CITY OF LAGUNA HILLS
Supplemental Agenda Material Memo
Supplemental Agenda Materials related to an item on a City Council Agenda, submitted to the City Council after distribution of the agenda packet, will be available for public inspection at the same time the materials are distributed to the City Council. Supplemental Agenda Materials are available for inspection during normal business hours in the City Clerk’s office located at 24035 El Toro Road, Laguna Hills, California. In addition, such materials will be made available for public review at the same time the materials are distributed to the City Council on the City’s website at: https://www.lagunahillsca.gov/supplementalagenda and at the respective public meeting.
DATE: February 13, 2024
TO: City Council
City Staff
FROM: Jennifer Lee, City Clerk
SUBJECT: Regular Meeting Agenda Item No. 9.1 – Committee Assignment Reports.
Please see the attached supplemental materials for Agenda Item No. 9.1
1. January 2024, TCA Debt Savings Snapshot
Recent bond refundings, early paydowns, and open market buybacks have produced substantial interest savings and decreased outstanding principal for TCA, further enhancing the Agencies strong financial position.
Sound Fiscal Practices
Reduce Debt by $1.39 Billion
TCA plans for further reductions,
totaling $3.1 billion by 2030
By 2030, TCA plans to pay down another $920 million of bonds early, saving an additional $806 million in interest.
This future debt reduction, when combined with the current reductions of $1.39 billion, will collectively reduce debt by $3.1 billion by 2030.
A step-by-step breakdown - How we reduced debt by $1.39 billion Recent bond refundings replaced higher interest rate bonds with lower interest rate bonds for a $700 million savings – without extending bond maturity dates In July 2022, early paydown of $125 million bond principal saved $180 million in interest In February and March 2023, early paydown of $150.8 million in bond principal through Open Market Bond Buyback saved $150 million in interest
In January 2024, early paydown of $60 million in bond principal saved $54 million in interest 2030
January 2024
+ =
Since July 2022, early repayment
of bonds has decreased
outstanding principal by
$335 million
EARLY PRINCIPAL PAYDOWN
Early principal paydown and
interest savings combine for
a total debt reduction of
$1.39 billion
DEBT REDUCTION
Since July 2019, TCA has
reduced debt and saved over
$1.05 billion
in interest
INTEREST SAVINGS
1 Subject: FW: The Kennedy Commission | Agenda Item #4 | City Council Meeting 2/13/24 Attachments: City of Laguna Hills Public Comment 2_13_2024.pdf From: Cynthia Marquez <[email protected]>
Sent: Monday, February 12, 2024 4:56 PM
To: Public Comments
Cc: Cesar C
Subject: The Kennedy Commission | Agenda Item #4 | City Council Meeting 2/13/24 Dear City Clerk,
My name is Cynthia Marquez and I am a Community Organizer for the Kennedy Commission, a non‐profit organization advocating for affordable housing in Orange County.
I would like to offer a public comment for tomorrow's City Council Meeting on Agenda Item #4. Please let me know if anything else is required of me to submit this public comment.
Thank you for time,
Cynthia Marquez
‐‐
Cynthia Marquez | Community Organizer
The Kennedy Commission
kennedycommission.org
Public Comments
February 13, 2024
Item No. 4.4
February 13, 2024
Mayor Dave Wheeler
City Council Members
City of Laguna Hills
24035 El Toro Road
Laguna Hills, CA 92653
RE: Agenda Item #4: Proposed Tolling Agreement Regarding the La Paz Village Senior Living Affordable Housing Development Project Application
To the Honorable Members of the City Council:
The Kennedy Commission (the Commission) is a broad-based coalition of residents and community organizations that advocates for the production of homes affordable for families earning less than $30,000 annually in Orange County. Formed in 2001, the Commission has been successful in partnering and working with Orange County jurisdictions to create effective housing and land-use policies that have led to the new construction of homes affordable to lower-income working families.
Thank you for the opportunity to comment on Agenda Item #4, regarding the proposed Tolling Agreement regarding the La Paz Village Senior Living Affordable Housing Development Project Application.
As the City of Laguna Hills works towards meeting its Regional Housing Needs Allocation (RHNA) numbers, the City must plan for the development of 1,985 new homes. 284 of these new homes are projected for the extremely low-income group, 284 are projected for the very low-income group, and another 353 housing units are projected for the low-income group, for a total of 921 housing units. Affordable housing opportunities in Laguna Hills are greatly needed, especially for working class families who call this city their home. The shortage of affordable housing has become a pressing issue affecting many individuals and families within the community. As housing prices have skyrocketed within the last few decades, it is imperative that the City Council finds every opportunity to ease the burden of its residents and maintain the well-being of the great city that is Laguna Hills.
The Kennedy Commission supports the City of Laguna Hills Tolling Agreement on the La Paz Village Senior Living Affordable Housing Development Project. The Commission strongly advocates for the City of Laguna Hills to work with the developer and ensure that there is a significant number of affordable units with deeper affordability at low, very low, and extremely low income groups to be included in this development project. This inclusion emphasizes the importance of the City reaching its Regional Housing Needs Allocation goals and housing needs for Laguna Hills workforce and residents that are struggling to find affordable housing options. Market-rate housing is not providing the opportunity to secure affordable housing accommodations within the City of Laguna Hills.
We look forward to working with the City of Laguna Hills to encourage effective housing policies that will help create balanced housing development and create much-needed affordable housing in our local communities. If you have any questions, please feel free to contact me at (949) 250-0909 or [email protected].
Sincerely,
Cesar Covarrubias
Executive Director