,544
303,544
15,177
15,177
837,368
837,368
2008
8
1,156,089
303,544
852,545
2009
9
1,156,089
303,544
-
852,545
2010
10
1,156,089
303,544
-
852,545
2011
11
1,156,089
303,544
852,545
2012
12
1,156,089
303,544
_
852,545
2013
13
1,156,089
303,544
-
852,545
2014
14
1,156,089
303,544
-
852,545
2015
15
1,156,089
303,544
-
852,545
'
2016
16
1,156,089
303,544
852,545
2017
17
1,156,089
303,544
-
852,545
2018
18
1,156,089
303,544
-
852,545
2019
19
1,156,089
303,544
-
852,545
'
2020
20
1,156,089
303,544
852,545
2021
21
1,156,089
303,544
852,545
2022
22
1,156,089
303,544
-
852,545
'
2023
2024
23
24
1,156,089
1,156,089
303,544
303,544
-
852,545
852,545
2025
25
1,156,089
303,544
852,545
2026
26
1,156,089
303,544
-
852,545
2027
27
1,156,089
303,544
-
852,545
2028
28
1,156,089
303,544
-
852,545
'
2029
29
1,156,089
303,544
852,545
2030
30
1,156,089
303,544
-
852,545
2031
31
1,156,089
303,544
-
852,545
2032
32
1,156,089
303,544
852,545-
'
2033
33
1,156,089
303,544
_
852,545
2034
34
1,156,089
303,544
-
852,545
Total
35,573,002
9,333,254
45,532
25,530,827
(1) ERAF is estimated to be 5%. Although, according to San Luis Obispo County, to date the Agency has no
been subject to the ERAF adjustment.
� I
11
Il
11
Prepared by Piper Jaffray 12 10/29/2004
TABLE 3
ATASCADERO REDEVELOPMENT AGENCY
Maximum Annual Debt Service Based on the Lesser of 1.25x Pledged Revenues
and 1.0x Available Revenues
Total 35,573,002 27,746,131 25,530,827 25,530,827 22,662,995
Prepared by Piper Jaffray
13
10/29/2004
Max Annual Debt
Maximum
Projected
Fiscal
Plan
Pledged
Service @ 1.25x
Available
Annual Debt
2004 Debt
Debt Service
Year
Year
Revenues
Coverage
Revenues
Service
Service
Coverage
2005
5
1,156,089
924,871
837,368
837,368
-
-
2006
6
1,156,089
924,871
837,368
837,368
-
-
2007
7
1,156,089
924,871
837,368
837,368
-
-
2008
8
1,156,089
924,871
852,545
852,545
562,013
2.06
2009
9
1,156,089
924,871
852,545
852,545
852,013
1.36
2010
10
1,156,089
924,871
852,545
852,545
849,183
1.36
2011
11
1,156,089
924,871
852,545
852,545
850,333
1.36
2012
12
1,156,089
924,871
852,545
852,545
850,573
1.36
2013
13
1,156,089
924,871
852,545
852,545
850,020
1.36
2014
14
1,156,089
924,871
852,545
852,545
848,483
1.36
2015
15
1,156,089
924,871
852,545
852,545
851,088
1.36
2016
16
1,156,089
924,871
852,545
852,545
847,788
1.36
2017
17
1,156,089
924,871
852,545
852,545
848,748
1.36
2018
18
1,156,089
924,871
852,545
852,545
848,560
1.36
2019
19
1,156,089
924,871
852,545
852,545
852,375
1.36
2020
20
1,156,089
924,871
852,545
852,545
849,950
1.36
2021
21
1,156,089
924,871
852,545
852,545
851,675
1.36
2022
22
1,156,089
924,871
852,545
852,545
852,095
1.36
2023
23
1,156,089
924,871
852,545
852,545
851,170
1.36
2024
24
1,156,089
924,871
852,545
852,545
849,103
1.36
2025
25
1,156,089
924,871
852,545
852,545
851,125
1.36
2026
26
1,156,089
924,871
852,545
852,545
850,685
1.36
2027
27
1,156,089
924,871
852,545
852,545
849,045
1.36
2028
28
1,156,089
924,871
852,545
852,545
851,205
1.36
2029
29
1,156,089
924,871
852,545
852,545
851,925
1.36
2030
30
1,156,089
924,871
852,545
852,545
850,565
1.36
2031
31
1,156,089
924,871
852,545
852,545
847,735
1.36
2032
32
1,156,089
924,871
852,545
852,545
848,435
1.36
2033
33
1,156,089
924,871
852,545
852,545
847,420
1.36
2034
34
1,156,089
924,871
852,545
852,545
849,690
1.36
Total 35,573,002 27,746,131 25,530,827 25,530,827 22,662,995
Prepared by Piper Jaffray
13
10/29/2004
Ms. Melanie Arner
PiperJaffray
345 California St., Suite 2200
San Francisco, CA 94104-2606
October 12, 2004
ATASCADERO REDEVELOPMENT PROJECT
Largest 2004-05 Local Secured Taxpayers
(1) 2004-05 Local Secured Assessed Valuation: $408,284,463
JC:($400)
2004-05
% of
Property Owner
Primary Land Use
Assessed Valuation Total 1
1.
Albertson Inc.
Shopping Center
$ 9,544,283
2.34%
2.
Von Companies Inc.
Shopping Center
7,016,219
1.72
3.
Denver Garden Co. LLC
Commercial Store
6,493,619
1.59
4.
Carlton Hotel Investments LLC
Hotel
5,731,697
1.40
5.
420 LP
Shopping Center
5,542,494
1.36
6.
El Camino Associates
Shopping Center
3,668,376
0.90
7.
Paresh Patel
Motel
3,083,788
0.76
8.
Robert Shannon
Residential
2,500,000
0.61
9.
Atascadero Real Property LLC
Commercial - Automotive
2,446,340
0.60
10.
Santa Lucia National Bank
Financial Building
2,399,831
0.59
11.
Charter Communication
Communication
2,270,142
0.56
12.
Kennedy Athletic Club of Atascadero
Sports and Fitness Club
2,238,000
0.55
13.
EHA-Atascadero LLC
Commercial Store
2,237,683
0.55
14.
Linda Williams, Trustee
Mobile Home Park
2,102,606
0.51
15.
James P. and Frances J. Jones
Apartments
2,027,499
0.50
16.
Safeway Inc.
Shopping Center
2,013,665
0.49
17.
Donald D. Messer
Commercial - Restaurant
1,972,999
0.48
18.
Atascadero Mutual Water Company
Water Utility
1,814,017
0.44
19.
Colony Homes LLC .
Residential Lots
1,775,673
0.43
20.
Camino-Curbaril Associates LP
Shopping Center
1,738,925
0.43
$68,617,856
16.81%
(1) 2004-05 Local Secured Assessed Valuation: $408,284,463
JC:($400)
Ms. Denise Rabe
PiperJaffray
345 California St., Suite 2200
San Francisco, CA 94104-2606
October 19, 2004
ATASCADERO REDEVELOPMENT PROJECT
Assessed Valuation and Parcels by Land Use
2004-05 % of No. of
Assessed Valuation (1) Total Parcels
Non -Residential:
Commercial
$142,824,808
34.98%
402
Vacant Commercial
13,270,681
3.25
75
Industrial
14,944,869
3.66
39
Vacant Industrial
80,721
0.02
2
Recreational
4,073,696
1.00
7
Government/Social/Institutional
1,772,433
0.43
55
Miscellaneous
135,447
0.03
5
Subtotal Non -Residential
$177,102,655
43.38%
585
Residential:
Single Family Residence
$165,387,430
40.51%
990
Condominium/Townhouse
18,969,261
4.65
147
Mobile Home
1,707,933
0.42
54
Mobile Home Park
2,266,774
0.56
3
2-4 Residential Units
23,261,746
5.70
109
5+ Residential Units/Apartments
15,533,193
3.80
31
Vacant Residential
4,055,471
0.99
48
Subtotal Residential
$231,181,808
56.62%
1,382
Total
$408,284,463
100.00%
1,967
(1) Local Secured Assessed Valuation; excluding tax-exempt property.
JC:($150)
% of
Total
20.44%
3.81
1.98
0.10
0.36
2.80
0.25
29.74%
50.33%
7.47
2.75
0.15
5.54
1.58
2.44
70.26%
100.00%