20. Capital Assets Statistics by Function – Last Ten Fiscal Years
239
Table 21
INSURANCE ANNUAL TERM EXPIRATION
TYPE OF POLICY COMPANY LIMITS (1) PREMIUM (3) YEARS DATE (2) Liability
Comprehensive General Self-insured (Since 1987) $3 million n/a - Ongoing Excess Liability PRISM $50 million $1,240,130 1 7/1/2022 and various other carriers
Workers' Compensation Self-insured (since 1973) $750 thousand n/a - Ongoing Excess Workers' PRISM $5 million $1,050,621 1 7/1/2022 Compensation
Property Coverage
All Risks, including flood, Alliant Property Insurance
excluding earthquake Program (APIP) $800 million $1,091,131 1 7/1/2022 Various excess carriers
Boiler and Machinery Alliant Property Insurance $100 million not available 1 7/1/2022 Program (APIP)
Various excess carriers
Financial Loss Bonds
Crime Coverage Bond PRISM $10 million $12,391 1 6/30/2022 Notes:
(1) Limits are per occurrence
(2) All policies have been renewed
(3) Boiler and Machinery APIP premium is included in All Risks premium, $1,091,131. Breakdown is unavailable.
Source: City of Santa Clara
CITY OF SANTA CLARA
STATEMENT OF INSURANCE COVERAGE
June 30, 2022
21. Statement of Insurance Coverage
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241
SUCCESSOR AGENCY CITY OF SANTA CLARA
STATISTICAL SECTION
This part of the City of Santa Clara’s Annual Compr ehensive Report provides detailed information to be tter understand the data presented within the financial statements, note disclosures, and required suppleme ntary information.
TABLES
REVENUE CAPACITY 1 - 3
Contains information to help the reader assess the Successor Agency’s most significant local revenue source, the property tax.
DEBT CAPACITY 4
Presents information to assess the affordability of the Successor Agency’s current levels of outstanding debts.
Successor Agency
242
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243
Table 1
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Real Property Value 5,790,301 $ 5,708,617 $ 5,372,322 $ 6,024,538 $ 6,136,642 $ 5,710,559 $ 4,474,495 $ 2,504,578 $ 2,428,787 $ 2,443,683 $ Other Property Value 33,102 28,733 25,324 22,913 25,857 27,877 796,082 551,425 450,943 468,788 Total Project Value 5,823,403 5,737,350 5,397,646 6,047,451 6,162,499 5,738,436 5,270,577 3,056,003 2,879,730 2,912,471 Less Base Value (8,838) (8,838) (8,838) (8,838) (8,838) 49,632 49,322 (8,829) (8,838) (8,838) Increment Over Base Value 5,814,565 5,728,512 5,388,808 6,038,613 6,153,661 5,788,068 5,319,899 3,047,174 2,870,892 2,903,633 Redevelopment Property
Tax Trust Fund (RPTFF)
(1)
- - - - - - 5,697 9,365 26,759 13,366 Total Tax Revenue - - - - - - 5,697 9,365 26,759 13,366 Less:
AB 1484 True-Up Payment
(2)
- - - - - - - - (378) Net Tax Revenue -$ - $ - $ - $ - $ - $ 5,697 $ 9,365 $ 26,759 $ 12,988 $ Notes:
Source: City of Santa Clara / Santa Clara County Auditor
SUCCESSOR AGENCY OF THE CITY OF SANTA CLARA
BAYSHORE NORTH PROJECT AREA
HISTORICAL TAX INCREMENT
Last Ten Fiscal Years
(In Thousands)
(1) With the State dissolving all RDAs on 02/01/2012, the structure of Tax Increment Revenue has chang ed. Starting in fiscal year 2012-13, the County's p roperty tax distribution to the Successor Agency wa s changed to the Redevelopment Property Tax Trust Fund (RPTTF). The RPTTF reported in this table is the amount calculated by the County Auditor-Controller. Under the provisions of the laws dissolving the Redevelopment Agency, the Successor Agency only receives the funds necessary to fulfill its approved obligations. (2) On June 28, 2012, AB 1484 became law which mad e a number of significant changes to ABXI 26. In p articular, the new Health and Safety Code Section 34183.5 required the Santa Clara County Auditor-Controller to conduct a "true-up" of the June 1, 2012 distributio n from the RPTTF for each former RDA. In accordanc e with the new law, the Successor Agency was requir ed to make a "true-up" payment of $378,540.37 by Ju ly 12, 2012.
1. Historical Tax Increment – Last Ten Fiscal Years
244
Table 2
ASSESSED ASSESSED
PROPERTY PROPERTY PERCENT
ASSESSEE USE VALUATION OF TOTAL
1 Forty Niners SC Stadium Company LLC Commercial Offic e Building 785,232,301 $ 13.48% 2 SI LLC Commercial Office Building 535,984,549 9.20% 3 Innovation Commons Owner LLC Commercial Office Build ing 278,772,528 4.79% 4 The Irvine Company Commercial Office Building 231,125 ,938 3.97% 5 PC Santa Clara Gateway 2 LLC Commercial Office Build ing 212,537,185 3.65% 6 Apple Inc Commercial Office Building 180,907,491 3.11% 7 STC Ventures LLC Commercial Office Building 171,085,7 59 2.94% 8 PR II TWRS of GRT America Owner Commercial Office Bu ilding 168,790,353 2.90% 9 PR3976 Freedom Circle LLC Commercial Office Building 168,645,693 2.90% 10 RAR2 - Stadium Techcter 123 LLC Commercial Office Bu ilding 163,772,824 2.81% TOTAL 2,896,854,621 $ 49.75%
TOTAL AGENCY ASSESSED VALUE 5,814,565,313 $
Source: HDL Coren & Cone
SUCCESSOR AGENCY OF THE CITY OF SANTA CLARA
BAYSHORE NORTH PROJECT AREA
TEN LARGEST ASSESSEES - TAXABLE VALUE
June 30, 2022
2. Ten Largest Assessees – Taxable Value
245
Table 3
HEARING APPLICANT'S
TAX ROLL ASSESSED APPEAL DATE OPINION
NUMBER ASSESSEE VALUATION/ORIGINAL S/U
(1)
NUMBER DEADLINE STATUS VALUATION LAND USE
984-92-103 FORTY NINERS 555,214,000 $ S 15.0278 88,000,000 $ Commerical 984-92-104 FORTY NINERS 555,214,000 S 15.0279 88,000,000 Commerical 984-92-103 FORTY NINERS 555,214,000 S 15.028 88,000,000 Commerical 984-92-104 FORTY NINERS 555,214,000 S 15.0281 88,000,000 Commerical 984-92-103 FORTY NINERS 554,267,314 S 17.0232 140,000,000 Commerical 984-92-104 FORTY NINERS 554,267,314 S 17.0233 140,000,000 Commerical 984-92-104 FORTY NINERS 548,980,708 S 16.0256 100,000,000 Commerical 984-92-103 FORTY NINERS 548,980,708 S 16.0257 100,000,000 Commerical 984-92-103 FORTY NINERS 253,784,158 S 18.1918 250,500,000 Commerical 21-081107 CEDAR FAIR S 93,154,425 U 21.3482 46,577,214 N/A 21-081108 CEDAR FAIR S 86,769,758 U 21.3483 42,989,135 N/A 21-081109 CEDAR FAIR S 62,482,975 U 21.3484 35,620,612 N/A 21-081110 CEDAR FAIR S 59,777,200 U 21.3485 29,888,601 N/A 17-018611 CEDAR FAIR S 59,280,246 U 17.1041 58,852,511 N/A 18-018278 CEDAR FAIR S 58,493,748 U 18.0594 50,547,232 N/A 104-50-025 COHERENT INC 46,023,273 U 15.0256 15,251,322 N/A 10-037856 SAVVIS COMMU 45,935,890 U 10.5814 40,000,000 N/A 14-032002 SAVVIS COMMU 44,195,581 U 14.171 22,000,000 N/A 20-012639 APPLE INC 41,718,286 U 20.1073 3,100,001 N/A 15-032178 SAVVIS COMMU 41,532,802 U 15.1129 20,750,000 N/A 5,320,500,386 $ 1,448,076,628 $
Note:
(1) S=secured roll, U=unsecured roll
Source: Santa Clara County Assessor's Office
SUCCESSOR AGENCY OF THE CITY OF SANTA CLARA
BAYSHORE NORTH PROJECT AREA
ASSESSMENT APPEAL ACTIVITY OF TOP 20 ASSESSEES
2021-22 Impacts
3. Assessment Appeal Activity of Top 20 Assessees
246
Table 4
2021-22 Assessed Valuation: 5,823,403,269 $
Base Year Valuation: (8,837,956)
Incremental Valuation: 5,814,565,313 $
Total Debt Project Area’s Share of
6/30/2022
%
Applicable
(1)
Debt 6/30/22
OVERLAPPING TAX AND ASSESSMENT DEBT :
Santa Clara Unified School District 956,350,000 $ 7.715% 73,782,403 $ West Valley-Mission Community College District 732,500,000 3.531% 25,864,575 Santa Clara County 1,130,850,000 1.010% 11,421,585 Santa Clara Valley Water District Benefit Assessment District 48,150,000 1.010% 486,315 El Camino Hospital District 111,240,000 0.008% 8,899 TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT 111,563,777 $ OVERLAPPING GENERAL FUND DEBT :
Santa Clara County General Fund Obligations 1,210,694,365 $ 1.010% 12,228,013 $ Santa Clara County Pension Obligations 335,638,470 1.010% 3,389,949 Santa Clara County Board of Education Certificates of Participation 1,820,000 1.010% 18,382 West Valley-Mission Community College District General Fund Obligations 12,000,000 3.531% 423,720 Santa Clara Unified School District Certificates of Participation 13,325,000 7.715% 1,028,024 City of Santa Clara General Fund Obligations 11,065,000 11.142% 1,232,862 Santa Clara County Vector Control District Certificates of Participation 1,505,000 1.010% 15,201 TOTAL OVERLAPPING GENERAL FUND DEBT 18,336,151 $
Less: Santa Clara County supported obligations (182,595) COMBINED TOTAL DIRECT AND OVERLAPPING DEBT 129,899,928 $ (2)
TOTAL NET DIRECT AND OVERLAPPING BONDED DEBT 129,717,333 $ (1) Percentage of overlapping agency's assessed valuation located within boundaries of the project area (2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations Ratios to 2021-22 Assessed Valuation :
Combined Total Direct and Overlapping Debt 2.23%
Net Combined Total Direct and Overlapping Debt 2.23%
SUCCESSOR AGENCY OF THE CITY OF SANTA CLARA
BAYSHORE NORTH PROJECT AREA
COMPUTATION OF DIRECT AND OVERLAPPING BONDED DEBT
June 30, 2022
4. Computation of Direct and Overlapping Bonded Debt