HomeMy WebLinkAboutMINUTES - 09262006 - C.76 PIP"
TO: BOARD OF SUPERVISORS contra
FROM: John Cullen,
County Administrator Costa
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DATE: September 26, 2006 Qu nt
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OS��•COUP1 G
SUBJECT: Subordination of Tax Increment Revenues for San Ramon b
Redevelopment Agency Bond Issuance 2006'
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
APPROVE and AUTHORIZE the Chair, Board of Supervisors, to execute the Subordination
Agreement, dated September 26, 2006, between the San Ramon Redevelopment Agency and the
County of Contra Costa including the Library, and the Contra Costa County Flood Control and Water
Conservation District (Taxing Agencies), to provide for the subordination of additional tax increment
revenue payments to the Taxing,Agencies, in order for the San Ramon Redevelopment Agency to
pledge such tax increment revenue to the Series 2006 Tax Allocation Bonds. (Attachment A.)
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FINANCIAL IMPACT:
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Based on staff analysis of the financial projections, the San Ramon Redevelopment Agency should
be able to pay its debt payments and the tax increment revenue required to be paid to the County and
other affected taxing entities under the terms of a pass-through agreemi nt.
BACKGROUND:
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In 1986, the County, Agency, Library District, and Flood Control Districtentered into an "Agreement
Concerning Tax Increment From San Ramon Redevelopment Project Area" under which the San
Ramon Redevelopment Agency agreed to pay to each of the other taxing agencies all or a portion of
their share of the property tax collections in the project area.
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Under Section 2 of the Agreement, the Agency may request the County, the Library District, and the
Flood Control District to subordinate their rights to payment under the Agreement to allow the Agency
to pledge all or any portion of the tax increment revenue to secure long-,term indebtedness incurred
for the project area. In order to do so, the Agency must demonstrate that the tax increment revenues
from the project area will be sufficient to pay debt-service and make the required pass-through
payments in every year during the term of the debt.
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CONTINUED ON ATTACHMENT: X YES SIGNATURE: ;v
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
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SIGNATURE(S): Lz
�y�ACTION OF BOARD ON 1 w- APPROVED AS RECOMMENDED {0 O_1flER
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VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A TRUE AND CORRECT
COPY OF AN ACTION TAKEN AND ENTERED ON MINUTES OF
THE BOARD OF SUPERVISORS ON THE DATE SHOWN.
V UNANIMOUS(ABSENT `� )
AYES: NOES:
ABSENT: ABSTAIN:
Contact:. Lara DeLaney,5-1097 J
cc: CAD's Office-2 originals ATTESTED � 2 -2—C47
County Counsel JOHN CULLEN,CLERK OF THE BOARD OFSUPERVISORS
City of San Ramon,Marc Fontes
Jim Kennedy,Redevelopment
BY: �� G�=LJL� DEPUTY
e �a
San Ramon RDA Subordination 2006—September 26, 2006
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Such a subordination has previously been granted in connection with tax allocation bond issuances of
the Agency in 1990 ($8.545 million), 1994 ($17 million), and 1998 ($18.8 million).
The Agency now intends to incur additional long-term indebtedness in an aggregate principal amount
not to exceed $54,000,000. The Agency has provided the County with a report (Exhibit A) that
includes revenue forecasts and a debt service schedule relating to all of the Agency's current
outstanding bonds and bonds to be issued. The report shows that the Agency's anticipated ability to
repay such bonds can be made without demand made on the aforementioned payments due to the
Taxing Agencies under the Agreement.
The Report shows that the aggregate of the tax increment revenue payments to be subordinated are
contemplated to be used only for additional security (debt service coverage) and that the Agency's
tax increment revenues will be adequate, over the term of such bonds, to pay one hundred percent
(100%) of the actual debt service thereon and to pay the Agency's obligations under the Agreement,
and any other obligations of the Agency, whether statutory or contractual which are or would be
superior to the Agency's obligations under the Agreement or the statutory' pass-through.
Based on a review by staff of the County Administrator's Office of the revenue projections prepared
by Keyser Marston Associates, Inc., staff recommends approval of the subordination request.
In the unlikely event that subordination is required, the Agreement indicates that any reduction in
payment will be treated as an advance by the Taxing Agencies and repaid by the Agency.
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1
AGREEMENT AUTHORIZING
THE SUBORDINATION OF REVENUES
RELATED TO 2006 TAX ALLOCATION BONDS
[FOURTH SUBORDINATION AGREEMENT]
This Fourth Subordination Agreement, dated September 26, 2006, is entered into
by and among the Redevelopment Agency of the City of San Ramon (the"Agency") and the
County of Contra Costa(including the Library), and the Contra Costa County Flood Control and
Water Conservation District (collectively referred to herein as the "Taxing Agencies").
RECITALS
The Agency and the Taxing Agencies entered into a Tax Increment Agreement on
or about December 16, 1986 (hereinafter "Tax Increment Agreement") for the purpose of
allocating tax increment funds to alleviate the financial burden and detriment to the Taxing
Agencies as a result of the adoption of the San Ramon Redevelopment Project. Section 2 of the
Tax Increment Agreement authorizes the Taxing Agencies to subordinate their right to receive
tax increment revenues to allow the Agency to pledge all or any portion of the tax increment
revenue otherwise payable to the Taxing Agencies to secure long-term indebtedness, provided
that certain criteria are met.
The Agency and the Taxing Agencies entered into a first subordination
agreement, dated May 8, 1990, regarding the subordination of the Taxing Agencies' rights to
receive tax increment revenue payable under the Tax Increment Agreement in order for the
Agency to pledge such tax increment revenue to bonds in an aggregate principal amount not to
exceed$8,545,000.
The Agency and the Taxing Agencies entered into a second subordination
agreement, dated April 26, 1994, regarding the subordination of the Taxing Agencies' rights to
receive tax increment revenue payable pursuant to the Tax Increment Agreement in order for the
Agency to pledge such tax increment revenue to bonds in an aggregate principal amount not to
exceed $17,000,000.
The Agency and the Taxing Agencies entered into a third subordination
agreement, dated March 16, 1998, regarding the subordination of the Taxing Agencies' rights to
receive tax increment revenue payable Tax Increment Agreement in order for the Agency to
pledge such tax increment revenue to bonds in an aggregate principal amount not to exceed
$18,800,000.
As of July 2006,the Agency has outstanding long-term bonded indebtedness in
the total amount$31,445,000. The Redevelopment Plan for the San Ramon Redevelopment
Project Area authorizes the Agency to incur long-term bonded indebtedness in an amount not to
exceed $100,000,000.
San Ramon Subordination Agreement 2006 Bonds
The Agency now intends, on or before December 31, 2006,to incur additional
long-term indebtedness in an aggregate principal amount not to exceed $54,000,000 secured by
the tax increment revenue of the San Ramon Redevelopment Project Area, to finance
redevelopment projects in the Project Area.
The Agency has provided the Taxing Agencies with a report, attached as
Exhibit A, which includes revenue forecasts and a debt service schedule relating to all of the
Agency's currently outstanding indebtedness with respect to the Project and the 2006 Tax
Allocation Bonds (the "Report"), showing that the Agency anticipates that it will be able to repay
all of its bonded indebtedness and other obligations of the Agency without demand being made
on the aforementioned payments due to the Taxing Agencies under the Tax Increment
Agreement. The Report shows that the aggregate of the tax increment revenue payments to be
subordinated are contemplated to be used in the cash-flow relating to such bonds only for
additional security (debt service coverage) and that the Agency's tax incremental revenues will
be adequate, over the term of such bonds, to pay one hundred percent (100%) of the actual debt
service thereon and to pay the Agency's obligations under the Tax Increment Agreement and any
other obligations of the Agency, whether statutory or contractual, which are or would be superior
to the Agency's obligations under the Tax Increment Agreement.
AGREEMENT
The parties hereto agree as follows:
1. Pursuant to Section 2 of the Tax Increment Agreement,the Taxing
Agencies hereby subordinate their right to receive tax increment revenue payments in order to
allow the Agency to pledge such tax increment revenue to the proposed long-term indebtedness
to be incurred by the Agency in an amount not to exceed $54,000,000, under the terms and
conditions of this Fourth Subordination Agreement.
2. This Fourth Subordination Agreement is further subject to the following
conditions:
a. The Agency shall issue the bonds by no later than December 31,
2006.
b. The principal amount of the bonds to be sold shall not exceed
$54,000,000.
3. In the event that the payments to the Taxing Agencies are reduced below
the amount otherwise payable to them under the Tax Increment Agreement, as a result of the
Taxing Agencies' first, second, third and/or fourth subordination agreements, then such
reductions shall be treated as advances by the Taxing Agencies and repaid by the Agency in
accordance with the terms of the Tax Increment Agreement. The Agency shall submit to the
San Ramon Subordination Agreement 2006 Bonds 2
Taxing Agencies on an annual basis a summary of the previous year's indebtedness, revenues,
and expenditures.
4. The Agency agrees to expend the proceeds of the bonded indebtedness in
the Project Area in furtherance of its Redevelopment Plan.
5. This Fourth Subordination Agreement does not amend the Tax Increment
Agreement or the prior Subordination Agreements between the parties and those agreements
remain unchanged and in full force and effect. This Subordination Agreement shall not be used
in any way to construe the terms of the Tax Increment Agreement or to impose any future
obligation on the County to subordinate its rights to receive tax increment payments under the
Tax Increment Agreement.
[Remainder of page intentionally left blank.]
San Ramon Subordination Agreement 2006 Bonds 3
IN WITNESS WHEREOF, the Agency and the Taxing Agencies have entered
into this Fourth Subordination Agreement by their officers thereunto duly authorized as of the
day and year first above written.
COUNTY: AGENCY:
COUNTY OF CONTRA COSTA REDEVELOPMENT AGENCY OF THE
CITY OF SAN RAMON
Contra Costa County
(including the Library)
Contra Costa County Flood
Control and Water Conservation By: 16,41t
District Exectftily
irector
CITY OF SAN RAMON
By: By: �,�'L� 16 0wo�
Chairperson it Manager
Board of Supervisors
Attest:
JOHN CULLEN
CLERK OF THE BOARD OF
SUPERVISORS AND
COUNTY ADMINISTRATOR
By. I
Deputy Clerk
Approved as to form:
SILVANO B. MARCHESI
COUNTY COUNSEL
By:
Chie ssistant 0o y ounsel
San Ramon Subordination Agreement 2006 Bonds 4
EXHIBIT A
[See attached tables.]
A
San Ramon Subordination Agreement 2006 Bonds A-1
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