RA Resolutions 04-01 Thru 08-01_2004 - 2008 REDEVELOPMENT AGENCY RESOLUTIONS
04-01 THRU 08-01 2004-2008
RESOLUTION NO.08-01
to A RESOLUTION OF THE CUPERTINO REDEVELOPMENT AGENCY
kDOPTING AN OPERATING BUDGET FOR FISCAL YEAR
2008-09 BY RATIFYING ESTIMATES OF REVENUES TO BE
RECEIVED IN EACH FUND AND APPROPRIATING MONIES THEREFROM FOR
SPECIFIED ACTIVITIES AND ACCOUNTS AND SETTING FORTIS
CONDITIONS OF ADMINISTERING SAID BUDGET
WHEREAS,the orderly administration of municipal government is dependent on the
establishment of a sound fiscal policy of maintaining a proper ration of expenditures within
anticipated revenues and available monies; and
WHEREAS,the extent of any project or program and the degree of its accomplishment,
as well as the efficiency of performing assigned duties and responsibilities,is likewise dependent
on the monies made available for that purpose;and
WHEREAS,the City Manager has submitted his estimates of anticipated revenues and
fund balances, and has recommended the allocation of monies for specified program activities;
NOW,THEREFORE, BE IT RESOLVED that the Cupertino Redevelopment Agency
does hereby adopt the following sections as a part of its fiscal policy:
Section 1: The estimates of available fund balances and anticipated resources to be
received in the Redevelopment Agency fiord during fiscal year 2005-09 as submitted by the City
Manager i,.nis proposed budget and as have been amended during the budget study sessions are
hereby ratified.
Section 2. Thcre is appropriated from the fund the sum of money as determined
during the budget sessions for the purposes as expressed and estimated for each department.
Section 3. The City Manager is hereby authorized to administer and transfer
appropriations between Redevelopment Agency accounts within the Operating Budget when in
his opinion such transfers become necessary for administrative purposes.
Section 4. The Director of Administrative Services shall prepare and submit to the
Cupertino Redevelopment Agency a quarterly revised estimate of Operating Revenues.
Section 5. The Director of Administrative Services is hereby authorized to continue
appropriations for operating expenditures that are encumbered or scheduled to be encumbered at
year end.
Resolution No. 08-01 Page 2
PASSED AND ADOPTED at a regular meeting of the Cupertino Redevelopment Agency
this 17th day of June 2008,by the following vote:
Vote Members of the Redevelopment Agency
AYES: Sandoval, Mahoney, Santoro,Wang,Wong
NOES: None
ABSENT: None
ABSTAIN: Non-,
APPROVED: --
.i
Chair,Redevelopment Agency
ATTEST:
Secretary
h;
RESOLUTION NO. 07-02
® A RESOLUTION OF THE CUPERTINO REDEVELOPMENT AGENCY
ADOPTF'', ` 1N OPERATING BUDGET FOR FISCAL YEAR
2007-08 'j - i PING ESTIMATES OF REVENUES TO BE
RECEIVED IN EA(-' Nil AND APPROPRIATING MONIES THEREFROM FOR
SPECIFIED A, ` °$•'ITIE,' AND ACCOUNTS AND SETTING FORTH
CONDII IONS O.' kDMINISTERING SAID BUDGET
WHEREAS, the orderly actmi..;= .EAtion of municipal government is dependent on the
establishment of a sound fiscal poly-y of r:►aintaining a pro^er ration of expenditures within
anticipated revenues and available mores; and
WHEREAS,the extent of any project or program and the degree of its accomplishment,
as well as the efficiency of performing assigned duties and responsibilities,is likewise dependent
on the monies made available for that purpose; and
WHEREAS,the City Manager has submitted his estimates of anticipated revenues and
fund balances,and has recommended the allocation of monies for specified program activities;
NOW,THEREFORE,BE IT RESOLVED that the Cupertino Redevelopment Agency
does hereby adopt the following sections as a part of its fiscal policy:
Section 1: The estimates of avalable fund balances and anticipated resources to be
received in the Redevelopment Agency fund during fiscal year 2007-08 as submitted by the City
Manager in his proposed budget and as have:been amended during the budget study sessions are
herby ratified.
Section 2. There is appropriated from the fund the sum of money as determined
during the budget sessions for the purposes as expressed and estimated for each department.
Section 33. The City Manager is hereby authorized to administer and transfer
appropriations between Redevelopment Agency accounts within the Operating Budget when in
his opinion such transfers become necessary for administrative purposes.
Section 4. The Director of Administrative Services shall prepare and submit tG the
Cupertino Redevelopment Agency a quarterly revised estimate of Operating Revenues.
Section 5. The Director of Administrative Services is hereby authorized to continue
al,,propriations for operating expenditures that are encumbered or scheduled to be encumbered at
year end.
Resolution No. 07-02 Page 2
PASSED AND ADOPTED at a regular meeting of the Cupertino Redevelopment Agency
-nis 19th day of June 2007,by the following vote:
Vote Members of the Redeveloprr:'.ent Aeency
AYES: Sandoval,Mahoney, Wang
NOES: None
ABSENT: None
ABSTAIN: Santoro,Wong
APPROVED:
Cha'inr.an,Redevelopment Agency
ATTEST:
Secretary
RESOLUTION NO. 07-01
A RESOLUTION OF THE CUPERTINO REDEVELOPMENT AGENCY
STATING THE INTENTION OF THE BOARD TO ALLOCATE 50%OF DISCRETIONARY
FUNDS TO BE EARMARKED FOR INFRASTRUCTUr E AND TENANT
IMPROVEMENTS IN THE CUPERTINO SQUARE PROJECT AREA
WHEREAS, the Cupertino Square 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 Cupertino Square ha; v requested tax increment monies to
assist in the financing of these infrastructure and tenant improvements; and
WHEREAS, a infrastructure improvements were planned as a part of the original
Cupertino Square redevelopment;
NOW,THEREFORE, BE IT RESOLVED that the Cupertino Redevelopment Agency
does hereby state its intent to allocate 50%of discretionary funds from the Redevelopment
Agency future tax increment to be earmarked for infrastructure and tenant improvements,based
on the estimates in Schedules A and B(attached).
PASSED AND ADOPTED at a regular meeting of the Cupertino Redevelopment Agency
this 5th day of dune 2007,by the following vote:
Vote Members of the Redevelopment Agency
AYES: Kwok, Lowenthal, Sandoval, Wang, Mahoney
NOES: None
ABSENT: None
ABSTAIN: None
APPROVED:
Ahairman, Redev pment Agency
ATTEST:
Secretary
Schedule A
Real Property Value Added
Cupertino Square.Redevelo nt Project
Ci of Cupertino
000•s Omitted
Value 1 2 3 4 _ 6
Devel2MEnt Description Added 2005-06 2006-07 2007-08 2008-09 2009-2010 010-2011
ki AMC 16 Theatre 70,000 70,000 -
2 Parlun Structures At M s and)CP 30,000 30,000
3 Hotel 30,000 30,000
4 North West Housing(150 Units 75,000 i Gav 75,000
5 Rose Bowl Retae a 120,000 120,000
6 2 restarrants 8,000 8,000
7 Retail in front of Penneys 5,000 _ 5,000
8 12 food court units S250K each 3,000 3,000
9 Zale`s improvements,etc 4,000 4,000
10 ITs-30 tennants(4,000 su ft*30*5175/11 ' 2i,000 _ 21 t'00
H food court im rowments 1,000 1rppp
12 ITs-30 tennants(4,000 su ft*30*5175/11 'I—IMO-0 21,000
Total Real Property Value _ 388,000 0 1()0,000 13,000 134 000 141,000 0
Total Real Pro Value(Inflated) 3.00°io _
Cumulative Value with Prop 13 Increases _ 102.00%
Per 40 m bon 6om NUm Rohde,GenwW Mgr.C permro S9uare-SOW RDA du k-emar Vroochi 5-07.ds
Schedule B
Tax 1icremeM Revenue Projertoa
Cupertino Square Redevelopment Project
Ctly of CuperdR0
0•s Omi _
Gross
L Base Total Total Total lncmnW1 Increment HotmV Tax Tar I Tier 2 Tic 3 Statutury Net City SCC Net
FiscalInflationary New Real Petscral Project Over Base tevenue(I Set Aside Revenue Pass Thru Pass TvzuPamTuu Pass Tax blWtio*Avmlab!
Year Growth Pmmjects Prorerty Property) Value 3116,13E ###9W -25.0V/.A4erHS.a-18,75°/. -15.75°i -10.S0'/• Thnnyh Revenue
1 2000,01 0 (,284) 0 0
2 200:-02 0 (31 0 0
? 2W2-03 0 (I00; 0 0
4 2003-04
0 (99) 0 0
5 2004-05 0 (59) 0 0
6 2003.06 1OZ500 102,5W 4,215 106,715 0 0 0 0 0 0 0 0 0 (105) (159, 0
7 200E-07 1OZ500 2,050 104,550 4,215 )08.765 0 0 a 0 0 0 0 0 0
8 2007-08 104,550 2,091 100,0p0 206,641 4,215 210.9% 94,721 986 (246) 749 (185) 0 0 (115) (175) 0
65
9 2008-09 106.641 2,133 115,0D0 223,774 4 215 2T7,989 111,853 1,164 1 (218) 655 (138) (184) 233
(�) 873 (218) 0 0 (218) 655 (438) (184) ??
10 20MIO 108.774 2,175 251,300 362,249 4,215 366,464 250,329 2.605 (651) 1.954 (488) 0 0 (488) 1.465 (46D) (193) 812
11 2010-11 110.949 2,219 397,326 510,494 4,215 514.709 398,574 4,147 (1,037) 3,110 (778) 0 0 (rig) 2,333 (483) (202) 1.648
12 2011-12 113,169 2,263 405,271 520,704 4,215 524.919 408,784 4,253 (1,08) 3,190 (793) 0 0 (748) 2,393 On (212) I,673
13 2012-13 115.432 2,309 413,378 531,119 4.215 535,333 419,198 4,362 (1,090) 3.271 (818" 0 0 (8181 2,453 (532) (223) 1,698
14 2013-14 117,740 Z355 421,E+16 541,741 4215 545,956 429.820 4,472 (1,118) 3.354 (11") 0 0 (939) Z516 (S39) (234) 1.722
15 2014-15 120,095 Z402 430,078 552,575 4,215 556,790 440,655 4,585 (1.146) 3,4?9 (860) 0 0 (C60) 2,579 (587) (246) 1,746
16 2015-16 122,497 Z450 438,680 563,627 4,215 567.842 451,707 4.700 (1,175) 3,525 (881) 0 0 (831) 2,60 (616) 258) 1,769
17 2016-17 124,947 2,499 447,454 574,899 4,215 579.114 462,979 4.817 (1,204) 3,613 (905) 0 0 (903) 2,710 (647) (271) 1.791
18 2017-18 127,446 2,549 456.40.3 586,397 4,215 59Q612 474,477 4.937 (1,234) 3,70 (926)® 0 (1,7(3) 1,999 (679) (285) 1.0-45
19 2018-)9 129,995 Z600 465,5?1 509,125 4,215 602,340 486.205 5.059 (1.265) 3,794 (949) ('197) f (1,745) Z049 (713) (299) 1,03E
20 2019-20 13ZS95 7-652 474,841 610,089 4,215 614303 498,168 5,183 (1,296) 3,868 (972) (316) () (1,798) Z099 (749) (314) 1.036
21 2020-21 135,247 2,703 494,338 62Z290 4,215 626,505 510,369 5,310 (1,328) 3,98? (996) (m') 0 (1,832) 2,151 (787) (330) 1.0?4
22 2021-22 137,952 2,759 494,0J3 634,735 4,215 638,950 522.815 5.440 (1,360) 4,080 (1,020) (857) 0 (1.877) 2,203 (826) (346) 1 031
23 2022-23 140,711 2.814 503,9D5 647,43A 4.215 651.645 535.310 5,572 (4393) 4,179 (1,045) (87d) 0 (),922) Z257 (867) (363) 1,026
24 2023-24 143,525 2,870 513,994 660,379 4,215 664.594 543,458 5,707 (1,427) 4,280 (1,070) (899) 0 (3,969) 2,311 (911) (382) 1,019
23 2024-23 146,395 2.9'_8 524,263 673.586 4.213 677,80I 561,666 5,844 (1,461) 4,383 (1,096) (92D) 0 (2,016) Z367 (956) (401) 1.010
26 2025-26 149,32-4 2,986 534,748 687,058 4,215 691.773 375.1.48 5,984 (1,496) 4,488 (1,122.) (943) 0 (2,065) 2,424 (1,004) (421) 999
27 2026-27 152,310 3,0, 545,443 700,799 4,215 703,014 S88,C79 6.127 (1,332) 4,595 (1,149) (965) 0 (7,114) Z482 (1,054) (442) 996
28 2027-29 155,356 3,10, 556,352 T4,815 4,215 719,030 602-895 6.27.1 (1,568) 4,703 (1,176) (988) 0 (2,1(A) Z541 (1,107) (464) 970
29 202F-9 158,461 3.169 567,479 729,112 4,215 733,327 617,191 6.422 (1,605) 4,8I6 (1,204) (1,0I1) 0 (2,216). 2,601 (1,162) (487) 952
30 2029-30 161 6 2 3 2i3 578 829 743 694 4 215 747 63177.3 6 774 1 6" 49140 (1,231) (1,035) 0 268 2,662 (1,220) 61 l 931
?I 2030?1 164,865 3,297 590,40E 758,568 4,215 762,783 646647 6,718 (1,682) 5,04E (1,262) (1,060) 0 (y321) 2,725
32 2011-32 168,162 3,36? 602.214 773,739 4,213 777.954 661,819 6,886 (1,722) 5,165 (1,291) (1,085) 0 (2,376) 2,789
33 2032-1? 171,525 3,411 614258 789,214 4,215 791,429 677,29-4 7.047 (1,762) 5,285 (1,321) (1,110) 0
(2,431) 2,854
34 2033-14 174.956 3,499 626,543 804,998 4,215 809.21-4 693,078 7.211 (1,80) 5,409 (1,35Z) (1,136) 0 (2,488) Z921
35 203435 17C,455 3.569 639.074 82),098 4.215 825313 709,178 7.379 (I.A5) 5,5?4 (094) (1,162) 0 (2,546) 2,998
36 2035-36 )82,024 3,640 651,953 837,520 4,215 841.735 725,600 7,350 (1,887) 5,662 (1,416) (1,189) 0 (2,605) 3,0%
37 2036.37 185,665 3,71? 664,89? 854,270 4.215 858.485 742.350 7.724 (1,931) 5,793 (1.448) {1,217) 0 (2.635) 3,128
38 2037-38 189.378 3,788 67'1 W 871,356 4,215 875.571 759,435 7.902 (1�) 5.926 ('1,482) (),245j 830 (3,556) Z371
39 2038-39 393.165 3,861 691:754 888,783 4,215 89'_998 776.96.4 8.083 (2,021) 6,062 (1,516) (1,273) 349) (3,07) ZP--5
40 2039-40 197,029 3,941 705,589 906,539 4,215 9'10.774 79 WII 8,268 (2067) 6,201 (1,550) (1,302) (V-3) (3.721) 2.480
4) 2040.41 200,969 4.019 719,701 924,690 4,215 928,905 8IZ769 8.457 (2,114) 6,344 (1,586) (1,332) (888) (3,806) Z537
42 2041 42 204,989 4,IG0 734,095 943,184 4,215 947,399 831,261 8.649 (2.I62) 6,487 (1.6ZI) (1.362) (908) (3,892) 2595
43 204243 209,088 4,182 748.777 96ZO47 4,215 966,262 8S0.127 8.846 (2,211) 6,614 (1,659) (1,393) (929) (3,981) 2,654
44 2043 44 213,270 4.265 763,753 981,289 4.215 98S.503 869,368 . 9.046 (2,261) 6,754 (1.696) (1.425) (950) (4.071) 2,714
45 2044-05 21753E 4351 779028 NOW 4,215 1#WAWW. 88 9 1 W? (1,734) (1,457) 1971) (4162) 2775
TOTAL([BARS630) 110.524 (27.631) 82,1193 (20,72i) 01.723) 0 (32,446) 50.446 (17.195) (7,S68) 26,224
TOTAL([EAR36-45) 229.551 (57,388) 172,163 (43,041) (30.470) (7,193) (80.7a?) 91,460 (I7.195) (7,568) 26,224
kgna Growth'/.- 2%
1t City coat ire_ 5.01io
(11 frunms lxe-!989 Property tax override:County (2)Imba las staff eosu,audit,coruultvaA and (3)Includes pan of the SCC eonrieraral obligation-
Retirement Levy(03881/6)and County Library an economic)RDA division stweiff oo a only;ro annexation costs included
Prepared by Kayser Marston Associates,Inc.
filename.RDA-tax increment projections 5-07.ds.TI_Summary w formuias;m91200T 3:41 Ptak R.W
RESOLUTION NO.06-02
A RESOLUTION OF THE CITY OF CUPERTINO REDEVELOPMENT
AGENCY APPROVING THE 2006-2010 IMPLEMENTATION PLAN
WHEREAS, the Cupertino City Council approved and adopted the
Vallco Redevelopment Plan on August 21, 2000 for the Vallco Redevelopment Project
Area(the "Project Area"); and
WHEREAS, in compliance with Health and Safety Code Section
33490, Redevelopment Agencies must conduct a public hearing on and
adopt an implementation plan every five years identifying goals and
objectives of the Agency.
WHEREAS,staff has presented to the Agency Board a proposed
Implementation Plan, a copy of which is on file with the Agency
Secretary; and
WHEREAS, on the date of this resolution,the Agency has conducted and
concluded a duly noticed public hearing on the Implementation Plan in
accordance with Health and Safety Code Section 33490; and
WHEREAS,the Agency finds that the Impiementation Plan, with any
modifications as considered and approved in connection with the public
hearing,constitutes a statement of the Agency's goals and objectivef:
for the Project Area, a summary of the specific programs and proposed
expenditures proposed to be made by the Agency during the next five
years,and an explan-don of how the goals and objectives,projects, and
expenditures will eliminate blight within the Project Area and imp?ement
the affordable housing regulations of the Community Redevelopment Law;
and
WHEREAS,pursuant to Health and safety Code Section 33490, approval of the
Implementation Plan does not constitute a project for purposes of
the California Environmental Quality Act(CEQA), and therefore no
environmental documentation is mquired pursuant to CEQA.
NOW,THEREFORE, BE IT RESOLVED,that the City of Cupertino
Redevelopment Agency Board hereby approves and adopts the Implementation
Plan for the Cupertino Vallco Redevelopment Project 2006-2010.
BE IT FURTHER RESOLVER, that this resolution shall take
immediate effect from and after its passage.
e
® Resolution No. 06-02
PASSED AND ADOPTED at a regular meeting of the Cupertino Redevelopment Agency
this 6th day of December 2006,by the following vote:
Vote Members of the Redevelopment Agency
AYES: Wang, Kwok, Lowenthal, Mahoney,Sandoval
NOES: None
ABSENT: None
ABSTAIN: None
APPROVED:
Ch ' an,Redevelop t Agency
ATTEST:
Secretary
2
CUPERTINO VALLC® REDEVELOPMENT PROJECT
FIVE YEAR IMPLEMENTATION PLAN
2006 -2010
Vallco Fashion Park at Wolfe Road,prior to new construction and upon oompletion of the AMC Theater
i
Adopted December 6 ! 2006
Prepared by
City of Cupertino Redevelopment Agency
TABLE OF CONTENTS
Paae
A. introduction 1
1. Interpretation 1
2. Project Area Description 2
3. Project Area Accomplishments 2
4. Five-year Goals and Objectives 4
B. SpeciFc Programs, Potential Projects and Estimated Expenditures 6
for the Next Five Years
1. Expenditures 7
2. How the Projects, Programs and Expenditures will Eliminate Blight 8
C. Housing Activities
I. Overview of Legal Requirements 9
2. Statutory Requirements for Housing 10
3.Targeting Housing Funds According to Need 11
4. Duration of Affordability 12
5. Replacement Housing Requirement 13
6. Ten Year Housing Production Plan 13
7. Affordable Housing Production Requirement 14
8. Housing Preduction Through Affordability Covenants 14
9. Housing Fund Reserves 14
10. Housing Programs 14
11. On-Going Monitoring of Residential Development and Housing 15
Fund Expenditures
Tables and Figures
Table 1 Summary of Vallco Cupertino Redevelopment Plan Timeline 2
and Fiscal Limits
Table 2 Project Area Goais and Objectives and Related Programs 5
Table 3 Projected Tax Increment 6
Table 4 Estimated Agency Expenditures 2006 through 2010 8
Table 5 Blight Conditions 8
Table 6 ABAG Regional Fair Share Allocations 1999-2006 11
Table 7 Housing Fund Exp;- dilture Requirements Non-Age 12
Restricted Housing
Table 8 CRL Affordable Housing Cost Definitions 12
Table 9 Projected blousing Development, Cupertino Vallco 14
Redevelopment Project Area
Figure 1 Project Area 3
A. INTRODUCTION
Vallco Fashion Park Shopping Center opened in September 1976 and was considered
one of the South Bays premier shopping centers and one of the largest.. By May of
2000, the number of shops had declined from 170 to 118. What had produced almost
25% of the City's total sales tax now produces only about 11%. The extent of tenant
vacancies, the physical deterioration of the property, the outdated site plan and the
significant decline in tax revenue resulted in physical and economic blight that was
adversely affecting the image of Cupertino and its economic future. On August 21,
2000 tha City of Cupertino Redevelopment Agency Board adopted the Cupertino Vallco
Redevelopment Plan with its primary goal of facilitating the redevelopment,
revitairzation and rehabilitation of the Valloo Fashion Park Shopping Center back into a
vibrant regional destination retail center through private development and public
assistance with infrastructure and parking facilities.
Section 33490 of California Community Redevelopment Law ("CRLI requires that
redevelopment agencies prepare an implementation plan every five years detailing the
goals and objectives of the Agency detailing how it intends to implement its
Redevelopment Plan during the five-year period. The implementation plan must contain
the following information:
• Speck goals and objectives for the five-year period including potential capital
projects and estimated expendi sires planned during the period.
• An explanation of how the goats, objectives, programs, and expenditures will
eliminate blight.
• A plan describing how to implement the use of Low and Moderate Income Housing
Funds (the "Housing Fund') required to be set-aside under redevelopment law for
use to create, rehabilitate, or preserve low and moderate income housing and meet
0 the Agency's affordable housing production requirements.
In short, the Plan sets the direction the agency will take over a five-year period. It shall
serve as a useful document and blueprint for the public in terms of understanding the
programs the Agency intends to pursue. This document constitutes the five-year plan
for the period of 2006 through 2010.
9. Interpretation
The Cupertino Vallco Redevelopment Agency Implementation Plan (the
"Implementation Plan") is intended to provide general guidance for the implementation
of the Agency's programs and activities. The Agency expects that particular constraints
and opportunities, not fully predictable at this time, will arise in the course of
undertaking the programs and activities described in this Implementation Plan over the
next five years. Therefore, this Plan is intended to serve as a flexible guide for the
Agency and the community with the understanding that the implementation of the
programs and strategies outlined in this document may vary over the next five years in
their precise timing, scope, cost and expenditure depending on the circumstances and
available resources for implementing this Plan.
2. Project Area Description
The Project Area encompasses Vallco Fashion Park Shopping Center("Vallco")and the
adjacent Rose Bowl site, which is situated at Vallco Parkway and Wolfe Road (Figure
1). The Project Area is contained within a three block area bound by 1-280 to the north,
Stevens Creek Boulevard to the south and is intersected by Wolfe Road (the "Project
Area"). Vallco is the largest shopping mail in the City with 1.13 million square feet of
retail space. Anchor stores include JC Penney, Sears and Macy's.
Table 1
Summary of Vallco Cupertino Redevelopment Plan
Time and Fiscal Limits
Total Acres 64-
Date of Adoption Au ust 21 2000
Time Limits
Incurring Debt August21,2020
Plan Effectiveness(Project August 21,2030
ActM ies
TI Collection/Repayment of August 21,2045
Debt
Eminent Domain AuSqst 21 2012
Financial Limits
Tax Increment Cap None
Bond Limit $42 610 000
3. Project Area Accomplishments
Under the 2000 Implementation Plan, the Agency contemplated issuing Tax Allocation
Bonds to help finance infrastructure improvements including parking facilities. Due in
part to the technology "dot com" bust, Silicon Valley experienced an economic
recession, and commercial property values plummeted. Office vacancy rates were as
high as 20% and vacancy at the Vallco Shopping Center was at 31%. As a result,
during that period there was little to no tax increment revenue generated within the
Project Area to support debt service for bonded indebtedness or any kind of meaningful
redevelopment projects or programs. During that period the City worked with the
owners of the Vallco Center to amend the 1991 Development Agreement between the
City and the Vallco Shopping Center owners that resulted in the following:
a. Issued entitlements and building permit for the construction of a 16-
screen cinema and new parking facilities scheduled to open by the
end of 2006.
2
Stevens Creek Blvd.
e
I Wheaton Ih
ilk +
Valh:o Pkwy �
� a
w i
Amhuist Dr.
slop
ca
pr
b '
I
Aubum p
0
a
-.v3mv io3 r®li d
3snow
b. Executed an amendment to the 1991 Development Agreement
between the City of Cupertino and Vaiico International Shopping
Center, LLC on October 4, 2004 to allow 138,760 square feet of new
retail space, 204 residential units and a new parking structure (see
rendering below of Wolfe RoadNallco Parkway intersection).
• y
c. Executed an amendment to the 1991 Development Agreement
between the City of Cupertino and Vallco International Shopping
Center, LLC on October 18, 2005 to provide for a minimum 100-room
hotel on the northeast portion of the Project Area.
d. Authorized the creation of a new position in the Community
Development Department to be hired in 2006 to manage
redevelopment and economic development activities.
4. Five Year Goals and Objectives
The programs and projects proposed in this implementation Plan are intended to
facilitate the achievement of the Agency's goals and objectives as stated in the
Redevelopment plan. The Agency's projects and programs fall under three main
categories: infrastructure improvements, economic development programs and the
facilitation of affordable housing in the community. The relationship between the goals
and objectives and the proposed projects and programs within the Project Area are
provided in Table 2.
4
Table 2
PROJECT AREA GOALS AND OBJECTIVES AND RELATED PROGRAMS
CUPERTINO VALLCO REDEVELOPMENT PROJECT
REDEVELOPMENT PROJECT REDEVELOPMENT
GOALS&OBJECTIVE PROJECTS AND PROGFLWS
(2006-2010)
(As identified in the
Redevelopment Plan)
INFRASTRUCTURE ECONOMIC LOW AND MODERATE
IMPROVEMENTS DEVELOPMENT INCOME HOUSING
PROGRAMS'
(Packing structure,street (Man expansion,
improvemems,other inGastctuture rehaM'litatiort and tenant
& tic' vements attraction .
Establish a planning and implementation
f amewnrk to ensure proper X X
redevelopment
Eliminate and prevent the spread of
blight and deterioration in accordance X
with the City's General Plan,specific
tan and local codes
Plan, redesign,and redevelop
underdeveloped or pntrriy developed X X
areas that are underudiized or improperly
utilized
Strengthen the economic base by the
redevelopment and rehabilitation of X X
structures and the installation of noodcd
site im vemmts
Promote new private sector investment
to facilitate the rcvitalizetiun of an X
irnpurtant commercial center
Eliminate certain environmental
deficiencies such as nnauffteietl padting, X
public impruvemenls,facilitates and
utilities adversely wing the Project
Area ,-
Create and develop local job
opportunities and preserve the existing X
employment base —
Provide improved housing for
individuals/families of low-and X
moderate•income within Ci limits
Provide assistance to building owners in
financing necessary renovations to meet X
current codes and standards
1 May include a Business Attraction and Retention Program,a Sttnefront Rehabilitation Program and a Facade Entrancement Propam.
5
B. SPECIFIC PROGRAMS, POTENTIAL PROJECTS AND ESTIMATED
EXPENDITURES FOR THE NEXT FIVE YEARS
The Implementation Plan must provide specific programs, including potential projects
and estimated expenditures for the next five years. Table 3 illustrates estimated
revenues available during this Plan period. Based on projected revenues from new
development within the Project Area, the Agency anticipates revenues being strong
enough to issue approximately$10,000,000 in Tax Allocation Bonds(TAt3s)in 2008/09.
At that time, the City and the Agency will evaluate the impacts of annual debt service
payments on both the Agency and the City before committing to any long term debt
obligations. For purposes of this Plan, it is assumed bond proceeds will be available for
programs and projects. Listed in Table 4 are the programs planned by the Agency for
the next five years, as well as the estimated expenditures and timing of the actions.The
programs correspond specifically to the goals and objectives listed in Table 2. "These
projects are dependent on the assumptions in this Plan and market demand.
Therefore, these programs and expenditures should be viewed ar, a guide to the
direction of the Agency that may require some mid-curse corrections. As required
under redevelopment law, the Agency will review, and possibly amend the Plan within
two to three years based on any changed conditions or economic circumstances.
Table 3
Projected Tax Increment 2008-2010
FY 2005M FY 20D6/O7 .FY 2007108 FY 2008109 FY2009110
Funds from Non-Housing Cash Balance 0 19.651 47 426 89,991 130,415
Tax Incremeni from Er6stin Assessed Value 185,677 212,002 216.242 627.385 1.968.085
Tax Increment from New Development 0 0 410,000 1,327 5 00 350.000
Less:County Admin Fee 849 969 3,244 9,411 29.521
Net Ta•,increment to Agency 184,828 230,684 575.572 2 035 516 2,418 979
Less:Pass Through Payments 46,207 53,001 156,560 488,733 579.521
Less:ERAF 6,286
Less:25%Housing Set Aside 46,419 53,001 156,560 488.733 579,521
Non-Housing Increment to Agency 85 916 124,683 262.452 1,058,050 1,259,937
City Debt Repaid _ _ 250,000
Less:Debt Service(Non-Housing Fund) 750 CIM 750 000
Less: en Admin(Non-HousingFund 6ti,265 167,438 172,461 177 635 1 964
Tax Increment Balance 19 659 42 7 69 991 130 15 76 9T3
Assumptions
1. 2%inflation factor for tar iniremant revenues
2. Accounts for new Redevelopment/Economic Devmopment Potion binning in 0"7
3. New development in o7m is from naw taneplex and parking structures
4. New development in osio9 is from 204 resldendal units and 138.760 sgft of reta8
5. New development in 09110 from 137 from four-story hotel
6
1. Expenditures
Expenditures for the five-year period are estimated at$14,940,105 as set forth in Table
4. Of the total, approximately$9,000,000 is expected to be used for public Infrastructure
including parking facilities, road improvements, and utility improvements.Approximately
$1,500,000 will be expended in debt service payments on the TABs. The Agency will
set aside approximately $1,336,671 in its Housing Fund for facilitating affordable
housing in the community and approximately $1,000,000 will be spent on economic
development programs. The Agency is obligated to pass through to the tax entities
who share in'the property tax in the Project Area, such as school districts and public
utilities, 25% of the Agency's net tax Increment totaling approximately$1,336,671. And
approximately $753,864 will be spent on Agency administrative costs primarily
supporting a full-time staff person who will manage the Redevelopment Agency
activities as well as economic development duties.
a. Infrastructure Improvements
In order to accommodate the additional retail traffic as a result of the
proposed expansion and revitalization of the ' Valico Mali, certain
infrastructure improvements will be necessary. The Agency proposes the
construction -of parking facilities and roadway improvements within the
next five years within the Project Area. The construction of parking
facilities would serve both new as well as existing commercial uses within
the Project Area. Roadway projects will Iclude, but are not limited to,
reconstruction of streets, expansion of utility infrastructure capacity, and
streetscape improvements.
b. Economic Development Program
As part of on-going efforts to attract and retain businesses and jobs, and
revitalize the commercial businesses within the Project Area, the Agency
intends to implement an economic development program including a
commercial facade enhancement program, a business attraction and
recruitment program and a storefront rehabilitation program.
c. low and Moderate Income Housing Programs
The Agency will implement several programs designed to ensure the
utilization of the required 25%tax increment set-aside for the construction,
rehabilitation and preservation of low-and moderate-income housing both
within the Project Area and in Cupertino neighborhoods outside the
Project Area. Specific programs may include the development of an
affordable housing strategy, establishment of a first time homebuyees
program, and establishment of a home rehabilitation loan program.
T
7
Table 4
Estimated Agency Expenditures
2006 through 2010
Projects/Programs 2006 2007 2008 2009 2010 5 year Total
2008
Identified Public Projects $0 $0 $0 $4.500.000 $4,500,000 $9,000,000
Discretionary $0 $0 , $0 $500A00 $500,000 $1,000,000
Projects/Programs I
Affordable Housing $46,419 $53,001 $156,560 $488,733 $627,833 $1,336,671
Programs
Public Agency $46,419 $53,001 $156.560 $488,733 $627,833 $1,336,671
Pass thru Payments
TA Bond Debt Service $0 $0 so $750,000 $750.000 $1,500,000
Administration $66,265 $167,43a $172,461 $177,635 $182.964 $766,763
Total Expenditures $91,886 $261,463 $451,427 $6,803,459 $7,049,779 $14,940,105
2. flow the Projects, Programs and Expenditures will eliminate blight
The goals, objectives, and programs established as part of the Redevelopment Plan
are designed to alleviate blighting conditions in the Project Area. The elimination of
blighting conditions will occur through the elimination of deficiencies in the
infrastructure, the development of parking facilities,the facilitation of new development,
and the rehabilitation of existing properties in the Project Area. The linkages between
the programs and the blighting characteristics found are illustrated below in Table 5.
Table 5
Blight Conditions
!r- REDEVELOPMENT
BLIGHTING PROJECTS AND PROGRAMS
I CONDITIONS 2006-2010
INFRASTRUCTURE ECONOMIC
IMPROVEMENTS DEVELOPMENT
PROGRAMS
Fa(lors that effect the economic
viability of buildings or lots(including X X
substandard design,inadequate size
and lack ofparking)
Parcels of irregular form,shape and X
size under Multiple ownership
Depreciated or stagnant property X X
values
Low lease rates and high business X X
turnover/vacancies
C. HOUSING ACTIVITIES
This section describes the Housing Component of the Implementation Plan for the
Valloo Cupertino Project Area and summarizes the Agency's housing obligations
pursuant to the legal requirements under California Redevelopment Law (CRL). These
sections also provide an overall framework for the Agency's housing goals, policies,
and programs. Under the Redevelopment Plan and the initial 2000 Five Year
Implementation Plan period, no housing was contemplated in the Project Area. That
situation has changed as approximately 204 housing units have been approved under
amendments to the 1991 development agreement with the owners of the Vallco
Shopping Center. Therefore, the Redevelopment Agency will have housing production
requirements under CRL.
In addition to the CRL requirements, the Redevelopment Agency must satisfy terms of
a settlement agreement with the Cupertino Citizens For Affordable Housing in
resolution of a lawsuit brought about in connection with the adoption of the
Redevelopment Plan in 2000. These requirements go beyond what CRL requires and
this Implementation Plan is in compliance with the provisions of that settlement
agreement. The settlement terms are as follows:
• The Agency must deposit 25%of its annual tax increment into the housing
fund (rather than 20%as required under CRL).
• The Agency must spend 20% of the amount deposited into the Housing
Find (5%of total tax increment collected)to provide housing affordable to
extremely low-income persons, who are persons with household incomes
not exceeding 30% of area median income. (CRL does not have a
requirement for extremely low-income households).
• The Agency must provide five affordable housing units (at specified
affordability levels) for each 100,000 square feet of non-residential area
added within the Project Area if financial assistance from the Agency has
been provided (there is no comparable requirement in CRL).
• The Agency must satisfy specified requirements for leveraging the use of
Housing Fund monies, providing affordable housing monitoring reports to
the legal representative for the "Cupertino Citizbns For Affordable
Housing" group, and including certain provisions in agreements for the
provision of affordable rental units.
1. Overview of Legal Requirements
The housing portion of the Implementation Plan is required to set forth specific goals
and objectives for the five year planning period, outline specific programs and
expenditures planned for the five years, and explain how the stated goals, objectives,
programs, and expenditures will produce affordable housing units to meet these
obligations. The CRL requires that an implementation plan include the following
components:
9 .
• An explanation of how the goals, objectives, programs, and expenditures
set forth in implementation Plan will implement the housing requirements
of the CRL, including a housing program for each of the five years of the
Implementation Plan.
• The total number of housing units projected to be developed,
rehabilitated, price-restricted, assisted, or destroyed for three time
periods: (1) on an annual basis for the next five years, (2) in aggregate
over a ten-year period, and (3) in aggregate for the remaining life of the
redevelopment plan.
• Identification of proposed locations for replacement housing, which the
Agency would be required to produce if a planned project would result in
the destruction of existing affordable housing.
• Estimates of deposits into the Housing Fund during the next five years
and the Agency's plans for utilizing those funds for affordable housing.
• A Housing Production Plan, per AB 315, and a determination as to
whether housing production will meet the affordable inclusionary
requirement.
2. Statutory Requirements for Housing
This section summarizes the major statutory requirements for affordable housing
imposed on redevelopment agencies by the CRL and provides background information
and analysis regarding affordable housing needs and conditions in the Project Area and
overall commun°ty.
a. Housing Production Requirement— Specified minimum percentages
of new or substantially rehabilitated housing units in a project area are to
be made available at a specified affordable housing cost. This
requirement applies to redevelopment plans which were either adopted,
or which added territory by amendment, after 1976(Section 33413).
b. Housing Fund Requirement — Redevelopment agencies are required
to expend specified percentages of tax increment revenue for provision
of affordable housing(Section 33334.2).
c. Replacement Housing Requirement — Agencies must replace, within
four years, housing units removed from the housing stock as a result of
redevelopment activities(Section 33413).
Under California Community Redevelopment Law, 15% of all the housing units
constructed or substantially rehabilitated within a Redevelopment Project Area (the
"Project Areal must be made affordable to low and moderate-income persons. Of the
15% requirement, at least 6% must be for very low-income persons (up to 50% of
county median income) with the balance for moderate-income persons (up to 120% of
county median income). This requirement must be met every 10 years, and a
Redevelopment Agency must adopt an Affordable Housing Production Plan every ten
years that indicates how the requirement will be met for the next decade and how it will
be met over the {Ife of the redevelopment Plan. CRL requires a Redevelopment
Agency to set aside at least 20% of its tax increment collected for the purposes of
increasing, improving, and preserving the community's supply of low and moderate
income housing.The Cupertino Redevelopment Agency has a greater responsibility to
10
set -aside no less than 25% of its tax increment for affordable housing under the terms
of the Settlement Agreement. Of that 25% set-aside, the Agency must earmark 5% for
creating or przserving extremely low housing (housing for persons earning 30% of the
County median income).
3. Targeting housing Funds According to Need
Through requirements that became effective in January 2002, the Agency must target
its Housing Fund expenditures to produce units affordable to very low, low, and
moderate income households in at least the same proportion to the community's unmet
need, using the regional fair share allocation as a benchmark to satisfy this
requirement. This benchmark establishes ten-year "targeting compliance period" used
to allocate Housing Fund expenditures distinct from the ten-year "production
compliance period" in the AB 315 Plan used to guide the production of affordable
housing. However, CRL legislation encourages agencies to synchronize these two ten-
year compliance periods. Because the Cuper~uno Redevelopment Agency is under the
further obligation of earmarking at least 20% of its housing set-aside funds for
extremely low income persons, that percentage will be taken out of the funds available
for moderate-income persons. Based on ABAG's"Fair Share" Regional Housing Needs
Determination for the City of Cupertino, the table below indicate3 that at a minimum, the
Agency must target at least 33%of its Housing Fund moneys to the production of very-
low income units and at least 16% to low-income units. Additionally, under the terms of
the Settlement Agreement, the Agency must earmark 20% of its Housing Fund monies
for extremely low-income units. Combined,the Agency must provide 69%of its Housing
Fund monies for extremely low, very low and low-income units.
Table 6
ABAG Regional Fair Share Allocations 1999-2006
City of Cupertino
Targeting Re uirements by Income Level
Total Housing Percentage
Income Level Units Needed
Extreme) Low 30%rMl 20%
Very Low 50%AMl 412 33%
Low 50-80%AMl 198 16%
Moderate 80-1200!6 AM) ' 644 31%
Total 1254 100%
Recent law now requires that redevelopment agencies assist housing for persons
regardless of age in at least the same proportion that the community's population under
age 65 boars to the total population of the community. The table below describes the
City of Cupertino's population as of the Census 2000:
ti
Table 7
Housing Fund Expenditure Requirements
Non-Age Restricted Housing
Targeting Requirements by Age Group
Po ulation—CI of Cupertino
Age Group Number Percent
Under65 44,986 81%
ears
65+years 5,560 11%
Total 50,546 100%
The table indicates that the Housing Fund money invested in senior housing should not
exceed II% of the total Housing Fund expenditures during the targeting compliance
period. The law establishes a maximum allocation of funds according to a population's
age distribution but does not, however, establish a minimum allocation of funds in this
manner.
Housing assisted by Housing Fund moneys must be available to low and moderate -
income families at an affordable housing cost in accordance with the CRL. For housing
assisted by Housing Funds, the following affordable housing cost definitions apply:
Table 8
CRL Affordable Housing Cost Definitions
Rental Housing 9wnersht Housing
Income Level `% Income %of Area %Income %of Area
Spent on Median Spent on Median
Housing Income Housing Income
Extremely 30% 30% 30% 30%
Low _
Very Low 30% 50% -30% 50%
Low 30% 60% 30% 70%
Moderate 30% 110% 35% 110%
4. Duration of Affordability
The CRL requires that affordability covenants be recorded with respect to Housing
Fund-assisted new and substantially rehabilitated housing units, replacement housing
units, and project area production housing units. These affordability covenants must
remain in effect for a minimum duration of 55 years for rental units and 45 years for
owner-occupied units.
5. Replacement Housing Requirement
The Replacement Housing Requirement applies to project areas established by
redevelopment plans (or areas added by amendments) adopted on or after January 1,
1976, and merged project areas regardless of the date of establishment of the
individual project areas subsequently merged.
When residential units sheltering households earning at or below 120 percent of
median income are destroyed or removed, or are no longer affordable due to agency
action, an agency must replace within four years those units with an equal number of
replacement units which have an equal or greater number of bedrooms. Since there are
no residential dwelling units in the Project Area, there is no replacement housing
requirement contemplated.
6. 'Ten Year Housing Production Plan
In satisfying the requirements of the AB 315 plan, this section will demonstrate how the
City of Cupertino Redevelopment Agency will meet its housing production obligations
established over, the following time periods: (1) the historical life of the redevelopment
plan, (2) the 10-year 42000-2010" production compliance period, and (3) production
over the life of the redevelopment plan.
As required by the CRL, this document includes estimates of the number of new
residential units within the Project Area and the number of affordable housing units,
which will be developed in order to meet the requirements of the CRL. It is assumed
that all of the housing units produced will be developed by entities other than the
Agency.
The new affordable housing units created within the Redevelopment Project Area will
create decent, safe and sanitary housing units for very low, low and moderate-income
persons. All such units will be price restricted for the longest possible period, however,
in no case less than the period of the land use restrictions of the Redevelopment Plan
or the minimum periods required for use of Housing Fund monies as applicable. It is
projected that there will be 204 units constructed in the Project Area during the 2006 to
2010 Implementation Plan period, during the ten year housing production period of
2000 to 2010, and over the life of the redevelopment project. Because the Project Area
is predominantly a commercial district, it is not anticipated that any more residential-
units will be constructed in the Project Area over the life of the redevelopment project.
Therefore, Table 9 illustrates the number of affordable housing units required over the
life of the Project Area.
13
Table 9
Projected Housing Development
Cupertino Vallco Redevelopment Project Area
Affordable Production
Projected Total Very Low Very Low,
Project Completion Date Units Low,A Mod
Rose Bowl Spring 2008 204 13 18
I
7. Affordable Housing Production Requirement
Given the number of residential units projected within the redevelopment project area
during the 2000 to 2010 housing production compliance period, the Agency has an
obligation to ensure that 31 units are made affordable and at least 13 of those units are
made affordable to very low-income households.
8. Housing Production through Affordability Covenants
Agencies may satisfy their inclusionary housing.production obligation by purchasing or
acquiring long-term affordability covenants on existing multifamily units that are
presently affordable to low and moderate-income households or on currently affordable
multifamily units that are not expected to remain affordable. This method cannot be
used to satisfy more than 50%of units required to be affordable and not less than 50%
must be affordable to very low-income households.
9. Housing Fund Revenues
Pursuant to CRL, the Agency is required to include in its Implementation Plan a report
on the amount available in the Housing Fund and estimates of deposits in the Housing
Fund during the next five-year peric d. At fiscal year end FY2004/05, there was a
balance of $39,425. It is projected that the Agency will deposit approximately
$1,336,671 (as illustrated in Table 4)into the Housing Fund during the period of 2005 to
2010 from tax increment revenues. These funds can be used both within and outside
the Redevelopment Project Area.
10. Housing Programs
Policy 3-6 of the Housing Element of the General Plan identifies the Agency's Housing
Fund as a source of revenue to be used to assist the City in creating affordable
housing. Implementation Program #16 of the Housing Element requires that the
Agency establish policies and objectives directing the expenditure of the housing funds
for extremely low, very low, low and moderate-income housing. Over the next five
years the Agency will work with the City to efficientty and effectively expend its Housing
Fund revenues to create affordable housing consistent with the City's Housing Element.
The Agency will consider the following housing programs in furtherance of those goals
and objectives:
14
a. First Time Homebuyer Program
The Agency will consider establishing a First Time Homebuyer
Program to help low and moderate income households achieve home
ownership in Cupertino. This could be in the form of down payment
assistance or second and third mortgages.
b. Home Rehabilitation Program
This ;Ls a program that offers low interest loans to low income and
senior homeowners who cannot afford necessary health and safety
repairs to their homes.
c. Affordable Housing Incentive Program
This is a program that could provide financial incentives te. residential
developers to provide a higher percentage of inclusionary housing
than required by assisting with closing the affordability gap.
d. Land Acquisition
The Agency will evaluate the opportunities to partner with non-profit
housing developers to acquire land and/or, write down development
costs to create affordable housing.
11. On-Going Monitoring of Residential Devedorpmentt and Housing Fund
Expenditures
An important element for the Agency will be the ongoing monitoring of construction
within the Project Area. This will be necessary to keep track of the new housing units
produced and compare this to the number of units estimated, thus determining the
number of affordable units required.
The ongoing monitoring is a relatively simple procedure for the Agency. This is a result
of the small size of the Project Area,the limited amount of residential development;and
the limited amount of new development taking place. More important will be the
monitoring and tracking of housing fund expenditures. While the Agency may have
limited responsibility in housing production due to the limited residential development
within the Project.Area, the Agency will be required to track housing fund expenditures
to ensure it is satisfying both its CRL requirements as well as its obligations under the
Settlement Agreement while assisting the City in meeting its housing production
requirements over the life of the Redevelopment Agency.
G:planning/vallco/Vallco Redevelopment Plan REVISED 11-14-W
15
RESOLUTION NO. 06-01
A RESOLUTION OF THE CUPERTINO REDL , ELOPMENT AGENCY
ADOPTING AN OPERATING BUDGET FOR FISCAL YEAR
2006-07 BY RATIFYING ESTIMATES OF REVENUES TO BE
RECEIVED IN EACH FUND AND APPROPRIATING MONIES THEREFROM FOR
SPECIFIED ACTIVITIES AND ACCOUNTS AND SETTING FORTH
CONDITIONS OF ADMINISTERING SAID BUDGET
WHEREAS, the orderly administration of municipal government is dependent on the
establishment of a sound fiscal policy of maintaining a proper ration of expenditures within
anticipated revenues and available monies; and
WHEREAS,the extent of any project or program and the de-&Tee of its accomplishment,
as well as the efficiency of performing assigned duties and responsibilities, is likewise dependent
on the monieF made available for that purpose; and
WHEREAS, the City Manager has submitted his estimates of anticipated revenues and
fund balances, and has recommended the allocation of monies for specified program activities;
NOW,THEREFORE, BE IT RESOLVED that the Cupertino Redevelopment Agency
does hereby adopt the following sections as a part of its fiscal policy:
Section 1: The estimates of available fund balances and anticipated resources to be
received in the Redevelopment Agency fund during fiscal year 2006-07 as submitted by the City
Manager in his proposed budget and as have been amended during the budget study sessions are
hereby ratified.
Section 2. There is appropriated from the fund the sum of money as determined
during the budget sessions for the purposes as expressed and estimated for each department.
Section 3. The City Manager is hereby authorized to administer and transfer
appropriations between Redevelopment Agency accounts within the Operating Budget when in
his opinion such transfers become necessary for administrative purposes.
Section 4. The Director of Administrative Services shall prepare and submit to the
Cupertino Redevelopment Agency a quarterly revised estimate of Operating Revenues.
Section 5. The Director of Administrative Services is hereby authorized to continue
appropriations for operating expenditures that are encumbered or scheduled to be encumbered at
year end.
Resolution No. 06-01 2
PASSED AND ADOPTED at a regular meeting of the Cupertino Redevelopment Agency this
® 20th day of June 2006, by the following vote:
Vote Members of the RedeveloRment Agency
AYES: Lowenthal, Nang, Kwok,Mahoney, Sandoval
NOES: None
ABSENT: None
ABSTAIN: None
APPROVED:
<;�:Za '4' 'a
Chairman,Redevelopment Agency
ATTEST:
Secretary i
4
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 VALLCO
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 Vallco 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 an6 B(attached).
PASSED AND ADOPTED at a regular meeting of the Cupertino Redevelopment Agency
g Y
this 6th day of September 2005,by the foI°awing vote:
Vote Members of the Redevelopment Agency
AYES: Kwok, Lowenthal, Sandoval, Wang,James
NOES: None
ABSENT: None
ABSTAIN: None
A'PRO .
Ch an, Redevelopment Agency
ATTEST:
h'JL
Secretary
® Scheduls A
Tax Increment Revenue Projection
Vatbco Fashion Park Redevelopment Protect
City of Cupertino
00Ws Omitted
. Gross
Total Total Tttal Increment Incte t Housing Tax Tier t Tier 2 Tier 3 Statutory Net
Fiscal ' Real Inflationary New Real Personal Project Over Base 2evenus(1 Set Aside Revenue Pass Thru Pess Thru Pass Thru Pass Tax
Year GraMh Value $116,135 1.04050`9 -25.00% After HSA -2020% -16.80% -11.20% Through Revenue
6 2005-06 102,500 102,500 4,215 106,715 0 0 0 0 0 0 0 0 0
7 2006-07 102,500 2,050 104,550 4,216 108,765 0 0 0 0 0 0 0 0 0
8 2007-08 104,550 2,091 169,744 276,385 4,215 280,600 164.465 1,711 (428) 1.283 (342) 0 0 (342) 941
9 2008-09 106,641 2,133 3g8,730 418.504 4,215 422,719 306,583 3,190 (797) 2,392 (638) 0 0 (638) 1,754
10 2009-10 tu8,774 2,175 315.924 426,874 4,215 431,089 314,953 3,277 (819) 2,458 (655) 0 0 (655) 1,802
11 2010-11, 110.949 2,219 322,243 435,411 4,215 439,626 323.491 3,366 (841) 2.524 (673) 15 0 (688) 1,837
12 2011-121 113,168 2,263 328,688 444.119 4,215 448,334 332,199 3,457 (864) 2,592 (691) (30) 0 (721) 1,872
13 2312-13 115,432 2,309 335,281 453.002 4,215 457,217 341,081 3,549 (887) 2.662 (710) (46) 0 (754) 1,907
14 2013-14 117.740 2,355 341.967 462.062 4.215 466.277 350,141 3,643 (Sill) 2,732 (729) (62) 0 (789) 1,944
15 2014-151 120.095 2,402 348.806 471.303 4,215 475,518 359,383 3,739 (935) 2,805 (748) (78) 0 (824) 1,981
16 2015-16 122,497 2,450 355.762 480.729 4,215 484,944 368,809 3,837 (959) 2,878 (767) (94) 0 (860) 2,019
17 2016-17 124,947 2.499 362.848 490,344 4.215 494.559 378,423 3,937 (984) 2,953 (787) (111) 0 (896) 2,057
18 2017-18 127,446 2,549 370,156 500.151 4.2.5 504,366 388.230 4,040 (1,010) 3.030 (808) (123) 0 (933) 2.097
19 2018-19 123.995 2,600 377.559 510,164 4,215 514,369 398.233 4.144 (1,036) 3.108 (829) (146) 0 (971) 2,137
20 2019-20 132.595 2652 385.110 520,357 4.215 524.572 408.436 4,250 (1,052) 3,187 (850) (163) 0 (1,010) 2.178
21 202C-21 135,247 2.705 392,812 530,764 4,215 534,979 418,843 4,358 (1,090) 3.269 (872) (182) 0 (1,049) 2,219
22 2021.22 137.952 2,750 400,668 541,379 4,215 545,594 429,459 4,469 (1,117) 3,351 (894) (200) 0 (1,089) 2,262
23 3022-23 140,711 2,814 408.682 552.207 4,215 556,422 440,286 4,581 (1,145) 3,436 (916) (219) 0 (1,130) 2,309
24 2023-24 143,525 2.870 416,855 563,251 4.215 567,466 451,330 4,696 (1,174) 3,522 (939) (238) 0 (1,172) 2,350
25 2024-25 146,995 2,928 425.193 574.516 4,215 578,731 462.595 4,813 (1,203) 3.610 (963) (258) 0 (1,215) 2,395
26 2025-26 149,323 2,986 433,696 586,006 4.215 590,221 474,086 4,933 (1,233) 3,700 (987) (278) 0 (1,259) 2,441
27 2026-27 162,310 3,046 442,370 597.726 4,216 601,941 485.806 5,055 (1,264) 3,791 (1,011) (299) 0 (1,303) 2,488
26 202726 155,356 3,107 451.218 609.681 4.215 613,896 497.760 5,179 (1,295) 3.884 (1.036) (320) 0 (1,348) 2,536
29 2028-29 158.463 3,169 460,242 621,874 4,215 626,089 509,954 5.306 (1,327) 3,980 (1,061) (341) 0 (1,394) 2,586
30 2029-30 161,632 3,233 469.447 634,312 4,215 638,527 522,391 5,435 1,359 4.077 -(1,087) (363 0 (1,442 2,635
r; 30 20 -31 164.865 3.297 478,838 646,998 4.215 651,213 535,078 5,567 (1,392) 4,176 (1,113) (385) 15 {1,504) 2,671
2031-32 168,162 3,363 488.413 659,938 4,715 664,153 548,018 Z,702 (1,426) 4,277 (1,140) (407) (30) (1,568) 2,709
33 203".-33 171,525 3,431 498,181 673,137 4,215 677,352 561,216 5,839 (1,460) 4,380 (1,168) (430) (45) (1,633) 2.747
34 2033-34 174.956 3,499 508.144 686,599 4,216 690.814 574,679 5,980 (1,495) 4.485 (1,196) (454) (61) (1,699) 2,7Q5
35 2034-35 178,455 3.569 518,307 700,331 4,215 704,546 588.411 6,122 (1,531) 4,592 (1,224) (478) (77) (1,767) 2,825
36 2035-36 182,024 3,640 528.674 714,334 4,215 718,553 602,418 6,268 (1,567) 4.701 (1,254) (502) (93) (1,836) 2.865
37 2036-37 185,665 3,713 539.247 728,625 4,215 732,840 616,704 6,417 (1,604) 4,813 (1,283) (527) (110) (1,906) 2.906
38 2037-38 189.376 3.768 650.032 743,197 4,215 747,412 631,277 6,568 (1,642) 4,926 (1,314) (553) (127) (1,978) 2,948
39 2038.39 193,165 3,863 561,033 750.061 4.215 -62,276 646,141 6,723 (1,681) 5,042 (1,345) (579) (144) (2,052) 2,991
40 2039-40 197.029 3.941 572,253 773,223 4215 777,438 661,302 6,881 (1,720) SAS1 (1,376) (605) (162) (2,126) 3,034
41 2040.41 200.969 4,019 583.698 78S.687 4,215 792,902 676,767 7,042 (1,760) 5,261 (1,408) (632) (180) (2,203) 3,079
42 2041-42 204.989 4,100 595,372 804,461 4.215 808,676 692,540 7,206 (1,801) 5404 (1,441) (660) (198) (2,280) 3,124
43 2042-43 209.088 4.182 607280 820,550 4215 824,765 708,630 7,373 (1,843) 5.530 (1,475) (688) (217) (2,360) 3,170
44 2043.44 213.270 4,265 619,425 06,961 4.215 841.176 725.041 7.544 (1,886) 5,658 (1,509) (717) (236) (2,44i)l 3,218
45 2044-45 217,536 4.351 031,814 853,700 4,215 857.916 741 780 7,718 1930 5,789 (1,544) 746 256 (2,523)1 3,266
TOTAL(YEARS 6-30) 94,966 (23,741) 71,224 (18,993) (3,569) 0 (22,483) 48,742
TOTAL(YEARS 6-45) 193,917 (48,479) 145,438 (38,783) (11,935) (1.951) (52.359) 93,079
(1)Includes pre-1989 property taxOwmide:County
Retirement Levy(.0388%)and County Library Retirement
Prepared by Keyser Marston Associates,Inc.
Riename:Vallco RDA-cupertino ti projupdatevais.xis;TI Summary;91112005;3:56 PM;RJW
Schedule A-1
Real Property Value Added
Valico Fashion Park Redevelopment Project
City of Cupertino
(000's Omitted)
Value 1 2 3 4 5 6
Development 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
Total Real Property Value(Inflated) 3.00% 0 0 169,744 136,591 0 0
Cumulative Value with Prop 13 Increases 102.00% 0 0 169,744 309,730 315,924 322,243
Prepared by Keyser Marston Associates,Inc.
Filename Valico RDA-cupertino ti projupdatevals.xis;TI_Detail;8/31/2005;5:32 PM;RJW
Seheduh,8
•
Tax Increment Revenue Projection
VaRro Fashion Park Redevelopment Project
City of Cupertino
000's Omitted
Gross
Total Total Tots' increment anent Housing Tax Tier t Tim 2 Tim 3 Statutory Net CRY SCC Net
Fiscal Beal InRaRonary New Reef Personal Pmjsct Over Base Revenue(1 Set Aside Revenue Pass Thor Pass Thru Pass Thru Pass Tax x�n6hne0hNgatlonl Avallebfe
Year Pro Grow4n Pro , Pm Valve 1116.135 1.04050% -25.W% Ater HSA -20.00% -16.W% -1120% ThroughRevenue 3 tntxement
1 2000-01 0 (284) 0 0
2 2001-02 0 (39) 0 A
3 2002-03 0 (100) 0 O I
4 2003-04 0 ( 0 U
5 2004.05 0 (69) 0 0
b 2005-06 102,500 102.500 4215 106.715 0 0 0 0 0 0 0 0 0 (to5) (159) 0
7 2006-07 102,500 2.060 104,550 4.215 108,765 0 0 0 0 0 0 0 0 0 (110) (167) 0
8 2007-08 104,550 2.091 169,744 276.385 4,215 280.600 164,465 1,711 (428) 1,283 (342) 0 0 (342) 941 (115) (175) 0
9 2008-09 106,641 2.133 309,730 418,504 4,215 422,719 308,583 3,190 (797) 2.392 (638) 0 0 (638) 1.754 (436) (184) 957
10 2009-10 108,774 2.176 315,924 426.874 4.215 431.089 314,953 3,277 (811) 2,458 (655) 0 0 (6%) 1.802 (460) (193) 1.149
11 2010-11 110,949 2.219 322,243 435,411 4,215 439.626 323,491 3.366 (841) 2.524 (673) r15 0 (688) 1,837 (4,83) (203) 1,151
12 2011-12 113,168 2.263 328.688 444,119 4.215 448.334 332.199 3,467 (864) 2,592 (691) (30) 0 (721) 1.872 (501) (213) 1.152
13 2012-13 115.432 2.309 335.261 453.002 4.215 457,2117 341.081 3,549 (881) 2,662 (710) (46) 0 (754) 1.907 1,532) (224) 1.151
14 201344 117.740 2,355 341.967 462.062 4.215 468.277 350,141 3.643 (911) 2.732 (729) (62) 0 (789) 1,944 (560) (235) 1,149
15 2014-15 i20,O95 2,402 348.806 471,303 4.215 475,510 359,383 3.11W (935) 2.805 ±i241 (78) 0 (824) 1.981 (587) (247) 1.147
16 2015-16 122,497 2.450 355.782 480.729 4.215 484.944 368,809 3,837 (959) 2,878 j767) (94) 0 (860) 2,019 (616) (259) 1,144
17 2016.17 124,947 2,499 362.898 490,344 4.215 494.559 378,42.3 3,937 (984) 2.953 (787) (111) 0 (896) 2.057 (647) (272) 1.138
18 2017-19 127.446 2.549 370,156 500,151 4.216 504,366 388230 4,040 (1,010) 3,030 (800) (128) 0 (933) 2.097 (679) (285) 1,133
19 2018-19 129,995 2.600 377,559 510,154 4.215 614,369 398,2213 4,144 (1,036) 3.108 (829) (146). 0 (971) 2.137 (714) (300) 1.123
20 2019-20 132,595 2.652 365,110 520,357 4,215 524.572 406,435 4,250 (1,062) 3,187 (850) (1F3) 0 (1,010) 2.178 (749) (315) 1,114
21 2020-21 135.247 2.705 392.812 530.764 4.215 534.979 418,1343 4.358 (1.090) 3,269 (872) (182) 0 (1,049) 2,219 (787) (331) 1.101
22 2021-22 137.952 2.759 400,668 541,379 4,216 545,594 420,459 4,469 (1,117) 3,351 (894) (200) C (1.089) 2262 (826) (347) 1,089
23 2022-23 140,711 2.814 408,682. 552,207 4,215 556,422 440,286 4.581 (1,145) 3,436 (916) (219) 0 (1,130) 2305 (867) (365) 1.073
24 Z023.24 143,525 2.870 416.855 663,251 4.215 567,466 451,330 4.696 (1,174) 3,522 (939) (238) 0 (1,172) 2.350 (911) (383) 1.056
25 2024-25 146,395 2,928 425.193 574,516 4.215 578,131 462,595 4.813 (1,203) 3,610 (963) (258) 0 (1,215) 2.395 (956) (402) 1.037
26 2025-26 149,323 2.986 433.696 586,006 4,215 590.221 474,086 4,933 (1,233) 3,700 (987) (278) 0 (1,259) 2.441 (1,004) (422) 1.015
27 2026-27 152,310 3,046 442,370 597.726 4215 601,941 4115,806 5,055 (1,264) 3,791 (1,011) (299) 0 (1,303) 2,488 (1,054) (443) 991
28 2027.28 155,356 3.107 451,218 609,631 4.215 613.896 497,760 5,179 (1,295) 3,884 (1,036) (320) 0 (1,348) 2,536 (1107) (465) 964
29 2028.29 158.463 3,169 460,242 621,874 4.215 626.089 509.954 5.306 (1.327) 3,980 (1,061) (341) 0 (1,394) 2,585 (1,163) (489) 934
30 2029.30 161,632 3,233 469,447 634.312 4.2115 08.627 522,391 5.435 (1,359) 4.077 1,087 363 0 1,442 2.635 1,221 513 9C1
31 2030-31 164,865 3.297 478,836 646,998 4,215 651,213 635,078 5.567 (1,392) 4.176 (1,1131 (385) 15 (1,504) 2.671
32 2031.32 168,162 3,363 488,413 659,938 4,215 664,153 548,Ota 5,702 (1.426) 4,277 (1,140) (407) (30) (1,568) 2.709
33 2032-33 171.525 3,431 498,181 673,137 4.215 677,352 561,216 5,839 (1,460) 4.380 (1.168) (430) (45) (1,633) 2.747
34 2033.34 174,956 3,499 508,144 686,599 4;'15 690.614 574,679 5,980 (1,495) 4,485 (1,196) (454) (61) (1,699) 2,785
35 2034-35 178,455 3,569 518,307 700,331 4.215 704.546 588,411 6.122 (1,531) 4,592 (1,224) (478) (77) (1.767) 2.825
36 2035.36 182,024 3,640 528,674 714.338 4,215 716,553 602.418 6,268 (1,567) 4,701 (1,254) (502) (93) (1,826) 2,865
37 20311-37 185.665 3,713 539,247 728,625 .4,215 732.840 616,704 6.417 (1,604) 4.813 (1,283) (527) (110) (1,906) 2,906
38 2037-38 189,378 3.786 550.032 743.197 4215 747.412 631.277 6.568 (1,642) 4,926 (1,314) (553) (127) (1,978) 2,948
39 2038.39 193,165 3,863 561.033 758,061 4.215 762,276 645,141 6.723 (1,381) 5,042 (1,345) (579) (144) (2,052) 2.991
40 2039.40 197.029 3,941 572,253 '173.223 4.215 777,438 661,302 6,881 (1.720) 5,16t (1,376) (605) (1621 (2,(26) 3,034
41 2040-41 200.969 4,019 583.698 788.687 4,216 M902 078.767 7.042 (1,760) 5,281 (1,408) (632) (180) (2,703) 3.079
42 2041-d2 204,989 4,100 595,272 804,461 4,215 808.676 692.540 7,206 (1,801) 5,404 (1,441) (660) (198) (2,260) 3,124
43 2042.43 209,008 4.182 607,280 820,550 4,215 824.765 706.e30 7,373 (1,843) 5.530 (1,475) (688) (217) (2,360) 3,t'�
44 2043-44 213.210 4.265 619.425 835,951 4.215 841,176 725,041 7.544 (1,886) 5.658 (1,509) (717) (236) (2,441;1 4,218
45 2044-45 217,536 4.351 631814 853,700 4.215 857915 741780 7118 1,930 5,788 1,544 746 258 2,5-,L 3,288
TOTAL(YEARS6.30) 94,968 (23,741) 71,224 (18,993) (3,569) 0 (22,483) 49.742 (14,287) (6,124) 20.869
TOTAL(YEARS 6-0C) 193.917 (48,479)145.436 (38,783) (1 t,935) (1,951) (62,359) 93.079
(1)Irmfudes pre-1989 properly lax override:County (2)includes staff costs,audil,consultants and (3)Includes part of the SCC contractual obligation-
Retirement Levy(.0388%)and County Library Retirement an ecorlomleMDA division sheriff cost only;no annexation Costs included
Prepared by Keyser Marston Associates,hoc.
Filename:Vasty RDA-cupenino net projections w-o annex.xls;TI Summary;9/112005;1:43 PM;RJW
List of Affected Taxing Agencies and Projected Project Area Base Year(1999100)Revenues
Vallco Redevelopment Project Area
Projected Projact Area share of
Project Area Base Year Total
Be"Year Property Tair Base Year
Assessed Values(11 Revenue Rovenue(2)
1 County $27,815.168 $278.152 23.95%
2 County Library S4.998,716 $49.097 4.30%
3 City of Cupertino $2,596.794 $25,968 224%
4 Cupertino Elementary School District $28,689.526 $286,895 24.70%
5 Frenwnt Llmon High School Disind $19,374AU $193.749 16.6b%
6 Foothill Community Cogege $7,396,152 $712.962 6.37%
7-County Office of Education $3,W8.741 SX087 3.11%
6 Central Fire District $17526,307. $175,263 15.09%
9 Mid-Perimula Open Space District $1,808.194 $18,082 1.56%
10 SCVWD-North Central $1,122.864 $11.229 0.97%
11 SCVWD - S207,315 SZO73 0.18%
12 Say Area Air C aety Management District $214.826 $2.146 0.18%
13 SCVWD=State Water Project $616.922 $6.169 0.53%
14 �CVWD-Zone W-4 $159.014 $1.590 0.14%
Totals. - $116,135,419 $1,161,354 100.00%
Notes:
(1)County of Santa Clara Finance Agency-Ccntroller-Treasurer Dept.(1998-99)inflated 3%.
(2)Share during first 10 years of Plan. Share graduates in year 11 and again in year 31.
PREPARED BY:KEYSER MARSTON ASSOCIATES,INC.
FILENAME:cupertinotaxentitieswils.xis;Taxing Agencies;8/29)2005;8:41 AM;RTK
RESOLUTION NO.05-01
A RESOLUTION OF THE CUPERTINO REDEVELOPMENT AGENCY
ADOPTING AN OPERATING BUDGET FOR FISCAL YEAR
2005-06 BY RATIFYING ESTIMATES OF REVENUES TO BE
RECEIVED IN EACH FUND AND APPROPRIATING MONIES THEREFROM FOR
SPECIFIED ACTIVITIES AND ACCOUNTS AND SETTING FORTH
CONDITIONS OF ADMINISTERING SAID BUDGET
WHEREAS, the orderly administration of municipal government is dependent on the
establishment of a sound fiscal policy of maintaining a proper ration of expenditures within
anticipated revenues and available monies; and
WHEREAS,the extent of any project or program and the degree of its accomplishment,
as well as the efficiency of performing assigned duties and responsibilities,is likewise dependent
on the monies made available for that purpose; and
WHEREAS,the City Manager has submitted his estimates of anticipated revenues and
fund balances,and has recommended the allocation of monies for specified program activities;
NOW,THEREFORE,BE IT RESOLVED that the Cupertino Redevelopment Agency
does hereby adopt the following sections as a part of its fiscal policy:
Section 1: The estimates of available fund balances and anticipated resources to be
received in the Redevelopment Agency fund during fiscal year 2005-06 as submitted by the City
Manager in his proposed budget and as have been amended during the budget study sessions are
hereby ratified.
Section 2.. There is appropriated from the fund the sum of money as determined
during the budget sessions for the purposes as expressed and estimated for each department.
Section 3. The City Manager is hereby authorized to administer and transfer
appropriations between Redevelopment Agency accounts within the Operating Budget when in
his opinion such transfers become necessary for administrative purposes.
Section 4. The Director of Administrative Services shall prepare and submit to the
Cupertino Redevelopment Agency a quarterly revised estimate of Operating Revenues.
Section 5. The Director of Administrative Services is hereby authorized o continue
appropriations for operating expenditures that are encumbered or scheduled to be encumbered at
year end.
Resolution No. 05-01 Page 2
PASSED AND ADOPTED at a regular meeting of the Cupertino Redevelopment Agency
this 21 st day of June 2005,by the following vote:
Vote Members of the Redevelopment Agency
AYES: Kwok, Sandoval,Wang, James
NOES: None
ABSENT: Lowenthal
ABSTAIN: None
APP ED:
J
airman,Redevelopment Agency
ATTEST:
Secretary ,'
RESOLUTION NO. 04-01
® A RESOLUTION OF THE CUPERTINO REDEVELOPMENT AGENCY
ADOPTING AN OPERATING BUDGET FOR FISCAL YEAR
2004-05 BY RATIFYING ESTIMATES OF REVENUES TO BE
RECEIVED IN EACH FUND AND APPROPRIATING MONIES THEREFROM FOR
SPECIFIED ACTIVITIES AND ACCOUNTS AND SETTING FORTH
CONDITIONS OF ADMINISTERING SAID BUDGET
WHEREAS,the orderly administration of municipal government is dependent on the
establishment of a sound fiscal policy of maintaining a proper ration of expenditures within
anticipated revenues and available monies; and
WHEREAS,the extent of any project or program and the degree of its accomplishment,
as well as the efficiency of performing assigned duties and responsibilities, is likewise dependent
on the monies made available for that purpose; and
WHEREAS,the City Manager has submitted his estimates of anticipated revenues and
fund balances, and has recommended the allocation of monies for specified program activities;
NOW,THEREFORE, BE IT RESOLVED that the Cupertino Redevelopment Agency
does hereby adopt the following sections as a part of its fiscal policy:
Section 1: The estimates of available fund balances and anticipated resources to be
received in the Redevelopment Agency fund during fiscal year 2004-05 as submitted by the City
Manager in his proposed budget and as have been amended during the budget study sessions are
hereby ratified.
Section 2. There is appropriated from the fund the sum of money as determined
during the budget sessions for the purposes as expressed and estimated for each department.
Section 3. The City Manager is hereby authorized to administer and transfer
appropriations between Redevelopment Agency accounts within the Operating Budget when in
his opinion such transfers become necessary for administrative purposes.
Section 4. The DiTI:ctOr of Administrative Services shall prepare and submit to the
Cupertino Redevelopment Agency a quarterly revised estimate of Operating Revenues.
Section 5. The Director of Administrative Services is hereby authorized to continue
appropriations for operating expenditures that are encumbered or scheduled to be encumbered at
yearend.
Resolution No. 04-01 Page 2
PASSED AND ADOPTED at a regular adjourned meeting of the Cupertino
Redevelopment Agency this 21 st day of June 2004,by the following vote:
Vote Members of the Redevelopment Agency
AYES: James,Kwok, Lowenthal, Sandoval, Wang
NOES: None
ABSENT: None
ABSTAIN: None
APPROVED:
Chairman,Rede opment Agency
ATTEST:
Secretary