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RDA 05-02 RESOLUTION NO. 05-02 A RESOLUTION OF THE CUPERTINO REDEVELOPMENT AGENCY STATING THE INTENTION OF THE BOARD TO ALLOCATE 25% OF DISCRETIONARY FUNDS TO BE EARMARKED FOR A PARKING STRUCTURE IN THE V ALLCO PROJECT AREA WHEREAS, the Vallco Project Area is currently in development with major planned improvements; and WHEREAS, such planned improvements will produce future tax increments which can be utilized for investment back into the project area; and WHEREAS, the owners of Vall co have requested tax increment monies to assist in the financing of one of two parking structures; and WHEREAS, a parking structure was planned as a part of the original Vallco redevelopment; NOW, THEREFORE, BE IT RESOLVED that the Cupertino Redevelopment Agency does hereby state its intent to allocate 25% of discretionary funds from the Redevelopment Agency future tax increment to be earmarked for a parking structure, based on the estimates in Schedules A and B (attached). PASSED AND ADOPTED at a regular meeting of the Cupertino Redevelopment Agency this 6th day of September 2005, by the following vote: Vote Members of the Redevelopment Agency AYES: NOES: ABSENT: ABSTAIN: Kwok, Lowenthal, Sandoval, Wang, James None None None ATTEST: 1(~.~7) Secretary Schedule A Tax Increment Revenue Projection Vallco Fashion Park Redevelopment Projec City of Cupertino OOO's Omitted No! T" Revenue Statutory Pass Through Tier 1 Tier 2 Tier 3 PasS Thru Pass Thru Pas~ Thru T" Revenue After HSA o o Gross Increment Increment Housing Over Base ~evenue (1 Set Aside $116,135 1.04050% -25.00% Total Project Value Total Pe~Of1al Pro~ Total Real Prope~ o o 941 ,754 ,802 ,837 1,872 1,907 1,944 1,981 2,019 2,057 2,097 2,137 2,178 2,219 2,262 2,305 2,350 2,395 2,441 2,488 2,536 2,585 2,635 2,671 2,709 2,747 2,785 2,825 2,865 2,906 2,948 2,991 3,034 3,079 3,124 3,170 3,218 3,266 .20% o 0 o 0 o (342) o (638) o (655) o (688) o (721) o (754) o (789) ° (824) ° (860) o (896) o (933) o (971) o (1,010) o (1,049) o (1,089) o (1,130) ° (1,172) ° (1,215) o (1,259) o (1,303) ° (1,348) ° (1,394) ° 1,442 15 (1,504) (30) (1,568) (45) (1,633) (61) (1,699) (77) (1,767) (93) (1,836) (110) (1,906) (127) (1,978) (144) (2,052) (162) (2,126) (180) (2,203) (198) (2,280) (217) (2,360) (236) (2,441' (256) (2,523 -16.80% o 0 o 0 (342) 0 (638) 0 (655) 0 (673)~ (691) (30) (710) (46) (729) (62) (748) (78) (767) (94) (787) (111) (808) (128) (829) (146) (850) (163) (872) (182) (894) (200) (916) (219) (939) (238) (963) (258) (987) (278) (1,011) (299) (1,036) (320) (1,061) (341) 1,087 363 (1,113) (385) (1,140) (407) (1,168) (430) (1,196) (454) (1,224) (478) (1,254) (502) (1,283) (527) (1,314) (553) (1,345) (579) (1,376) (605) (1,408) (632) (1,441) (660) (1,475) (688) (1,509) (717) (1,544) J.Zi§L -20.00% ,283 2,392 2,458 2,524 2,592 2,662 2,732 2,805 2,878 2,953 3,030 3,108 3,187 3,269 3,351 3,436 3,522 3,610 3,700 3,791 3,884 3,980 4,077 4,176 4,277 4,380 4,485 4,592 4,701 4,813 4,926 5,042 5,161 5,281 5,404 5,530 5,658 5,789 o o (428) (797) (819) (841) (864) (887) (911) (935) (959) (984) (1,010) (1,036) (1,062) (1,090) (1,117) (1,145) (1,174) (1,203) (1,233) (1,264) (1,295) (1,327) ~ (1,392) (1,426) (1,460) (1,495) (1,531) (1,567) (1,604) (1,642) (1,681) (1,720) (1,760) (1,801) (1,843) (1,886) (1,930) o o 1,711 3,190 3,277 3,366 3,457 3,549 3,643 3,739 3,837 3,937 4,040 4,144 4,250 4,358 4,469 4,581 4,696 4,813 4,933 5,055 5,179 5,306 5,435 5,567 5,702 5,839 5,980 6,122 6,268 6,417 6,568 6,723 6,881 7,042 7,206 7,373 7,544 7,718 o o 164,465 306,583 314,953 323,491 332,199 341,081 350,141 359,383 368,809 378,423 388,230 398,233 408,436 418,843 429,459 440,286 451,330 462,595 474,086 485,806 497,760 509,954 522,391 535,078 548,018 561,216 574,679 588,411 602,418 616,704 631,277 646,141 661,302 676,767 692,540 708,630 725,041 741,780 106,715 108,765 280,600 422,719 431,089 439,626 448,334 457,217 466,277 475,518 484,944 494,559 504,366 514,369 524,572 534,979 545,594 556,422 567,466 578,731 590,221 601,941 613,896 626,089 638,527 651,213 664,153 677,352 690,814 704,546 718,553 732,840 747,412 762,276 777,438 792,902 808,676 824,765 841,176 857,915 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4~215 102,500 104,550 276,385 418,504 426,874 435,411 444,119 453,002 462,062 471,303 480,729 490,344 500,151 510,154 520,357 530,764 541,379 552,207 563,251 574,516 586,006 597,726 609,681 621,874 634,312 646,998 659,938 673,137 686,599 700,331 714,338 728,625 743,197 758,061 773,223 788,687 804,461 820,550 836,961 853,700 N.. Projects 169,744 309,730 315,924 322,243 328,688 335,261 341,967 348,806 355,782 362,898 370,156 377,559 385,110 392,812 400,668 408~682 416,855 425,193 433,696 442,370 451,218 460,242 469,447 478,836 488,413 498,181 508,144 518,307 528,674 539,247 550,032 561,033 572,253 583,698 595,372 607,280 619,425 631,814 Inllationary Growth 2,050 2,091 2,133 2,175 2,219 2,263 2,309 2,355 2,402 2,450 2,499 2,549 2,600 2,652 2,705 2,759 2,814 2,870 2,928 2,986 3,046 3,107 3,169 3,233 3,297 3,363 3,431 3,499 3,569 3,640 3,713 3,788 3,863 3,941 4,019 4,100 4,182 4,265 4,351 Real Property 102,500 102,500 104,550 106,641 108,774 110,949 113,168 115,432 117,740 120,095 122,497 124,947 127,446 129,995 132,595 135,247 137,952 140,711 143,525 146,395 149,323 152,310 155,356 158,463 161,632 164,865 168,162 7' ,525 174,956 178,455 182,024 185,665 189,378 193,165 197,029 200,969 204,989 209,088 213,270 217 ~536 Fiscal Yeal 2005-06 2006-07 2007-08 2008-09 2009-1 ° 2010- 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 2031-32 2032-33 2033-34 2034-35 2035-36 2036-37 2037-38 2038-39 2039-40 2040-41 2041-42 2042-43 2043-44 2044-45 2029-30 2030-31 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 94,966 (23,74 71,224 8,993) (3,569) 0 (22,483) 48,742 193,917 (48,479) 145,438 (38,783) (11,935) (1,951) (52,359) 93,079 TOTAL (YEARS 6-30) TOTAL (YEARS 6-45) (1) Indudes pre-1989 property tax override: County Relirement Levy (.0388%) and County library Retirement 9/112005: 3:56 PM: RJW Prepared by Keyser Marston Associates, Inc. Filename: Vallco RDA -cupertino Ii projupdatevals.)(ls; TLSummary; Schedule A-1 Real Property Value Added Valleo Fashion Park Redevelopment Project City of Cupertino ODD's Omitted Value 1 2 3 4 5 6 DeveloDment Description Added 2005-06 2006-07 2007-08 2008-09 2009-2010 2010-2011 1 AMC 16 Theatre 20,000 20,000 2 Parking Structures At Macy's and JCP 20,000 20,000 3 Hotel 50,000 50,000 4 North West Housing (150 Units). 75,000 75,000 5 Rose Bowl Retail/Garage 120,000 120,000 Total Real Property Value 285,000 0 0 160,000 125,000 0 0 o 0 315,924 322,243 136,591 309,730 169,744 169,744 o o o o Total Real Property Value (Inflated) 3.00% Cumulative Value with Prop 13 Increases 102.00% Prepared by Keyser Marston Associates, Inc. Filename· Val1co RDA -cupertjno ti projupdatevals.xls; TI_Detaìl; 8/31/2005; 5:32 PM; RJW ScheduleS Tax Increment Revenue Projection Vallco Fashion Park Redevelopment Project City of Cupertino OOO'sOmiUed Gross Increment Increment Housing Tð.1I Tiel Tier 2 Tier 3 StatutOry Net City see Net Over8ase ~evenue(1 SetAs!de Revenue PassThru PassThru PassThru Pass Tð.1I ~xpend.¡tureObllgatiOn! Avai13ble $116.135 1.04050% -25.00% AfterHSA -20.00% ·16.80% .20,.. Througll Revenue I (2 (3J locremenl Total Projec' Value Total Total Real Pel"S(loal Pro~erty Pro~erty o o o o o o o o 957 1,149 1,151 1,152 1,151 1.149 1,141 1,144 1,138 1.133 1,123 1,114 10 1.089 1,013 1,056 1.031 1,015 991 '" ,3< 90 o o o o o (159) (161) (115) (184) (193) (203) (213) (224) (235) (241) (259) {272} (285) (300) (315) (331) (347) (365) (383) (402) (422) (443) (465) (489) /513: (284) (39) (100) (99) (59) (105) (110) (115) (438) (460) (483) (507) (532) (560) (587) (616) (647) (679) (714) (749) (787) (826) (867) (911) (956) (1,004) (1,054) (1,107) (1,163) (1,221) o o o o o o o 941 ,754 ,802 ,837 ,872 ,907 ,944 ,981 2,019 2,057 2,097 2,137 2,178 2,219 2,262 2,305 2,350 2,395 2,441 2,488 2,536 2,585 2,635 2,671 2,709 2,747 2.185 2,825 2,865 2,906 2,948 2,991 3,034 3,079 3,124 3,170 3,218 3~266 o ° ° ° ° ° ° 0 (342) ° 0 (342) (638) 0 0 (638) (655) ° 0 (655) (673)~ ° (688) (691) (30) 0 (721) (710) (46) 0 (754) (729) (62) 0 (789) (748) (78) 0 (824) (767) (94) 0 (860) (787) (111) 0 (896) (808) (128) 0 (933) (829) (146). 0 (971) (850) (163) ° (1,010) (872) (182) ° (1,049) (894) (200) ° (1,089) (916) (219) ° (1,130) (939) (238) 0 (1,172) (963) (258) ° (1,215) (987) (278) 0 (1,259) (1,011) (299) ° (1,303) (1,036) (320) 0 (1,348) (1,061) (341) 0 (1,394) 1,087 363 ° 1,442 (1,113) (385) 15 (1,504) (1,140) (407) (30) (1,568) (1,168) (430) (45) (1,633) (1,196) (454) (61) (1,699) (1,224) (478) (77) (1,767) (1.254) (502) (93) (1,836) (1,283) (527) (110) (1,906) (1,314) (553) (127) (1,978) (1,345) (579) (144) (2,052) (1,376) (605) (162) (2,126) (1,408) (632) (180) (2,203) (1,441) (660) (198) (2,280) (1,475) (688) (217) (2,360) (1,509) (717) (236) (2,441) (1,544) (746) (256) C2,523 o o ,283 2,392 2,458 2,524 2,592 2,662 2,732 2,805 2,878 2,953 3,030 3,108 3,187 3,269 3,351 3,436 3,522 3,610 3,700 3,791 3,884 3,980 4,077 4,176 4,277 4,380 4,485 4,592 4,701 4,813 4,926 5,042 5,161 5,281 5,404 5,530 5,658 5,789 o o (428) (797) (819) (841) (864) (887) (911) (935) (959) (984) (1,010) (1,036) (1,062) (1,090) (1,117) (1,145) (1,174) (1,203) (1,233) (1,264) (1,295) (1,327) ~ (1,392) (1,426) (1,460) (1,495) (1,531) (1,567) (1,604) (1,642) (1,681) (1,720) (1,760) (1,801) (1,843) (1,886) {1,930} o o ,711 3,190 3,277 3,366 3,457 3,549 3,643 3,739 3,837 3,937 4,040 4,144 4,250 4,358 4,469 4,581 4,696 4,813 4,933 5,055 5,179 5,306 5,435 5,567 5,702 5,839 5,980 6,122 6,268 6,417 6,568 6,723 6,881 7,042 7,206 7,373 7,544 7,718 o o 164,465 306,583 314,953 323,491 332,199 341,081 350,141 359,383 368,809 378,423 388,230 398,233 408.436 418,843 429,459 440,286 451,330 462,595 474,086 485,806 497,760 509,954 522,391 535,078 548,018 561,216 574,679 588,411 602,418 616,704 631,277 646,141 661,302 676,767 692,540 708,630 725,041 741180 106,715 108,765 280,600 422,719 431.089 439,626 448,334 457,217 466.277 475,518 484,944 494,559 504,366 514,369 524,572 534,979 545,594 556,422 567,466 578,731 590,221 601,941 613,896 626,089 638,521 651,213 664,153 677,352 690,814 704,546 718,553 732,840 747,412 762,276 777,438 792,902 808,676 824,765 841,176 857,915 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 4,215 102,500 104,550 276,385 418,504 426,874 435,411 444,119 453,002 462,062 471,303 480,729 490,344 500,151 510,154 520,357 530,764 541,379 552,207 563,251 574,516 586,006 597,726 609.681 621,874 634,312 646,998 659.938 673,137 686.599 700,331 714,338 728,625 743,197 758,061 773,223 788,687 804,461 820,550 836,961 853100 N.. Projects 169,744 309,730 315,924 322,243 328,688 335,261 341,967 348,806 355,782 362,898 370,156 377,559 385,110 392,812 400,668 408,682 416,855 425,193 433,696 442,370 451,218 460,242 469,447 478,836 488,413 498,181 508,144 518,307 528,674 539,247 550,032 561,033 572,253 583,698 595,372 607,280 619,425 631~814 Inllati<mary Growth 2.050 2,091 2,133 2,175 2,219 2,263 2,309 2,355 2,402 2,450 2,499 2,549 2,600 2,652 2.705 2.759 2.814 2,870 2,928 2,986 3,046 3,107 3,169 3,233 3,297 3,363 3,431 3,499 3,569 3,640 3,713 3,788 3,863 3,941 4,019 4,100 4,182 4,265 4,351 Real Pro.e.erty 102,500 102,500 104,550 106,641 108,774 110,949 113,168 115,432 ~ 17,740 120,095 122,497 124,947 127,446 129,995 132,595 135,247 137,952 140,711 143,525 146,395 149,323 152,310 155,356 158,463 161,632 164,865 168,162 171,525 174,956 178,455 182,024 185,665 189,378 193,165 197,029 200,969 204,989 209,088 213,270 217,536 Fiscal Year 1 2000..Q1 2 2001-02 3 2002..Q3 4 2003-04 5 2004-05 6 2005-06 7 2006-07 8 2007-08 9 2008..Q9 10 2009-10 11 2010-11 12 2011-12 13 2012-13 142013-14 15 2014~15 16 2015-16 17 2016-17 18 2017-18 192018-19 202019-20 21 2020-21 222021-22 232022-23 24 2023-24 252024-25 26 2025-26 27 2026-27 28 2027-28 29 2028-29 30 2029-30 31 2030-31 32 2031-32 33 2032-33 34 2033-34 35 2034-35 36 2035-36 37 2036-37 38 2037-38 39 2038-39 40 2039-40 41 2040-41 422041-42 43 2042-43 44 2043-44 45 2044-45 20,869 (6,124) (14,287 48,742 (22,483) o (3,569) 18,993) 71,224 (23,741 94,966 TOTAL (YEARS 6-30) TOTAL (YEARS 6-45) (1) Includes pre-1989 property tax ovenide: County Retirement levy (.0388%) and County Library Retirement 93,079 (52,359) (1,951 ,935) (1 (38,783) 145,438 (48,479) 193,917 (3) Includes part of the sce contractual obligation sheriff cost only; no annexation costs jncluded 2) Includes staffcosls, audit, consultants and an economicIRDA division 9/1f2005; 1:43 PM;RJW Prepared by Keyser Marston Associates. Inc. Filename: Vallco ROA -cupertino net projections w-o annex.xls; TI_Summary; Revenues List of Affected Taxing Agencies and Projected Project Area Base Year (1999/00) Vallco Redevelogment Project Area Share of Total Base Year Revenue Œl ProjecfArea Base Year Property Tax Revenue Projected Project Area Base¥ear Assessed ValuE's (1) 23.95% 4.30% 2.24% 24]0% 16.68% 6.37% 3.11% 15.09% 1.56% 0.97% 0.18% 0.18% 0.53% 0.14% $278,152 $49,987 $25,968 $286,895 $193,749 $73,962 $36.087 $175,263 $18,082 $11.229 $2,073 $2,148 $6,169 $1,590 $27,815.168 $4,998,716 $2,596,794 $28,689,526 $19,374,884 $7,396,152 $3,608,741 $17,526,302 $1,808,194 $1,122.864 $207,315 $214,826 $616,922 $159,014 County CounlyUbrary City of Cupertino Cupertino Elementary School District Fremont Union Hi9h School District Foothill Community College County Office 01 Education Central Fire Districl Mid-Peninsula Open Space District SCVWD - North Central SCVWD Bay Area Air Quality Management District SCVWD - State Water Project SCVWD . ZonE' W-4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 100.00% $1,161.354 $116.135,419 Totals Notes: (1) County of Santa Clara Finance Agency - Controller-Treasurer Dept. (1998-99) innaled 3% (2}Shareduringfirsl 10 years of Plan. Share graduates in year 11 and again in year 31. PREPARED BY, KEYSER MARSTON ASSOCIATES, INC. FILENAME: cupertinotaxentitiesvals.xls; Taxing Agencies; 8/29/2005; 8:41 AM; RTK