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HomeMy WebLinkAbout2003-12-02; City Council; 17394; Reimbursement Agreement for Redevelopment AreaAB# 17,394 MTG. 12-2-03 DEPT. H/RED RECOMMENDED ACTION: - TITLE: DEPT. HD. REIMBURSEMENT AGREEMENT BETWEEN THE CITY OF CARLSBAD AND THE CARLSBAD HOUSING AND REDEVELOPMENT COMMISSION FOR REDEVELOPMENT PROJECTS TO BENEFIT THE VILLAGE REDEVELOPMENT AREA CITY Any. &?* CITY MGR. That the City Council ADOPT Resolution No. 2003- 314 , APPROVING a Reimbursement Agreement between the Carlsbad Housing and Redevelopment Commission (“Commission”) and the City of Carlsbad (“City”) for new or enhanced redevelopment projects to benefit the Carlsbad Village Redevelopment Area. That the Housing and Redevelopment Commission ADOPT Resolution No. 377 , APPROVING a Reimbursement Agreement between the Carlsbad Housing and Redevelopment Commission (“Commission”) and the City of Carlsbad (‘‘City”) for new or enhanced redevelopment projects to benefit the Carlsbad Village Redevelopment Area. ITEM EXPLANATION: The Village Area Redevelopment Plan was originally adopted by the City Council on July 7, 1981 with a 25-year duration. The Plan is due to expire on July 7, 2007 with a one (1) year time extension granted by State Legislators per SB 1045. January 1, 2004 is the time limit for establishing loans, advances and indebtedness to be paid with tax increment from the Carlsbad Village Redevelopment Area. With these deadlines quickly approaching, staff has been reviewing the current status of the Village Redevelopment Area and completing an analysis of additional desirable redevelopment activities and debt capacity. Staff contracted with Rosenow Spevacek Group (RSG) to analyze the debt capacity of the Village Redevelopment Project Area. Existing financial obligations consist of $21.8 million of debt service on the 1993 Tax Allocation Bonds, County administrative fees, Commission administrative costs of approximately $400,000 annually, and $1 2.8 million in City General Fund advances. RSG prepared a financial forecast (see attached Exhibit 4) that shows the Commission could delay repayment of the City General Fund advances until after July 7, 2017 and free up approximately $21.5 million in nonhousing tax increment revenue over the next 13 years for future projects. Assuming a 5.28% discount rate, this remaining nonhousing tax increment revenue is equal to approximately $1 4.4 million in today’s dollars. This means that the Redevelopment Agency could incur additional debt of approximately $1 4.4 million for redevelopment projects within the Village Redevelopment Project Area. This new debt would need to be repaid by 2017. The existing debts would then be repaid beginning in 201 7. After completing a projects needs analysis for the Village, staff has prepared a list of potential redevelopment projects that could be undertaken with the use of additional funds. The projects include the following and are described in greater detail in attached Exhibit 5: Redevelopment Project with Village Green at the Northwest Corner of State Street and Grand Avenue; Redevelopment Project on Roosevelt Street to include additional public parking and/or retail, residential or office uses; Public Parking Structure; Enhanced Streetscape Improvements to North State Street; Enhanced Streetscape Improvements Between Grand Avenue and Carlsbad Village Drive; Conversion of On-Street Parallel to Diagonal Parking; AB# 17,394 Page 2 0 Miscellaneous Street Improvements; and 0 Right-of-way Analysis and Conceptual Streetscape Plan; Enhanced Entryway Treatment, including improvements to the intersection of Carlsbad Blvd and State Street. Because there remain desirable redevelopment projects for the Village Area, staff is recommending that the City Council and Housing and Redevelopment Commission take action to enter into a Reimbursement Agreement (see Exhibit 3) in which the City agrees to pay or provide initially for the development costs associated with carrying out one or more of the projects listed above and further described in the Reimbursement Agreement to fully utilize the additional debt capacity of the Village Redevelopment Project Area of approximately $14.4 million. To insure the City will be reimbursed for all costs initially provided, the projects will be implemented in a cost manner which does not exceed the maximum debt capacity of the Village Redevelopment Plan. The Agreement further stipulates the Commission agrees to reimburse the City, with interest, from the date of expenditure by the City until reimbursed. The rate of interest shall be based on the City's annual average investment rate. It is important to note that there are not adequate funds to implement all of the projects noted above. At a later date, the Commission will be asked to prioritize the projects according to available funding. This action is one of several that the City Council and Housing and Redevelopment Commission are being asked to take in order to implement and fund additional projects within the Village Redevelopment Project Area. Under separate actions, the Council and Commission will be asked to approve a debt repayment plan and the Commission will be asked to amend the Village Redevelopment Implementation Plan to expand the projects and funding estimates. The Council will also be asked to approve an Ordinance extending the effectiveness of the Village Redevelopment Plan for one (1 ) additional year as allowed by SB 1045. FISCAL IMPACT: Adoption of the attached resolutions will provide approximately $1 4.4 million for additional nonhousing redevelopment projects. The Council will loan the funds to the Commission for the cost of the redevelopment projects as tax increment revenues become available or are projected to become available. Full reimbursement by the Commission to the Council will occur no later than July 7, 2017. This action will delay repayment of existing indebtedness until after July 7, 201 7. Pursuant to Health and Safety Code Section 33333.8, as long as the Commission receives any tax increment funds, an amount that is not less than twenty percent (20%) of all the tax increment funds allocated to the Commission must be set aside into the Low/Moderate Income Housing Fund and used ' exclusively for affordable housing purposes. By approving the attached Reimbursement Agreement, the Commission is expected to receive approximately $1 8.8 million by fiscal year 2031 -2032 for low and moderate income housing. EXHIBITS: 1. City Council Resolution approving a Reimbursement Agreement between the Carlsbad Housing and Redevelopment Commission and the City of Carlsbad. 2. Housing and Redevelopment Commission Resolution approving a Reimbursement Agreement between the Carlsbad Housing and Redevelopment Commission and the City of Carlsbad. (Reso 377) 3. Reimbursement Agreement between the Carlsbad Housing and Redevelopment Commission and the City of Carlsbad. 4. RSG Financial Forecast on Tax Increment Revenue Projections (Table 1 a) 5. Project Description List No- 2003-314) DEPARTMENT CONTACT: Lori Rosenstein (760) 434-281 3, lrose @ci.carlsbad.ca.us Exhibit 1 City Council Resolution Approving Reimbursement Agreement 3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 CITY COUNCIL RESOLUTION NO. 2003 - 314 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING A REIMBURSEMENT AGREEMENT BETWEEN THE CARLSBAD HOUSING AND REDEVELOPMENT COMMISSION AND THE CITY OF CARLSBAD FOR PROJECTS TO BENEFIT THE VILLAGE REDEVELOPMENT WHEREAS, the City Council of the City of Carlsbad (“City Council”) activated the Carlsbad Housing and Redevelopment Commission (“Commission”) on October 16, 1979 and declared itself to constitute the Commission for the purposes of implementing redevelopment activities within the City of Carlsbad; and WHEREAS, the Commission is engaged in activities necessary to execute and implement the Redevelopment Plan for the Village Redevelopment Project Area (“Project Area”); and WHEREAS, pursuant to Section 33445(a) of the California Community Redevelopment Law :“CRL”) , the Commission may, with the consent of the City Council, pay all or part of the value of the land for and the cost of the installation and construction of any building, facility, structure, or other improvements which is publicly owned either within or outside a project area, if the City Council makes Zertain determinations; and WHEREAS, pursuant to Section 33445(c) of the CRL, when the value of the land or the cost of he installation and construction of the building, facility, structure or other improvement, or both, has >een, or will be, paid or provided for initially by the City, the Commission may enter into a contract with he City under which the Commission agrees to reimburse the City for all or part of the value of the land ir all or a part of the cost of the building, facility, structure, or other improvement, or both; and WHEREAS, pursuant to Section 33678 of the CRL, the Commission may pay for employee or :ontractual services of the City if the services are directly related to the purposes of redevelopment, as set brth in Sections 33020 and 33021 of the CRL, and primarily benefit the Project Area (“Redevelopment ktivity Costs”); and WHEREAS, the City Council has determined that it is in the best interests of the City and for the :omon benefit of citizens residing in the City to provide for, among other things, the reimbursement to 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 the City for the following: (1) Redevelopment Activity Costs, and (2) the value of the land for and the cost of the installation and construction of any building, facility, structure, or other improvements which is publicly owned either within or outside the Project Area (“Development Costs”), specifically including, but not limited to the Redevelopment Activity Costs and the Development Costs (collectively referred to as “Costs”) in connection with the acquisition and construction of certain improvements, as more specifically described in Section No. 1 of the Reimbursement Agreement (the “Project”); and WHEREAS, the Project consists of one or more buildings, facilities, structures, or other improvements which are or will be publicly owned and which are located both within and outside of the Project Area. The City Council and Commission have determined that the Project is of benefit to the Project Area; and WHEREAS, in accordance with Sections 33445 and 33678 of the CRL, the Commission desires to enter into this Agreement to provide for the reimbursement to the City of the Costs, specifically including, but not limited to, the Costs of the Project, to the extent paid or provided for initially by the City. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad as follows: 1. 2. That the above recitations are true and correct. Pursuant to the Reimbursement Agreement, attached hereto and incorporated herein, the City agrees to pay or provide initially for any Costs associated with carrying out the Project in 3 cost manner which does not exceed the maximum debt capacity of the Village Redevelopment Area. 3- Pursuant to the Reimbursement Agreement, the Commission agrees to reimburse the City from and to the extent of taxes levied in the Project Area and allocated to the Commission under subdivision (b) of Section 33670 of the CRL for all such Costs, with interest, from the date of expenditure by the City until reimbursed at the rate of interest earned from time-to-time by the City on its portfolio of investments. ZC Resolution No. 2003-314 Page 2 1 i 4 5 0 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 ' 25 26 27 28 4. The Mayor is hereby authorized to execute said Reimbursement Agreement in substantially the form approved by the City Council, subject to the review and approval of the City Attorney. PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the City of Carlsbad, California, on the 2nd day of December, 2003, by the following vote, to wit: AYES: Council Members Lewis, Finnila and Kulchin NOES: None ABSENT: None ABSTAIN: Council Members Hall a ATTEST: ,. k&RA$fJE M. WOOD, City Clerk (SEAL) :C Resolution No. 2003-314 'age 3 Exhibit 2 Housing & Redevelopment Commission Resolution Approving Reimbursement Agreement 7 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 HOUSING AND REDEVELOPMENT COMMISSION RESOLUTION NO. 3 7 7 A RESOLUTION OF THE HOUSING AND REDEVELOPMENT COMMISSION OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING A REIMBURSEMENT AGREEMENT BETWEEN THE CARLSBAD HOUSING AND REDEVELOPMENT COMMISSION AND THE CITY OF CARLSBAD FOR PROJECTS TO BENEFIT THE VILLAGE REDEVELOPMENT AREA WHEREAS, the City Council of the City of Carlsbad (“City Council”) activated the Carlsbad Housing and Redevelopment Commission (“Commission”) on October 16, 1979 and declared itself to constitute the Commission for the purposes of implementing redevelopment activities within the City of Carlsbad; and WHEREAS, the Commission is engaged in activities necessary to execute and implement the Redevelopment Plan for the Village Redevelopment Project Area (“Project Area”); and WHEREAS, pursuant to Section 33445(a) of the California Community Redevelopment Law [‘‘CRL”) , the Commission may, with the consent of the City Council, pay all or part of the value of the land for and the cost of the installation and construction of any building, facility, structure, or other improvements which is publicly owned either within or outside a project area, if the City Council makes :ertain determinations; and WHEREAS, pursuant to Section 33445(c) of the CRL, when the value of the land or the cost of he installation and construction of the building, facility, structure or other improvement, or both, has ieen, or will be, paid or provided for initially by the City, the Commission may enter into a contract with he City under which the Commission agrees to reimburse the City for all or part of the value of the land ir all or a part of the cost of the building, facility, structure, or other improvement, or both; and WHEREAS, pursuant to Section 33678 of the CRL, the Commission may pay for employee or :ontractual services of the City if the services are directly related to the purposes of redevelopment, as set ’orth in Sections 33020 and 33021 of the CIU, and primarily benefit the Project Area (“Redevelopment ktivity Costs”); and .. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 WHEREAS, the City Council has determined that it is in the best interests of the City and for the common benefit of citizens residing in the City to provide for, among other things, the reimbursement to the City for the following: (1) Redevelopment Activity Costs, and (2) the value of the land for and the cost of the installation and construction of any building, facility, structure, or other improvements which is publicly owned either within or outside the Project Area (“Development Costs”), specifically including, but not limited to the Redevelopment Activity Costs and the Development Costs (collectively referred to as “Costs”) in connection with the acquisition and construction of certain improvements, as more specifically described in Section No. 1 of the Reimbursement Agreement (the “Project”); and WHEREAS, the Project consists of one or more buildings, facilities, structures, or other improvements which are or will be publicly owned and which are located both within and outside of the Project Area. The City Council and Commission have determined that the Project is of benefit to the Project Area; and WHEREAS, in accordance with Sections 33445 and 33678 of the CRL, the Commission desires to enter into this Agreement to provide for the reimbursement to the City of the Costs, specifically including, but not limited to, the Costs of the Project, to the extent paid or provided for initially by the City. NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Commission of the City of Carlsbad as follows: 1. That the above recitations are true and correct. 2. Pursuant to the Reimbursement Agreement, attached hereto and incorporated herein, the City agrees to pay or provide initially for any Costs associated with carrying out the Project in a cost manner which does not exceed the maximum debt capacity of the Village Redevelopment Area. 3. Pursuant to the Reimbursement Agreement, the Commission agrees to reimburse the City from and to the extent of taxes levied in the Project Area and allocated to the Commission under subdivision (b) of Section 33670 of the CRL for all such Costs, with interest, from the date of expenditure by the City until reimbursed at the rate of interest earned from time-to-time by the City on its portfolio of investments. HRC Resolution No. 377 Page 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 4. The Chairman of the Commission is hereby authorized to execute said Reimbursement Agreement in substantially the form approved by the Housing and Redevelopment Commission, subject to the review and approval of the City Attorney. PASSED, APPROVED AND ADOPTED at a special meeting of the Housing and day of December, 2003, Redevelopment Commission of the City of Carlsbad, California, on the 2nd by the following vote, to wit: AYES: Commissioners Lewis, Finnila and Kulchin NOES: None ABSENT: None ABSTAIN: Commissioners Hall and ATTEST: HRC Resolution No. 3 7 7 Page 3 IC Exhibit 3 Reimbursement Agreement \I REIMBURSEMENT AGREEMENT (Public Improvements) (Community Redevelopment Law Section 33445) This REIMBURSEMENT AGREEMENT (“Agreement”) is entered into by and between the CARLSBAD HOUSING AND REDEVELOPMENT COMMISSION (“Commission”), a body corporate and politic, and the City of Carlsbad, a municipal corporation (“City”) as of the 10 * day of , 2003. REClTALS A. B. C. D. E. F. The City Council of the City of Carlsbad (“City Council”), acting pursuant to the provisions of the California Community Redevelopment Law (California Health and Safety Code Section 33300, seq.) (“CRL”), declared a need for a Community Development Commission, by Ordinance No. 1223, and activated the Commission, as the Housing and Redevelopment Commission, on October 16, 1979. The City Council previously declared itself to constitute the Commission for purposes of implementing redevelopment activities within the City of Carlsbad. The Commission is engaged in activities necessary to execute and implement the Redevelopment Plan for the Village Redevelopment Project Area (“Project Area”). Pursuant to Section 33445(a) of the CRL, the Commission may, with the consent of the City Council, pay all or part of the value of the land for and the cost of the installation and construction of any building, facility, structure, or other improvements which is publicly owned either within or outside a project area, if the City Council makes certain determinations. Further, pursuant to Section 33445(c) of the CRL, when the value of the land or the cost of the installation and construction of the building, facility, structure or other improvement, or both, has been, or will be, paid or provided for initially by the City, the Commission may enter into a contract with the City under which the Cornmission agrees to reimburse the City for all or part of the value of the land or all or a part of the cost of the building, facility, structure, or other improvement, or both. Pursuant to Section 33678 of the CRL, the Commission may pay for employee or contractual services of the City if the services are directly related to the purposes of redevelopment, as set forth in Sections 33020 and 33021 of the CRL, and primarily benefit the Project Area (“Redevelopment Activity Costs”). REIMBURSEMENT AGREEMENT Page 1 of 7 G. The City Council has determined that it is in the best interests of the City and for the common benefit of citizens residing in the City to provide for, among other things, the reimbursement to the City for the following: (1) Redevelopment Activity Costs, and (2) the value of the land for and the cost of the installation and construction of any building, facility, structure, or other improvements which is publicly owned either within or outside the Project Area (“Development Costs”), specifically including, but not limited to the Redevelopment Activity Costs and the Development Costs in connection with the acquisition and construction of certain improvements, as more specifically described in Section No. 1 below (the “Project”). Redevelopment Activity Costs and Development Costs shall collectively be referred to herein as the “Costs”. H. The Project consists of one or more buildings, facilities, structures, or other improvements which are or will be publicly owned and which are located both within and outside of the Project Area. The City Council and Commission have determined that the Project is of benefit to the Project Area. I. In accordance with Sections 33445 and 33678 of the CRL, the Commission desires to enter into this Agreement to provide for the reimbursement to the City of the Costs, specifically including, but not limited to, the Costs of the Project, to the extent paid or provided for initially by the City. 1. Proiect Description. The Project is comprised of the following list of potential improvements and services which the City agrees shall be initially provided by or paid for by the City, .to be reimbursed by the Commission. The following projects shall be prioritized by the Commission and shall be implemented in a cost manner which does not exceed the maximum debt capacity of the Village Redevelopment Plan: a. Village Green Proiect at or near the Northwest Corner of State Street and Grand Avenue - Proposed improvements will consist of a “Village Green”, flanked on two sides by mixed-use buildings consisting of retailhestaurant uses on the ground floor and residential and/or office space above. A joint parking structure is proposed to be constructed on adjacent North County Transit District property to provide the required parking for the mixed-use development and additional parking for Coaster Station riders. b. Proiect on Roosevelt Street - Proposed improvements will consist of a multi-story parking structure flanked on up to three sides by ground floor retail uses with residential andor office uses above. The parking structure will provide parking for the on-site uses, as well as additional public parking for the downtown area. The proposed location of this project is REIMBURSEMENT AGREEMENT Page 2 of 7 located on the east side of Roosevelt Street between Grand Avenue and Carlsbad Village Drive. C. Public Parking Structure - One or more multi-level or surface parking structures or lots to be .located within or in close proximity to the Redevelopment Project area, which will provide additional public parking to the downtown area. d. Enhanced Streetscape Improvements to North State Street - Proposed improvements will include the design and construction of an enhanced streetscape plan to promote greater pedestrian activity north of Grand Avenue, including the following: acquisition of additional right-of-ways where needed, installation of street trees, root barriers, tree grates, drip irrigation systems, electrical conduits for outdoor lighting, decorative paving, and new curbs, gutters, and sidewalks. e. Enhanced Streetscape Improvements between Grand Avenue and Carlsbad Village Dr. - Proposed improvements will include the design and construction of an enhanced streetscape plan to promote greater pedestrian activity, including the following; installation of street trees, root barriers, tree grates, drip irrigation systems, electrical conduits for outdoor lighting, decorative paving, and new curbs, gutters, and sidewalks. The project area consists of the public right-of-way on both sides of Jefferson Street, Madison Street, Roosevelt Street, and State Street extending from Grand Avenue to Carlsbad Village Drive. f. Conversion of On-Street Parallel Parking to Diagonal Parking - A traffic analysis will be conducted by the City and engineering drawings will be developed by the City to assess: (i) the total number of spaces which will be provided by the conversion of on-street parallel parking to diagonal parking, and (ii) the impact on through traffic on Grand Avenue and Madison Street and all surrounding streets as a result of such conversion. Based on the foregoing, if the City determines it will pursue the conversion of the on-street parking, the improvements may include the construction of road improvements. g. Right of Way Analysis and Conceptual Streetscape Plan - A comprehensive right-of-way analysis will be conducted by the City to determine how to maximize on-street parking in the Project Area. The analysis will identify existing right-of-way and potential right-of-way to be obtained from future development in order to maximize on-street parking. The analysis will also include drawings depicting design standards for maximizing utilization of right-of-ways for purposes of providing additional public parking and enhanced landscaping. REIMBURSEMENT AGREEMENT Page 3 of 7 h. Miscellaneous Street Improvements - Proposed improvements may include street widening and curb, gutter, and sidewalk improvements at all locations within the Project Area where standard road improvements do not currently exist, including, but not limited to the following locations: Madison Street between Arbuckle and Laguna Drive and portions of Grand Avenue east of Jefferson Street. The street improvements will also include the acquisition of additional right-of-ways where needed. 1. Enhanced Entrvwav Treatment - An engineering analysis will be conducted by the City and a design solution will be developed by the City to modify the intersection of Carlsbad Boulevard and State Street, which serves as the northernmost entrance to the Village. The modifications may include a realignment of southbound Carlsbad Boulevard, the installation of a traffic signal or a roundabout, and the installation of a pedestrian pathway on State Street and Carlsbad Boulevard to the intersection at Oceanside, providing that the City determines that the pathway is feasible from both a physical and financial standpoint. 2. Development Costs. In addition to the Development Costs of the Project, the Commission hereby agrees that the following, for purposes of this Agreement, shall constitute Development Costs for which the Commission will reimburse the City, to the extent such Development Costs are paid or provided for initially by the City: (a) the value of the land for and the cost of the installation and construction of any building, facility, structure, or other improvements which are publicly owned either within or without the Project Area, and (b) the cost of the construction, expansion, addition to, or reconstruction of, buildings, facilities, structures or other improvements which are publicly owned. “Development Costs”, for purposes of this Agreement, shall not include the normal maintenance or operation of buildings, facilities, structures or other improvements which are publicly owned. 3. Redevelopment Activity Costs. In addition to the Redevelopment Activity Costs of the Project, the Commission hereby agrees that, for purposes of this Agreement, Redevelopment Activity Costs for which the Commission will reimburse the City shall include the cost of employee or contractual services provided by the City, to the extent such services are paid for initially by the City and are directly related to the following: (a) the planning, development, replanning, redesign, clearance, reconstruction, or rehabilitation, or any combination of these, of all or part of a survey area, and the provision of those residential, commercial, industrial, public, or other structures or spaces as may be appropriate or necessary in the interest of the general welfare, including recreational and other facilities incidental or appurtenant to them, (b) the alteration, improvement, modernization, reconstruction, or rehabilitation, or any combination of these, of existing structures in the Project Area, (c) the provision for open-space types of use, such as streets and other public grounds and space around buildings, and public or REIMBURSEMENT AGREEMENT Page 4 of 7 private buildings, structures and improvements, and improvements of public or private recreation areas and other public grounds, (d) the replanning or redesign or original development of undeveloped areas as to which either of the following conditions exist: (1) the areas are stagnant or improperly utilized because of defective or inadequate street layout, faulty lot layout in relation to size, shape, accessibility, or usefulness, or for other causes; or (2) the areas require replanning and land assembly for reclamation or development in the interest of the general welfare because of widely scattered ownership, tax delinquency, or other reasons. 4. Reimbursement. To the extent the City pays or provides initially for any Costs, the Commission agrees to reimburse the City from and to the extent of taxes levied in the Project Area and allocated to the Commission under subdivision (b) of Section 33670 of the CRL for all such Costs, with interest, from the date of expenditure by the City until reimbursed, at the rate of interest earned from time-to-time by the City on its portfolio of investments. The Commission’s obligation under this Agreement shall constitute an indebtedness of the Commission for the purpose of carrying out the redevelopment of the Project Area. 5. Binding on Successors. This Agreement shall be binding on the Commission and the City, and their successors and assigns. 6. Further Action. The parties shall execute such other documents and shall take such other action as may be reasonably necessary to further the purposes of this Agreement. 7. Invalidity. If any provision of this Agreement is determined by a court of competent jurisdiction to be illegal, invalid or enforceable, such provision will be deemed to be severed and deleted from the Agreement as a whole and neither such provision, nor its severance and deletion shall in any way affect the validity of the remaining provisions of this Agreement. [The remainder of this page intentionally left blank.] REIMBURSEMENT AGREEMENT Page 5 of 7 i ‘3 CARLSBAD HOUSING AND REDEVELOPMENT Approved as to form: By : A+/- [Signatures continue on following page.] REIMBURSEMENT AGREEMENT Page 6 of 7 Approved as to form: . By: /%+pity Attorney REIMBURSEMENT AGREEMENT Page 7 of 7 Exhibit 4 RSG Financial Forecast 0 0 c - W 0) 2 0 00000 oooc 0 00000 oooc 0 00000 oooc I m 0 00000 oooc w- am I-m mw *N moo v? *- m m t9 I t9 I - 0 00000 oooc I 00 T I- I- I t9 I- 00000 00000 00000 00000 00000 0- 9 0- 9 9 cococococo 00000 00000 00000 00000 9 0- 0- 9 0- wcocococo 000-0 ooom oooco ooom 0- 0- 0- a! mcoco 00000 00000 I,,,, I e9 -mmmm oo~mm -w-mw 3 N m wfmwbco mZ=2: 00000 00 00000 00000 NNNNN NNNNN mwlnwb como-~ "N" NNmmm I momwr- mmmmm m 0 0 c 69 e9 %-- 7- N- 0 ooocoo 00000 000 NNNm P-P-P-* mmm L". u? Lo '4 ooocoo 00000 000 NNNO P-P-P-d mmm ul m ". '4 OOOLDO 00000 000 ooow ooom 0004) mom 0- 9 9 m N- N! m e9 WID lcw mP- Y a! coo mln e9 Exhibit 5 Project Description List PROJECT DESCRIPTION LIST FOR VILLAGE REDEVELOPMENT AREA FUNDING Redevelopment Proiect with Village Green 8 NW Corner of State and Grand - The subject property consists of 30,000 square feet of developable area. Of the total land area 25,000 square feet is owned by the City/Redevelopment Agency and 5,000 square feet is owned by a private property owner who is willing to joint venture with the City/Agency on a redevelopment project. Development of the subject property may include the purchase of the 5,000 square foot parcel (2825 State St) or a development agreement by the City/Agency and the private property owner. The property is currently configured as 20,000 square feet of contiguous parcels separated from the remaining 10,000 square foot parcel by an 80-foot wide public right-of-way (Christiansen Way) that serves as one of the entrances to the Village Coaster Station. If the public right-of-way is vacated an additional 8,000 square feet of developable area could be added to the project. The proposed project consists of a Village Green concept flanked on two sides by mixed- use buildings consisting of retaiVrestaurant uses on the ground floor and residential and/or office space above. The Village Green will serve as a focal point for the downtown area and a primary gathering place for residents, employees, and visitors alike. A joint parking structure is proposed to be constructed on adjacent NCTD property to provide the required parking for the mixed-use development and additional parking for Coaster Station riders. Redevelopment Proiect on Roosevelt St - The subject property is located on the east side of Roosevelt Street between Grand and Carlsbad Village Drive. The City of Carlsbad Redevelopment Agency owns 38,500 square feet of the 56,000 square foot property. Two separate private property owners own the remaining 17,500 square feet. Development of the site requires land acquisition of the remaining two parcels or a development agreement with the private property owners to joint venture on the redevelopment project. The proposed project consists of a three-story parking structure flanked on three sides by ground floor retail uses with residential and/or office uses above. The proposed parking structure would provide required parking for the on-site uses as well as additional public parking for the downtown area. Public Parking Structure - In addition to the two projects previously mentioned, as appropriate land becomes available, the project would include the acquisition of property and the construction of a multi-level parking structure to provide public parking to the downtown area. It is anticipated that the Redevelopment Agency may acquire one or more parcels of property within a quarter mile radius of the Village Commuter Rail Station for public parking purposes. Enhanced Streetscape Improvements to North State Street - The project area consists of the public right-of-way on both sides of State Street extending from Grand Avenue to Laguna Drive. The proposed project includes the design and construction of an enhanced streetscape plan to promote greater pedestrian activity north of Grand Avenue. Construction of the project includes the following; acquisition of additional right-of-way where needed, installation of street trees, root barriers, tree grates, drip irrigation system, electrical conduit for outdoor lighting, decorative paving, and new curb, gutter, and sidewalks. In addition to promoting increased pedestrian activity, the project will resolve existing drainage and safety issues. Enhanced Streetscape Improvements Between Grand and Carlsbad Village Dr. - The project area consists of the public right-of-way on both sides of State Street, Jefferson Street, Madison, and Roosevelt Street extending from Grand Avenue to Carlsbad Village Drive and both sides of Grand Avenue extending from Roosevelt St to the railroad right-of- way. The proposed project includes the design and construction of an enhanced streetscape plan to promote greater pedestrian activity. Construction of the project includes the following; installation of street trees, root barriers, tree grates, drip irrigation system, electrical conduit for outdoor lighting, decorative paving, and new curb, gutter, and sidewalks. In addition to promoting increased pedestrian activity, the project will resolve existing drainage and safety issues. Conversion of On-Street Parallel to Diagonal Parkinq - The project area consists of both sides of Grand Avenue from Hope Avenue to Carlsbad Blvd and the west side of Madison Street from Grand Avenue to Arbuckle Place. A preliminary study has been completed indicating sufficient right-of-way exists to accommodate angled parking. The proposed project includes the development of a traffic analysis and detailed engineering drawings to assess the total number of spaces to be feasibly achieved and impacts to through traffic on Grand Avenue and Madison Street, as well as all surrounding streets. If a decision is made to pursue the conversion of the on-street parking, the project will be expanded to include construction of road improvements. Right-of-Wav Analvsis and Conceptual Streetscape Plan - The proposed project consists of a comprehensive right-of-way analysis to determine how to maximize on-street parking in the Village Redevelopment Area. The analysis will identify existing right-of-way and potential right-of-way to be obtained from future development in order to maximize on- street parking. The analysis will also include detailed drawings depicting design standards for maximizing utilization of right-of-way for purposes of providing additional public parking and enhanced landscaping. Miscellaneous Street Improvements - The project will provide street widening, curb, gutter, and sidewalk improvements at all locations within the Village Redevelopment Area where standard road improvements do not currently exist. Sidewalk deficient areas include: Madison St between Arbuckle and Laguna Dr, portions of Grand Ave east of Jefferson St, and the south side of Christiansen Way between Carlsbad Blvd and Washington St. The project would also include the acquisition of additional right-of-way where needed. Completion of these improvements would improve traffic flow, parking, drainage, pedestrian access and the overall desired appearance of the Village. Enhanced Entrwvav Treatment - The proposed project includes an engineering analysis and design solution to modify the intersection of Carlsbad Blvd and State St, which serves as the northernmost entrance to the Village. The engineering solution may involve a realignment of southbound Carlsbad Blvd. The installation of a traffic signal or a roundabout would facilitate turning movements, improve the flow of traffic, reduce pedestrian-vehicular conflicts, and provide an opportunity for a scenic entry statement to the Village. This project may also include the installation of a pedestrian pathway on State St and Carlsbad Blvd to the intersection at Oceanside, if the pathway is feasible from both a physical and financial standpoint.