Public Finance
Fiscal Consultant Reports
Redevelopment Agency of the City of San Jose, Merged Area Redevelopment Project Tax Allocation Bonds Series 2007A-T and B. Issue size: $21,330,000 (A), $189,360,000 (B). Issue date: November 7, 2007
Redevelopment Agency of the City of San Mateo, Merged Area Tax Allocation Refunding Bonds 2007 Series A. Issue size: $46,135,000. Issue date: May 1, 2007.
Redevelopment Agency for the County of Riverside, Jurupa Valley Redevelopment Project Area 2007 Tax Allocation Refunding Bonds. Issue size: $89,990,000. Issue date: April 26, 2007.
Redevelopment Agency of the City of San Jose, Merged Area Redevelopment Project Tax Allocation Refunding Bonds Series 2006C-F. Issue size: $750,000,000. Issue date: December 15, 2006
Riverside County Public Financing Authority, 2006 Series B Tax Allocation Revenue Bonds (Redevelopment Project Area No. 1 and Mid-County Redevelopment Project). Issue size: $33,820,000. Issue date: October 18, 2006
Riverside County Public Financing Authority, 2006 Series A Tax Allocation Revenue Bonds (Jurupa Valley, Desert Communities and Interstate 215 Corridor Redevelopment Projects). Issue size: $169,720,000. Issue date: October 11, 2006
Redevelopment Agency of the City of San Jose, Merged Area Redevelopment Project Tax Allocation Bonds Series 2006A-T and B. Issue size: $14,300,000 (A), $67,000,000 (B). Issue date: November 1, 2006
Redevelopment Agency of the City of Indian Wells, Consolidated Whitewater Redevelopment Project Area Tax Allocation Bonds, Series 2006A. Issue size: $67,805,000. Issue date: October 4, 2006
Redevelopment Agency of the County of Alameda, Eden Area Redevelopment Project Tax Allocation Bonds Series 2006A. Issue size: $34,735,000. Issue date: January 19, 2006
Stanislaus County Redevelopment Agency (Keyes Storm Drain Project), 2005 Tax Allocation Bonds. Issue size: $15,615,000. Issue date: December 8, 2005
Riverside County Public Financing Authority, 2005 Tax Allocation Revenue Bonds (County of Riverside Redevelopment Projects. Issue size: $144,075,000. Issue date: August 17, 2005
Redevelopment Agency of the City of San Jose, Merged Area Redevelopment Project Tax Allocation Refunding Bonds Series 2005A and B. Issue size: $152,950,000 (A), $67,130,000 (B). Issue date: July 14, 2005
Redevelopment Agency of the City of San Jose, Merged Area Redevelopment Project Subordinate Housing Set-Aside Tax Allocation Variable-Rate Demand Bonds (AMT), Series C and D. Issue size: $33,075,000 (C), $33,075,000 (D). Issue date: June 24, 2005.
Redevelopment Agency of the City of San Jose, Merged Area Redevelopment Project Subordinate Housing Set-Aside Tax Allocation Variable-Rate Demand Bonds (AMT), Series A and B. Issue size: $10,445,000 (A), $119,275,000 (B). Issue date: June 14, 2005.
Redevelopment Agency of the City of San Mateo, Merged Area Tax Allocation Bonds 2005 Series A and Merged Area Housing Set-Aside Tax Allocation Bonds 2005 Series A (Taxable). Issue size: $38,665,000 (A), $11,195,000 (A-Taxable). Issue date: June 9, 2005
City of Campbell Redevelopment Agency, Central Campbell Redevelopment Project Tax Allocation Bonds, Series 2005A. Issue size: $12,300,000. Issue date: May 10, 2005
Redevelopment Agency for the County of Riverside, 2005 Tax Allocation Housing Refunding Bonds, Series A. Issue size: $18,245,000. Issue date: April 5, 2005.
Redevelopment Agency of the City of Novato, Hamilton Field Redevelopment Project Tax Allocation Bonds, Series 2005. Issue size: $24,835,000. Issue date: February 2, 2005
Riverside County Public Financing Authority, 2004 Tax Allocation Revenue Bonds (County of Riverside Redevelopment Projects. Issue size: $102,785,000. Issue date: December 14, 2004
Redevelopment Agency for the County of Riverside, 2004 Tax Allocation Housing Bonds Series A and 2004 Taxable Tax Allocation Bonds Series A-T. Issue size: $32,225,000 (A), $37,000,000 (A-T). Issue date: December 14, 2004.
Redevelopment Agency of the City of San Leandro, West San Leandro/MacArthur Boulevard Redevelopment Project Tax Allocation Bonds, Series 2004. Issue size: $5,500,000. Issue date: June 2, 2004.
Redevelopment Agency of the City of San Jose, Merged Area Redevelopment Project Housing Set-Aside Taxable Tax Allocation Bonds, Series J and K. Issue size: $55,265,000 (J), $13,735,000 (K). Issue date: July 1, 2003
Redevelopment Agency of the City of San Leandro, Plaza Redevelopment Project Tax Allocation Bonds, Series 2002. Issue size: $15,935,000. Issue date November 19, 2002
Town of Los Gatos Certificates of Participation, 2002 Series A (Capital Improvement Projects). Issue size: $10,275,000. Issue date: July 19, 2002.
City of Campbell Redevelopment Agency, Central Campbell Redevelopment Project Tax Allocation Bonds, Series 2002. Issue size: $15,000,000. Issue date: June 13, 2002.
Redevelopment Agency of the City of San Jose Merged Area Redevelopment Project Tax Allocation Bonds, Series 2002. Issue size: $350,000,000. Issue date: January 15, 2002.
Town of Danville Financing Authority Taxable Revenue Bonds, 2001 Series A (Community Development Agency of the Town of Danville – Downtown Redevelopment Project). Issue size: $3,750,000. Issue date: December 12, 2001
Redevelopment Agency of the City of San Mateo, Merged Area Tax Allocation Bonds 2001 Series A. Issue size: $42,570,000. Issue date: June 18, 2001
Redevelopment Agency for the County of Riverside, Jurupa Valley Project Area, 2001 Tax Allocation Bonds. Issue size: $90,025,000. Issue date: April 4, 2001.
Milpitas Redevelopment Agency Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2000. Issue size: $8,000,000. Issue date: September 6, 2000.
City of Campbell Redevelopment Agency, Central Campbell Redevelopment Project Tax Allocation Bonds, Series 1999A and B. Issue size: $8,335,000 (A), $2,355,000 (B). Issue date: October 26, 1999.
Redevelopment Agency of the City of San Mateo, Merged Area Tax Allocation Bonds 1997 Series A, Merged Area Tax Allocation Refunding Bonds 1997 Series B (Taxable), Merged Area Housing Set-Aside Tax Allocation Bonds 1997 Series A (Taxable). Issue size: $21,965,000 (A), $11,240,000 (B), $6,155,000 (A Taxable). Issue date: October 22, 1997.
Other Services
Urbics: Urban Analytics provides online reports on property ownership and assessment information organized by local governmental entities through www.urbics.com.. The site is used by clients, rating agencies, insurers, underwriters, bond buyers and others.
Continuing Disclosure (Riverside County Redevelopment Agency): Urban Analytics provides the Agency with material to meet continuing disclosure requirements on the Agency’s bonds.
Sufficiency Test (City of Milpitas): Urban Analytics provided the insurer of the redevelopment agency’s tax allocation bonds with an annual analysis of the coverage available to the agency through the project area’s life; the project area is expected to reach a tax increment cap prior to the termination date of the redevelopment plan itself.
Evaluation of Financing Capacity (City of Oakland): Provided the City with an evaluation of the financing capacity potentially available in its redevelopment project areas. The analysis included reviewing constraints imposed by existing indebtedness; limitations of the plans themselves; and the potential gains from merging project areas.
FISCAL ANALYSIS
Renegotiation of Redevelopment Tax-Sharing Agreement (County of Alameda) Advised the Director of Finance on the revision of a complex fiscal agreement with a redevelopment agency. In addition to quantifying the potential lost revenue under various scenarios, the firm assisted the County in defining and articulating its negotiating position.
Property Tax Audit (County of Riverside) An audit of tax increment revenue within several large redevelopment project areas uncovered over 22 million in misallocated assessments. Using parcel maps in the firm's GIS system, over 230 parcels were identified as having been mis-assigned to tax area codes outside of redevelopment. The County corrected the major errors, providing the Agency with substantially greater revenue.
Analysis of Misallocated Unsecured Revenue (San Jose Redevelopment Agency) Analyzed millions of unsecured tax payments made to the County of Santa Clara over a nine-year period to identify a class of assessments - escapes - that were not allocated to this and other redevelopment agencies. The firm's methodology, subsequently adopted by the County, identified over $12 million in total revenue that had not been allocated to the Agency.
Tax Increment Verification Services (City of Clearlake Redevelopment Agency) Prepared a thorough review of the Agency’s increment revenue, including evaluation of the County's tax allocation procedures, verification of base year valuation, implementation of tax-sharing agreements and recalculation of tax increment. The project resulted in substantial positive adjustments to the Agency’s revenue.
Preliminary Financial Analysis (City of Albany) Provided the City with an analysis of the property tax revenue potential from prospective redevelopment project area sites. Using several development scenarios the analysis examined the tax increment revenue that could be anticipated following construction of an entertainment complex, an auto mall and a home furnishings center. In addition to establishing tax increment projections, the analysis incorporated several bonding scenarios using the projected debt service capacity. A comparison of the annual revenue available for capital projects under the various scenarios with the capital requirements of the various development types enabled City staff and Council to reach conclusions regarding the overall feasibility of pursuing a redevelopment strategy.
Assessed Valuation Change Analysis (San Mateo Redevelopment Agency) Evaluated the dynamics underlying the year-to-year change in the Agency’s assessment rolls. The analysis separately evaluated year-to-year change in land, improvements and personal property valuations and related real property roll changes to assessment appeals, ownership changes and basic inflationary growth, allowing conclusions to be drawn regarding the impact of assessment appeals while also isolating the significant effect played by loss of a particular business property and identifying a large group of properties which experienced no change in assessment.
Opinion on Tax Increment Allocation Methods (San Rafael Redevelopment Agency) Reviewed the propriety of the tax increment allocation method used by Marin County. The opinion, provided in preparation for a bond issue, involved a complex formulation arising from County ERAF allocations as applied to redevelopment agencies.
Analysis of Tax Increment Allocations (Campbell Redevelopment Agency) Provided the Agency with an analysis of the property tax allocations from a complex land-lease arrangement on school district property and also identified the source of unusual and large fluctuations in the unsecured roll over several years. The firm also provided the Agency with an analysis of the impact of assessment appeals on tax increment.
Evaluation of County Revenue Adjustments (Mid-Peninsula Regional Open Space District) The District retained the firm to evaluate a substantial decrease in their revenue. The evaluation involved reviewing the property tax revenue allocation procedures of the County with respect to recipient jurisdictions and determining the cause and propriety of a current-year adjustment made by the County.
Regional Revenue-Sharing Model (City of San Jose) Developed a model for the City to demonstrate a potential system of revenue-sharing among local governments. The model utilized housing and population factors as a means of reallocating revenue among jurisdictions within a region.
Revision of Tax-Sharing Formula (County of Alameda) The firm evaluated and recommended a revised formula used to apportion property tax revenue during an annexation. Comparing it with several other formulae in use around the state, the analysis highlighted the fiscal merits to the County of various adjustments to the formula. The County has adopted the recommended revision.
Fiscal Impact of Annexations (County of Alameda) Several fiscal impact evaluations were conducted for proposed annexations, identifying potential revenue losses to the County, its redevelopment agency and various taxing entities. Among the complexities dealt with was a fiscal agreement for a portion of a project area jointly operated by the County and another City within an annexation area.
REDEVELOPMENT
Budget Projections and Pass-Through Payment Calculations (City of San Leandro) Urban Analytics provides the city with annual budget projections and passthrough payment calculations for its redevelopment agency, including complex adjustments for a join County-City project area and a reimbursement calculation for a major assessment appeal-related refund.
Pass-Through Payment Calculations (Campbell Redevelpoment Agency) Prepared a projection model for use by Agency staff in calculating the annual payments made to taxing entities under existing pass-through agreements. The modelincorporated complex contractual payment formulae as well as a mechanism tracking cumulative tax increment that will trigger a future conversion to AB1290 pass-through payment schedules.
Fiscal Analysis for Redevelopment Plan Adoption (San Leandro Redevelopment Agency) Prepared an analysis of the financial feasibility of a redevelopment plan for inclusion in the Preliminary Report.
Redevelopment Plan Amendment (San Mateo Redevelopment Agency) The firm conducted tax increment projections for amendments to two project areas, demonstrating the financial feasibility of merging the plans, extending their time limits and setting new tax increment caps. In the course of the plan amendment process, concerns were raised by several ‘basic aid’ school districts regarding their prospective pass-throughs. To address these concerns, detailed projections were prepared for each of ten jurisdictions, including the school districts, eligible for pass-throughs under AB1290 (the analysis was sufficiently detailed to uncover an error in the basic-aid pass-through formula set out in the AB1290 legislation). Pass-through payments under existing agreements were also computed for comparison. In addition, three different sets of projections were created based on three build-out scenarios in the project areas. Finally, the projections fed into a capital budget model that permitted evaluation of various levels of bonding. In the end, the analysis included over sixty revenue projections, answering the concerns of the school districts, the Agency’s board and Agency staff while providing the basic tax increment cap calculation required for the amendment.
Redevelopment Implementation Plan (Arcata Community Development Agency) Prepared the tax increment financing plan portions of a Redevelopment Implementation Plan for the Agency in conjunction with Vernazza Wolfe Associates, Inc.
Redevelopment Implementation Plan (Milpitas Redevelopment Agency) With Vernazza Wolfe Associates, Inc., prepared a five-year implementation plan for the Agency.
Fiscal Analysis of Proposed Waterfront Development (City of Alameda) In anticipation of a development proposal for a waterfront site, the firm prepared an analysis of issues that needed to be addressed in negotiations. The analysis included zoning matters, public finance issues, and obstacles pertaining to redevelopment.
Review of DDA (City of Alameda) Analyzed a Disposition and Development Agreement proposed by a developer.
Evaluation of Assessment Appeals (San Jose Redevelopment Agency) A comprehensive review of assessment appeals within the Agency's project areas, the analysis focused on quantification of the Agency's exposure to appeals and revealed this exposure to be significantly less than expected.
Tax Increment Verification (San Jose Redevelopment Agency) Provided a review of the tax rates assigned to parcels and unsecured values within redevelopment project areas using assessment data provided by the County, identifying several misassigned parcels.
Review of Assessment Practices (San Jose Redevelopment Agency) An ongoing project providing a range of assessment-related services for the San Jose Redevelopment Agency, including analyzing receipts from the supplemental roll, monitoring projects in redevelopment areas subject to supplemental assessments, verifying the validity of property tax exemptions in redevelopment areas, analyzing the nature of projects identified as publicly owned, monitoring sales of properties in redevelopment areas, and evaluating revisions to the County tax increment allocation procedure.
Tax Rate Analysis (San Jose Redevelopment Agency) Produced an analysis of the tax rates applicable to the Agency in two comprehensive reports that describe the purpose, procedures and principles behind the calculation of tax rates, including the AB8 allocation, as well as projecting tax rates within project areas.
Floor Area Ratio and Density Bonus Multipliers (San Jose Redevelopment Agency) Established new floor area ratios for downtown commercial and residential buildings for the Agency, which has planning jurisdiction over the downtown area. In addition, specific density bonus multipliers were calculated for a range of amenities, such as childcare facilities and arcades. Pro forma analysis was applied to prototype buildings to evaluate the economic feasibility of various multipliers.