Successor Agency to the Carson Redevelopment Agency. Carson Merged and Amended Project Area Tax Allocation Refunding Bonds Series 2014A

Transcription

1 Successor Agency to the Carson Redevelopment Agency Carson Merged and Amended Project Area Tax Allocation Refunding Bonds Series 2014A Annual Report February 1, 2017

2 Table 1 (Table 1 of 2014 Official Statement) Merged and Amended Project All Subareas Assessed Values and Revenues Project No.2 Project No.2 Project No.3 Project No.2/3 Total Description Original 1983 Annex Original 1997 Annex Merged REPORTED ASSESSED VALUES Secured Land 252,606,475 43,648, ,269,381 93,277, ,800,923 Improvements 397,084,096 45,424, ,964,306 94,925, ,398,292 Personal Property 2,400 2,005,815 2,008,215 Subtotal 649,692,971 89,072, ,239, ,202,846 1,346,207,430 Other Exemptions (5,376,618) (341,736) (3,312,286) (61,377) (9,092,017) Locally Assessed Secured 644,316,353 88,730, ,927, ,141,469 1,337,115,413 SBE Values 849,723 2,132,442 2,982,165 Secured Total 645,166,076 88,730, ,059, ,141,469 1,340,097,578 Unsecured Land Improvements 51,570,637 44,549,342 29,425, ,545,424 Personal Property 80,680,095 3,089 53,023,771 58,193, ,900,086 Subtotal 132,250,732 3,089 97,573,113 87,618, ,445,510 Other Exemptions (15,000) (5,000) (7,000) (27,000) Unsecured Total 132,235,732 3,089 97,568,113 87,611, ,418,510 TOTAL VALUE 777,401,808 88,733, ,627, ,753,045 1,657,516, % 5.35% 31.11% 16.64% % Source: Los Angeles County Tax Records. December Letter Merged 2014A

3 Table 2 (Table 2 of the Series 2014A OS) Merged and Amended Project All Subareas Land Use Category Summary Merged Project # of Percentage Category Assessments of Total Residential 1, ,549, % Commercial ,430, % Industrial ,995, % Recreational 3 1,068, % Institutional 9 110, % Vacant Land ,846, % SBE NonUnitary 10 2,982, % Unsecured ,418, % Cross Reference (1) ,516, % Other 3 8,596, % Total 2,203 1,657,516, % (1) Includes Escaped Assessments and Possessory Interest. Source: Los Angeles County Tax Records Merged Land Use 2014A

4 Table 3 (Table 5 of the Series 2014A OS) Merged and Amended Project All Subareas (1) Major Assessees/ Secured and Unsecured Fiscal Year No. of Assessed Value % (2) % (2) No. Assessee (2) Use Assmts Subarea Secured Unsecured Total Project Value Incr. Value 1 Watson Land Co. (3) Industrial Park, Office Park 129 Project 2 & 3 Original 413,029,218 2,470, ,499, % 29.32% 2 Ineos Polypropylene LLC (3) Possessory Int. / Polypropylene Mfg Plant 2 Project 3 Original 118,969,494 2, ,971, % 8.39% 3 Tesoro Refining and Marketing (3) Oil Refinery, Vacant / Leased Land / Office 25 Project 3 & 1997 Annex 104,574,399 7,775, ,350, % 7.93% 4 Air Products & Chemical Inc. (3) Hydrogen Plant / Unsecured Annex 813,933 73,201,696 74,015, % 5.22% 5 Huck International Inc. Unsecured / Industrial 2 Project 2 Original 44,733,596 44,733, % 3.16% 6 AMB Property/Instit Alliance (4) Commercial / Industrial 3 Project 2 Original 32,463,312 32,463, % 2.29% 7 Carson Real Estate Leasing LLC Automobile Dealership 5 Project 2 Original 28,017,276 28,017, % 1.98% 8 CCL Tube Inc (3) Unsecured / Industrial 2 Project 3 Original 26,153,187 26,153, % 1.85% LLC (3) Industrial 1 Project 2 Original 24,190,014 24,190, % 1.71% 10 Hertz Equipment Rental (3) Industrial/Construction Equipment Rental 4 Project 3 Original 3,209,693 18,738,000 21,947, % 1.55% TOTAL MAJOR ASSESSEES ,267, ,074, ,342, % 63.39% TOTAL REPORTED PROJECT VALUE 1,657,516,088 (1) Includes assessees and values attributable to all subareas of the Merged Project. (2) Based on assessee names and values as reported by the County in August Actual ownership interests in properties can vary from those reflected on the tax roll. (3) Appeals were recently outstanding on prior year values for these properties. In the case of Tesoro, the appeals were filed by the prior assessee, BP West Coast Products. For Watson Land only a few of the 130 total assessments are under appeal. (4) Includes value for AMB Property LP and AMB Institutional Alliance Fund LLP. Source: Los Angeles County Tax Records. Top 10 Current Year

5 Table 4 (Updated Information from 2014A OS Tables 10 and 11) Merged and Amended Project All Subareas Actual Net Tax Increment and Bond Debt Service Coverage Description Merged Project / All Subareas Real Property 1,449,701,624 Other Property 164,871,875 Tax Value Changes N/A Total Value 1,614,573,499 Base Year Valuation 240,299,501 Incremental AV 1,374,273,998 Estimated Tax Levy (1) 13,836,062 Tax Collections: January 2nd Payment 6,791,030 June 1st Payment 7,578,037 Total Gross Collections (2) 14,369,067 Percentage Tax Receipts 103.9% Gross Collections (from above) 14,369,067 Less: Administrative Fees 225,973 Pass Through Payments 1,726,135 Housing Requirement (3) 1,726,135 Actual Tax Revenues Available 10,690,822 Existing Bond Debt Service (4) 1,979,750 Debt Service Coverage 540% (1) (2) (3) (4) Computed levy amounts are based on reported assessed values and have not been adjusted for changes as a result of appeals or tax refunds. Amount shown equals the total taxes collected by the County for the Project Area. Since February 1, 2011, only taxes needed by the Agency to meet its obligations, including debt service on the bonds, are actually distributed to the Agency. Prior to February 1, 2012, the Project Area was subject to a 20 percent Housing Set Aside requirement. Since then, the amount shown is a proportionate share of the 2010 Housing Bond debt service based on net revenues in the Merged Project compared to the other two Project Areas. Includes debt service on Series 2014A and does not include debt service for the 2007 A Bonds because they are subordinate to the 2014A Bonds. Source: Los Angeles County Tax Records and City Finance Department. Debt Service Coverage 2014A

6 Table 5 Updated Information Regarding Filing of the ROPS Track Record for Filing Recognized Obligation Payment Schedules (ROPS) ROPS Approved Deadline to ROPS Funding Approved by ROPS Submit Submitted Period Oversight Board Submitted to DOF ROPS to DOF On Time ROPS A JulDec 2013 February 27, 2013 February 27, 2013 March 1, 2013 Yes ROPS B JanJune 2014 September 24, 2013 September 24, 2013 October 1, 2013 Yes ROPS A JulDec 2014 February 26, 2014 February 27, 2014 March 3, 2014 Yes ROPS B JanJune 2015 September 22, 2014 September 23, 2014 October 1, 2014 Yes ROPS A JulDec 2015 February 23, 2015 February 24, 2015 March 2, 2015 Yes ROPS B JanJune 2016 September 21, 2015 September 22, 2015 October 1, 2015 Yes ROPS A & B July 2016 June 2017 January 25, 2016 January 27, 2016 February 1, 2016 Yes Description of Changes in the Law Affecting the Manner of Filing the ROPS As of January 15, 2017 No changes to the ROPS process since 2015, which changes were described in the annual report filed in February ROPS Filing Dates

7 Table 6 (Update of Pending Appeals from Table 6.1 of the Fiscal Report in the 2014A Official Statement) Redevelopment Project No. 2 All Subareas Pending Appeals Status Pending Year Pending Value , , ,962, ,387, ,894, (2) 8 76,499,699 TOTALS ,760,251 (1) Includes appeals filed for properties Project Area No. 2 Original Area and 1983 Amendment Area. (2) Complete appeals information is not available for the fiscal year. Applicants have through December, 2015 to appeal values and the Assessor's office takes several months to process the applications and make the information available in its database. Source: Los Angeles County Assessor's Appeal Database, updated through September 30, Appeals Project A

8 Table 7 (Update of Pending Appeals from Table 6.2 of the Fiscal Report in the 2014A Official Statement) Redevelopment Project No. 3 All Subareas Pending Appeals Status Pending Year Pending Value ,295, ,354, ,078, , ,042, ,755, ,880, (2) ,808,238 TOTALS 110 1,029,461,336 (1) Includes appeals filed for properties in Project Area No. 3 Original and the 1997 Amendment Area. (2) Complete appeals information is not available for the fiscal year. Applicants have through December, 2015 to appeal values and the Assessor's office takes several months to process the applications and make the information available in its database. Source: Los Angeles County Assessor's Appeal Database, updated through September 30, Appeals Project A

9 Table 8 (Summary of Update of Pending Appeals from Tables 6.1 and 6.2 of the Fiscal Report in the 2014A Official Statement) Merged and Amended Project All Subareas (1) Pending Appeals Status Pending Year Pending Value ,295, ,354, ,137, ,202, ,005, ,143, ,775, (2) ,307,937 TOTALS 137 1,257,221,587 (1) Includes appeals filed for properties in all four subareas of the Project Area. (2) Complete appeals information is not available for the fiscal year. Applicants have through December, 2015 to appeal values and the Assessor's office takes several months to process the applications and make the information available in its database. Source: Los Angeles County Assessor's Appeal Database, updated through September 30, Appeals Merged All 2014A