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Urban Futures, Inc. EXHIBIT 6 MEMORANDUM TO: Successor Agency to the Community Redevelopment Agency of the City of Santa Ana FROM: Urban Futures, Inc. Michael Busch, CEO Doug Anderson, Director DATE: June 21, 2018 RE: Independent Municipal Advisor's Report: Debt Service Savings Analysis for Successor Agency to the Community Redevelopment Agency of the City of Santa Ana, Tax Allocation Refunding Bonds (Merged Project Area), Series 2018 Background The Successor Agency to the Community Redevelopment Agency of the City of Santa Ana (the "Agency") is authorized under Section 34177.5 of the State Health and Safety Code to issue refunding tax allocation bonds ("TABs") for economic savings within the parameters set forth in Section 34177.5(a)(1) of the State Health and Safety Code (the "Savings Parameters"). In addition, Section 34177.5 of the State Health and Safety Code provides, in relevant part, that the Agency "...shall make use of an independent financial advisor in developing financing proposals and shall make the work products of the financial advisor available to the Department of Finance at its request." (State Health & Safety Code Section 34177.5(h), effective 6/27/12) Urban Futures, Inc., has been retained by the Agency to serve as its independent municipal advisor to determine compliance with the Savings Parameters for purposes of the issuance by the Agency of its Tax Allocation Refunding Bonds, Series 2018 ("2018 TABS"). This report in draft form may be used in presentations to the Agency Board and Oversight Board but will be final only after the pricing of the 2018 TABS and verification of final debt service savings. The 2018 TABS will be issued for the purpose of prepaying and defeasing certain outstanding bonds, including the former Redevelopment Agency's 2003A & B, and 2011A Bonds (the "Prior Obligations"). Pian of Refunding The financing goal is to maximize economic savings by reducing total debt service. Based on market conditions as of 6/21/18, the Underwriter (Ramirez & Co, Inc.) has provided refunding cash flows based on certain assumptions. The refunding of the Prior Obligations with proceeds of the 2018 TABS will achieve a Net PV savings of approximately $4.05 million, or 5.05% of refunded par, as shown in Table 3. The estimates assume the use of bond insurance ana a surety policy for the debt service reserve requirement, and the contribution of $5.8 million of unexpended bond proceeds into the refunding escrow. The savings generated from this refunding are anticipated to result in higher property tax distributions to the City of Santa Ana and other taxing entities in the future. SA -3-143