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Exhibit CC 08-21-12 #1 Successor Agency Enforceable Obligation Payment Schedule Successor/CC 8-21-12 Item # 1 /IP ADMINISTRATIVE SERVICES DEPARTMENT CITY HALL ASS �9ss 10300 TORRE AVENUE • CUPERTINO, CA 95014-3255 CUPERTINO TELEPHONE: (408)777-3220 www.cupertino.org CITY COUNCIL AND SUCCESSOR TO REDEVELOPMENT AGENCY STAFF REPORT Meeting: August 21, 2012 Subject Successor Agency approval of Amended Successor Agency Enforceable Obligations Payment Schedule and related actions Recommended Actions 1. Adopt Resolution No. 12-04—Rescind the previous Enforceable Obligation Payment Schedule 2. Adopt Resolution No. 12-05 —Approve the new Enforceable Obligation Payment Schedule Discussion As required by state law, on August 16, 2011, the former Cupertino Redevelopment Agency approved an Enforceable Obligation Payment Schedule (EOPS) projecting payments due for August 2011 through December 2011. That EOPS showed a total of$65,803 in pass-through payments to other taxing entities were due during the period. A review of that EOPS, performed by Santa Clara County, has determined that an additional payment should have been listed on the EOPS. The Agency repaid a $1,315,000 loan from the City of Cupertino on August 30, 2011 and since all payments after August 29, 2011 should be listed, that loan repayment should be on the EOPS. Agency staff did not previously list the repayment because that loan repayment was reflected as a fiscal year 2010-11 transaction as allowed by generally accepted accounting principles. Staff is also updating other obligations on the EOPS to reflect actions subsequent to the EOPS' original adoption. The amounts due on the Housing Trust and Association of Bay Area Government agreements are reduced to the Oversight Board's approved amounts. The pass- through amounts previously listed as Other Obligations are no longer needed to be shown as determined by State guidelines. To accomplish the correction, Successor Agency staff recommends that the Successor Agency Board first approve a resolution rescinding the original EOPS. The Board should then approve a resolution adopting a new EOPS with the changes. If the Successor Agency Board approves the EOPS, it will then go to the Oversight Board for approval, and be then filed with the State. Subsequent to the agenda release, staff determined that the City Council does not need to pass a resolution for these EOPS actions. Therefore there is no City Council resolution presented at this time. Fiscal Impact If the Agency Board does not adopt the revised EOPS, then the $1,315,000 repayment may be subject to reversal and the funds could be lost to other taxing agencies. Prepared by: David Woo, Finance Director Reviewed by: Carol Atwood, Director of Administrative Services Approved for Submission by: Amy Chan, Interim City Manager Attachments: Draft Resolution 12-04 Rescinded Enforceable Obligations Payment Schedule Draft Resolution 12-05 New Enforceable Obligations Payment Schedule RESOLUTION NO. 12-04 RESOLUTION OF THE CITY OF CUPERTINO SUCCESSOR TO REDEVELOPMENT AGENCY RESCINDING REDEVELOPMENT AGENCY RESOLUTION 11-04 WHEREAS, pursuant to the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.; the "Redevelopment Law"), the City Council (the "City Council") of the City of Cupertino (the "City") adopted in accordance with the Redevelopment Law, Ordinance No. 1850, on August 21, 2000, adopting the Redevelopment Plan for the Cupertino Vallco Redevelopment Project Area (the "Redevelopment Plan"), as amended from time to time; and WHEREAS, AB lx 26 (the "Dissolution Act") and AB 1484 (the "Redevelopment Dissolution/Unwind Trailer Bill", and together with the Dissolution Act, the "Redevelopment Restructuring Acts") have been enacted to significantly modify the Redevelopment Law; and WHEREAS, the City of Cupertino is acting as the Successor to the Redevelopment Agency (the "Successor Agency") under the Redevelopment Restructuring Acts; and WHEREAS, pursuant to the Redevelopment Restructuring Acts, the Cupertino Redevelopment Agency approved and adopted an Enforceable Obligation Payment Schedule for August 2011 through December 2011 under Redevelopment Agency Resolution 11-04 on August 16, 2011; and WHEREAS, pursuant to a review done by the County of Santa Clara, the Successor Agency desires to rescind Redevelopment Agency Resolution 11-04. NOW, THEREFORE, BE IT RESOLVED, that the Successor to the Redevelopment Agency Board hereby rescinds Redevelopment Agency Resolution 11-04. BE IT FURTHER RESOLVED, that this rescinding Resolution shall take immediate effect upon adoption. PASSED AND ADOPTED at a special meeting of the Successor to Redevelopment Agency Board on the 21th day of August, 2012 by the following vote: Vote: Members of the Successor to Redevelopment Agency AYES: NOES: ABSENT: ABSTAIN: ATTEST: APPROVED: Grace Schmidt, Secretary Mark Santoro, Chairperson O O O G M I 111111111 I 1 M• • N N o o i_ ,- co oo a >, • I— CD 60 ,- 69 69 H) 69 69 69 69 69 69 69 69 69 69 69 69 0 .—. 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N N N J J in O W W N O 07 N 0) W W --a W CD N 01 O -, A RESOLUTION NO. 12-05 RESOLUTION OF THE CITY OF CUPERTINO SUCCESSOR TO REDEVELOPMENT AGENCY APPROVING AND ADOPTING THE NEW ENFORCEABLE OBLIGATION PAYMENT SCHEDULE WHEREAS, pursuant to the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.; the "Redevelopment Law"), the City Council (the "City Council") of the City of Cupertino (the "City") adopted in accordance with the Redevelopment Law, Ordinance No. 1850, on August 21, 2000, adopting the Redevelopment Plan for the Cupertino Vallco Redevelopment Project Area (the "Redevelopment Plan"), as amended from time to time; and WHEREAS, the City of Cupertino Redevelopment Agency (the "former Agency") was responsible for implementing the Redevelopment Plan pursuant to the Redevelopment Law; and WHEREAS, AB xl 26 (the "Dissolution Act") and AB 1484 (the "Redevelopment Dissolution/Unwind Trailer Bill", and together wi 11 the Dissolution Act, the "Redevelopment Restructuring Acts") have been enacted to significantly modify the Redevelopment Law; and WHEREAS, the City of Cupertino is acting as the Successor to the Redevelopment Agency (the "Successor Agency")under the Redevelopment Restructuring Acts; and WHEREAS, pursuant to the Redevelopment Restructuring Acts, after August 29, 2011, the Successor Agency can only make payments on enforceable obligations after the former Agency adopts an enforceable obligation payment schedule listing all of the obligations that are enforceable within the meaning of the Redevelopment Restructuring Acts (the "Enforceable Obligation Payment Schedule"); and WHEREAS, as further set forth in the staff report accompanying this Resolution (the "Staff Report"), under the terms of various former Cupertino Redevelopment Agency contracts and obligations, the former Agency was required to make payments on its enforceable obligations after August 29, 2011; and WHEREAS, the Successor Agency has rescinded a previously adopted Enforceable Obligation Payment Schedule for August 2011 through December 2011; and WHEREAS, to avoid defaulting under its enforceable obligations, the Successor Agency desires to adopt a new Enforceable Obligation Payment Schedule for August 2011 through December 2011; and WHEREAS under Title 14 of the California Code of Regulations, Section 15378(b)(4), the approval of this Enforceable Obligation Payment Schedule is exempt from the requirements of the California Environmental Quality Act ("CEQA") in that it is not a project, but instead consists of the continuation of an existing governmental funding mechanism for potential future projects and programs, and does not commit funds to any specific project or program, because it 1 394\08\1022899.2 merely lists enforceable obligations previously entered into and approved by the former Cupertino Redevelopment Agency; and WHEREAS, the Successor Agency Board has reviewed and duly considered the Staff Report, the proposed new Enforceable Obligation Payment Schedule, and documents and other written evidence presented at the meeting. NOW, THEREFORE, BE IT RESOLVED, that the Successor Agency Board finds that the above Recitals are true and correct and have served, together with the supporting documents, as the basis for the findings and approvals set forth below. BE IT FURTHER RESOLVED, that the Successor Agency Board finds, under Title 14 of the California Code of Regulations, Section 15378(b)(4), that this resolution is exempt from the requirements of the California Environmental Quality Act (CEQA) in that it is not a project. The Board therefore directs that a Notice of Exemption be filed with the County Clerk of the County of Santa Clara in accordance with CEQA guidelines. BE IT FURTHER RESOLVED, that the Successor Agency Board hereby approves and adopts the new Enforceable Obligation Payment Schedule. BE IT FURTHER RESOLVED, that the Successor Agency Board authorizes and directs the Successor Agency's Executive Director or the Executive Director's designee to take such other actions and execute such other documents as are appropriate to effectuate the intent of this Resolution and to implement the Enforceable Obligation Payment Schedule on behalf of the Successor Agency. BE IT FURTHER RESOLVED, that this Resolution shall take immediate effect upon adoption. PASSED AND ADOPTED at a special meeting of the Successor to Redevelopment Agency Board on the 21th day of August, 2012 by the following vote: Vote: Members of the Successor to Redevelopment Agency AYES: NOES: ABSENT: ABSTAIN: ATTEST: APPROVED: Grace Schmidt Mark Santoro Secretary Chairperson 2 394\08\1022899.2 O 0 O O O O R t� C co 0 0 o Eo O to to = C9 F- co M c E CD a o c 1 1 1 I 1 1 y 8) U V1 Q a) 0 .o o a) a) N m a)a) d N V •... o o N .c - co ° > '- a) r g ° _ p Z M . o) N >, d . to 69 fA V9 EA EA 69 a c a) N = L aa rn m Ca EA EA EA EA EA 69 = N Q Q > O . E A� � w N W 69 EA EA EA EA 69 N O N 'Q 3aa O 00 ' ' ' 00 Q co ix o 0 o a) to R a �_ L RC) E VQ M M M c L o. c0 d W 69 EA EA EA EA 69 w Q r O O p O O O ' 1 1 O a) M +r M CI CO ci O O O O O -6 d 0 0 O O to 0 o > a) W `0 c ° c o M v V c CI EA EA EA EA EA fA R Q d M o o O1 o d C L ▪ = o co 03 .+ W y p 0° o v� o v v E j -O o U Cr)•� CO w E O co ui .4-- c•-3 'CI CO Q O C V O N A• d f O v 1._ M D N M co a VO . 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D) o 0 al 8/21/2012 4+-1 4 Background: • June of 2012-Cite Council budgeted$350,000 towards a General Plan Amendment as part of the 2012-2013 Fiscal Year Budget. • The budgeted amount is a result of Sand:Hill Property Company's$350,000 contribution(a required condition of approval) to replenish the office allocation entitled for their Main Street Cupertino mixed use project. • Staff also requests expanding the scope of work to include: • Replenishing the City's dwindling commercial&hotel allocations • Reviewing housing opportunities in keeping with the community's character • Evaluating the community's goals and objectives on certain opportunity sites,including the Vallco Shopping District Consideration - e a cn 'i n Ili n en Discussion The proposed scope of the General Plan Amendment could include: 1. Commercial Alloiation lnk cease avee Built 0uildm,t 0aten<e Exp rattan Pr.eels with entitlements- -Adapti Dote Date Oaks Lenter Expansion sad Hotel® -1® -1/2012309 Sub-told entitled projects --- Citywide tuknae indudiny entitled p,ojeats=ME= 4,630,982®' -- Proposal: 1. Add 2 million square feet of citywide commercial allocation for future retail and/or big box store development opportunities 2. Add CG(General Commercial)zoning to the BQ(Quasi-Public Building)zones on large sites for potential future additional retail development 1 8/21/2012 Discussion ?. Offii e AIki , tiiin 3il�ri,�„i Type Built Buildout Balance C wide Oftke Allocation uare feet' - 4451.555-MENIMMINMEMEMEREMEMENIMIll Expiration Projects with entitlements -- Adoption Dote Dote BSEB Union 76 Expansion and New Buildin: ®- WM= 160,000- rErgagMalME Main Street 2008 100,000 -- 1/20/2009 Sub-total entitled•ro'ects®---- Ct ide balance indudin:entitled,r.ects •Note-633,031 ormoior cow ales and 87,000 North Vellconotinrlodedine -wide•j oltorovar Proposal: Add 2-3 million square feet of citywide office allocation Consideration t0 Authorize i t c °� t Discussion 3. Hotel Altocotion Elu r<,ISi� Type Built Auitdout Balance Ci -aide Hotel Allocation rooms ---EIMM Dote Expiration pro ects with entitlements Oaks Center Expansion and Hotel®-- � .a: N 1/10/2009 Main Street 2012 ®--IMEZEMMUNIMEM Sub-iota/entitled•roectt hON CI Ide balance in<ludin:entitled pro ects 1,090 ff11111111111.111E3-- Proposal:Add 1,000-1,500 rooms to accommodate future potential hotel development 2 • 8/21/2012 y f Discussion Ivpe Built euildout Balarxe tit-wide Realdentlei Allocation units 21,187 - 23,294 2407 Expirotion Oro ect Nome Adoption Dote Dote North Portal Ave Subdivision Bier Subdivision 3 10/27/2009 10/27/2012 eollln;er Raad Subdivision© -rSiZirallM® Mein Street 2012 ® -5/15/2012 MEEMEI 'Nair,Street 2008 -_ 1/20/2009 Sub totol entitled•ro ects 153 CI wide balance bxludin•entitled•o ects 23,294 -- Proposal:Review housing opportunities keeping with the community's character Consideration ° i i1 Discussion Range of Development Allocation Proposed Ranges were developed based on: • A review of areas in the City that allow the various types of development- examples include North De Anna and North Fantail for office development,and the Vallco Shopping District for hotel and retail development. • Trends in development-for example.Class A office development is typically taller(could he 3-4 stories under the current General Plan)with structured parking instead of surface parking. • Long-range look at what the City needs to plan for in the next 15 years. • Reviewing a higher range would provide maximum flexibility and save time and money. 3 8/21/2012 Ian Amendment Discussion Opportunity Sites: A. Vallco Shoppir : ; ti Id Proposal: Create a clear t ommunit) vision through a General Plan Amendment process with a Master Plan that could include: • Objectives/para meters for the area • Design visions and themes • Mix of land uses • Building volumes, heights and c onnec ti it' unify the site Reasons in ludo: • Area is identified 1[, 1\all•"dr,i111111,1111. :tthi'nhi,tl • Ctv(‘' OIuiniIIII ' e11 1'1 '1 1 1 tea(h its l u l l p o t ; ni • I here is interest ; ' t ' , , disjointed& N ' ; Authorize Co ni dera Hon to General . Plan Discussion Opportunity Sites: B. Other Opportu n s Proposal: Include sites that are proposing development,such as Cupertino Inn and the Target Center, in the General Plan Amendment process 1,R1 • """in`I-91' ' " ' 1 ' t, iii Ii 1,1111-1 than OII a ' ,Into the( Outreach Efforts • If' held nnti, U11 ,f , f it lid , ' lair p 4 8/21/2012 E` a Discussion Flexibility to Move Forward on Development Projects and Cost: 1. Projects that require a General Plan Amendment • Typical time frame-12-15 months • Typical cost-$200,000-250,000 for the environmental review (not including staff time). • Individual project can move forward in parallel. • Provides a greater level of certainty earlier in the process. 2. Projects that do not require a General Plan Amendment • Typical time frame-7-12 months depending on the complexity • Typical cost-$80,000-100,000 for the environmental review(not including staff time). • Individual project can move forward in parallel. • GPA provides potential to analyze a wider variety of land use options and development standards. Consideration to . : ize a e e Plan m e ent Discussion Housing: • Regional requirements-moving away from a direct relationship of projects approved at a local level and more to a regional balance. • Questions that will be asked- o How does housing fit into the community character and needs? o What type of housing would best achieve the goals of the community? o How can housing(when it is proposed)be designed to best fit into projects? 5 8/21/2012 :> de ' i ' General Plan Ariendmeni, Process& Timing Process&Timing-Approximately one(I)year to 15 months Process t'i nl ii> I. Issues&economic/1,1w i • • 2. Community %isioiii rrstii�,f,} ; rnt =.t'1.{iltcrlal�s v '1 lti°m I) 3. Development oft ins! n:itines i months -1. Environmental hug _ a rith e 5. General Plan !nor,:dn:ent(Kraft 2: i iil, lj (i en ii;r�iit lk<ith I IE) 6. Planning Commis- Cone.ii pi.ihlir h, nth. ■ Individual projects could proceed on a parallel track with the General Plan while the General Plan is being analyzed once Council determines the Preferred Land Use Alternatives • The Master Plan for the Vallco Shopping Center and individual projects could also proceed on a parallel path with the General Plan as noted above. • The Master Plan and individual projects could be approved/adopted immediately after the adoption of the General Plan. nsi er t h iz a Public Outreach Process & Budget Public Outreach&Process: Community Visioning- 'I i„i„Ida a i den for ;'r fiit�ir, of C npertino emphasis on they l)ieiuit t and i�pprrtunily itee. • Community Meetings .ith resident, hnsine olvna rs. property owners l l l-gertu llily sites,el`t;d iif/aliens tutu{a iiiilinnity ".r roui�`i. Resources: • Planning Outrericll C`€1i15LIt.int • Retail/Economic • Environmental Co=,i<; pant Staff Budget-Total Budget of process to range from$1.1 million-$1.3 million Total: Budnet appro, t h:'i tt t a Budget still needed: • The General Plan Amendment is proposed to be self-funded with property owners/applicants paying a fair share of the cost. • Staff will come back to the Council with a proposal in four to six weeks. 6 8/21/2012 ever Pian Mitigation Fees • Anticipated that the cost of the General I'Ian Amendment will be divided among property owners of key opportunity sites. • Opportunity site owners who have not contributed their pro-rata share towards the General Plan Amendment would pay in the form of an advance planning fee as a condition of the project. • Estimated cost per site/property owner would be estimated once the scope of the General Plan Amendment is approx ed and consultants have been selected. Consideration to Authorize a General Plan Amendment Next Steps _. If Council authorizes the General Plan Amendment the next steps include: • Bring back a complete list of opportunity sites for Council to include in the General Plan Amendment process. • Provide a final budget and scope for the General Plan Amendment process along with a fair share of the contribution for opportunity sites. • Staff anticipates bringing the above back to Council in about four to six weeks 7 8/21/2012 Consideration to Authorize General Plan Amendment Recommendation That the Council authorize staff to initiate a General Plan Amendment to: • Increase the Citywide development allocations • Review key opportunity sites • Provide direction on funding the remaining budget needed to process the General Plan Amendment 8