TRANSMITTAL. To: Date: fjun 24 20H THE COUNCIL. From: THE MAYOR TRANSMITTED FOR YOUR CONSIDERATION. PLEASE SEE ATTACHED. 1i4~~~GOSA.
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1 TRANSMITTAL To: Date: fjun 24 20H THE COUNCIL From: THE MAYOR TRANSMITTED FOR YOUR CONSIDERATION. PLEASE SEE ATTACHED. 1i4~~~GOSA Mayor (Matt Karatz)
2 RICHARD L. BENBOW GENERAL MANAGER :JTY OF LOS ANGELE CALIFORNIA COMMUNITY DEVELOPMENT DEPARTMENT 1200 WEST SEV<:Nnl STREET LOS ANGELES, CA ANTONIO R. VILLARAIGOSA MAYOR June 8, 2011 The Honorable Antonio R. Villaraigosa Mayor, City of Los Angeles Room 303, City Hall Council File: New Council District No.: All Contact Persons & Telephone No.: Ninoos Y. Benjamin May M. Smith Attention Pamela Finley, Legislative Coordinator COMMITTEE TRANSMITTAL: REQUEST APPROVAL OF THE PROPOSED FISCAL YEAR BUDGET FOR THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF LOS ANGELES The General Manager of Community Development Department (COD) requests your referral of this transmittal to the appropriate Council Committee(s) and the City Council. RECOMMENDATIONS The General Manager, COD, requests that the Mayor and City Council: 1. APPROVE the Industrial Development Authority's proposed budget for Fiscal Year (Attachment I); 2. AUTHORIZE the Controller to: a. On an as needed basis, decrease balances in prior year accounts within Fund No. 816 Industrial Development Authority after all FY expenditures are paid and upon proper demand of the General Manager of COD; b. Decrease appropriations within Fund No. 816 Industrial Development Authority as follows: Account G122 Title Community Development Amount $176,447 AN EQUAL EMPLOYMENT OPPORTUNITY- AFFiRMATIVE ACTION EMPLOYER
3 2 June 8, 2011 c. Decrease appropriations within Fund No. 816 Industrial Development Authority as follows: Account G299 Title Related Costs Amount $122,098 d. Increase/decrease appropriations within Fund No. 100/22 as follows: Account Title Salaries As Needed Printing and Binding Travel Contractual Services Office and Administrative Total Amount ($216,447) ($ 12,000) $ 1,500 $ 6,500 $ 22,000 $ 22,000 ($176A47) e. Subject to the availability of funds, expend funds upon presentation of proper documentation and demand of the General Manager, COD or designee. 3. AUTHORIZE the General Manager, COD, or designee, to prepare Controller instructions and/or make technical adjustments that may be required and are consistent with this action, subject to the approval of the City Administrative Officer and authorize the Controller to implement these instructions. FISCAL IMPACT STATEMENT There is no impact on the City's General Fund from the proposed budget The Industrial Development Authority (IDA) Budget Fund No. 816 is financed solely from program incomes of IDA activities, including fees for processing bond requests. The IDA receives no contribution from the City's General Fund. SUMMARY Transmitted herewith for your review, approval and further processing is a request relating to the proposed fiscal year (FY) budget of the IDA The COD, as administrator of the IDA and non-profit 501 (c)(3) tax-exempt Certificates of Participation (COPs) for eligible non-housing projects, requests the ability to expend program income funds for expenditures related to the City's administration of the industrial development bond (I DB), Empowerment Zone bond (EZB) and non-profit private activity tax-exempt COPs programs. Through the lob, EZB and COP programs, small to mid-sized industrial manufacturers and companies, as well as non-profit operations throughout the City of Los Angeles, may
4 3 June 8, 2011 access capital at a lower than private market cost to develop new businesses or expand existing operations. As an oversight body, the IDA is comprised of a seven-member Board of Directors with the authority to approve projects by the issuance of tax-exempt and taxable conduit bonds. The Board is comprised of professionals experienced in bond financing, accounting, and commercial and industrial real estate (Attachment II). The bond and disclosure counsels, financial advisors, underwriters and the City Attorney advise the IDA Board on all transactions. The COO's Economic Development Division provides administrative support to the IDA It is the responsibility of the IDA to examine all applicant projects for their compliance with job creation and retention, the Living Wage Ordinance, and provision of public benefits. BACKGROUND The Mayor and City Council authorized the IDA's budget for FY (C.F ) on December 4, IDA program expenses are covered by the bond issuance and miscellaneous fee and interest incomes, and do not require, nor use, General Fund of the City. The program income derived from the bond transactions is deposited into Fund No. 816 and maintained by COD. The cash balance of this fund as of April 30, 2011 was $136, For FY , the IDA expects to generate $56,667 in fee income. The projected amount is derived principally from modification fees on existing bond projects which require a variety of Council actions. The IDA also receives a fee for facilitating public hearings required by the Tax Equity and Fiscal Responsibility Act (TEFRA) for bonds issued by joint powers authorities. The projected program income includes $20,000 in modification fees and $36,667 in facilitating TEFRAs. The program's current fee structure is as follows: Application Fee TEFRA Fee Issuer Fee 0.25% Annual Fee 0.03% Modification Fee Tax-Exempt Bonds Program Fees $3,000 or 0.03% whichever is higher - $3,000 (Direct IDA borrowers) - $20,000 or 0.15% whichever is higher for Joint Powers Authority (JPAs) $5,000 or 0.125% whichever is higher During FY , COD and IDA continued their marketing efforts to increase transaction volume, network with real estate and finance partners, and educate businesses, potential bond clients and the City family. These efforts also included
5 4 June 8, 2011 presentations of the American Reinvestment and Recovery Act's Recovery Zone bond program, State Enterprise Zone (SEZ) tax incentives as well as relevant Federal and State legislations for business owners. However, the banks' persistent tightening of credit standards, the upside down interest rate environment for tax-exempt bonds, coupled with the reduced demand for acquisition and/or expansion as a result of the protracted economic downturn, as well as a competing Federal business loan program, have continued to negatively impact the number of tax-exempt bond applicants and issues. in FY , IDA Board members, members of the bond team and COD staff conducted seminars and attended industry conferences to introduce our products and services. A concentrated outreach focus was put on the time sensitive Recovery Zone Facility Bond (RZFB) program. Highlights of the IDA outreach activities are as follows:.. July 7, 2009: CALED-CEDA Recovery Zone TeleSeminar July 9, 2009: Cushman Wakefield Wilmington Open House.. July 17, 2009: CDLAC Comments Roundtable August 6, 2009: Minority Business Opportunity Center Corporate Partner Reception September 3, 2009: Black Business Association Economic Development Town Hall Luncheon September 10, 2009: Senate Small Business Committee September 11, 2009: State Controller's Office Free Tax Seminar for Non-Profit and Exempt Organizations September 11, 2009: Los Angeles Business Council/ Trammel Crow I DWP Energy Efficiency and Incentives Presentation.. September 12, 2009: VEDC "Where's The Money" 8th Annual Access to Capital Business Expo September 14-16, 2009: Bond Buyer Annual Conference "' September 17-18,2009: CDFA "The Industry Primer- Development Bond Finance Course" "' September 24, 2009: RZ Presentation - Hispanic Business Network Breakfast October 1, 2009: Supervisor Molina sponsored "Business Connections - Contracting and Local Development Expo and Workshops" October 1-2, 2009: CDIAC "Fundamentals of Debt Financing" October 13, 2009: CEDLI/ CARAT Luncheon.. October 14, 2009: RZ Presentation- Los Angeles Business Council "' October 15, 2009: RZ Presentation- Council District 7 October 15, 2009: The Latino Business Chamber of Greater Los Angeles "' October 21, 2009: RZ Presentation - LAEDC/LA PLAN October 22, 2009: RZ Presentation- Downtown BID I CRA I VEDC "' October 26, 2009: RZ Presentation - LAWA/Power Collaborative Network October 28, 2009: SEZ/Contracting Opportunities Seminar October 30, 2009: 2009 Mayoral Housing, Transportation and Jobs Summits November 5, 2009: RZ Presentation - CD 15 I Harbor City-Harbor Gateway Chamber of Commerce Breakfast Connection November 13, 2009: Urban Land Institute Land Use Leadership Committee "' November 17, 2009: EDD-WDD Business Services Seminar- South LA Region "' November 17, 2009: CD 1 - GAO "Access to Opportunity Throughout Los Angeles"
6 5 June 8, 2011 November 18, 2009: RZ Presentation - Greater Los Angeles African American Chamber of Commerce November 19, 2009: Hollywood I Wilshire Center BID I Koreatown Business Resource Fair December 9, 2009: EDD-RZ-WDD Business Services Seminar- Boyle Heights February 17-19, 2010: CSMFO Annual Conference March 1-3, 2010: International Management Network Calif. Municipal Finance Conference March 11-12, 2010: CDFA Intra Bond Finance Course "' March 18, 2010: Urban Land Institute 10 1 h Annual Urban Marketplace March 18-19, 2010: Beijing Municipal Reform & Development Delegation "' March 25, 2010: Women at Fulbright "Empowering Women" April 1, 2010: Harbor Chamber Business Resource Breakfast.. April 19, 2010: CD 14 Property Owners Seminar April 22, 2010: KNX Business Breakfast April 22, 2010: CALED Recovery Summit May 11, 2010: Bank of New York Mellon Trust "201 0 Thought Leadership Forum".. May 12-13,2010: CDFAAnnual Conference June 23, 201 0: Municipal Securities Rulemaking Board (MSRB) Seminar on Electronic Municipal Market Access (EMMA).. June 28, 2010: Valley Economic Alliance State Enterprise Zone Seminar.. June 29, 2010: Council District 12 Business Council June 30, 2010: City of Los Angeles State Enterprise Zone Workshop These marketing activities are reported to the IDA Board on a monthly basis. Copies of these reports are furnished monthly to the offices of the Mayor and its Economic and Business Policy team, Chief Legislative Analyst and City Administrative Officer. KEY BUDGET HIGHLIGHTS The proposed IDA budget of $52,000 reflects a $367,7 42 (88 percent) overall decrease from the $419,742 budget for Excluding the staffing cost of $349,742, this budget represents a net reduction of $18,000 (26 percent) from the $70,000 operating budget for Elimination of IDA Staffing Costs $349,7 42. Between FY , the staffing costs associated with administering the bond program were paid from IDA's program income held in Fund No During FY , the direct and indirect staffing costs (1 00 percent of an Industrial and Commercial Finance Officer for 12 months; 100 percent of a
7 6 June 8, 2011 Management Assistant for 7 months, 50 percent of a Senior Clerk Typist for 7 months and 10 percent of an Accountant for 12 months) totaling $349,742 were budgeted for payment from the program income ofthe Subordinate Loans Revolving Special Fund No Due to the departure of both the Management Assistant and the Senior Clerk Typist, the actual amount transferred from Fund 356 to cover IDA's staffing expenditures was $207, Detailed adjustments from the budget: 1. Deletion of one line item for $23,500: Fimmcial Advisory Services( $23,500): Costs are borne by the borrowers at bond closing. Retainer fees are no longer absorbed by the IDA. 2. Increases in three line items totaling $5,500: General Technical Assistance (+ $4,000): From $6,000 to $10,000 for IDA's website maintenance. The increased allowance will adequately support the additional postings as required and as necessary. Marketing Seminar(+ $1,000): From -0- to $1,000 to cover the anticipated costs associated with the extensive outreach on the RZFB program. Incentive Items (+ $500): From -0- to $500 to replenish supplies. The IDA relied on existing inventory during the previous year. PROGRAM ACTIVITY During fiscal , the IDA and COD facilitated modification requests of two taxexempt bonds with an original bond amount of $12,833,000. There were no new bond issuances during this period, which fell short of the anticipated $27 million in two lobs & one EZB. In addition to the persistent depressed credit market, the September 2010 passage of the Small Business Jobs Act which included an improved Small Business Administration (SBA) lending program presented a major competition to the traditional taxexempt IDB financing for our target businesses' financing needs. Projects Sierra Canyon High Schooi2006B (Modification - Ownership Change) USC Radiology (Modification - Transfer and Assumption) Total Type Certificates of Participation Certificates of Participation Amount (In Millions) $ $ $ During this same period, COD facilitated three TEFRA requests for the JPAs California Statewide Communities Development Authority (CSCDA) and California Municipal Finance Authority (CMFA) totaling $361 million. COD staff conducted the required public hearings and prepared transmittals for City Council approval. COD collected the upfront processing
8 7 June 8, 2011 fee of $28, from CSCDA, with the fees ($5,000 plus 25 percent profit sharing) still pending from CMFA upon Chabad of California's final disposition. Projects The Help Group Childrens Hospital Los Angeles Chabad of California Total Type Non-Profit Bonds Non-Profit Bonds Non-Profit Bonds Amount (In Millions) $ 6.0 $275.0 $ 80.0 $361.0 The total IDA fee income for fiscal amounted to $36,092.50, which fell 59 percent short of the $88,500 projected. INDUSTRIAL DEVELOPMENT AUTHORITY BOARD APPROVAL On August 12, 2010, the IDA Board of Directors considered and approved the attached IDA operating budget. RICHARD L. BENBOW General Manager RLB:RS:NYB:MMS Attachment 1: Attachment II: Attachment Ill: Proposed IDA Budget Current Roster of IDA Board Members About the IDA
9 ATTACHMENT I INDUSTRIAL DEVELOPMENT AUTHORITY FISCAL YEAR BUDGET IDA Staffing Costs Financial Advisory rs,ervices. General Technical Assistance Printing & Bi Travel Contractual Office & Services Admin. Total '' "" "" uo o. ' "" "" "" " "" 10,000
10 ATTACHMENT II The Industrial Development Authority Board of Directors Member Role Affiliation Joseph F. Montes Chair HNW Family Beatrice C. Hsu Vice-Chair Related Companies of California James E. Zaferis Member United Melon Distributors, Inc. Justice Armand Arabian Member ARM Providers, Inc. Carmel B. Sella Member Wells Fargo Bank Todd A. Sargent Member Hitachi Consulting Francisco A. De Vivo Member FAJ Consulting Services, Inc.
11 ATTACHMENT Ill About the Industrial Development Authority The Industrial Development Authority (IDA) is a seven-member oversight body that has the authority to undertake projects through the issuance of tax-exempt and taxable conduit bond projects. The IDA reviews and examines projects for compliance with job creation and retention, living wage and general public benefit requirements. The IDA Board (Board) members are experts in bond financing, accounting, and commercial and industrial real estate. The City contracts for bond/disclosure/tax counsels, financial advisors and underwriters. COD staff and the City Attorney also advise the IDA Board. Through industrial development and Empowerment Zone bonds ("Bonds"), small to mid-range industrial manufacturers and Empowerment Zone businesses may secure capital at lower interest rates to develop new businesses or expand existing ones. These businesses can add to their employment base, upgrade existing facilities and increase the general pace of business or service activity through the purchase of new property and capital equipment. Typical Bond issues range from $2 million to $10 million. The benefit of tax-exempt bonds to borrowers is that the interest accrued to investors purchasing Bonds is exempt from Federal and State income taxes. The borrowers benefit from reduced interest rates, lowering the cost of funds borrowed. Taxable bond financing is offered at a higher interest rate and can be used by companies to finance other aspects of their project not covered by the tax-exempt component.
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