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CDC - Item 3A - Tax Increment Bonds for Public Infrastructure ProjectsROSEMEAD COMMUNITY
DEVELOPMENT COMMISSION
STAFF REPORT
TO: THE HONORABLE CHARIMAN AND COMMISSIONERS
FROM: JEFF ALLRED, EXCUTIVE DIRECTOR
DATE: APRIL 13, 2010
SUBJECT: TAX INCREMENT BONDS FOR PUBLIC INFRASTRUCTURE PROJECTS
SUMMARY
Over the past six months the City Council/CDC have been developing Rosemead's Strategic
Plan and the Facilities Master Plan. Ongoing efforts are being made to identify financial
resources to fund many of the projects that have been identified. The potential funding sources
include special revenue funds, grants, stimulus funds, public-private partnerships, reserves and
bonds. In terms of bonds, staff has focused on tax increment bonds that could be issued by the
Community Development Commission. Such bonds would be repaid through existing property
tax increment revenues and would not increase the tax burden on any residents or businesses
in the community.
As provided to the Commission a few weeks ago, the CDC currently has $5.4 million in
available bond proceeds related to the 2006 tax increment bond issue. Since the 2006 Bonds
are tax-exempt, the proceeds may only be spent on public infrastructure projects and may not
be used for facility maintenance or economic development purposes. Proposals have been
received from various underwriters and fiscal consultants to evaluate the feasibility of issuing
additional tax-exempt bonds to generate additional funds for the completion of the projects
identified in the Strategic and Facility Master Plans. Based upon these discussions, it was
initially contemplated that the CDC could generate an additional $7 million in bond proceeds to
complete certain public infrastructure construction projects. As our discussions with the
proposed underwriter have progressed, it has now been determined that the CDC could safely
issue bonds with net proceeds of approximately $9.6 million while still leaving sufficient funds
available for regular operations of the Commission.
Staff Recommendation
Staff recommends that the City Council take the following actions:
1. Authorize staff to work with the underwriting firm of De La Rosa and Company to
develop the necessary documents and financial analysis to issue tax-exempt bonds
from the CDC in the amount of $10.76 million resulting in net proceeds of
approximately $9.6 million.
2. Authorize staff to work with Urban Futures Incorporated to prepare the fiscal analysis
for the potential bond issuance.
3. Authorize Orrick, Herrington & Sutcliff LLP to serve as bond counsel for the potential
bond issuance.
It is important to note that the engagement of these consultants would not entail any immediate,
up-front costs to the CDC. Rather, payment for such required consultant services would be
incorporated into the bond transaction in conjunction with the issuance of bonds.
ITEM NO. 31~
APPROVED FOR CITY COUNCIL AGENDA:
ti
Community Development Commission Meeting
April 13, 2010
Paqe 2 of 4
ANALYSIS
BACKGROUND
The City has two redevelopment project areas ;commonly referred to as Project Area 1 and
Project Area 2. Project Area 1 is set to expire in'June 2013 which means that the CDC will no
longer receive tax increment revenue above what is required for debt service. For debt service
purposes, the CDC will receive tax increment revenue through 2023. Presently, Project Area 1
receives approximately $5.82 million in tax increment per year. Of this amount, $2.46 million is
currently obligated to debt service repayment, $694,000 is paid to the low-moderate housing
fund, $1.30 million is paid to other taxing entities for pass-through payments as required by law,
and $87,000 is paid to the County as administrative fees. This leaves approximately $1.27
million for ongoing economic development and redevelopment programs for each of the next
three years. Since the CDC will be losing these funds at the end of the 2012-13 fiscal year, staff
has already begun reducing reliance on these funds for staffing and ongoing programs, and will
continue to do so over the next several years to minimize the impact when these funds are no
longer available. Furthermore, since these funds will be returned to the County after 2013 if
they are not obligated to debt service, the CDC can maximize its resources by obligating as
much as possible to debt service through 2023.
Staff initially contacted several underwriters/investment bankers in order to better understand
the CDC's potential bonding capacity. Through these preliminary discussions, staff requested
proposals from three firms, De La Rosa & Co., Stone & Youngberg, and Wedbush Securities.
The following matrix provides an overview-of ;what was considered to be a conservative
estimate from the banking firms regarding the general bonding capacity including the related
fees and costs associated with an issuance:
De La Rosa & Co.
Stone & Youngberg
Wedbush Securities
Total Issuance Amount
$7,135,000
$6,565,000
$9,615,000
Less: Reserve Fund
713,677
656,500
1,148,145
Less: Costs of Issue
(214,050)
(215,650
(275,292)
Net Proceeds to CDC
$6,207,273
$5,692,850
$8,191,563
"'These figures were taken from the original proposal submitted and do not reflect the staff
recommendation for funding amounts.
Along with the financial estimates, staff also discussed key issues such as the previous credit
rating of the CDC and the key factors affecting the rating in 2006, the philosophy of how the
bonds would be marketed and sold, the economic stability of the two Project Areas, and various
other financing options considering that Project Area 1 will expire in June of 2013. Staff was
pleased with the responses from all the firms, however De La Rosa & Co. stood above the
competition with the lowest cost of issuance and several additional key reasons. Eric Scriven, a
Vice President with De La Rosa, served as the underwriter for the CDC's previous bond issue in
2006 while he was with another firm and has-an excellent knowledge of the community and the
Commission. De La Rosa is also the leading underwriting firm for Califomia Tax Increment
financing and also recently worked with the City of San Fernando on a similar project to
construct aquatic facilities with a competition pool, slides and water play areas. We strongly
believe that the firms' solid understanding of the Community combined with their strong
background in tax increment financing, reasonable fees, and presentation regarding the
potential ability to improve the Commission's credit rating identified them as the best choice if
the Commission elects to move forward.
Community Development Commission Meeting
April 13, 2010
Paqe 3 of 4
As part of a tax increment financing, a fiscal consultant must also be brought on board to
conduct a thorough review of the property tax base along with other key property tax related
issues. The City already has a business relationship with three reputable firms that conduct
such work, and staff believes that any of"them are fully capable of providing the service
required. The following matrix provides for a breakdown of the cost proposals submitted:
Urban Futures
HDL Companies
Keyser Marston
Fiscal Report
$10,000
$17,500
$19,000
Expenses
Cost x 1.10
Cost x 1.15
Cost x 1.10
The last key consultant necessary for a bond financing is the bond counsel. The CDC has
previously used Bill Bothwell, a partner with Orrick, Herrington & Sutcliff LLP, for all of its
financings and staff would recommend that this relationship be continued. Mr. Bothwell will be a
tremendous resource to provide institutional knowledge for an issuance, and will be able to
successfully navigate some of the intricate nuances of the redevelopment law.
DETAILS
As previously mentioned to the City Council :and: Commission, staff had initially focused on the
issuance of $7 million in bonds for the key projects that have been identified in the Recreation
and Facilities Master Plan, and have subsequently looked at additional options. Included with
this report, Attachment H, is a detailed analysis of the tax increment projections of the
Commission for the next 30 years along with three scenarios for the issuances of tax-exempt
bonds.
Scenario A demonstrates the total amount of bonding capacity that the Commission has if all
available tax increment funds were leveraged and debt repayment was extended through the
year 2037. This scenario is not being recommended and has only been shown for comparison
purposes.
Scenario B focuses on bonds with net proceeds of $7 million. This scenario provides for
significantly more operating funds remaining in the CDC to ensure the Commission can
continue with other economic development options as well as leaving options open if bonds
needed to be issued in the future for economic development or public improvement projects.
This scenario has a repayment schedule for the proposed 2010 Bonds of only 13 years which is
far shorter than the typical 30 years that are typically used in tax increment financings.
Scenario C involves issuing bonds with net proceeds of approximately $9.6 million. This figure
was identified because it would enable the Commission to still receive $7 million in net proceeds
while it would also enable the repayment ofthe current outstanding $2,497,920 loan made by
the General Fund to the CDC in 2007. One caveat to this repayment through bond proceeds is
that the funds, once returned to the General Fund, must be utilized for Capital Improvement
Projects. However, these projects would not be required to be located within the CDC project
area which would enable the use of the funds for construction of the aquatics facility at Garvey
Park. This third scenario has been amortized as a 30-year debt in order to minimize the effects
on regular CDC operations, however, the largest debt service payments are contained within
the first 13 years. This is demonstrated through the annual debt service payment for the
proposed 2010 Bonds being reduced from over $1.0 million per year to approximately $480,000
per year after the year 2023.
N
,
Community Development Commission Meeting
April 13, 2010
Paae 4 of 4
The timing of tax increment financings can be critical and in the current economic environment,
this has become even more true. In July of each year the County releases the new property tax
roll and once the roll is released, any tax in financing must be done according to the
data provided. In light of this pending deadline, the proposed timeline for the issuance of bonds
would ensure closing in late June of this year prior to the new roll being released. If approved
this evening, staff will work with the various parties involved over the next two months to
prepare the Preliminary Official Statement (POS) and various required resolutions and
documents. A "33445 hearing" would be scheduled for the May 11, 2010 CDC meeting to
approve the,use of funds for capital improvement projects, and then on June 8, 2010, the POS
and related documents would be brought before the Commission for approval. Once the POS
and supporting resolutions are approved, the pricing and sale of the bonds would take place in
the following weeks with a closing prior to June 30, 2010.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Submitted by:
Matthew E. Hawkesworth
Assistant City Manager
Attachments: A - Proposed 2010 Tax Allocation Bonds Team Roster
B - De La Rosa and Company Proposal
C - Stone & Youngberg Proposal
D - Wedbush Securities Proposal
E -Urban Futures Inc Proposal
F - HDL Companies Proposal
G - Keyser Marston Proposal
H - Current Tax Increment and Financing Projections
Attachment A
Proposed 2010 Tax Allocation Bonds Team Roster
Underwriter
De La Rosa & Co.
10866 Wilshire Blvd., Suite 1650
Los Angeles, CA 90024
John Kim Tel: (310) 207-1975
Principal Fax: (310) 207-1995
jkim@ejdelarosa.com
Eric Scriven Tel: (415) 495-8863
Senior Vice President Fax: (415) 495-8864
escrive@ejdelarosa.com
Michael Meyer Tel: (415) 495-8863
Associate Fax: (415) 495-8864
mmeyer@ejdelarosa.com
Fiscal Consultant
Urban Futures
3111 N. Tustin, Suite 230
Orange, CA 92865
Doug Anderson Tel:-(714) 283-9334
Principal Fax: (714) 316-6150
douga@urbanfuturesinc.com
Bond Counsel
Orrick, Herrington & Sutcliff, LLP
777 South Figueroa Street, Suite 3200
Los Angeles, CA 90017
Bill Bothwell Tel: (213) 612-2403
Partner Fax: (213) 612-2499
wbothwell@orrick.com
Kevin Hale Tel: (213) 612-2356
Senior Associate Fax: (213) 612-2499
khale@orrick.com
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State of California
Proposition 1A Receivables Program Series 2009
Retail Performance by Firm
Ranked by Orders
Orders
Allotments
% of Total
% of Total
Rank
Firm
Role
($1000)
($1000)
Orders
Allotments
1
De La Rosa & Co.
Co-Manager
$ 126,800
S 118,065
23.11%
22.77%
2
Goldman, Sachs & Co.
Senior
104,610
103,535
19.06%
19.97%
3
Stone & Youngberg LLC
Co-Manager
62,330
50,240
11.36%
9.69%
4
Citigroup Global Markets Inc.
Selling Group
49,310
49,310
8.99%
9.51%
5
Morgan Stanley & Co. Incorporated
Co-Senior
34,855
34,855
6.35%
6.72%
6
Fidelity Capital Markets
Selling Group
31,765
30,120
5.79%
5.81%
7
Southwest Securities, Inc.
Selling Group
30,945
29,705
5.64%
5.73%
8
Merrill Lynch & Co.
Selling Group
25,360
24,970
4.62%
4.82%
9
J.P. Morgan Securities Inc.
Co-Senior
15,975
14,955
2.91%
2.88%
10
Wachovia Bank, National Association
Selling Group
13,700
13,700
2.50%
2.64%
11
Charles Schwab
Selling Group
7,085
6,175
1.29%
1.19%
12
TD Ameritrade
Selling Group
5,730
5,730
1.04%
1.11%
13
Wedbush Morgan Securities
Selling Group
5,395
5,300
0.98%
1.02%
14
Edward D. Jones & Co.
Selling Group
4,640
4,295
0.85%
0.83%
15
RBC Capital Markets
Selling Group
4,180
3,595
0.76%
0.69%
16
City National Securities, Inc.
Selling Group
4,075
4,075
0.74%
0.79%
17
Jeff eries & Company, Inc.
Selling Group
3,950
3,950
0.72%
0.76%
18
William Blair & Company, LL.C.
Selling Group
3,275
3,000
0.60%
0.58%
19
Oppenheimer & Co.
Selling Group
3,160
2,835
0.58%
0.55%
20
Grigsby & Associates, Inc.
Selling Group
2,645
2,495
0.48%
0.48%
21
Jackson Securities, LLC
Selling Group
2,500
1,500
0.46%
0.29%
22
Alamo Capital
Selling Group
1,400
1,300
0.26%
0.25%
23
Sandgrain Securities Inc.
Selling Group
1,300
1,000
0.24%
0.19%
24
Pershing L.L.C., Principal Trading
Selling Group
1,035
1,035
0.19%
0.20%
25
Northern Trust Securities, Inc.
Selling Group
1,025
1,025
0.19%
0.20%
26
Loop Capital Markets
Selling Group
1,000
1,000
0.18%
0.19%
27
Raymond James & Associates, Inc.
Selling Group
250
250
0.05%
0.05%
28
Comerica Securities
Selling Group
200
200
0.04%
0.04%
29
Siebert Brandford Shank & Co.
Selling Group
150
150
0.03%
0.03%
30
Robert W. Baird & Co., Inc.
Selling Group
60
60
0.01%
0.01%
31
Ramirez & Co., Inc.
Selling Group
-
-
0.00%
0.00%
Grand Total
$ 548,705
$ 518,425
100.00%
100.00%
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Attachment D
Bonding Capacity Estimates
The Budget Models provide a bonding constraint based upon the lesser of (1) Net Available Revenues
(Gross Tax Increment less Administrative Costs, Cap/Operating Costs and Existing Debt Service or (ii)
125% parity debt coverage of Maximum Annual Debt Service on all Outstanding Bonds and Additional
Bonds. As the Commission requested, we have modeled scenarios: (1) payment of agency admin costs, (2)
no payment of agency admin costs, and (3) declining agency admin costs over FY 2010/11 to FY 2013/14.
A table summarizing our preliminary bonding estimates as of February 1, 2010 appear below:
(1) Payment of agency admin costs
PA1 Non-Housing
PA1 and PA2
Housing
Par Amount
$9,615,000
$4,925,000
Net Project Fund Proceeds
$8,191,563
$4,309,968
DSR Deposit
$1,148,145'
$492,500
Average Life/Final Maturity
9.528years/2023
TIC/AIC
5.7230/6/5.865%
(2) No payment of agency admin costs
PA1 Non-Housing
PA1 and PA2
Housing
Par Amount
$11,640,000
$4,925,000
Net Project Fund Proceeds
$10,154,884
$4,309,968
DSR Deposit
$1,209,295
$492,500
Average Life/Final Maturity
8.341 years/2023
TIC/AIC
5.589%/5.748%
(3) Declining agency admin costs
PA1 Non-Housing
PA1 and PA2
Housing
Par Amount
$10,925,000
$4,925,000
Net Project Fund Proceeds
$9,446,778
$4,309,968
DSR Deposit
$1,207,020
$492,500
Average Life/Final Maturity
8.643years/2023
TIC/AIC
5.616%/5.770%
'Assumes 2006 Sedes A&B cash with Fiscal Agency of $1,147,766 and DSR Surety of $1,496,710
$i4,540,000.00
Rosemead Community Development Commission
Redevelopment Project Area No. 1
Preliminary Sizing - ERAF Payment and No Agency Admin after FY 2014
Table of Contents .
Report
ISSUE SUMMARY
Total Issue Sources And Uses
1
Pricing Su a
2
Debt Scrvice Schedule
3
Net Debt Service Schedule
4
PROJECT AREA NO i (NON-HOUSING)
Sources & Uses
5
Pn ' g Summary
- 6
I
Debt Service Schedule
7
Net Debt Service Schedule
S
PROJECT AREA NO 1 & NO 2 (HOUSING)
Sources & Uses
9
Pricin¢ Summary
10
Debt Service Schedule
11
Net Debt Service Schedule
12
i
Senes 2010.(2J112010 n I Issue Summary 1 2112010 1 4:23 PM
VVedbush / / .
Public Finance J
$142540,000.00
Rosemead Community Development Commission
Redevelopment Project Area No. 1
Total Issue Sources And Uses
Dated 04/14120101 Delivered 04/14!2070
Project Area
No. 1 (Non-
` Housino)
Project Area
No. 1 & No. 2
(Housing)
Issue
Summary
Sources Of Funds
Par Amount of Bonds
Total Sources
$9,615,000.00
$9,615,000.00
$4,925,000.00
S4,925,000.00
$14,540,000.00
$14 540 000.00
Uses Of Funds
Original Issue Discount (01D)
82,990.80
24,031.30
107.022.10
Total Undemriter's Discount (1.000%)
96,150.00
49,250.00
145,400.00
Costs of Issuance
96z150.00
49.250.00
145 400.00
Deposit to Debt Service Reserve Fund (DSPF)
1,148,145.49
492,500.00
1,640,645.48
Deposit to Project Fund
B 191 563 72
4,309,968.70
12 501 532 42
Total Uses
$9.615.000.00
$4.925,000.00
$14,540.000.00
eves 2010 - (2112010 n I Issue Summary 12 1@010 1423 PM
'ublic Finance
age 1
$14,540,000.00
Rosemead Community Development Commission
Redevelopment Project Area No
. 1
Pricing Summary
Maturity Type of Bond
Coupon
Yield
Maturity Value
Price
Dollar Price
10/01/2010 Serial Coupon
1000%
2.280%
75,000.00
100.329%
75,246.75
10/01/2011 Serial Coupon
3.000%
2.280%
265,000.00
101.030%
267,729.50
10/0112012 Serial Coupon
4.000%
2.810%
290,000.00
102.812%
298,154.80
1010112013 Serial Coupon
4.000%
3.370%
315,000.00
102.042%
321,432.30
10/01/2014 Serial Coup
4,000%
3.710%
1,095,000.00
101.181%
1.097 813.85
10/01/2015 Serial Coupon
5.000%
4.690%
995,000.00
101.477%
1,009,696.15
10/01/2016 Serial Coupon
5.000%
4.750%
1,070,000.00
101.375%
1,084,712.50
10/01/2017 Serial Coupon
5.000%
5.110%
1,135,000.00
99.322%
1,127,304.70
1010112018 Serial Coupon
5.250%
5.390%
1,210,000.00
99.056%
1,198,577.60
10/0112019 Serial Couoo
5.500%
5.600%
1,295,000.00
99.270%
1,285,546.50
10101/2020 Serial Coupon
5.700%
5.740%
1,385,000.00
99.685%
1,380,637.15
10/01/2023 Tenn I Coupon
5.750%
6.020%
5,420,000.00
97.530%
5,286,126.00
Total -
-
-
514,540,000.00
-
514,432,977.90
Bid Information
Par Amount of Bonds
$14,540,000.00
R ff " u Premium (Discount)
(107 022.10)
Gross production
$14432,977.90
Total Underwriters Discount (1.000%)
S(145,400.00)
Bid (98.264%)
14,287 577.90
Total Purchase Price
$14,287,577.90
Bond YDollars
_ $133,129.94
Average Life
_
9.156 Years
Average Coupon
5.4696293%
Net Interest Cost (NIC)
5.6592351%
True [ to t Cost (TIC)
5.6913558%
Series 2010 - (2/112010 n I Issue Summary 121 V2010 1 4:23 PM
-
'WedbushzM6rgah-Securi
tie's-.-.
Public Finance
Page 2
$14,540,000.00
Rosemead Community Development Com
mission
Redevelopment Project Area No. 1
Debt Service Schedule
Date Principal
Coupon
Interest
Total P+I
10/01/2010 75,000.00
3.000%
354,014.48
429,014.48
10101/2011 265,000.00
3.000%
760,895.00
1,025,895.00
10/01/2012 290,000.00
4.000%
752,945.00
1,042,945.00
10/0112013 315,000.00
4.000%
741,345.00
1,056,345.00
10/01/2014 1,085,000.00
4.000%
728 745.00
1,813 745.00
10/0112015 995,000.00
5.000%
665,345.00
- 1,680,345.00
10/01/2016 1,070,000.00
5.000%
635,595.00
1,705,595.00
10/01/2017 1,135,000.00
5.000%
582,095.00
1,717,095.00
10/01/2018 1,210,000.00
5.250%
525,345.00
1,735,345.00
10/01/2019 1295000.00
5.500%
461,820.00
1,756,820.00
10/01/2020 1,385,000.00
5.700%
390,595.00
1,775,595.00
10/01/2021 1,490,000.00
5.750%
311,650.00
1,801,650.00
10/01/2022 1,750,000.00
5.750%
225,975.00
1,975,975.00
10/0112023 2,180,000.00
5.750%
125,350.00
2,305,350.00
Total $14,540,000.00
-
$7,281,714.48
521,821,714.48
Yield Statistics
Bond Year Dollars
S133.129.94
Average Life
9.156 Years
Average Coupon -
5.4696293%
Net Interest Cost (NIC)
5.6592351%
True Interest Cost (TIC)
5.6913558%
Bond Yield for Arbitrage Purposes
5.5457502%
All Inclusive Cost (AIC)
5.8389843%
IRS Form 8038
Net Interest Cost
5.6216258%
Wei kited Average Matun
9.107 Years
Senes 2010 - (2/112010 n I Issue Summery I V 12010 1 4:23 PM
Wedbush M&gan!Securities:
$14,540,000.00
Rosemead Commtmiry Development Commission
Redevelopment Project Area No. 1
Net Debt Service Schedule
Date Principal Coupon
Interest
Total P+I
DSR
Net New D1S
10/01/2010 75,000.00 3.000%
354,014.48 -
429,014.48
-
429,014.48
10/01/2011 265,000.00 3.000%
760,895.00
1,025,895.00
-
1,025,895.00
10/01/2012 290,000.00 4.000%
752,945.00
1,042,945.00
-
1,042,945.00
10/01/2013 315,000.00 4.000%
741,345.00
1,056,345.00
-
1,056,345.00
10/01/2014 1,085,000.00 4.000%
728,745.00
1813 745.00
1,813,745.00
10/01/2015 995,000.00 5.000%
685,345.00
1,680,345.00
-
1,680,345.00
10/01/2016 1,070,000.00 5.000%
635,595.00
1,705,595.00
-
1,705,595.00
10/01/2017 1,135,000.00 5.000%
582,095.00
1,717,095.00
-
1,717,095.00
10/01/2018 1,210,000.00 5.250%
525,345.00
1,735,345.00
-
1,735,345.00
10/01/2019 1,295,000.00 5.500%
461 820.00
1,756 820.00
1,756,820.00
10/01/2020 1,385,000.00 5.700%
390,595.00
1,775,595.00
-
1,775,595.00
10/01/2021 1,490,000.00 5.750%
311,650.00
1,801,650.00
-
1,801,650.00
10/012022 1,750,000.00 5.750%
225,975.00
1,975,975.00
-
1,975,975.00
10/01/2023 2,180,000.00 5.750%
125,350.00
2,305,350.00
(12640,645.48)
664,704.52
Total 514,540,000.00 -
57,281,714.48
$21,821,714.48
(1,640,645.48)
520,181,069.00
Series 2010- (2/12010 n i Issue Summary 1 2 112010 1 423 PM
$9.615.000.00
Rosemead Community Development Commission
Redevelopment Project Area No. 1 (Non-Housing)
Sources & Uses
Dated 04114/20101 Delivered 0411412070
Sources Of Funds
Par Amount of Bonds
$9,615,000.00
Total Sources
59,615,000.00
Uses Of Funds
O iginal Issue Discount (ono)
82.990.80
Total Underwriter's Discount (1.000%)
96,150.00
Costs of Issuance
96,150.00
Deposit to Debt 5 rv'ce R e Fund (DSRF)
1,146 145.48
Deposit to Proj t A e N 1 (No -H g) Fund
9.191.563.72
Total Uses
59.615,000.00
Series 2010-(41112010 n I Project Area No. 1 (Non-H 1 2112010 1 423 PM
Wedbush Morgan-Securities
S9.615,000.00
Rosemead Community Development Commission
Redevelopment Project Area No. 1 (Non-Housing)
Pricing Summary
Maturity Type of Bond
Coupon
Yield
Maturity
Value
Price
Dollar Price
10101/2014 Serial Coupon
10/0112015 Serial Coupon
10/0112016 Serial Coupon
10/01/2017 Serial Coupon
10/01/2018 S ial Coupon
4.000%
5.000%
5.000%
5.000%
5250%
3.710%
4.690%
4.750%
5.110%
5.390%
740,000.00
765,000.00
810,000.00
845,000.00
885000.00
101,181%
101.477%
101.375%
99.322%
99.056%
748,739.40
776,299.05
821,137.50
839,270.90
876,645.60
10/01/2019 Serial Coupon
10/01/2020 Serial Coupon
10/01/2023 Tom 1 Coupon
5.500%
5.700%
5.750%
5.600%
5.740%
6.020%
935,000.00
985,000.00
3,650,000.00.
99.270%
99.685%
97.530%
928,174.50
981,897.25
3,559,845.00
Total -
-
-
$9,615,000.00
-
$9,532,009.20
Bid Information
Par Amount of Bonds
S9615.000.00
Reoffering Premium o (Discount)
(82 990.80)
Gross Production
$9,532,009.20
T lalU derwr'tef Discount (1000%)
$(96150.00)
Bid (98.137%)
9,435,859.20
Tom] Purchase Price
_ $9.435.959.20
Bond Year Dollars
$91,610.29
Average Life
9.528 Years
Average Coupon
5.4875241%
Net Interest Cost (NIC)
5.6830707%
True Interest Cost (TIC)
5.7234378%
Senes 2010 -12/1/2010 n I Proied Area No. 1 (Non-H 1 Z 112010 1 4:23 PM
'Wedbush 0 .
a
$9.615,000.00
Rosemead Community Development Commission
Redevelopment Project Area No.
1 (Non-Housing)
Debt Service Schedule
r
Date Principal
Coupon
Interest
Total P+I
10/012010 -
-
238,674.31
238,674.31
10/01/2011 -
-
514,507.50
514,507.50
1010112012 -
-
514,507.50
514,507.50
10101/2013 -
-
514,507.50
514,507.50
10/01/2014 740,000.00
4.000%
514 507.50
1,254,507.50
10/0112015 765,000.00
5.000%
484,907.50
1,249,907.50
10/01/2016 810,000.00
5.000%
446,657.50
1,256,657.50
10/01/2017 845,000.00
5.000%
406,157.50
1,251,157.50
10/01/2018 885,000.00
5.250%
363,907.50
1,248,907.50
10/01/2019 935,000.00
5.500%
317 445.00
1,252 445.00
10/01/2020 985,000.00
5.700%
266,020.00
1,251,020.00
10/01/2021 1,050,000.00
5.750%
209,875.00
1,259,875.00
10/0112022 1,105,000.00
5.750%
149,500.00
1,254,500.00
10/01/2023 1,495,000.00
5.750%
85,962.50
1,580,962.50
Total 89,615,000.00
-
55,027,136.81
$14,642,136.81
Yield Statistics
Bond Year Dollars
891 61029
Average Life
9.528 Years
Average Coupon
5.4875241%
Net Interest Cost (NIC)
5.6830707%
True Interest Cost (TIC)
5.7234378%
Bond Yield for Arbitrage P rpos s
5.5457502%
All Inclusive Cost (AIC)
5.8658681%
IRS Form 8038
Net Interest Cost
5.6504319%
Weighted A e Maturity
9.488 Years
Series 2010-(WI2010n 1 Projectarea No. 1(Non-H 12J IWO 1423 PM
0 0 .
$9,615.000.00
Rosemead Community Development Commission
Redevelopment Project A
rea No. 1 (No
n-Housing)
Net Debt Service Schedule
Date Principal
Coupon
Interest a.
. a Total P+I
DSR
Net New D/S
10/01/2010 -
-
238,674.31
238,674.31
238,674.31
10/01/2011 -
-
514,507.50
514,507.50
-
514,507.50
10/0112012 -
-
514,507.50
514,507.50
-
514,507.50
10/0112013 -
-
514,507.50
514,507.50
-
514,507.50
10/01/2014 740,000.00
4.000%
514.507.50
1254507.50
-
1,254,507.50
10/01/2015 765,000.00
5.000%
484,907.50
1,249,907.50
-
1,249,907.50
10/01/2016 810,000.00
5.000%
446,657.50
1,256,657.50
-
1,256,657.50
10/01/2017 845,000.00
5.000%
406,157.50
1,251,157.50
-
1,251,157.50
10101/2018 885,000.00
5.250%
363,907.50
1,248,907.50
-
1,248,907.50
10/01/2019 93500000
5500%
317445.00
1,252,445.00
-
1252445.00
10/01/2020 985,000.00
5.700%
266,020.00
1,251,020.00
-
1,251,020.00
10/01/2021 1,050,000.00
5.750%
209,875.00
1,259,875.00
-
1,259,875.00
10/01/2022 1,105,000.00
5.750%
149,500.00
1,254,500.00
-
1,254,500.00
10/01/2023 1,495,000.00
5.750%
85,962.50
1,580,962.50
(1,148,145.48)
432,817.02
Total $9,615,000.00
-
$5,027,136.81
$14,642,136.81
(1,148,145.48)
$13,493,991.33
Series 2010 - (2 112010 n I Project Area No.
1 (Non-H I v 12010 1 4:23 PM
Wedbush 0 .
Public Finance_~
$4,925,000.00
Rosemead Community Development Commission
Redevelopment Project Area No. 1 & 2 (Housing)
Sources & Uses
Dated 04/14120101 Delivered 04114/2010
Sources Of Funds
- -
Par Amount of Bonds
S4,925.000.00
Total S s
54,925,000.00
Uses Of Funds
-
Original IeDis t(OID)
24,031.30
Total Ud 't D' oust (1000%)
49250.00
Costs of Issuance
49 250.00
Deposit to D bt Smice R s Fund (DSRF)
492 500.00
Deposit to Proiect Area No. 1 & 2 (Housing)Fund
4.309.968.70
Total Uses
54.925.000.00
Senes 2010-(2112010 n I Project tvea No. 1 & No. .1 21112010 1 4:23 PM
0 • .
Public Fin'
Page 9
rs0,.a.c' e
$4,9 25 000.00
-
-
-
Rosemead Community Development Commission
Redevelopment Project Area No.
I & 2 (Housing)
Pricing Summary
Maturity
Maturity Type of Bond
Coupon
Yield
Value
Price
- Dollar Price
10/01/2010 Serial Coupon
3.000%
2.280%
75,000.00
100.329%
75,246.75
10101/2011 Serial Coupon
3.000%
2.280%
265,000.00
101.030%
267,729.50
10/01/2012 Serial Coupon
4.000%
2.810%
290,000.00
102.812%
298,154.80
10/01/2013 Serial Coupon
4.000%
3.370%
315,000.00
102.042%
321,432.30
10/01/2014 Serial Coupon
4.000%
3.710%
345 000.00
101.181%
349,074.45
10/01/2015 Serial Coupon
5.000%
4.690%
230,000.00
101.477%
233,397.10
10/01/2016 Serial Coupon
5.000%
4.750%
260,000.00
101.375%
263,575.00
10/01/2017 Serial Coupon
5.000%
5.110%
290,000.00
99.322%
288,033.80
10/01/2018 Serial Coupon
5.250%
5.390%
325,000.00
99.056%
321,932.00
10/01/2019 Serial Coup
5.500%
5,600%
360 000.00
99.270%
357 372.00
10/01/2020 Serial Coupon
5.700%
5.740%
400,000.00
99.685%
398,740.00
10/01/2023 Tenn 1 Coupon
5.750%
6.020%
1,770,000.00
97.530%
1,726,281.00
Total -
-
-
54,925,000.00
-
54,900,968.70
Bid Information
P Amount of Bonds
$4,925,000.00
Reoffering Prentiurn or (Disco t)
(24 031.30)
Gross Production
S4 900,968.70
Total Ud ite' Disco t (1000%)
$(49250.00)
Bid (98,512%)
4,851,718.70
Total Purchase Price
-
84 MI 71R 70
Bond Yen Dollars
S41 519.65
Average Life
8.430 Years
Average Coupon
5.4301458%
Net Interest Cost (NIQ
5.6066436%
True Interest Ct(TIC)
5.6211610%
Series 2010- (2/12010 o I Project Area No. 1 8 No. 1 2/ 12010 1 423 PM
0 0 0 0 .
'We
Public
t
$4.925,000.00
Rosemead Community Development Commission
Redevelopment Project Area No. 1 &
2 (dousing)
Debt Service Schedule
Date Principal
Coupon
Interest
Total P+1
10/01/2010 75,000.00
3.000%
115,340.17
190,340.17
10101/2011 265,000.00
3.000%
246,387.50 -
- 511,387.50
10/01/2012 290,000.00
4.000%
238,437.50
528,437.50
10/01/2013 315,000.00
4.000%
226,837.50
541,837.50
10/01/2014 345,000.00
4.000%
214 237.50
559,237.50
10/01/2015 230,000.00
5.000%
200,437.50
430,437.50
10/0112016 260,000.00
5.000%
188,937.50
448,937.50
10/0112017 290,000.00
5.000%
175,937.50
465,937.50
10/01/2018 325,000.00
5.250%
161,437.50
486,437.50
10/01/2019 360,000.00
5.500%
144 375.00
504 375.00
10/01/2020 400,000.00
5.700%
124,575.00
524,575.00
10/01/2021 440,000.00
5.750%
101,775.00
541,775.00
10/01/2022 645,000.00
5.750%
76,475.00
721,475.00
10/0112023 685,000.00
5.750%
39,387.50
724,387.50
Total $4,925,000.00
-
$2,254,577.67
$7,179,577.67
Yield Statistics
Bond Year Dollars
S41,519.65
Average Life
8.430 Years
Average Coupon
5.4301458%
Net Interest Cost (NIC)
5.6066436%
True Interest Cost (TIC)
5.6211610%
Bond Yield for Arbitrage Pu2oses
5.5457502%
All Inclusive Cost (AIC)
5.7801308%
IRS Form 8038
Net Interest Cost
5.5580796%
Weighted Average Mat iw
8.365 Years
Series 2010 - (21112010 n I PrgM faea No. 1 B No. I v 12010 14:23 PM
0 0 0 0 .
Public Finance'
Page 11
R
S4,925,000.00
Rosemead Community Development Commission
Redevelopment Project Area No. 1 & 2
(Housing)
Net Debt S
ervice Sc
hedule
Date
Principal
Coupon
Interest
Total P+1
DSR
Net New D/S
10/01/2010
-75,000.00
3.000%
115,340.17
190,340.17
-
190,340.17
10/012011
265,000.00
3.000%
246,387.50
511,387.50
-
511,387.50
10/012012
290,000.00
4.000%
238,437.50
528,437.50
-
528,437.50
10/01/2013
315,000.00
4.000%
226,837.50
541,837.50
-
541,837.50
10/01/2014
345,000.00
4.000%
214,237.50
559 237.50
559.237.50
10/01/2015
230,000.00
5.000%
200,437.50
430,437.50
-
430,437.50
10/01/2016
260,000.00
5.000%
188,937.50
448,937.50
-
448,937.50
10/01/2017
290,000.00
5.000%
175,937.50
465,937.50
-
465,937.50
10101/2018
325,000.00
5.250%
161,437.50
486,437.50
-
486,437.50
10/01/2019
360 000.00
5.500%
144 375.00
504 375.00
504 375.00
10/01/2020
400,000.00
5.700%
124,575.00
524,575.00
-
524,575.00
10/01/2021
440,000.00
5.750%
101,775.00
541,775.00
-
541,775.00
10/01/2022
645,000.00
5.750%
76,475.00
721,475.00
-
721,475.00
10/01/2023
685,000.00
5.750%
39,387.50
724,387.50
(492,500.00)
231,887.50
Total
54,925,000.00
-
52,254,577.67
57,179,577.67
(492,500.00)
56,687,077.67
Series 2010-(M12010 n
I Prolen Area No. I B
No. I Zr 12010 1 423 PM
' 0 0
• 0 .
$15,850,000.00
_
Rosemead Community Development Commission
Redevelopment Project Area No. 1
Preliminary Sizing - ERAf..Payment'with Declining Agency Admin)
Table of Contents
Report
ISSUE SUMMARY
Total Issue Sources And Uses
1
Pricing S ary
2
Debt Service Scbedule
3
Net Debt Service Schedule
4
PROJECT AREA NO 1 (NON-HOUSING)
Sources & Uses
5
Pricing Suimiary
k-
Debt Service Schedule
7
Net Debt Service Schedule
8
PROJECT AREA NO 1 & NO 2 (HOUSING)
Sources & Uses
9
Pricing Summary
10
Debt Service Schedule
11
Net Debt Service Schedule
12
Senes 2010-(21112010 d I Issue Summery 12J 11201014;41 PM
0 0 0 .
Public Finance.
$15.850.000.00
Rosemead Community Development Commission
Redevelopment Project Area No. 1
Total Issue Sources And Uses
Dated 04/14/20101 Delivered 0411412010
- -
Project Area
No. 1 (Non-
Housing)
Project Area
No. 1 & No. 2
(Housing)
'
Issue
Summary
Sources Of Funds
Par Amount of Bonds
$10,925,000.00
$4;925,000.00
$15,650,000.00
Total Sources
$]0 925 000 00
Sd,925,000.00
$15.850,000.00
Uses Of Funds
Original Issue Discount (0113)
52,701.90
24 031.30
76,733.20
Total Underwriter's Discount (1.000%)
109 250.00
49 250.00
158,500.00
Costs of Issuance
109,250.00
49,250.00
158 500.00
Deposit to Debt S ice Reserve Fund (DSRF)
1,207,020.00
492 500.00
1,699,520.00
D posit w Project Fund
9,446,778.10
4,309,968.70
13 756 746.80
Total Uses
S10,925,000.00
S4,925,000.00
$15,850,000.00
Series 2010 - (2/112010 d I Issue Summary 1 2/ 112010 1 4:41 PM
.:WedbUsh 0 • .
r
$15,850,000.00
Rosemead Community Development Commission
Redevelopment Project Area No. 1
=
Pricing Summary
Maturity Type of Bond
Coupon
Yield
Maturity Value
Price
Dollar Price
10/01/2010 Serial Coupon
3.000%
2.280%
75,000.00
100.329%
75,246.75
10/01/2011 Serial Coupon
3.000%
2.280%
330,000.00
101.030%
333,399.00
10/01/2012 Serial Coupon
4.000%
2.810%
835,000.00
102.812%
858,480.20
10/01/2013 Serial Coupon
4.000%
3.370%
1,015,000.00
102.042%
1,035,726.30
10/0112014 Serial Coup
4.000%
3.710%
1,085,000.00
101.181%
1,097,813.85
10/01/2015 Serial Coupon
5.000%
4.690%
995,000.00
101.477%
1,009,696.15
10/01/2016 Serial Coupon
5.000%
4.750%
1,070,000.00
101.375%
1,084,712.50
10/01/2017 Serial Coupon
5.000%
5.110%
1,135,000.00
99.322%
1,127,304.70
10/01/2018 Serial Coupon
5.250%
5.390%
1,210,000.00
-99.056%
1,198,577.60
10/01/2019 Serial Coupon
5,500%
5.600%
1,295,000.00
99.270%
1,285,546.50
10101/2020 Serial Coupon
5.700%
5.740%
1,385,000.00
99.685%
1,380,637.25
10/01/2023 Terrn I Coupon
5.750%
6.020%
5,420,000.00
97.530%
5,286,126.00
Total -
-
-
815,850,000.00
-
$15,773,266.80
Bid Information
Par Amount of Bonds
S 15,850~000_00-
Reoffering Premium (Discou t)
(76,733.20)
Gross Production
$15,773,266.80
Total U d it 's Discount (1,000%)
5(158 500.00)
Bid (98.516%)
15.614,766.80
Total Purchase Price
$15,614.766.80
Bond Year Dollars
S136,992.64
Average Life
8.643 Years
Average Coupon
_ 5.4274965%
Net iCost (NIQ
5.5992088%
True Interest Cost (TIC)
5.6162996%
Series 2010-(M/2010d I Issue Summary 1 2/112010 1 4:41 PM
14-
0 .
$15,850,000.00
Rosemead Community Development Com
mission
Redevelopment Project Area No. I
Debt Service Schedule
Date Principal
Coupon
Interest
Total P+I
10/01/2010 75,000.00
3.000%
378,020.73 -
453,020.73
10/01/2011 330,000.00
3.000%
812,645.00
1,142,645.00
10/01/2012 835,000.00
4.000%
802,745.00
1,637,745.00
10/01/2013 1,015,000.00
4.000%
769,345.00
1,784,345.00
10/01/2014 1,085,000.00
4.000%
728,745.00 _
1,813,745+00
10/01/2015 995,000.00
5.000%
695,345.00
1,680,345.00
10/01/2016 1,070,000.00
5.000%
635,595.00
1,705,595.00
10/01/2017 1,135,000.00
5.000%
582,095.00
1,717,095.00
10/01/2018 1,210,000.00
5.250%
525,345.00
1,735,345.00
10/01/2019 1,295,000.00
5.500%
461 820.00
1,756 820.00
10/01/2020 1,385,000.00
5.700%
390,595.00
1,775,595.00
10/0112021 1,490,000.00
5.750%
311,650.00
1,801,650.00
10/0112022 1,750,000.00
5.750%
225,975.00
1,975,975.00
10/01/2023 2,180,000.00
5.750%
125,350.00
2,305,350.00
Total 515,850,000.00
-
57,435,270.73
523,285,270.73
Yield Statistics -
$136,992.64
Bond Year Dollars
8.643 Years
Average Life
5.4274965%
Average Couon
Net Interest Cost IC
5.5992088%
Tue Interest Cost (TIC)
5.6162996%
Bond Yield for Arbitrage Purposes
5.4639190 /o
All Inclusive Cost AIC
5.7708521
IRS Form 8038
5.5486191%
Net Interest Cost
-
Wei htcd Average Maturi
8.563 Years
Series 2010-(2/12010d I Issue summary 1 2112010 1 4'.41 PM
i Mbria8n
PitJblic Finance
Page 3
$15,850.000.00
Rosemead Community De
velopment Commission
Redevelopment Project Area No. I
Net Debt Service Schedule
Date Principal
Coupon
Interest
Total P+1
DSR
Net New D/S
10/01/2010 75,000.00
.3.000%
378,020.73
453,020.73
-
453,020.73
10/01/2011 330,000.00
3.000%
812,645.00
1,142,645.00
-
1,142,645.00
10/01/2012 835,000.00
4.000%
802,745.00
1,637,745.00
-
1,637,745.00
10101/2013 1,015,000.00
4.000%
769,345.00
1,784,345.00
-
1,784,345.00
10/01/2014 1085 000 00
4.000%
728,745.00
1,813,745.00
1,813 745.00
10/01/2015 995,000.00
5.000%
685,345.00
1,680,345.00
-
1,680,345.00
10/01/2016 1,070,000.00
5.000%
635,595.00
1,705,595.00
-
1,705,595.00
10/01/2017 1,135,000.00
5.000%
582,095.00
1,717,095.00
-
1,717,095.00
10/0112018 1,210,000.00
5.250%
525,345.00
1,735345.00
-
1,735,345.00
10/01/2019 1,295 000.00
5.500%
461.820.00
1,756.820.00
-
1,756,820.00
10/01/2020 1,385,000.00
5.700%
390,595.00
1,775,595.00
-
1,775,595.00
10101/2021 1,490,000.00
5.750%
311,650.00
1,801,650.00
-
1,801,650.00
10/01/2022 1,750,000.00
10/01/2023 2,180,000.00
5.750%
5.750%
225,975.00
125,350.00
1,975,975.00
2,3057350.00
-
(1,699,520.00)
1,975,975.00
605,830.00
Total $15,850,000.00
-
57,435,270.73
523,285,270.73
(1,699,520.00)
$21,585,750.73
Senes 2010- (21112010 E I Issue Summary 1
L 112010 1 4:41 PM
:..,Public
Page
p..
MEMOIR
$10,925,000.00
Rosemead Community Development Commission
Redevelopment Project Area No. 1 (Non-Housing)
Sources & Uses
Dated 0411412010 1 Delivered 0411412010
Sources Of Funds
-
P A mo=t fBonds
510 925,000.00
Total So
510.925,000.00
Uses Of Funds
Original ts Discount (0I1])
52.701.90
Tom] Ude it es Discount (1000%)
109.250.00
Costs of Issuance
109,250.00
D p "t to D bt S 'cc Re Fund (DSRF)
1.207 020.00
Deposit to Project Area No. 1 (Non-Housing) F d
9A46.778.10
Total ll
_ 510.925,000.00
Senes 2010 - (2112010 d I Projea m a No. 1 (Non-H 1 2112010 1 4.41 PM
Wedbush Morgan
r
$10.925,000.00
Rosemead Community Development Commission
Redevelopment Project Area No
. (Non-Hou
sine)
Pricing Summary
Maturity Type of Bond
Coupon
Yield
Maturity Value
Price
Dollar Price
IO/OMOII Serial Coupon
3.000%
2.280%
65,000.00
101.030%
65,669.50
10/01/2012 Serial Coupon
4.000%
2.810%
545,000.00
102.812%
560,325.40
10/01/2013 Serial Coupon
4.000%
3.370%
700,000.00
102.042%
714,294.00
10/01/2014 Serial Coupon
4.000%
3.710%
740,000.00
101.181%
748,739.40
10/01/2015 Serial Coupon
5,000%
4.690%
768 000.00
101.477%
776,299.05
10/01/2016 Serial Coupon
5.000%
4.750%
810,000.00
101.375%
821,137.50
10/01/2017 Serial Coupon
5.000%
5.110%
845,000.00
99.322%
839,270.90
10/01/2018 - Serial Coupon
5.250%
5.390%
885,000.00
99.056%
876,645.60
10/01/2019 Serial Coupon
5.500%
5.600%
- 935,000.00
99.270%
928,174.50
10/01/2020 Serial Coupon
5.700%
5.740%
985 000.00
99.685%
981,897.25
10/01/2023 Term 1 Coupon
5.750%
6.020%
3,650,000.00
97.530%
3,559,845.00
Total
-
-
$10,925,000.00
-
$10,872,298.10
Bid Information
Par Amount of Bonds
$10,925,000.00
Reoffering Premium o (Discount)
(52 701.90)
Gross Production
$10,872.298'10
Tom] U dcrwit Disco t (1000%)
5(109250.00)
Bid (98.518%)
10.763,048.10
Total Purchase Price
_
510,763,048.10
Bond Year Dollars
$95.472.99
Average Life
8.739 Years
Average Coup
_
5.4263444%
Net Interest Cost (NIC)
5.5959756%
True interest Cost (TIC)
5.6141937%
Series 2010 - (MR010 d Project Area No. 1 (Non-H 1 2/ 12010 1 4:41 PM
edbush Morgan
r
inance
r
$10,925,000.00
-
Rosemead Community Developmenttommission -
-
'
Redevelopment Project Area No. 1
(Non-Housing) -
Debt Service Schedule
Date Principal
Coupon
Interest
Total P+I
10/0112010 -
-
- 262,680.56
262,680.56
10/01/2011 65,000.00
3.000%
566,257.50
631,257.50
1010112012 545,000.00
4.000%
564,307.50
1,109,307.50
10/01/2013 700,000.00
4.000%
542,507.50
1,242,507.50
10/01/2014 740,000.00
4.000%
514 507.50
1.254,507.50
10/0112015 765,000.00
5.000%
484,907.50
1,249,907.50
10/0112016 810,000.00
5.000%
446,657.50
1256,657.50
10/01/2017 845,000.00
5.000%
406,157.50
1251,157.50
10/01/2018 885,000.00
5.250%
363,907.50
1,248,907.50
10/01/2019 935,000.00
5.500%
317 445.00
1,252 445.00
10/01/2020 - 985,000.00
5.700%
266,020.00
1,251,020.00
10/01/2021 1,050,000.00
5.750%
209,875.00
1,259,875.00
10/01/2022 1,105,000.00
5.750%
149,500.00
1,254,500.00
10/01/2023 1,495,000.00
5.750%
85,962.50
1,580,962.50
Total $10,925,000.00
-
55,180,693.06
$16,105,693.06
Yield Statistics
Bond Year Dollars
_ $95,472.99
Average Life
8.739 Years
A e Coupon
5.4263444%
Net Interest Cost (NIC)
5.5959756%
True Interest Cost (TIC)
5.6141937%
Bond Yield for Arbitrage Purposes
5.4639190%
All Inclusive Cost (AIC)
5.7668349%
IRS Form 8038
Net Interest Cost
5.5445101%
Weighted A aee Maturity
8.682 Years
Sedes 2010 -12/12010 d I Project Pea No. 1 (Non-H 1 2112010 1 441 PM
Wedbustf Morgan
Fu.blic Finance
Page 7
$10,925,000.00
Rosemead Community Dev
elopment Commission .
Redevelopment Project Area No. 1 (Non
-Housing)
Net Debt Service Schedule
Date Principal
Coupon
Interest
Total P+I
DSR
Net New D/S
10/0112010 -
- -
262,680.56
262,680.56
-
262,680.56
10/0112011 65,000.00
3.000%
566,257.50
631,257.50
-
631,257.50
10/01/2012 545,000.00
4.000%
564,307.50
1,109,307.50
-
1,109,307.50
10/01/2013 700,000.00
4.000%
542,507.50
1242,507.50
- -
1,242,507.50
10/0112014 74000000
4000%
51450750
254507.50
254507.50
10/0112015 765,000.00
5.000%
484,907.50
1,249,907.50
-
1,249,907.50
10/01/2016 810,000.00
5.000%
446,657.50
1,256,657.50
-
1,256,657.50
10/012017 845,000.00
5.000%
406,157.50
1,251,157.50
-
1,251,157.50
10/0112018 885,000.00
5.250% -
- 363,907.50
1,248,907.50
-
1,248,907.50
10/01/2019 935,000.00
5.500%
317,445.00
1,252,445.00
-
1,252 445.00
10/01/2020 985,000.00
5.700%
266,020.00
1,251,020.00
-
1,251,020.00
10/01/2021 1,050,000.00
5.750%
209,875.00
1,259,875.00
-
1,259,875.00
10/01/2022 1,105,000.00
5.750%
149,500.00
1,254,500.00
.
1,254,500.00
10/01/2023 1,495,000.00
5.750%
85,962.50
1,580,962.50
(1,207,020.00)
373,942.50
Total 510,925,000.00
-
$5,180,693.06
$16,105,693.06
(1,207,020.00)
$14,898,673.06
Senes 2010 - (2/112010 G I Project Nea No. 1 (NO,H 1 18010 1 4:41 PM
ft~dbuhh 0 •
Public Fina"rice
Page 8
.ten, a;
$4,925,000.00
Rosemead Community Development Commission
Redevelopment Project Area No. 1 & 2 (Housine)
Sources & Uses
Dated 04/14/20101 Delivered 04/1412010
Sources Of Funds
Par A t of Bonds
$4,925,000.00
Total Sou
54,925,000.00
Uses Of Funds
Original IDisco t(DID)
24,031.30
Total Underwriters Discount (1.000%)
49 250.00
Costs of Issuance
49 250.00
Deposit t Debt Service Reserve F d (DSRF)
492 500.00
Deposit to Project Area No. 1 & 2 (Housing) Fund
4.309.968.70
Total U
54,925.000.00
Senes 2010 - (91/2010 d I Project Area No. 1 & No, 1 912010 1 441 PM
• • • •
t
S4.925.000.00
Rosemead Community Development Commi
ssion
Redevelopment Project Area No
. 1 & 2 (Hou
sing)
THeing Summary
`
Maturity
Maturity Type of Bond
Coupon
Yield
Value
Price
Dollar Price
10/01/2010 Serial Coupon
3.000%
2.280%
75,000.00
100.329%
75,246.75
1010 1 t201 1 Serial Coupon
3.000%
2.280%
265,000.00
101.030%
267,729.50
10/0112012 Serial Coupon
4.000%
2.810%
290,000.00
102.812%
298,154.80
10/0112013 Serial Coupon
4.000%
3.370%
315,000.00
102.042%
321,432.30
10/0112014 Serial Coup
4.000%
3.710%
345,000.00
101.181%
349,074.45
10/01/2015 Serial Coupon
5.000%
4.690%
230,000.00
101.477%
233,397.10
10/01/2016 Serial Coupon
5.000%
4.750%
260,000.00
101.375%
263,575.00
10/01/2017 Serial Coupon
5.000%
5.110%
290,000.00
99.322%
288,033.80
10/01/2018 Serial Coupon
5.250%
5.390%
325,000.00
99.056%
321,932.00
10/01/2019 S ial Coup
"5.500%
5.600%
360 000.00
99.270%
357 372.00
10/01/2020 Serial Coupon
5.700%
5.740%
400,000.00
99.685%
398,740.00
10/01/2023 Term 1 Coupon
5.750%
6.020%
1,770,000.00
97.530%
1,726,281.00
Total -
-
-
$4,925,000.00
-
$4,900,968.70
Bid Information
Par Amount of Bonds
$4,925,000.00
Reofferi e Prearinun o (Discount)
(24,031.30)
Gross Production
$4.900.968.70
Total U d iter's Discount (1.000%)
$(49,250.00)
Bid (98.512%)
4,85 1 ,718.70
Total Purchase Price
$4,851,718.70
Bond Year Dollars
$41 519.65
Average Life
8.430 Years
Average Coupon
5.4301458%
Net Interest Cost (NIC)
5.6066436%
True Interest Cost (TIC)
5.6211610%
Senes 2010 - (2/112010 d I Project Area No. 1 8 No. 1 2112010 1 441 PM
Wedbush Morgan
Public Finance
Page 10
$4,925,000.00
Rosemead Community Development Commission
Redevelopment Project Area No.
1 & 2 (Housing)
Debt Service Schedule
--T Date ..Q,.i Principal
Coupon
Interest
Total P+I
10/01/2010 75,000.00
3.000%
- 115,340.17-
190,340.17
10/01/2011 265,000.00
3.000%
246,387.50
511,387.50
10/01/2012 290,000.00
4.000%
238,437.50
528,437.50
10/01/2013 315,000.00
4.000%
226,837.50
541,837.50
10/01/2014 345,000.00
4.000%
214,237.50
559,237.50
10/0112015 230,000.00
5.000%
200,437.50
430,437.50
10/01/2016 260,000.00
5.000%
188,937.50
448,937.50
10/01/2017 290,000.00
5.000%
175,937.50
465,937.50
10/01/2018 325,000.00
5.250%
161,437.50
486,437.50
10/01/2019 360,000+00
5+500%
144,375.00
504 375.00
10/01/2020 400,000.00
5.700%
124,575.00
- 524,575.00
10/01/2021 440,000.00
5.750%
101,775.00
541,775.00
10/01/2022 645,000.00
5.750%
76,475.00
721,475.00
10/01/2023 685,000.00
5.750%
39,387.50
724,387.50
Total 54,925,000.00
-
$2,254,577.67
57,179,577.67
Yield Statistics
Bond Year Dollars
$41,519.65
Averaee Life
8.430 Years
A c g Coupon
5.4301458%
Net Interest Cost (NIC)
5.6066436%
True Interest Cost (TIC)
5.6211610%
Bond Yield for Arbitrage Purposes
5.4639190%
All Inclusive Cost (AIC)
5.7801308%
IRS Form 8038
Net Interest Cost
5.5580796%
Weighted Average Maturity
8.365 Years
Senes 2010-(2I1I201Dd I Project Area No. 1 8 No. 1 L11201014:41 PM
Public Fin6nce
Page
$4,925.0 00.00
Rosemead Community Development Commission
Redevelopment
Project Area No. 1 R 2
(Housing) -
'
Net Debt S
ervice Sch
edule
Date
Principal
Coupon
Interest
Total P+l
DSR
Net New D/S
10/01/2010 -
75,000.00
3.000%
115,340.17
190,340.17
190,340.17.
10/01/2011
265,000.00
3.000%
246,387.50
511,387.50
-
511,387.50
10/01/2012
290,000.00
4.000%
238,437.50
528,437.50
-
528,437.50'
10/01/2013
315,000.00
4.000%
226,837.50
541,837.50
-
541,837.50
10/0112014
345,000.00
4.000%
214,237.50
559 237.50
559 237.50
10/01/2015
230,000.00
5.000%
200,437.50
430,437.50
-
430,437.50
10/01/2016
260.000.00
5.000%
188,937.50
448,937.50
-
448,937.50
10/01/2017
290,000.00
5.000%
175,937.50
465,937.50
-
465,937.50
10/01/2018
325,000.00
5.250%
161,437.50
486,437.50
-
486,437.50
10/0112019
360 000 00
5,500%
- 144 375.00
504,375.00
-
504 375.00
10101/2020
400,000.00
5.700%
124,575.00
524,575.00
-
524,575.00
10/01/2021
440,000.00
5.750%
101,775.00
541,775.00
-
541,775.00
10101/2022
645,000.00
5.750%
76,475.00
721,475.00
-
721,475.00
101012023
685,000.00
5.750%
39,387.50
724,387.50
(492,500.00)
231,887.50
Total
54,925,000.00
-
$2,254,577.67
57,179.577.67
(492,500.00)
56,687,077.67
Senes 2010 - (2/1/2010 E
I Pro)en Noa No. 1 & No.
I v 1/2010 1 4:41 PM
Wedbush M
orgar! Sec
urities.
Public Finance
Page 19
~ Cx
$16,565,000.00
oG~ i
Rosemead Community De6elopment Commission
Redevelopment Project Area No. I
Preliminary Sizing - ERAF Payment and no Agency Admin
Table of Contents
Report
ISSUE SUMMARY
Total Issue Sources And Uses
1
Pricing S ary
2
Debt Senice Schedule
3
Net Debt Service Schedule
4
PROJECT AREA NO 1 (NON-HOUSING)
Sources & Uses -
5
Pricing 5 nmlary
6
Debt Service Schedule
7
Net Debt Service Schedule
8
PROJECT AREA NO 1 & NO. 2 (HOUSING)
Sources & Uses
9
Pricing Summary
10
Debt Service Schedule
I I
Net Debt Service Schedule
12
Series 2010-12/1/20/on 1 Issue Summary 1 L1/20101427 PM
' •
Public Finance
$16,565,000.00
Rosemead Community Development Commission
Redevelopment Project Area No. 1
Total Issue Sources And Uses
Dated 04114120101 Delivered 04114/2010
-
Project Area
- No. 1 (Non-
Housing)
Project Area
No. Y8 No. 2
(Housing)
Issue
Summary
Sources Of Funds
P Amount of Bonds
$1 1640.000.00
$4,925,000.00
$16,565,000,00
Total Sources
%11.640.00000
$4 925,000.00
_$16,565 000.00
Uses Of Funds
Original Issue Discount (OID)
43,020.80
24 031.30
67,052.10
Total U de it es Disco t (1.000%)
116,400.00
49 250.00
165 650.00
C u of lmmce _
116 400.00
49,250.00
1 fi5 650.00
Deposit to Debt S ice Rcse~e F d (DSRF)
1,209,295.00
492 500.00
1,701,795.00
Deposit to Prow et Fund
10 154 884.20
4,309 968.70
14 464 852.90
Total Uses
$11 640 600 00
Sd 925 000.00
$]6,565,000.00
Series 2010 - (2112010 n Issue Summary 1 2112010 1 427 PM
boe o.
Public Finance
.,Page I
$16,565,000.00
,a
mr
Rosemead Community Devel
opment Commission
Redevelopment Project Area No. 1
Pricing Summary
Maturity Type of Bond
Coupon
Yield
Maturity Value
Price
Dollar Price
10/01/2010 Serial Coupon
3.000%
2.280%
75,000.00
100.329%
75,246.75
10/01/2011 Serial Coupon
3.000%
2.280%
915,000.00
101.030%
924,424.50
1010112012 Serial Coupon
4.000%
2.810%
965,000.00
102.812%
992,135.80
1010112013 Serial Coupon
4.000%
3.370%
1,015,000.00
102.042%
1,035,726.30
10/01/2014 Seal Coup
4000%
3710%
1085000.00
101.181%
1,097,813.85
10/01/2015 Serial Coupon
5.000%
4.690%
995,000.00
101.477%
1,009,696.15
10/01/2016 Serial Coupon
5.000%
4.750%
1,070,000.00
101.375%
1,084,712.50
10/01/2017 Serial Coupon
5.000%
5.110%
1,135,000.00
99.322%
1,127,304.70
10/01/2018 Serial Coupon
5.250%
5.390%
1,210,000.00
99,056%
1,198,577.60
10/01/2019 Serial Coup
5.500%
5.600%
1,295,000.00
99.270%
_ 1,285 546.50
10/01/2020 Serial Coupon
5.700%
5.740%
1.385,000.00
99.685%
1,380,637.25
10101/2023 Term 1 Coupon
5.750%
6.020%
5,420,000.00
97.530%
5,286,126.00
Total -
-
-
$16,565,000.00
-
316,497,947.90
Bid Information
P Amount fBonds
_
$16.565,000.00
Reoffering Piumo (Discount)
(67052.10)
Gross Production
$16 497 947.90
Tom] Underwriters Discount (1.000%)
$(165 650.00)
Bid (98.595%)
16 332.297.90
Total Purchase Price
$16.332.297.90
Bond YDollars
$138169.32
Average Life
8.341 Years
Average Coupon
5.4091416%
V interest Cost CNIC)
5.5775597%
True Interest Cost (TIC)
5.5890087%
Senes 2010 - (2/12010 n I Issue Summary 1 2112010 1 4:27 PM
Wedbu§h 0 .
Public Finance
'Page 2
$16,565,000.00
Rosemead Community Development Commission
Redevelopment Project Area No. I
Debt Service Schedule
Date Principal
Coupon
Interest
Total P+ .
10/0111010 - 75,000.00
3.000%
388,574.20
463,574.20
10/01/2011 915,000.00
3.000%
835,395.00
1,750,395.00
10/01/2012 965,000.00
4.000%
807,945.00
1,772,945.00
10101/2013 1,015,000.00
4.000%
769,345.00
1,784,345.00
10/01/2014 108500000
4.000%
728,745.00
1,813,745.00
10/01/2015 995,000.00
5.000%
685,345.00
1,680,345.00
10/01/2016 1,070,000.00
5.000%
635,595.00
1,705,595.00
10/01/2017 1,135,000.00
5.000%
582,095.00
1,717,095.00
10/01/2018 1,210,000.00
5.250%
525,345.00
1,735,345.00
10/01/2019 1,295,000.00
_ -5.500%
" 461 820.00
3,756,820.00
10/01/2020 1,385,000.00
5.700%
390,595.00
1,775,595.00
10/01/2021 1,490,000.00
5.750%
311,650.00
1,801,650.00
10/01/2022 1,750,000.00
5.750%
225,975.00
1,975,975.00
10/01/2023 2,180,000.00
5.750%
125,350.00 -
2,305,350.00
Total 516,565,000.00
-
$7,473,774.20
524,038,774.20
Yield Statistics
Bond Year Dollars
5138 169.32
Averse Life
8.341 Years
A mee Coupon
5,4091416%
Net Interest Cost (NIC)
5.5775597%
True Interest Cost (TIC)
5.5890087%
Bond Yield for Arbitrage Purposes
5.4318211%
All Inclusive Cost (AIC)
5.7484911%
IRS Form 8038
Net Interest Cost
5.5211946%
Weighted A g Maturity
8.279 Years
Series 2010-(2/12010n I Issue Summary I VM010I 4:27PM
-oe o g.
Public Finance.
Page 3
X16 565 000.00-
Rosemead Community Development Conffnission
Redevelopment Project A
rea No. 1
Net Debt Service Schedule "
Date Principal
Coupon
Interest
Total P+I
DSR
Net New D/S
10/01/2010 75,000.00
3.000%-
- 388,574.20 "
463,574.20
- -
463,574.
20
10/01/2011 915,000.00
3.000%
835,395.00
1,750,395.00
-
1,750,395.
00
10/01/2012 965,000.00
4.000%
807,945.00
1,772,945.00
-
1,772,945.
00
10/01/2013 1,015,000.00
4.000%
769,345.00
1,784,345.00
-
1,784,345.
00
10/01/2014 1 085 000 00
4.000%
728 745.00
1813 745.00
1,813,745.
00
10/01/2015 995,000.00
5.000%
685,345.00
1,680,345.00
-
1,680,345.
00
10101/2016 1,070,000.00
5.000%
635,595.00
1,705,595.00
-
1,705,595.
00
10/01/2017 1,135,000.00
5.000%
582,095.00
1,717,095.00
-
1,717,095.
00
10/01/2018 1,210,000.00
5.250%
525,345.00
1,735,345.00
-
1,735,345.
00
10/01/2019 1,295,000.00
5.500%. •
'461,820.00
1,756,820.00
-
1,756,820.
00
10/01/2020 1,385,000.00
5.700%
390,595.00
1,775,595.00
-
1,775,595.
00
10/01/2021 1,490,000.00
5.750%
311,650.00
1,801,650.00
-
1,801,650.
00
10/01/2022 1,750,000.00
5.750%
225,975.00
1,975,975.00
-
1,975,975
.00
10101/2023 2,180,000.00
5.750%
125,350.00
2,305,350.00
(1,701,795.00)
603,555.00
Total $16,565,000.00
-
57,473,774.20
$24,038,774.20
(1,701,795.00)
$22,336,979
.20
Series 2010 - (2/1/2010 n I Issue Summary 1
2/ 112010 1 427 PM
$11,640,000.00
Rosemead Community Development Commission
'
Redevelopment Project Area No. 1 (Non-Housing)
Sources & Uses
Dated 04114/20101 Delivered 04114/2010
Sources Of Funds
P Amount of Bonds
$11,640,000.00
Total So
511,640000.00
Uses Of Funds
Original Issuc Discount (Om)
43 020.80
Total U d 't 's D' t (1000%)
116,400.00
Casts of Issuance
116,400.00
Deposit to Debt S be Reserve Fmd (DSRF)
1,209.295.00
Deposit to Project Ar No I (N -H mi ~g) F =d
.10,154,884.20
Total Us
$11,640,000.00
Senes 2010.(11112010 n I Proled Area No. 1(Non-H I VIWO 14:27 PM
-ee • -
Public Fin'ance-
$112640,000.00
Rosemead Community Development Commission
Redevelopment Project Area No. 1 (Non-Housing)
Pricing Summary
Maturity Type of Bond
10/01/2011 Serial Coupon
10/01/2012 Serial Coupon
10/01/2013 Serial Coupon
10101/2014 Serial Coupon
10/01/2015 Serial Coupon
10/01/2016 Serial Coupon
10/01/2017 Serial Coupon
10/01/2018 Serial Coupon
10/01/2019 Serial Coupon
10/012020 Serial Coupon
10/01/2023 Tenn 1 Coupon
Coupon
3.000%
4.000%
4.000%
4.000%
5.000%
5.000%
5.000%
5.250%
5.500%
5.700%
5.750%
Yield
2.280%
2.810%
3.370%
3.710%
4.690%
4.750%
5.110%
5.390%
5.600%
5.740%
6.020%
Maturity Value
650,000.00 -
675,0000
700,000.00
740,000.00
765 000.00
810,000.00
845,000.00
885,000.00
935,000.00
985 000.00
3,650,000.00
Price
101.030%
102.812%
102.042%
101.181%
101.477%
101.375%
99.322%
99.056%
99.270%
99.685%
97.530%
Dollar Price
656,695.00
693,981.00
714,294.00
748,739.40
776.299.05
821,137.50
839,270.90
876,645.60
928,174.50
981,897.25
3,559,845.00
Total -
-
-
$11,640,000.00
-
$11,596,979.20
Bid Information
Par Amount of Bonds
Reoffering Premium or (Discount)
$11,640,000.00
Gross Production
(43 020 80)
$11,596,979.20
Total Underwriter's Discount (1.000%)
-Bid (98.630
$(116 400 00)
I 1 480 579 20
Total Purchase Price
$ 11,480 579.20
Bond Year Dollars
Average Life
$96.649.67
A ¢,e Coupon
8 303 Y
5 400] 185 /
Net Interest Cost (MC)
True Interest Cost (TIC)
5
565
3108%
5
575108/
series 2010 - (2/12010 a I Project Nea No. 1 (Non-H
L 12010 1 4:27 PM
/ /
r
Page 6
$11,640,000.00
Rosemead Community
Development Commission
_
Redevelopmeni Project Area No.
1 (Iron-Housing)
Debt Service Schedule
Date
Principal
Coupon
Interest
Total P+I
- 10/01/2010
-
- -
273,234.03
273,234.03 -
10/01/2011
650,000.00
3.000%
589,007.50
1,239,007.50
10/012012
675,000.00
4.000%
569,507.50
1,244,507.50
10/01/2013
700,000.00
4.000%
542,507.50
1,242,507.50
10/01/2014
740 000.00
4.000%
514 507.50
1254 507.50
10/01/2015
765,000.00
5.000%
484,907.50
1,249,907.50
10/01/2016
810,000.00
5.000%
446,657.50
1,256,657.50
10/01/2017
845,000.00
5.000%
406,157.50
1,251,157.50
10/01/2018
885,000.00
5.250%
363,907.50
1248,907.50
10/01/2019
935000.00
5.500%
317445.00
1252,445.00
10/01/2020
985,000.00
5.700%
266,020.00
1,251,020.00
10/01/2021
1,050,000.00
5.750%
209,875.00
1,259,875.00
10/01/2022
1,105,000.00
5.750%
149,500.00
1,254,500.00
10/0112023
1,495,000.00
5.750%
85,962.50
1,580,962.50
Total
511,640,000.00
-
55,219,196.53
$16,859,196.53
Yield Statistics
Bond Year Dollars
S96,649.67
Average Life
8.303 Years
Average Coupon
5.4001185%
Net Interest Cost (NIC)
5.5650656%
True Interest Cost (TIC)
5.5753108%
Bond Yield for Arbitrage Purposes
5.4318211%
All Inclusive Cost (AlQ
5.7350161%
IRS Form 8038
Net Interest Cost
5.5053743%
Weighted Average Maturity
8.242 Years
Series 2010 -(2/112010 n I Protect Area No. 1 (Non-H 1 2112010 1 427 PM
' • 0 0 0 .
$11,640,000.
00
Rosemead Community Development Commission
Redevelopm
ent Project A
rea No. 1 (Non-Housing)
Net Debt
Service Schedule
Date
Principal
Coupon
Interest
Total P+I
DSR
Net New D!S
10/01/2010
-
- -
273,234.03
273,234.03
-
273,234.
03
10/01/2011
650,000.00
3.000%
589,007.50
1,239,007.50
-
1,239,007.
50
10/01/2012
675,000.00
4.000%
569,507.50
1,244,507.50
-
1,244,507.
50
10/01/2013
700,000.00
4.000%
542,507.50
1,242,507.50
-
1,242,507.
50
10/0112014
74000000
4000%
514507.50
1254507.50
1,254,507.
50
10/01/2015
765,000.00
5.000%
484,907.50
1,249,907.50
-
1,249,907.
50
10/01/2016
810,000.00
5.000%
446,657.50
1,256,657.50
-
1,256,657.
50
10/01/2017
845,000.00
5.000%
406,157.50
1,251,157.50
- -
1,251,157.
50
10/01/2018
885,000.00
5150%
363,907.50
1,248,907.50
-
1,248.907.
50
10/01/2019
935,000.00
5,500%
317,445.00
1252 445.00
1,252,445
+00
10/01/2020
985,000.00
5.700%
266,020.00
1,251,020.00
-
1,251.020
.00
10/01/2021
1,050,000.00
5.750%
209,875.00
1,259,875.00
-
1,259,875
.00
10/01/2022
1,105,000.00
5.750%
149,500.00
1,254,500.00
-
1,254,500
.00
10/01/2023
1,495,000.00
5.750%
85,96250
1,580,962.50
(1,209,295.00)
371,667
.50
Total
$11,640,000.00
-
55.219,196.53
$16,859,196.53
(1,209,295.00)
515,649,901
.53
Senes 2010 - (21112010 n I ProjM area No.
1 (Non-H I v 12010 1 4:27 PM
Wedbush,
0 0 .
Public Financ
e
Pag
e 8
$4,925,000.00
Rosemead Community Development Commission
Redevelopment Project Area-NW,-l-&-2 (Housing)
Pricing Sum-'mar}:
Maturity
Maturity Type of Bond
Coupon
Yield
Value
Price
Dollar Price
10/01/2010 Serial Coupon
3.000%
2.280%
75,000.00
100.329%
75,246.75
10/01/2011 Serial Coupon
3.000%
2.280%
265,000.00
101.030%
267,729.50
10/0112012 Serial Coupon
4.000%
2.810%
290,000.00
102.812%
298,154.80
10/01/2013 Serial Coupon
4.000%
3.370%
315,000.00
102.042%
321,432.30
10/01/2014 Serial Coupon
4.000%
3.710%
345,000.00
101.181%
349,074.45
10/0112015 Serial Coupon
5.000%
4.690%
230,000.00
101.477%
233,397.10
10/01/2016 Serial Coupon
5.000%
4.750%
260,000.00
101.375%
263,575.00
10/01/2017 Serial Coupon
10/01/2018 Serial Coupon
5.00V-,
5.250%
5.110%
5.390%
290,000.00
325,000.00
99.322%
99.056%
288,033.80
321,932.00
10/01/2019 Serial Coupon
5.500%
5.600%
360,000.00
99.270%
357,37100
10/01/2020 Serial Coupon
5.700%
5.740%
400,000.00
99.685%
398,740.00
10/01/2023 Term 1 Coupon
5.750%
6.020%
1,770,000.00
97.530%
1,726,281.00
Total -
-
-
54,925,000.00
-
$4,900,968.70
Bid Information
Par Amount of Bonds
$4,925,000.00
Reoffering Premium or (Discount)
(24,031.30)
Gross Production
$4,900,968.70
Total Underwriter's Discount (1.000%)
$(49,250.00)
Bid (99.512%)
4,851,718.70
Total Purchase Price
$4.951.718.70
Bond Year Dollars
$41,519.65
Average Life
8.430 Years
Average Coupon
_
5.4301458%
Net Interest Cost (NIC)
5.6066436%
True Interest Cost (TIC)
5.6211610%
Series 2010 - (2/112010 n I Project Nea No. 1 8 No. 1 2/ 112010 1 4:27 PM
Wedbush Morgan Secu
rities
Public Fi.nance
Page 10
Per
$4,925,000.00
Rosemead Community Development Commission
-
Redevelopment Project Area No. 1 & 2 (Ho
using)
Debt Service Schedule
Date Principal
Coupon
Interest d
Total P+I
10/01/2010 75,000.00
3.000%
115,340.17
190,340.17
10/01/2011 265,000.00
3.000%
246,387.50
511,387.50
10/01/2012 290,000.00
4.000%
238,437.50
528,437.50
_ 10/01/2013 315,000.00
4.000%
226,83250
541,837.50
10/01/2014 345 000.00
4.000%
214,237.50
559,237.50
10/01/2015 230,000.00
5.000%
200,437.50
430,437.50
10/01/2016 260,000.00
5.000%
188,937.50
448,937.50
10/01/2017 290,000.00
5.000%
175,937.50
465,937.50
10/01/2018 325,000.00
5.250%
161,437.50
486,437.50
10/01/2019 360000.00
5.500%
144,375.00
504,375.00
10/01/2020 400,000.00
5.700%
124,575.00
524,575.00
10/01/2021 440,000.00
5.750%
101,775.00
541,775.00
10/01/2022 645,000.00
5.750%
76,475.00
721,475.00
10/01/2023 685,000.00
5.750%
39,387.50
724,387.50
Total $4,925,000.00
-
$2,254,577.67
$7,179,577.67
Yield. Statistics
Bond Year Dollars
$41,519.65
Average Life
8.430 Years
Average Coupon
5.4301458%
Net Interest Cost (NIC)
5.6066436%
_
True Interest Cost (TIC)
5.6211610%
Bond Yield for Arbitrage Purposes
5.4318211%
All Inclusive Cost (AIC)
5.7801308%
IRS Form 8038
Net Interest Cost -
5.5580796%
Weighted Average Mentrirwr - `-t"
8.365 Years
Series 2010 - (21112010 n I Project Area No. 1 8 No. I Z 1M10 1 4:27 PIA
Wedbush Morgan,
$Opueities
Public'FinahM
Pagell'
$4,925,000.00
Rosemead Community Development Commission
Redevelopment
Project Area No. 1 & 2 (Ho
using) _
Net Debt S
ervice Sch
edule
Date
Principal
Coupon
Interest
Total P+I
DSR
Net New D/S
10/0112010
75,000.00
3.000%
115,340.17
190,340.17
-
- 190,340.17
10101/2011
265,000.00
3.000%
246,387.50
511,387.50
-
511,387.50
10/01/2012
290,000.00
4.000%
238,437.50
528,437.50
-
528,437.50
10/01/2013
315,000.00
4.000%
226,837.50
541,837.50
-
541,837.50
10/01/2014
345,000.00
4,000%
214 237.50
559 237.50
559,237.50
10/01/2015
230,000.00
5.000%
200,437.50
430,437.50
-
430,437.50
10/01/2016
260,000.00
5.000%
188,937.50
448,937.50
-
448,937.50
10/01/2017
290,000.00
5.000%
175,937.50
465,937.50
-
465,937.50
10/01/2018
325,000.00
5.250%
161,437.50
486,437.50
-
486,437.50
10/01/2019
36000000
5500%
144375.00
504375.00
504,375.00
10/01/2020
400,000.00
5.700%
124,575.00
524,575.00
-
524,575.00
10/01/2021
440,000.00
5.750%
101,775.00
541,775.00
-
541,775.00
101012022
645,000.00
5.750%
76,475.00
721,475.00
-
721,475.00
10/01/2023
685,000.00
5.750%
39,387.50
724,387.50
(492,500.00)
231,887.50
Total
54,925,000.00
-
52,254,577.67
$7,179,577.67
(492,500.00)
56,687,077.67
Senes2010-12/ll2010n I
Noject Nea Ne.1 No.
I VW01014:27 PM
Medbush
Pumic Finance
• • .
Page 12
Attachment E
Statement of Qualifications
to provide
Redevelopment Fiscal Consultant
Services
to the
Rosemead Community
Development Commission
March 2, 2010
Urban Futures Incorporated
3111 North Tustin, Suite 230, Orange, California, 92865
Phone: (714) 283-9334 Fax: (714) 283-5465
UMANFUTUM INC
We are a full service municipal consulting firm serving local
government primarily in the State of California.
Since 1972 we have helped many California cities create a sound
financial foundation.
TABLE OF CONTENTS
1. Firm Background and Project Qualifications ...................2
2. Key Individuals 3
3. Firm Experience 5
-Experience in Rosemead
-Project-Related Experience
4. Project Understanding and Scope of Work 7
5. Fee Schedule 9
6. Recent Financing Transactions .......................................9
7. Specific Client References 13
8. Additional Client List ......................................................14
Attachment: Appendix A: Covina Pricing Book
FISCAL CONSULTANT SERVICES
FIRM BACKGROUND AND HISTORY
Urban Futures. Inc 'uFl is a full service municipal consulting ri-:;: g_ve-nment in
the State of California. The firm was founded in 1972 and has existed in its present form
since 1974. It is the largest independently owned, municipal financial advisor/redevelopment
consulting firm in the State. UFI is a closely held California corporation with offices in the City
of Orange and San Francisco, California and currently employs 37 staff members.
Urban Futures offers public and private sector clients a wide range of specialized services
including:
Financial Advisory Fiscal Consultant Report Preparation
Continuing Disclosure Services Planning and Redevelopment/Plan Adoptions
Management Advisory Services Redevelopment Implementation
Public Finance Services Budget/Capital Improvement Program Development
Leading Financial Advisor: UFI has provided financial advisory and fiscal consultant services
leading to hundreds of bond financings for public agencies throughout the State of California.
The cumulative value of issues for which we have served as financial advisor now exceeds
over ten billion dollars. UFI was the number one financial advisor in the redevelopment
finance industry in the State of California during calendar years 2004, 2005, 2006, 2007
and 2008 regarding the number of tax allocation bond issues completed. UFI is the only
Financial Advisor that produces its own Fiscal Consultant Reports, which provides a savings
of $15,000- $20.000 per transaction. We have assisted more California redevelopment
agencies with their debt issuance needs than any other financial advisor in California.
Extensive Redevelopment Experience: In our 30 plus years of experience. UFI has served as
fiscal consultant to hundreds of cities, redevelopment agencies, financing authorities, and
special districts throughout the State. A majority of our senior staff have had successful
careers holding upper level city positions such as city managers, finance directors and
redevelopment directors prior to joining the UFI team. Urban Futures is the leading
redevelopment firm in the state of California. We actively advise redevelopment agencies and
implement redevelopment plans and plan amendments. Having this working knowledge is
imperative to a successful tax allocation financing because plan limitations and debt limits
must be compliant. As Financial Advisor, UFI actively engages with credit agencies and
underwriters to ensure a smooth transaction from start to finish. We are more familiar with tax
allocation bonds than any other firm in the State and because of this, we are confident that we
can contribute to a smooth and successful financing process.
Capabilities & Specialization: UFI is the only firm in the State of California that serves in the
capacity as fiscal consultant, redevelopment planner, financial advisor, and continuing
disclosure agent. Having successfully served in each of these roles, UFI is exceptionally
skilled in the analysis of redevelopment plans, amendments, and tax increment projections.
UFI has served as Fiscal Consultant on over 250 redevelopment tax allocation bonds in the
State of California. As a Continuing Disclosure Agent, UFI annually produces tax increment
projections and debt service coverage calculations on over 110 tax allocation bonds
throughout the State. In addition, since 1977, UFI has served as the on-call Financial Advisor
and Fiscal Consultant for the City of Lancaster, has prepared all seven of the Agency's
I • -.0-00 t
FISCAL CONSULTANT SERVICES
redevelopment plans, and has acted as Financial Advisor/Fiscal Consultant on all City and
Redevelopment Agency bond issues since the City's incorporation.
The staff at UFI is comprised of highly skilled professionals able to handle assignments
ranging from financial advisement, budget and capital improvement program development,
capital project management, and economic development implementation strategies. Michael
Busch will manage this engagement and will work closely with City staff on all aspects of the
work to be performed. Doug Anderson, Garrett Cano and Geoffrey Sager represent other staff
who will be assigned to work on this assignment. The background and experience of key
personnel is detailed below:
MICHAEL P. BUSCH, President
Mr. Busch joined Urban Futures in 2007 following a successful career in municipal
government. Mr. Busch's background consists primarily of Assistant/Deputy City Manager,
Finance, and Project Manager positions. As such, he has extensive experience in strategic
planning, municipal finance, economic development /redevelopment, and project
implementation leading to the issuance of over $200 million in tax exempt debt offerings and
implementation of several redevelopment and infrastructure projects. Mr. Busch has a unique
background having served as a Planner, Finance Director. City Treasurer, Deputy City
Manager and Assistant City Manager where he has demonstrated experience in capital
improvement plan development, developer negotiations, development agreements, and
capital project implementation.
Mr. Busch has provided Financial Advisory services for the Cities of Desert Hot Springs, Indio,
Artesia, San Ramon. Azusa, South Pasadena, Maywood, Auburn. Lawndale, Covina
Hawaiian Gardens and Coachella issuing bonds totaling $400 million. Mr. Busch recently
completed a management review, financial work out plan and strategic plan for the City of
Rohnert Park and a Redevelopment Agency Performance Audit for the City of El Monte.
Additionally, he has served as financial advisor to several Redevelopment Agencies
throughout California.
Mr. Busch is Past President of the municipal Management Association of Southern California
(MMASC) and Past Chair of Cal-ICMA. Mr. Busch is currently teaching graduate level Public
Finance courses at the University of Southern California.
DOUG ANDERSON, Managing Principal
Doug Anderson has been with Urban Futures since 1985. Mr. Anderson provides financial
advisory and redevelopment implementation services to our clients. He specializes in tax
increment and revenue financings, and has provided financial advisory services on over $2
billion of tax exempt and taxable bond financings. Mr. Anderson is directly responsible for
preparation of Fiscal Consultant Reports, as well as key sections of Official Statements for
bond issuance.
Mr. Anderson's redevelopment implementation experience includes tax increment forecasting,
analysis of development proposals, and preparation of various annual reports including AB
1389, State Controller's Report, HCD Report, and Statement of Indebtedness. He also
provides fiscal analysis for our redevelopment planning division. including redevelopment plan
FISCAL CONSULTANT SERVICES
adoptions and amendments and five-year implementation pans.
Mr. Anderson's recent engagements include financial advisory services to the Norco
Redevelopment Agency for a tax allocation bond issue secured by pass through revenues to
the Corona-Norco Unified School District that generated $10.4 million for improvements to
Norco High School, and a fiscal consultant report for the City of Vista.
Mr. Anderson has been a Trainer at several Redevelopment Institute events of the California
Redevelopment Association.
GARRETT CANO, Financial Analyst
Garrett Cano assists in the research, analysis and structuring of municipal financings. He
provides support for generating tax increment revenue projections, analysis of redevelopment
plans and coordinating members of the financing team. Prior to working at Urban Futures
Inc., Mr. Cano was a Registered Representative in the financial services industry and focused
primarily in analyzing client portfolios. Garrett holds the FINRA securities licenses for the
Series 6 and Series 63 designations.
Mr. Cano graduated cum laude from the University of Southern California in the Marshall
School of Business with a Bachelor of Science in Business Administration. He majored in
both Finance and International Relations.
GEOFFREY SAGER, Financial Analyst
Mr. Sager provides financial and analytical support for the Finance Department of Urban
Futures. Prior to joining UFI. Geoff served as Financial Analyst and Land Acquisition Analyst
with a large private real estate development and home building company. In this regard, Mr.
Sager is experienced in the development of cash flow models and project pro-formas for large
-,-real. estate development projects including infrastructure cost analysis and the use of bond
proceeds from special tax bonds.
Mr. Sager's responsibilities at Urban Futures include the production tax increment projections,
discounted cash flow analysis, and the analysis of clients' bonding capacity. Recent projects
include the development of a 5 year financial plan for the Azusa Redevelopment Agency in
connection with the Agency's 5 Year Implementation Plan, and a fiscal consultant report for
the City of Delano.
Mr. Sager is a graduate of the University of San Diego where he earned a Bachelor of
Business Administration in Business Economics with a minor in International Relations. He
earned membership into the Omicron Delta Epsilon International Economics Honor Society.
FISCAL CONSULTANT SERVICES
EXPERIENCE IN ROSEMEAD
The services provided by UFI to the City of Rosemead over the past three years provides our
firm with the knowledge necessary to provide outstanding service at the lowest possible cost
to the City. The following is a summary of the services already provided by Urban Futures,
Inc. to the City of Rosemead, and the corresponding relationship of each service to the Scope
of Work outlined in this proposal:
Merger of Redevelopment Project Area No. 1 and No. 2
In 2009, UFI provided redevelopment plan consulting services to the Rosemead Community
Development Commission (the "Commission") to process the merger of the Commission's
active redevelopment projects into one financial and administrative unit. This entailed blight
studies and documentation, community meetings, report preparation, and all other activities as
required for the merger of separate redevelopment projects by California Community
Redevelopment Law.
This experience has already provided UFI with detailed knowledge of the Commission's
redevelopment plans; information that is vital to the successful issuance of tax increment debt
and the completion of a quality fiscal consultant report.
Continuing Disclosure
Since 2008, UFI has provided continuing disclosure services for the Commission on all of its
outstanding tax allocation bonds. As a result of this service, we already possess financial
models for the tax increment revenues generated from Project Area No. 1. This includes an
understanding of all pass through payments, housing set-aside deposits, and possession of all
assessed value data necessary to provide a quality, cost effective fiscal analysis of the project
area.
AB 1389 Statutory Pass-Through Payments
In 2009, UFI was retained to calculate and submit pass through payments, per AB 1389
legislation. Through this work, UFI possesses an in depth understanding of the AB1290 pass
through payments the Commission is required to make, ensuring further that our firm has an
understanding and the data already in-house to effectively serve the Commission.
RECENT PROJECT-RELATED EXPERIENCE
Listed below are similar projects and clients for which UFI staff have successfully initiated
financial studies and completed project objectives:
LAWNDALE REDEVELOPMENT AGENCY. Tax Allocation Bonds 2009 (insured)
In November 2009, UFI served as the Financial Advisor to the Lawndale Redevelopment
Agency for the issuance of $20,545,000 of tax allocation bonds. This was the first bond
issuance that the redevelopment agency had completed. UFI worked closely with City and
Agency staff, and as a result, the Agency was able to receive a "stand alone" credit rating of
"A-", and a commitment for bond insurance in a time when the bond insurance industry was
changing rapidly. To receive insurance coverage, we coordinated the process to subordinate
the Agency's pass through obligations to achieve 2.00x coverage on the bonds; a process UFI
FISCAL CONSULTANT SERVICES
is vary familiar with. This was the only insured tax allocation bond transaction of 2009 in the
state of California. resulting in interest rates in the 5% range (1.5% below the average yield at
that time).
LANCASTER REDEVELOPMENT AGENCY. Tax Allocation Bonds (Housing Programs)
nanC1Hl r1* 11 ,17L i rc ! arr~~jcci K i~B_ rcrr:,-:gcrrC)
J7 SZiJ 7 as inc 1
for the issuance of $37,500,000 of tax allocation bonds. UFI helped to develop and implement
Lancaster's proactive Housing Program which allowed the Agency to utilize the bond
proceeds to purchase property for use in its Low/Moderate Income Housing projects.
ARTESIA REDEVELOPMENT AGENCY. Tax Allocation Bonds Housing Set-Aside
In June 2009, UFI served as the Financial Advisor to the Artesia Redevelopment Agency for
the issuance of $3,470,000 of tax allocation bonds. The bonds are secured by the "20%
Housing Set-Aside" requirement of the Agency and the funds are to be used to finance the
purchase of property for the development of low and moderate income housing. In addition, in
2007 UFI assisted the Agency in issuing $12,000,000 in tax allocation bonds (non-housing).
AZUSA REDEVELOPMENT AGENCY. Tax Allocation Bonds (Series A 8B)
In December 2008, UFI served as the Financial Advisor to the Azusa Redevelopment Agency
for the issuance of $6,715,000 of tax allocation bonds (Series A Subordinate) and
$11,580,000 of tax allocation bonds (Series B Housing). Series A is secured by subordinate
tax increment revenues and Series B is secured by the 20% housing set-aside revenues.
SOUTH EL MONTE IMPROVEMENT DISTRICT: Tax Allocation Bonds 2005 Merged Area
In October 2008. UFI served as the Financial Advisor to the South El Monte Improvement
District for the issuance of $6,755,000 of tax allocation bonds. UFI has advised the District on
all of its financings over the past ten years, and has also provided redevelopment plan
services to the Improvement District.
FISCAL CONSULTANT SERVICES
Project Understanding
Rose , ead is seeking a fiscal consultant to assist with i e issuance of apps.ximateiy
$7,000,000 of tax allocation bonds, secured from tax increment revenues generated by its
newly merged redevelopment project area. UFI is prepared to produce a fiscal consultant
report that will include (but not limited to) the following: an analysis of existing pass-through
payments with affected taxing entities, study of top taxpayers and land use in the project area,
tax increment projections, analysis of unitary and other revenues, tax rates in the Project
Area, real estate resale and foreclosure analysis, and study of existing limitations and
amendments to the redevelopment plan.
In addition, UFI is prepared to provide Financial Advisory services in connection with the
financing. In this regard, UFI is prepared to evaluate and analyze different financing structures
(maturities, call provisions, etc.) as well as the advantages or disadvantages of bond
insurance and pass-through subordination, among other considerations. In order to receive
the best interest rates, UFI will stress the importance of the Commission's credit rating by
thoroughly preparing documents for the credit rating presentation.
It will be UFI's responsibility to verify historic tax increment and create future year tax
increment projections (based on realistic assumptions). It is necessary to review the
Commission's Redevelopment Plan and all related amendments to ensure that the debt
structure falls within the limits set forth in the Plan. In addition to the Commission's
outstanding debt, Redevelopment Project No.1 has a negotiated agreement to pass through
tax increment to the Fire District. These facts, coupled with the substantial amount of
additional unitary revenue this project area generates, means that all facets of the
redevelopment plan must be reviewed carefully to ensure a successful financing.
If retained as the Commission's Financial Advisor, Urban Futures will work closely with the
Finance Team to prepare rating and insurance presentations, and will be available at all times
to consult with the Commission by phone and/ or at meetings throughout the issuance
process.
Before the pricing of the bonds, UFI will prepare a pricing presentation which shows
comparable transactions (size, credit rating, spread to treasuries etc.), in order to evaluate the
anticipated pricing levels prior to the actual pricing date (Exhibit A- Covina Pricing Book).
Scope of Work
FISCAL CONSULTANT:
Our scope of services for a fiscal consultant report includes (and is not limited to):
1. Prepare a fiscal consultant report in conjunction with the issuance of the
Commission's proposed tax allocation bond.
2. Prepare for the client a financing structure to accomplish the financing objective.
This analysis will include setting goals and objectives relative to the issuance of both
taxable or tax exempt debt.
FISCAL CONSULTANT SERVICES
3. Evaluate the feasibility of the project/financing to include project costs, cash flows
tax increment flows and other revenue sources as appiicabie.
4. Calculate and project tax increment revenue for the next five years and review five
year of historical assessed values and tax revenue reoeilp-Ls
5. Review of the Project Area's base year assessed value, including any possible
adjustments made by the County Auditor-Controller. UFI already has an
understanding of this component with respect to Project Area No. 1.
6. Complete analysis of the Project Area's redevelopment plan, including number of plan
years remaining, and any restrictive covenants, etc. UFI already has an
understanding of this component with respect to Project Area No. 1.
7. Complete analysis of the Project Area in terms of current development activity, and
anticipated project development. This review will include on-site visits, which we feel
is a major and necessary part of our evaluation.
In considering Urban Futures, Inc. for this assignment, economies of scale will be
realized as a result of the ongoing Continuing Disclosure services and previous
redevelopment consulting services provided by our firm.
FINANCIAL ADVISOR:
Should the Commission wish to engage UFI as Financial Advisor, the following is included
(but are not limited to) in the Scope of Services:
1. Evaluate the financing structure, to include debt service schedules; call features; bond
security; flow of funds; sources and uses of funds including costs of issuance;
underwriters discount and original issue discount; investment of bond proceeds; and
estimated positive and negative cash flow to the Client.
2. Thorough review of pass-throughs, disposition and development agreements, and
owner participation agreements for the Project Area, including subordination and other
restrictive language. UFI already has an understanding of this component with
respect to Project Area No. 1.
3. Assist client staff, underwriters and other financing team members in working with
credit rating agencies and financial institutions, and prepare any presentation materials
and documentation for rating and credit reviews.
4. Work with client staff, bond counsel, disclosure counsel, underwriters and other
participants, to review. prepare and advise on information contained in the preliminary
and final official statements, Indenture of Trust, fiscal agent agreement, investment
agreements, and other legal and disclosure documents and materials required to
facilitate the sale of the bonds.
5. Prepare pricing assumptions and comparables presentation
FISCAL CONSULTANT SERVICES
fi, Assist in the final closing of the financing and monitor market conditions including
interest rate "spreads" between various tax-exempt and taxable securities, up until the
actual marketing and pricing of the bonds.
The cost for the services requested by the Client outlined below shall be based on the
following considerations:
FISCAL CONSULTANT REPORT
Based on our understanding of the Commission's redevelopment plans and existing
financing structure. UFI is prepared to provide the Fiscal Consultant Report for $10,000.
FINANCIAL ADVISORY SERVICES (OPTIONAL)
In addition, UP is proposing to serve as Financial Advisor and Pricing Consultant in
connection with the issuance of the tax allocation bonds. Should the Commission choose to
engage UFI in this capacity, UFI is prepared to provide these services for an additional fee
of $10,000.
Over the past five years, UFI has provided financial advisor services on over 150 financings. For your
review and information we are including a PARTIAL LISTING (sample) of various financings to illustrate
the depth and range of our experience.
Par Amount
Closing
Issuer
Issue
Description
of Issue
Dale
Fillmore
Revenue Bonds, 2005 Series A
Redevelopment Project Area-
$13,225,000
2/16/2005
Murrieta
Certificates of Participation
City Hall Project
$4,100,000
4 /13/2005
Lindsay
Tax Allocation Refunding Bonds
Lindsay Redevelopment Project
$4,7001000
4 14/2005
Imperial
2005 Special Tax Bonds
Community Facilities District.
$4.655,000
5 /11/2005
Murrieta
Community Facilities District
Creekside 2005 Special Tax
$18,070.000
6/21/2005
South El Monte
Tax Allocation Bonds 2005 Series A
Merged Project Area
$8,900,000
8/10/2005
Adelanto
Variable Rate Refunding Revenue
Utility System Project
$55,615,000
9 /7 /2005
Temple City
Rosemead Boulevard Redevelopment
Tax Allocation Refunding Bonds
$8,000,000
9 11512005
Lancaster
Multifamily Housing Revenue Bonds
2005 Series A
$11,000,000
9/22/200-5
Murrieta
Community Facilities District
2005 Special Tai; Bonds
$'5,335,000
10/11/2005
9
ParAmount
Closing
Issuer
Issue
Description
of Issue
Date
Corcoran
Kin _--s Counn, California 2')04
Water System Improreme
S„
Gonzales
Sewer Expansion and Water Tank Project
2005 Financing
$3.131.500
11/17/2005
Dinuba
Tax Allocation Refunding Bonds
Merged City of Dinuba
55.670,000
1211 12005
Ripon
Ripon Community Redevelopment
Tax Allocation Bonds. Issue of
$5.660,000
12/1 2005
Norco
Redevelopment Project .Area
2005 Refunding Tax Allocation
$17.345,000
12/7,12005
Manteca
Amended Merged Project Area
Variable Rate Subordinate Tax
$50.760,000
12113/2005
Tehachapi
Tehachapi Redevelopment Project
2005 Tax Allocation Bonds
$8,780,000
12/21/2005
Thousand yaks
Thousand Oaks Blvd Redevelopment
2005 Tax AllQcatioartefunding
$562140,000
1222/2005
Hughson
Tax Allocation Refunding Bonds
(Hughson Redevelopment Project)
$3.200.000
2 x'28/2006
Gonzales
Subordinate Tax Allocation Notes
Gonzales Redevelopment Project
$9.540.000
5 24/2006
Norco
Special Tax Refunding Bonds
CFD Refunding
$38.535.000
5/31/2006
Imperial
Subordinate Tax Allocation Notes
City of Imperial Redevelopment
$10.750.000
6/29/2006
Moorpark
Special Tax Bonds Series 2006
Community Facilities District.
$38,030,000
7/11/2006
Calexico
Community Facilities District No. 2005-1
2006 Special Tax Bonds
$14.710.000
7/12/2006
Cloverdale
Tax Allocation Refunding Bonds. Series
Cloverdale Redevelopment
$21,465.000
8/24/2006
Rio Vista
CFD 2006-01
Special Tax Bonds
$15.020,000
9/27/2006
Brawley
Brawley Redevelopment Project Area
2006 Tax Allocation Bonds
$57875.000
10/3 /2006
Dinuba
Tax Allocation Refunding Bonds, Issue
Merged City Of Dinuba
$17,270,000
10/18/2006
Lancaster
Tax Allocation Bonds
School District Projects
$13.655,000
11/16/2006
Upland
Tax Allocation Refunding Bonds. Issue
Community Redevelopment
$15.0001000
11/202006
Blythe
Tax Allocation Bonds
Series 2006
$5.100,000
11/21/2006
Imperial
CFD Special Tax Bonds, Series B
Bratton Development
$5.130.000
11/30/2006
Greenfield
Tax Allocation Bonds. Series 2006
County of Monterey, California
$29:810.000
12/5 2006
Manteca
Amended Merged Project Area
Subordinate Tax Allocation Bonds
$27.675.000
12/14/2006
Imperial
Community Facilities District
Savanna Ranch 2006 Special Tax
$5.000.000
12/21/2006
Lancaster
Tax Allocation Revenue Bonds. Issue of
Lancaster Residential. Fox Field,
$25,660,000
12121/2006
Moorpark
2006 Tax Allocation Bonds
Moorpark Redevelopment Project
$11.695,000
12/21/2006
Ceres
Tax Allocation Refunding Bonds. Issue
Ceres Redevelopment Project Area
$36,645,000
1221/2006
Calexico
Water System Lease Revenue Bonds
Issue of 2007
$14.030.000
1 /10/2007
10
Par Amount
Closing
Issuer
Issue
Description
of Issue
Date
s -
South El Mont;
_ r07 Tax -kiioca-ic•r, Bonus
2007 Series (Taxable)
.'200'
Lindsay
2007 Tax Allocation Bonds
Lindsay Redevelopment Project
$7,880.000
3 /292007
Banning
Tax Allocation Bonds
Mereed Downtown & Midway
$29,965,000
5 /15/2007
Lemon Grove
2007 Tax Allocation Bonds
Lemon Grove Redevelopment
$13.830,000
6 /6 /2007
Ripon
Tax Allocation Refunding Bonds
Ripon Community Redevelopment
$20,395.000
6 117 /2007
Highland
Tax Allocation Bonds
Highland Redevelopment Project
$42,645,000
6 !28/2007
Banning
Revenue Bonds Electric System Project
Series 2007
$45.790,000
7 /3 /2007
Murrieta
Tax Allocation Bonds Issue of 2007
Murrieta Development Project
$3].610,000
7 /242007
Upland
Variable Rate Demand
Housing Refunding Revenue
$18,000,000
8 /1 /2007
Colton
POB - Taxable Pension Funding Bond
Series 2007
$31.149.400
8 /8 /2007
Soledad
Tax Allocation Bonds Series 2007 A g
Soledad Redevelopment Project
$137440,000
8 /8 /2007
Redlands
POBs - Taxable Pension Funding Bonds
Series 2007
$25,862,392
8,19 '200-
Redlands
2007 Housing Set Aside
Tax Allocation Bonds
$4.640.000
8 /30/200-
Cloverdale
Subordinate Tax Allocation Bonds Series
Cloverdale Redevelopment Project
$6.155.000
9/11/2007
Dinuba
Wastewater System Revenue Bonds
Issue of 2007
53.150.000
9/25/2007
Dinuba
COP - Lease Revenue Bonds
Issue 2007 Measure "R" Road
$7,450.000
9/25/2007
Winters
2007 Water g Sewer Revenue Bond
58305.000
9/26/2007
Murrieta
Refunding Certificates of Participation
Series 2007
$9.550.000
l l/1 /2007
La Puente
Sewer Revenue Bonds
Sewer Revenue Bonds,
$10 2607000
11/29/2007
Adelanto
Variable Rate Refunding Revenue Bonds
2005 Series (Utility System)
$55.615,000
12/19/2007
Tehachapi
Tehachapi Redevelopment Project
2007 Tax Allocation Bonds
$9.120.000
12/19/2007
Artesia
Artesia Redevelopment Project Area
2007 Tax Allocation Bonds
$12,920.000
12/20/2007
Calimesa
Tax Allocation Refunding Bonds
Issue of 2008
$4.260.000
3/25/2008
Lindsay
Tax Allocation Bonds Issue 2008
Lindsay Redevelopment Project
$3,700,000
4 /3 /2008
Indio
Gas Tax Revenue Certificates of
Series 2008A
$6.000,000
4/23/2008
Auburn
Tax Allocation Bonds
Series 2008
$5.000,000
10/28/2008
Azusa
Tax Allocation Bonds (Sub Lien)
2008 Series A
$6.715,000
12/18/2008
Azusa
Tax Allocation Bonds
2008 Housing
$12.050.000
12/18/2008
Azusa
Taxable Pension Funding Bonds
Series 2008
11
$7,215,000
12/23/2008
Issuer Issu e
Desert Hol Sprin
gs Tax Allocation Bonds
Auburn
Waste Water Revenue Bonds
Covina
Waste Water Revenue Bond
Norco
Tax Allocation Bonds
South Pasadena
Water Revenue Bonds
Dinuba
Tax Allocation Note
.Artesia
Tax Allocation Bonds
Coalinga
Tax Allocation Bonds
Lancaster
Tax Allocation Bonds
Lawndale
Tax Allocation Bonds
Lindsay
Tax Allocation Note (Subordinate)
San Ramon
Taxable Pension Obligation Bonds
Par Amount
Closing
Description
of Issue
Date
2009 Housing TAB
56.1150.000
`('_'_'009
2009 Series (Insured)
$12.500.000
4/4/2009
2009 Series
$22.000.000
4'11%2009
School Districts Pass Through
$12,200,000
4/16/2009
2009 Insured
$43,4057000
5/14/2009
Merged Project.Areas
$1.370,000
5/22/2009
2009 Housing TAB
$4.000,000
5/25/2009
Series A. B & C
$6.2350,000
8/14/2009
Housing Programs
$37.5001000
8/19/2009
2009 Insured TAB
$207545.000
11/04/2009
Issue of 2009
$1,000,000
11/17/2009
Series 2010
517.65A000
1/06/2010
12
a -
FINANCIAL ADVISORY SERVICES
Young Kim, Finance Director
CITY OF LA PUENTE
15900 E. Main Street
La Puente, CA 91744
(626) 855-1506
Graham Mitchell, City Manager
Betty Hofman, Finance Director
CITY OF LEMON GROVE
3232 Main Street
Lemon Grove, CA 91945
(619) 825-3800
Ken Louie, Finance Director
CITY OF LAWNDALE
14717 Burin Ave.
Lawndale, CA 90260
(310) 973-3202
Fran Delach, City Manager
Alan Kreimeier, Finance Director
CITY OF AZUSA
213 E. Foothill Blvd
Azusa, CA 91702
(626) 812-5200
Rick Daniels, City Manager
Rudy Acosta, Redevelopmet -Director
CITY OF DESERT HOT SPRINGS
65950 Pierson Blvd.
Desert Hot Springs, CA 92240
(760) 329-6411
Anthony Ybarra. City Manager
CITY OF SOUTH EL MONTE
1415 N. Santa Anita Ave.
South El Monte, CA 91733
(626) 579-6540
Rita Geldert, City Manager
Tom Gardner, Finance Director
CITY OF VISTA
600 Eucalyptus Ave.
Vista, CA 92084
(760) 726-1340
Maria Dadian, City Manager
CITY OF ARTESIA
18747 Clarkdale Avenue
Artesia. California 90701
(562) 865-6262
13
FINANCIAL ADVISORY SERVICES
Urban Futures Inc. has served cities in many capacities and has provided serves such
as Bond Compliance Filing (Continuing Disclosure, State reports, Housing Compliance
Disclosures, Redevelopment Plan creations and amendments, Mello Roos and Mark
Roos Financing, Utility and Water Financing, among otheF services. Below is a partial « -
list of California Cities we have worked with:
Adelanto
Alameda County
Anderson Redevelopment Agency
Apple Valley
Arroyo Grande
Artesia Redevelopment Agency
Arvin Irrigation District
Azusa
Bakersfield
Baldwin Park
Banning Redevelopment Agency
Barstow
Bell Gardens
Belmont
Big Bear Lake
Big Bear Redevelopment Agency
Blythe
Blythe Redevelopment Agency
Brawley
Brawley Redevelopment Agency
Brisbane
Buena Park
Calabasas
Calexico
Calexico Community Redevelopment Agency
California Statewide Community Development
Authority (CSCDA)
Calimesa
Calipatria
Camarillo
Carson
Cathedral City
Cathedral City Redevelopment Agency
Ceres
Cerritos
Clovis
Coachella
Coalinga
Colton
Colton Joint Powers Authority
Colton Redevelopment Agency
Commerce
Concord
Corona
Costa Mesa Redevelopment Agency
Covina
Covina Redevelopment Agency
Covina, Rancho Cucamonga. Calexico, Downey
Housing Finance Agency
Crescent City
Cudahy
Delano
Delano Redevelopment Agency
Desert Hot Springs
Dinuba
Dinuba Redevelopment Agency
Downey
Duarte
Duarte Redevelopment Agency
Economic Development Corporation-Southwest
Riverside County
El Centro
El Monte, Downey San Jacinto Housing Finance
Agency
Encinitas
Escondido, Chula Vista Housing Finance Agency
Exeter
Farmersville
Fillmore
Firebaugh
Firebaugh Redevelopment Agency
Folsom
Fort Bragg
Fountain Valley
Fowler
Fresno
Fresno County
Garden Grove
Glendora
Gonzales
Grand Terrace
Greenfield Redevelopment Agency
Gridley Redevelopment Agency
Hanford
Hawaiian Gardens
Hesperia Redevelopment Agency
Highland
Highland Redevelopment Agency
Holtville
Hughson
Huntington Beach
Huntington Park
f
14
FINANCIAL ADVISORY SERVICES
Huntington ParK Reoevelopment Agency
Lawnaaie
Indio
Lemoore
Industry
Lemoore Redevelopment Agency
Kings O'ounry
Lindsay
La Veme
Livermore
_
Lafayette
Livingston
Lancaster
Loma Linda
Lancaster Housing Authority
Los Angeles County
Lancaster-Redevelopment Agency
Los Angeles, City
Los Banos
Rosemead
Manhattan Beach
Sacramento County
Manteca
San Bernardino
Manteca Redevelopment Agency
San Bernardino County
March Joint Powers Authority (Military Base
San Buenaventura
Reuse)
San Buenaventura Covina Housing Finance
Maywood
Agency
Mendota
San Diego County
Merced
San Diego County Housing Authority
Montebello
San Diego, City
Montebello Redevelopment Agency
San Dimas
Montebello Oxnard Housing Finance Agency
San Fernando
Monterey Park
San Francisco
Moorpark
San Jacinto
Moorpark Redevelopment Agency
San Juan Capistrano
Moreno Valley
San Juan Capistrano Redevelopment Agency
Morgan Hill
San Leandro
National City
San Luis Obispo, City
Needles
San Luis Obispo, County
Norco
San Marcos
Norco Redevelopment Agency
Santa Ana
Oceanside
Santa Paula
Ontario
Shasta Utility District
Ontario Redevelopment Agency
Simi Valley
Orange
South El Monte
Orange County Redevelopment Agency
Southern California Home Financing Authority
Oxnard
(SCHAFA)
Palmdale
Stanislaus County
Paramount
Stanton
Parlier
Stanton Redevelopment Agency
Pasadena
Susanville
Pasadena Community Development Com
Temple City
Phoenix, Arizona
Thousand Oaks
Pico Rivera
Union City
Pismo Beach
University of La Verne
Pittsburg
Upland Redevelopment Agency
Pomona
Upland
Pomona Redevelopment Agency
Vallejo
Port Hueneme Covina Housing Finance Agency
Ventura
Rancho Cucamonga
Victor Valley Economic Development Authority
Rancho Palos Verdes
Victorville
Redlands Redevelopment Agency
Vista
Redondo Beach
Walnut
Reedley
Walnut Improvement Agency
Rialto
West Covina
Rio Vista
Westminster
Rio Vista Redevelopment Agency
Winters Redevelopment Agency
Ripon
Winton
Riverside County
Winton Irrigation District
Rocklin
Yorba Linda
Yucaipa
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Attachment F
Revenue l,lana -,emenr for Local Cn .-mnient
Hinderliter, de Llamas R2.ssociates
HdL Coren S Cone
HdL Sofware, LLC
March 1, 2010
Mr. Matt Hawkesworth
Assistant City Manager/intemal Affairs
City of Rosemead
8838 East Valley Blvd
Rosemead, CA 91770
Dear Mr. White:
We are pleased to present this proposal to provide Fiscal Consulting Services to the Rosemead
Redevelopment Agency (the Agency) in support of the issuance of tax allocation bonds to be
secured by the tax increment revenue of the Agency's Redevelopment Project Areas (the Project
Areas). It is our understanding that the Project Areas consists of the Project Area A-1 and
Project Area 2. An overview of our firm and a description of the proposed scope of work for this
financing is described below.
L Overview and History of the Firm
HdL Coren & Cone (HdLCC) was established in 1992 to provide property tax data base
management, analytical and auditing services to cities, redevelopment agencies, special districts
and counties. HdLCC, along with Hinderliter de Llamas & Associates and HdL Software
comprise the HdL Companies. Hinderliter de Llamas & Associates provides sales tax auditing
and analytical services to California cites. HdL Software develops software to assist cities and
counties with their administrative and financial services. The business license software
developed by the firm is now in operation in 122 cities. The Software for managing the
permitting process is now in operation in 34 cities.
Our services are based upon the firm's large investment in computers and specially designed
software for the management of large property tax databases. We currently have on line more
than 400 gigabits of property tax data, including the complete secured and unsecured tax rolls for
Los Angeles County since 1991. Our software capability gives us the ability to audit an entire
county for the benefit of our clients. We have corrected the allocation of $3.2 billion in assessed
values resulting in the recovery of more than $29 million for our clients.
HdLCC currently is providing on-going property tax analytical and auditing services for 170
cities, counties, redevelopment agencies and special districts, including many within Los
Angeles County and specifically the City of Rosemead (the City). For the City and our other
clients we serve as adjunct staff on all property tax matters, including auditing county allocation
procedures, researching property tax related issues, providing revenue estimates to assist in the
budget process, and preparing updated tables for continuing disclosure.
Rosemead Redevelopment Agency
Fiscal Consultant's Report Proposal
March 1. 2010. Paee 2
In addition to our property tax expertise HdLCC has extensive experience working with
redevelopment agencies and redevelopment finance. We have assisted numerous redevelopment
agencies with statements of indebtedness, annual financial reports, continuing disclosure reports,
low and moderate income housing calculations, including deficit reduction plans and excess
surplus calculations. HdLCC has participated in the issuance of tax increment supported debt for
185 redevelopment project areas involving more than 55.2 billion of total bonds
II. Professional Qualifications
HdLCC is lead by its principals, Paula Cone and Martin Coren. Ms. Cone worked 24 years with
the City of Lawndale prior to joining the HdL Companies, including ten as assistant city
manager. She joined Hinderliter de Llamas & Associates in 1990 to develop the property tax
data base software now utilized by HdLCC. Martin Coren joined the firm in 1992 after spending
15 years as a redevelopment consultant, and five years as a legislative assistant in Sacramento.
Mr. Coren specializes in redevelopment finance and has participated in the issuance of more than
$3 billion of tax increment supported debt.
The HdLCC staff is experienced in all aspects of fiscal consulting for redevelopment agencies.
Mr. Coren will be the partner responsible for services to the Agency. All of the HdLCC staff
will be available to assist as needed with services to the Agency. Mr. Coren's principal
assistants for services to the Agency will be David Schey and/or Cheryl Murase. All HdLCC
staff is located in the Diamond Bar Office and may be reached at (909) 861-4335.
III. Scope of Services
The services under this proposal include the following:
A historical review of the assessed values of the Project Areas;
2. An explanation, if required, of any anomalies or discrepancies revealed by the
historical review of Project Area assessed values;
3. A ten-year projection of tax increment revenues for the Project Areas based upon
2009-10 assessed values, property tax growth trends and transfers of ownership;
4. A listing of the top ten taxpayers in the Project Areas and a determination of their
tax payment status (i.e. delinquencies);
5. A review of the tax allocation and disbursement procedures of Los Angeles
County;
6. A review of outstanding assessment appeals of property taxes for major tax payers
in the Project Areas;
7. Provision of tax increment projections and tables necessary for inclusion within
the bond issuance offering documents and review of the bond issuance offering
Rosemead Redevelopment Agency
Fiscal Consultant's Report Proposal
March 1, 2010, Page 3
documents as they relate to the projection of tax increment revenues and other
tables provided;
Attendance at two meetings authorized by the Agency;
Additional Services are services not described above which are authorized in
writing by the Agency. Additional Services include, but are not limited to,
additional meetings and presentations to rating agencies and insurance companies.
Additional services may also include services in regard to the addition of other
project Area of the Agency in the proposed financings.
Fee
Our fee for Items 1 through 9 is 17,500, plus 1.15 times actual incurred expenses. Actual
incurred expensed include transportation, overnight mail, data purchases from the County made
specifically for this analysis and any other expense directly attributable to the services. Our fee
for Item 11, Additional Services, shall be billed at the hourly rates listed below plus 1.15 times
actual incurred expenses:
Partner
$195.00 per hour
Principal
$175.00 per hour
Associate
$135.00 per hour
Senior Analyst
$100.00 per hour
Analyst
$ 65.00 per hour
All fees will be billed the sooner of the sale of the bonds, one year from authorization to proceed,
or a determination not to proceed with a bond issue.
Upon written authorization, HdLCC will pursue any errors discovered through our analysis that
may lead to the recovery of revenue or additional revenue to the benefit of the Agency. Any
such recovery will be billed in accordance with Paragraph B of the Consideration section of the
Property Tax Service Contract between the City of Rosemead and HdLCC. Fees for recovered
revenue will be billed separately from bond services, and upon documentation of the recovered
revenues.
Audit Review: "Audit" or "Audit Review" shall mean the comparison of databases to ensure
that parcels are correctly coded with the appropriate tax rate area to return revenue to the client
city or redevelopment agency. Audits include the secured and unsecured tax rolls and where
secured records are corrected; the corresponding unsecured records related to those properties are
also corrected. A review of the calculation methodologies developed by auditor/controller
offices in the administration of property tax revenues or tax increment revenues is made to
ensure compliance. New annexations and newly created redevelopment project areas are audited
the 1 st or 2nd year after the area's adoption due to the timing of LAFCO and the State Board of
Equalization in assigning new tax rate areas and county processing of those changes.
Recovered/Reallocated Revenue: "Recovered or Reallocated Revenue" shall mean additional
revenue received as a result of an audit or review of properties submitted for correction or for
corrections due erroneous calculations or incorrect methods of distributing revenue discovered
Rosemead Redevelopment Agency
Fiscal Consultant's Report Proposal
March 1. 2010. Paee 4
by the CONTRACTOR and then made by county agencies which result in a return of additional
revenue to the city/agency. Reviews of city administered pass through payments are performed
to ensure the correctness of distributions being made to participating agencies.
Schedule
We are prepared to provide our report within 45 days of a written authorization to proceed. Our
ability to meet this schedule is dependent upon the availability of necessary information from the
Agency, and the County. The remainder of the Scope of Services is dependent upon the
schedule of the Agency. The completion of Additional Services, if any, will be scheduled at the
time of authorization. A preliminary list of information that will be needed is attached.
Please call Martin Coren or David Schey if you have any questions.
Sincerely,
HdL COREN & CONE
Authorized by: Dated:
Bond Sen iced/Proposal/Rosemead 2010/Rosemead TABS 2010
Attachment G
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February 26, 2010
Mr. Matt Hawkesworth
Assistant City Manager
City of Rosemead
8838 East Valley Boulevard
Rosemead, California 91770
Re: Proposal for Fiscal Consultant Services
Dear Mr. Hawkesworth:
Keyser Marston Associates, Inc. (KMA) is pleased to present this proposal to provide Fiscal
Consulting Services to the Redevelopment Agency of the City of Rosemead related to the
proposed bond financing to be issued by the Agency. Pursuant to our conversation, the
proposed bonds would be secured by tax increment revenues generated by the Agency's
Redevelopment Project Nos. 1 and 2 (referred to as the Merged Project Area).
KMA is a full service real estate financial and economic consulting firm specializing in
real estate advisory and evaluation services, tax increment redevelopment services, and
redevelopment financial analyses. KM A has been serving public agencies and private
clients for 37 years and has one of the largest real estate and redevelopment advisory
practices on the West Coast. The majority of KMA assignments involve long-standing
client relationships with city and county governments, including the City of Rosemead.
QUALIFICATIONS
KMA has prepared Fiscal Consultant Reports relating to over $3.6 billion in tax allocation
bonds. The Fiscal Consultant Services required of these bond issues typically includes
an analysis of tax receipts and delinquencies, identification of the largest property
owners, estimate of fiscal impacts due to open assessment appeals, analysis of senior
lien tax sharing obligations and a long-term projection of tax increment revenues.
500 SOUTH GRAND AVENUE. SUITE 1480 > LOS ANGELES. CALIFORN IA 90071 1 PITON E: 213 622 8095 > FAX: 213 622 5204
1002020.K GSH
e99DO.00,002
%V 1A'KKEYSERAIARSTON.COM'
Mr. Matt Hawkesworth
City of Rosemead
February 26. 2010
Page 2
Recently, as a result of KMA's long-standing relationship with the City of Long Beach,
the Long Beach Redevelopment Agency retained KMA to prepare a Fiscal Consultant
Report in anticipation of the City's issuance of a Taxable Recovery Zone Economic
Development Bonds (RZEDB) to be secured by tax increment revenues from the North
Long Beach Redevelopment Project. The issuance of RZEDB's is a new financing
option being considered by qualifying communities throughout the State and the Long
Beach RZEDB issuance will be one of the first to rely upon tax increment revenues as
security for the debt service. A listing of our previous and current cities in which Fiscal
Consultant Services have been provided is attached and specific references can be
provided to you upon request.
KMA has the expertise to address the increased complexities of redevelopment finance
which demands strong technical skills in real estate, economics, redevelopment
implementation and public finance. KMA is unique among other consulting firms by
possessing this unique combination of skills. The combined knowledge and expertise in
these areas has resulted in KMA's ability to provide services, which not only comply with
the current policies and practices pertaining to redevelopment, but are based on a
fundamental understanding of real estate markets, valuation and financing.
Thirty-seven years experience in assisting all levels of public sector clients
throughout the western states in redevelopment project implementation services,
public financing, real estate market and evaluation services, and developer
selection and negotiation.
Experience and familiarity with Los Angeles County assessment and tax
allocation procedures. Prior to joining KMA eighteen years ago, Greg Soo-Hoo,
Senior Principal of the firm's redevelopment finance services, worked in the office
of the Chief Administrative Officer of the County of Los Angeles and provides
nearly 30 years of perspective and experience.
Strong Fiscal Consultant experience that comes from our integration of real
estate expertise, redevelopment practice and a strong public finance
background, results in fiscal and economic analyses appropriate for Fiscal
Consultant due diligence analysis. KMA has prepared Fiscal Consultant Reports .
for bond financings totaling over $3.6 billion.
Commitment of senior staff that are recognized leaders in redevelopment.
The philosophy and structure of our firm results in clients having maximum direct
contact with principals and other senior staff at KMA.
1002020.M .GSH
89800.000.002
Mr. Matt Hawkesworth
City of Rosemead
February 26, 2010
Page 3
An ability to be cost effective for our clients given our ability to provide
comprehensive services relating to market and financial feasibility, economic
analysis, direct implementation experience and public finance without the need
for multiple consultant's.
KMA STAFF ASSIGNMENT
A unique strength of KMA is the depth, continuity and availability of our principals. All major
work assignments are directly supervised by a principal and, when appropriate, by a
second principal, whose participation oftentimes goes beyond the review capacity. KMA's
principals are frequent speakers to industry groups such as the California
Redevelopment Association, League of Cities, Urban Land Institute, International
Council of Shopping Centers, and other similar organizations. KMA's principals have
advised both the California Legislature's Committee on Economic Development and the
California Redevelopment Association, and served on the Governor's Task Force on
Military Base Reuse. For the Fiscal Consulting services, KMA is offering a range of the
firm's resources and services through the direct involvement of senior staff in the Los
Angeles office.
Greg Soo-Hoo is the Senior Principal overseeing all fiscal consultant and financial
consulting services at KMA for the past 18 years and brings nearly 30 years of
experience in redevelopment and public finance. Greg is an advisor to the California
Redevelopment Association's redevelopment technical advisory committee and has been a
featured speaker with the California Redevelopment Association's Training Institute, as well
as with the UCLA Extension Program.
SCOPE OF SERVICES
Based upon our understanding of the City's plan for the proposed bond issue, the following
scope of services is included in our proposal:
Historic Assessed Values - The historic and current assessed values of the
Merged Project Area will be presented for 6 fiscal years (FY 2004-05 to FY 2009-
10).
2. Ten Largest Taxpayers - A listing of the 10 largest property taxpayers in the
Merged Project Area will be identified based on FY 2009-10 secured and
unsecured parcel records. To the extent any of the properties assessed to the
largest taxpayers are under an open assessment appeal, the projected fiscal impact
will also be shown.
IDOM21icua H
99900AM 2
Mr. Matt Hawkesworth
February 26, 2010
City of Rosemead Page 4
3. Taxpayer Composition by Land Use - An identification of the taxpayer
composition of the Merged Project Area based upon identified land uses for FY
2009-10 will be prepared.
4. Receipts to Levy Analysis - A receipts to levy analysis of the Merged Project Area
will be prepared based upon reported assessed values from the past 5 fiscal years
(FY 2004-05 through FY 2008-09) and compared against the reported allocations
made by the County Auditor-Controller.
5. Survey of Assessment Appeals - A listing of properties with recently resolved or
outstanding assessment appeals in the Merged Project Area will be prepared
based upon the most current assessment appeals database available from the
County Assessment Appeals Board.' The resulting fiscal impact will be
incorporated into the projection of tax increment revenues and future taxable
values.
6. County Allocation Procedures -A review of the current County Auditor-
Controller allocation procedures will be outlined based upon information provided
by County staff.
Analysis of New Developments - An identification of new developments
occurring in the Merged Project Area will be conducted by KMA based upon
background information to be identified and provided by Agency staff.
8. Growth Projection of Tax Increment Revenues - A multi year projection of the
tax increment revenues for the Merged Project Area will incorporate the
projection of additional new developm ent taxable value, trended valuation
assumptions and tax refund and valuation impacts resulting from assessment
appeals identified.
9. No Growth Projection of Tax Increment Revenues - An alternative "no growth"
projection of the tax increment revenues for the Merged Project Area will be
prepared so as to reflect the plan effectiveness termination of Project No. 1.
10. Review of Contractual and Statutory Pass Through Allocations - A review of
the Merged Project Area's contractual pass through and statutory pass through
obligations will be incorporated into the tax increment revenue projection based
upon KMA's review of the contractual tax sharing agreements and Agency
' The most recent Quarterly Assessment Appeals database from the County Assessment
Appeals Board will be acquired for this analysis.
1002020.K GSH
09900.000.002
Mr. Matt Hawkesworth
City of Rosemead
February 26, 2010
Page 5
statutory pass through documents. For purposes of the projection, the County
Auditor-Controller's methodology for statutory pass through computations will be
incorporated into the revenue projection.
11. Submission of Draft and Final Fiscal Consultant Report - A draft Fiscal
Consultant Report will be submitted to the Agency and financi ng team for review
and comment 2. A final Report incorporating any updated i nformation and
comments from the Agency and financing team will then be submitted for
inclusion in the Agency's offering document.
ESTIMATED FEE AMOUNT
The total fee for the scope of services is $19,000. The fee amount is a fixed-fee and is
exclusive of out-of-pocket expenses and Additional Services for work beyond the stated
work scope.
It should be noted that KMA does not charge an additional premium for the inclusion of the
Fiscal Consultant Report in any public offering documents.
KMA's attendance to meetings or participation in any finance team conference calls will be
at the discretion of the Agency and will be billed as an Additional Service. Additional
Services, beyond the Scope of Services described above, to the extent authorized by
the Agency. will be billed monthly at KMA's prevailing hourly rates per the attached
schedule.
Directly related job expenses not included in the proposed fee or hourly rates include:
auto mileage, air fares, hotels or motels, meals, car rentals, taxies, telephone calls,
delivery, electronic data processing, graphics and printing. Directly related job expenses
will be billed at 110% of cost. M onthly billings for staff time and expenses incurred during
the period will be payable within thirty (30) days of invoice date. A charge of 1% per
month will be added to all past due accounts.
DELIVERABLES
KMA will make every reasonable effort to complete the Draft and Final Fiscal Consultant
Reports by the dates stipulated by the financing team. KMA will require a minimum of three
(3) weeks to complete the Draft Fiscal Consultant Report commencing from KMA's receipt
2 One draft Report and one final Report are included in the work scope. Any interim draft Reports
can be created at the request of the Agency or City and will be charged as Additional Services.
1002020.K GSM
99900.000.002
Mr. Matt Hawkesworth
City of Rosemead
February 26, 2010
Page 6
of a written authorization to proceed and receipt of all of the requested information shown
on the attached information request.
We look forwarding to teaming with you and are available to answer any questions
pertaining to this proposal.
Sincerely,
KEYSER MARSTON ASSOCIATES, INC.
Greg Soo-Hoo
Senior Principal
Attachments
10020N. GSH
99900.000.002
KEYSER MARSTON ASSOCIATES, INC.
PUBLIC SECTOR HOURLY RATES
2008/2009
A. JERRY KEYSER*
$280.00
MANAGING PRINCIPALS
$280.00
SENIOR PRINCIPALS*
$270.00
PRINCIPALS*
$250.00
MANAGERS*
$225.00
SENIOR ASSOCIATES
$187.50
ASSOCIATES
$167.50
SENIOR ANALYSTS
$150.00
ANALYSTS
$130.00
TECHNICAL STAFF
$95.00
ADMINISTRATIVE STAFF
$80.00
Directly related job expenses not included in the above rates are: auto mileage, air fares, hotels
and motels, meals, car rentals, taxies, telephone calls, delivery, electronic data processing,
graphics and printing. Directly related job expenses will be billed at 110% of cost.
Monthly billings for staff time and expenses incurred during the period will be payable within
thirty (30) days of invoice date.
Rates for individuals in these categories will be increased by 50% for time spent
in court testimony.
Representative Listing of Tax Allocation Bond Financings
Keyser Marston Associates Retained as Fiscal Consultant
Redevelopment Agency and Bond Issue Par Amount
Alameda Community Improvement Commission
Business and Waterfront Improvement District
2002 Subordinate Taxable Tax Allocation Bonds, Series B $4,640,000
Merged Project Area
2003 Tax Allocation Bonds $50,000,000
Alameda Public Finance Authority
Business and Waterfront Improvement District
2002 Tax Increment Financing, Series A $10,000,000
2002 CFD No. 4 Financing, Series B $5,220,000
Alhambra Redevelopment Agency
Industrial Redevelopment Project
Senior Tax Allocation Bonds, Series 2005 A $15,495,000
Subordinate Tax Allocation Bonds, Series 2005 B $7,220,000
Anaheim Redevelopment Agency
2007 Tax Allocation Refunding Bonds, Series A
$138,730,000
2007 Tax Allocation Refunding Bonds, Series B
$27,195,000
2007 Housing Tax Allocation Refunding, Series C
$7,220,000
2007 Housing Tax Allocation Refunding, Series D
$28,535,000
Brea Redevelopment Agency
Redevelopment Project AB
1991 Tax Allocation Bonds Series A and B $164,000,000
1993 Tax Allocation Refunding Bonds $97,500,000
2001 Tax Allocation Refunding Bonds, Series A $56,170,000
2001 Subordinate Tax Allocation Refunding Bonds, Series B $5,260,000
2003 Tax Allocation Bonds $120,497,865
Redevelopment Project C
1997 Senior Lien Tax Allocation Refunding Bonds
$14,965,000
1997 Subordinate Tax Allocation Bonds Refunding Bonds
$3,050,000
2008 Tax Allocation Revenue Bonds, Series A
$18,900,000
2008 Taxable Tax Allocation Revenue Bonds, Series B
$2,025,000
Burbank Community Facilities District
The Collection Public Parking Facility
2006 Special Tax Bonds $6,155,000
Carlsbad Redevelopment Agency
Village Redevelopment Project
Tax Allocation Bonds, Series A $12,000,000
Page 1 of 7 as of 2/25/2010
Representative Listing of Tax Allocation Bond Financings
Keyser Marston Associates Retained as Fiscal Consultant
Redevelopment Agency and Bond Issue Par Amount
Commerce Community Development Commission
Redevelopment Project Area 1
Tax Allocation Refunding Bonds, Series 1997A $30,755,000
Tax Allocation Refunding Bonds, Series 1998A $5,610,000
Refunding Bonds, Series 1997B $19,275,000
Merged Redevelopment Project Area
Tax Allocation Bonds, Series 1998A $9,935,000
Culver City Redevelopment Agency
Merged Project Areas
Tax Allocation Refunding Bonds, 1999 Series A
$31,940,000
Subordinate Tax Allocation Refunding Bonds, 1999 Series B
$19,535,000
Tax Allocation Bonds, 2002 Series A
$28,280,000
Tax Allocation Refunding Bonds, 2004 Series A
$83,470,000
Tax Allocation Refunding Bonds, 2005 Series A
$17,315,000
El Monte Redevelopment Agency
El Monte Center Redevelopment Project
Tax Allocation Revenue Bonds, Series 1998 $9,655,000
Healdsburg Redevelopment Agency
Sotoyome Community Development Project
2002 Tax Allocation Bonds, Series A & C $19,920,000
Indian Wells Redevelopment Agency
Consolidated Whitewater Project
2003 Tax Allocation Bonds, Series A $44,175,000
2003 Taxable Tax Allocation Bonds, Series A-T $45,260,000
Las Vegas Redevelopment Agency
Downtown Redevelopment Project
Tax Increment Revenue Bonds, Series 2009A $85,000,000
Long Beach Redevelopment Agency
Pacific Court Apartments
Multi-Family Housing Revenue Bonds, 1993 Issue B $25,000,000
Long Beach Finance Authority
Redevelopment, Housing and Gas Utility Financings
Revenue Bonds, 2005 Series A and B $192,432,305
Page 2 of 7 as of 2/25/2010
Representative Listing of Tax Allocation Bond Financings
Keyser Marston Associates Retained as Fiscal Consultant
Redevelopment Agency and Bond Issue Par Amount
Downtown and North Long Beach Project. Areas
2005 Series C Tax Allocation Revenue Bonds $35,045,000
Long Beach Redevelopment Agency
Downtown Redevelopment Project
Tax Allocation Refunding Bonds 1992 A & B $125,000,000
West Long Beach Industrial Project
Tax Allocation Bonds 1992 $40,000,000
1996 Tax Allocation Refunding Bonds $25,365,000
Downtown, North, Poly High & West Beach Projects
Tax Allocation Revenue Bonds, 2002 Series A $77,715,000
West Long Beach Industrial & Downtown Projects
Tax Allocation Revenue Bonds, 2002 Series B $47,780,000
Redevelopment, Housing, & Gas Utility Financings
Revenue Bonds, 2005 Series A $77,447,305
Taxable Revenue Bonds, 2005 Series B $114,985,000
North Long Bearch Project
2010 Taxable Recovery Zone
Economic Development Bonds Pending
Los Angeles Community Redevelopment Agency
Little Tokyo Redevelopment Project Area
Tax Allocation Refunding Bonds, Series C $15,665,000
Maywood Redevelopment Agency
Westside Redevelopment Project Area
Redevelopment Project Area No. 2
Tax Allocation Bonds, Series 1999 $2,635,000
Modesto Public Financing Authority
Modesto Redevelopment Project, As Amended
Lease Revenue Bonds, Series 1998 $61,430,000
Oceanside Redevelopment Agency
Downtown Redevelopment Project
2004 Refunding Tax Allocation Bonds $13,510,000
Downtown Redevelopment Project
2003 Refunding Tax Allocation Bonds $7,740,000
Page 3 of 7 as of 2/25/2010
Representative Listing of Tax Allocation Bond Financings
Keyser Marston Associates Retained as Fiscal Consultant
Redevelopment Agency and Bond Issue Par Amount
Downtown Redevelopment Project
Subordinate 2002 Tax Allocation Bonds $22,030,000
Downtown Redevelopment Project
Subordinate 2003 Tax Allocation Bonds $17,700,000
Pomona Financing Authority
Merged Project Area
2005 Taxable Housing Tax Revenue Bonds, Series AQ $10,065,000
Merged Project Area
2005 Local Agency Revenue Bonds, Series AL $11,370,000
Merged Project Area
2006 Revenue Bonds, Series AS $26,305,000
2006 Taxable Revenue Bonds, Series AT $8,355,000
2006 Lease Revenue Bonds, Series AU $2,540,000
2006 Taxable Lease Revenue Bonds, Series AV $10,790,000
2006 Subordinate Revenue Bonds, Series AX $25,865,000
2007 Revenue Bonds, Series AY $99,370,000
2007 Taxable Revenue Refunding Bonds, Series AZ $6,930,000
2007 Subordinate Revenue Bonds, Series AW $8,375,000
Pomona Redevelopment Agency
Holt Avenue/Indian Hill Redevelopment Project
1997 Tax Allocation Refunding Bonds, Series S $3,150,000
Reservoir Street Redevelopment Project
1997 Tax Allocation Refunding Bonds, Series T $3,485,000
Southwest Redevelopment Project
1991 Revenue Bonds, Series K $51,500,000
1993 Series L Bonds $57,075,000
1993 Series M Bonds $4,700,000
1998 Refunding Revenue Bonds, Series W $52,335,000
Downtown Redevelopment Project No. 2
1998 Tax Allocation Refunding Bonds, Series U $3,535,000
Downtown Redevelopment Project No. 1
1998 Tax Allocation Refunding Bonds, Series Z $790,000
West Holt Redevelopment Project
1998 Tax Allocation Refunding Bonds, Series Y $9,250,000
Page 4 of 7 as of 2/25/2010
Representative Listing of Tax Allocation Bond Financings
Keyser Marston Associates Retained as Fiscal Consultant
Redevelopment Agency and Bond Issue Par Amount
Mountain Meadows Redevelopment Project
1998 Tax Allocation Refunding Bonds, Series X $5,190,000
Merged Redevelopment Project
2001 Revenue Bonds, Series AD $38,200,000
Merged Redevelopment Project
2003 Revenue Bonds, Series AH $46,650,000
2003 Subordinate Revenue Bonds, Series Al $23,425,000
Poway Redevelopment Agency
Paguay Redevelopment Project
Subordinated Tax Allocation Notes, Issue of 1999
$7,945,000
Tax Allocation Refunding Bonds, Issue of 2000
$39,915,000
Tax Allocation Bonds, Series 2001
$76,395,000
Tax Allocation Bonds, Series 2003A
$150,300,000
Tax Allocation Bonds, Series 2003B (Taxable)
$4,000,000
Tax Allocation Bonds, Series 2007
$26,695,000
San Juan Capistrano Redevelopment Agency
Central Redevelopment Project
Tax Allocation Bonds, 2008 Series A $9,820,000
Housing Bonds, 2008 Series B (Taxable) $10,540,000
Santa Ana Community Development Agency
South Main Street Redevelopment Project Area
Tax Allocation Bonds, Series 2003A $20,945,000
Tax Allocation Refunding Bonds, Series 2003B $34,145,000
Refunding Certificates of Participation 2003 Series A $16,985,000
Tax Allocation Bonds, 2010 Pending
Santa Clara Redevelopment Agency
Bays
hore
North Project
1992
Tax
Allocation
Refunding Bonds
$74,240,000
1999
Tax
Allocation
Bonds Series A
$31,550,000
1999
Tax
Allocation
Bonds Series B
$16,905,000
2002
Tax
Allocation
Refunding Bonds
$33,910,000
2003
Tax
Allocation
Bonds
$43,960,000
Page 5 of 7 as of 2/25/2010
Representative Listing of Tax Allocation Bond Financings
Keyser Marston Associates Retained as Fiscal Consultant
Redevelopment Aoencv and Bond issue Par Amount
Santa Fe Springs Community Development Cornmission
Consolidated Redevelopment Project
1997 Tax Allocation Refunding Bonds
$8,590,000
2001 Tax Allocation Bonds, Series A
$25,000,000
2002 Tax Allocation Refunding Bonds, Series A
$50,915,000
2003 Taxable Tax Allocation Refunding Bonds, Series A
$6,530,000
2006 Tax Allocation Bonds, Series A
$27,658,493
2006 Taxable Tax Allocation Bonds, Series B
$18,760,000
2007 Refunding Tax Allocation Bonds, Series A
$43,015,000
Santa Monica Redevelopment Agency
Ocean Park Project Area
1992 Tax Allocation Refunding Bonds $11,325,000
Santee Redevelopment Agency
Santee Community Redevelopment Project
Revenue Bonds, Series 1993 $17,780,000
Southeastern Economic Development Corporation
SanZiego Redevelopment Agency
Southcrest, Central Imperial & Mt. Hope Projects
Pooled Financing Bonds, 2007 Series A Taxable $17,230,000
Pooled Financing Bonds, 2007 Series B Tax-Exempt $17,755,000
Central Imperial Redevelopment Project
Tax Allocation Bonds, Series 2000 $3,395,000
Gateway Center West Redevelopment Project
Tax Allocation Bonds, Series 1995 $1,400,000
Southcrest Redevelopment Project
Tax Allocation Bonds, Series 2000 $1,860,000
Tax Allocation Bonds, Series 1995 $3,650,000
Mount Hope Redevelopment Project
Tax Allocation Bonds, Series 1995 A $1,180,000
Tax Allocation Bonds, Series 1995 B $4,050,000
Temple City Financing Authority
Rosemead Boulevard Redevelopment Project
1993 Revenue Bonds $4,645,000
Page 6 of 7 as of 2/25/2010
Representative Listing of Tax Allocation Bond Financings
Keyser Marston Associates Retained as Fiscal Consultant
Redevelopment Agency and Bond Issue
Turlock Redevelopment Agency
Turlock Redevelopment Project, As Amended
Revenue Bonds, Series 1999
Vista Community Development Commission
Vista Redevelopment Project
1995 Tax Allocation Bonds
1998 Tax Allocation Bonds, Series A
1998 Tax Allocation Bonds, Series B
1998 Housing Set Aside Bonds, Series A
1998 Housing Set Aside Bonds, Series B
2001 Tax Allocation Bonds
2005 Tax Allocation Refunding Bonds
2005 Housing Set Aside Bonds
Par Amount
$4,970,000
$32,550,000
$5,645,000
$8,935,000
$6,445,000
$1,910,000
$12,150,000
$26,910,000
$2,490,000
Par Amount of Bonds (rounded)
KMA has served as Fiscal Consultant $3,621,000,000
Page 7 of 7 as of 2/25/2010
DATA REQUEST LIST FOR FISCAL CONSULTANT REPORT
County Auditor-Controller Data
1. FY 2009-10 County Auditor-Controllers monthly Remittance Advice for the period from November
2009 to the present.
2. FY 2004-05 to FY 2008-09 County Auditor-Controller's monthly Remittance Advice for only
December and August of each fiscal year.
3. FY 2004-05 to FY 2008-09 County Auditor-Controllers year-end Statement of Annual Property Tax
Disbursements.
4. County Auditor-Controller correspondence and estimate of AB 1389 statutory pass through
payments for FY 2008-09 and for the period FY 2004-05 to FY 2007-08.
5. Agency AB 1389 Excel spreadsheets and correspondence to the County, the State Controller and
other taxing agencies.
Redevelopment Agency Data
6. Merged Project Area boundary map
7. Redevelopment Plans, as amended, plus a summary of Plan time limitations.
8. Agency summary ordinances, if any, related to SB 1045 and SB 1096 plan extensions.
9. Agency summary ordinances, if any, related to SIB 211 elimination of the debt incurrence time limit
of the Merged Project Area.
10. Agency SERAF funding plans and correspondence to the County regarding such plans.
11. Taxing agency pass-through agreements and the Agency's methodology for the historic annual
allocations.
12. Identification by Assessor Parcel Number of properties, which have been acquired by any public
entities (including the Agency or City) after January 1, 2009, or will be acquired at some future
date. Please include estimated dates of acquisition and conveyance.
13. New development information for projects recently completed or under construction in the Merged
Project Area. Please includespecific information regarding:
a. Development description
b. Square footage or number of units
c. Start and completion dates
d. Location by address or Assessor Parcel Number
e. Quality of construction and story height, if available
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Rosemead Community Development Commission
2010 Tax Allocation Bonds (Merged Project Area)
Estimated Costs of Issuance
Bond Counsel:
$60,000
Disclosure Counsel:
$35,000
Fiscal Consultant:
$10,000
Underwriter:
$98,000
Underwriter's Counsel:
$10,000
Rating Agency:
$15,000
Printer:
$5,000
Trustee:
$2,000
Contingency: $10,000
Total: $245,000
Note: Estimated fees assume bond issuance size of $7.0 million (net
proceeds). Fees will ultimately vary based on actual size of final bond
issuance.