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Home My WebLink About24690RESOLUTION NO. 24690 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, ACTING SOLELY IN ITS CAPACITY AS SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 20-21 A&B) AND AN ADMINISTRATIVE EXPENSE BUDGET FOR THE PERIOD OF JULY 1, 2020 THROUGH JUNE 30, 2021, PURSUANT TO THE CALIFORNIA HEAL TH & SAFETY CODE. WHEREAS, the Successor Agency to the Palm Springs Community Redevelopment Agency ("Successor Agency") is the successor to the Community Redevelopment Agency of the City of Palm Springs ("Former Redevelopment Agency"), a redevelopment agency in the City of Palm Springs, duly created pursuant to the California Community Redevelopment Law (Part 1 ( commencing with Section 33000) of Division 24 of the California Health and Safety Code) ("Redevelopment Law"); and WHEREAS, the "Dissolution Act," comprised of Assembly Bill "ABX1 26" (Chapter 5, Statutes of 2011) and "ABX1 27" (Chapter 6, Statutes of 2011), and subsequent legislation including Assembly Bill "AB 1484" (Chapter 26, Statutes of 2012) and Senate Bill "SB 107'' (Chapter 325, Statutes of 2015), made certain changes to the Redevelopment Law, including adding Part 1.8 (commencing with Section 34161) and Part 1.85 ( commencing with Section 34170) to Division 24 of the California Health and Safety Code ("H&SC"); and WHEREAS, H&SC 34177(1) requires the Successor Agency to prepare a Recognized Obligation Payment Schedule (''ROPS") listing the enforceable obligations of the Former Redevelopment Agency, including administrative expenses; and WHEREAS, pursuant to H&SC Section 34177(0)(1 ), beginning in 2016, each successor agency has been required to adopt a ROPS before each annual fiscal period establishing its enforceable obligations for that period, identifying sources to satisfy those obligations, and tracking its fund balances. NOW, THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, ACTING SOLELY IN ITS CAPACITY AS THE SUCCESSOR AGENCY OF THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY, DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. The Recitals set forth above are true and correct and incorporated herein by reference. SECTION 2. The Recognized Obligation Payment Schedule (ROPS 20-21) for the period of July 1, 2020 through June 30, 2021, attached to and incorporated into this Resolution No. 24690 Page3 CERTIFICATION STATEOFCALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF PALM SPRINGS ) I, ANTHONY MEJIA, City Clerk of the City of Palm Springs, California, hereby certify that Resolution No. 24690 was adopted by the Palm Springs City Council at a regular meeting held on the 19th day of December, 2019, and that the same was adopted by the following vote: AYES: NOES: ABSENT: ABSTAIN: Councilmembers Middleton, Woods, and Mayor Kors None Councilmember Garner, and Mayor Pro Tern Holstege None IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Palm Springs, California, this z, I 5t day of De(e rn be..✓ , 20 '°' Recognized Obligation Payment Schedule (ROPS 20-21) -Summary Filed for the July 1, 2020 through June 30, 2021 Period Successor Agency: Palm Springs County: Riverside Current Period Requested Funding for Enforceable Obligations (ROPS Detail) A Enforceable Obligations Funded as Follows (B+C+D) B Bond Proceeds C Reserve Balance D Other Funds E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) F RPTTF G Administrative RPTTF H Current Period Enforceable Obligations (A+E) 20-21A Total 20-218 Total (July -(January - December) June) $ 2,438,055 $ - 2,382,256 -55,799 $ 343,951 $ 2,857,256 93,951 2,857,256 250,000 $ 2,782,006 $ 2,857,256 ROPS 20-21 Total $ 2,438,055 2,382,256 55,799 $ 3,201,207 2,951,207 250,000 $ 5,639,262 Certification of Oversight Board Chairman: GEOFF KORS, MAYOR Pursuant to Section 34177 ( o) of the Health and Safety code, I hereby certify that the above is a true and accurate Recognized Obligation Payment Schedule for the above named successor agency. Name Title 1s1 Signa~ Date A B C D E F Item Agreement Agreement Project Name Obligation Type Execution Termination Payee # Date Date ~ 3 2007 Taxable Bonds Issued 09/18/ 09/01/2034 US Bank Tax Allocation On or Before 2007 Bonds,Series 12/31/10 B 6 2004 Bond 06/06/ 11/01/2034 City of Palm Convention Reimbursement 2007 Springs Center Bonds Agreements 7 Contract Fees 09/22/ 06/30/2023 Harrell & Services -2010 Company Financial Advisors 8 Contract Fees 06/04/ 06/30/2021 Willdan Services -2010 Financial 1, Rebate Services Calculation 9 Bond Trustee Fees 06/16/ 11/01/2034 US Bank Fees 2004 11 Disposition and Business 12/05/ 09/01/2022 Endure Development Incentive 2005 Investments Agreement Agreements 16 Agreement for Miscellaneous 12/06/ 06/30/2037 City of Palm Reimbursement 2006 Springs 17 2004 Bond 06/06/ 11/01/2034 City of Palm Convention Reimbursement 2007 Springs Center Bonds Agreements 33 Administrative Admin Costs 07/01/ 06/30/2021 City of Palm Cost Allowance 2016 Springs 38 City Loan and City/County 06/15/ 11/01/2035 City of Palm Interest Loan (Prior 06/ 2011 Springs 28/11 ), Cash exchange Palm Springs Recognized Obligation Payment Schedule (ROPS 20-21) -ROPS Detail July 1, 2020 through June 30, 2021 G H I J K L M N 0 ROPS 20-21A (Jul -Dec) Project Total ROPS Fund Sources Description Outstanding Retired 20-21 Area Obligation Total Bond Reserve Other Proceeds Balance Funds RPTTF $44,958,339 $5,639,262 $-$2,382,256 $55,799 $93,951 Merged Merged 1 2,621,258 N $178,015 -127,659 -- Project 1 11 Agency Merged 1 -N $----- Contribution to Convention Center Expansion Bonds Merged 95,000 N $5,200 ---- Disclosure 1/Merged /Rating 2 Bonds Merged 21,500 N $----- Rebate 1/Merged Consulting 2 Services Bonds Merged 138,000 N $10,400 ---6,700 Trustee Fees 1/Merged 2 Financial Merged 1 280,000 N $140,000 --55,799 84,201 Assistance (10 Year) PSL-236 Merged 2 -N $----- Lease Agency Merged 2 -N $----- Contribution to Convention Center Expansion Overhead Merged1/ 3,750,000 N $250,000 ---- Cost Merged 2 Allocation/ Salaries Operating Merged 1 -y $----- and Administrative Costs For FY 2010-11, General Fund Loan ' p Q R s T u V w ""1.1 '~ ""'f R<i>PS 20-21 B (Jan -Jun) 20-21A Fund Sources 20-21B Admin Total Bond Reserve Other Admin Total RPTTF Proceeds Balance Funds RPTTF RPTTF $250,000 $2,782,006 $-$-$-$2,857,256 $-$2,857,256 -$127,659 ---50,356 -$50,356 .) -$------$- -$----5,200 -$5,200 ·I $-f $-------- -$6,700 ---3,700 -$3,700 1 $140,000 ., $------- -$--t ----$- t -$------$- 250,000 $250,000 -----$- -$------$- 1, . A B C D E F G H I J K L M N 0 p Q R s T u V w ROPS 20-21A (Jul -Dec) ROPS 20-21 B (Jan -Jun) Item Agreement Agreement Project Total ROPS Fund Sources 20-21A Fund Sources 20-21B # Project Name Obligation Type Execution Termination Payee Description Area Outstanding Retired 20-21 Total Total Date Date Obligation Total Bond Reserve Other RPTTF Admin Bond Reserve Other RPTTF Admin Proceeds Balance Funds RPTTF Proceeds Balance Funds RPTTF 40 City Loan and City/County 06/15/ 11/01/2035 City of Palm Operating Merged1/ -N $------$------$- Interest Loan (Prior 06/ 2011 Springs and Merged 2 28/11 ), Cash Administrative exchange Costs For FY 2011-12, General Fund Loan 41 Agreement for City/County 12/06/ 11/01/2035 City of Palm Prepay Merged 2 -N $------$------$- Reimbursement Loan (Prior 06/ 2006 Springs Portion of 28/ 11 ), Cash Sustainability PSL236, . exchange Fund Sustainability (Special Revenue) Fund Loan 44 2007 Taxable Reserves 09/18/ 09/01/2034 US Bank Reserve for Merged 1 130,356 N $130,356 -----$----130,356 -$130,356 Tax Allocation 2007 September 1 Bonds, Series Debt Service B 50 Property Tax -Property 07/01/ 06/30/2037 County of Property Merged 2 -N $------$------$- PSL 236 Maintenance 2013 Riverside Taxes on Property Property Under PSL 236 Lease- Current Installment 62 2014 Refunding 08/19/ 09/01/2034 US Bank Refinancing Merged1/ 14,415,600 N $1,600,600 -1,368,700 ---$1,368,700 ---231,900 -$231,900 Subordinate Bonds Issued 2014 of 2001 and Merged 2 Tax Allocation After 6/27/12 2004 Bonds Bonds 66 2014 Reserves 08/19/ 09/01/2034 US Bank Reserve for Merged1/ 1,386,900 N $1,386,900 -----$----1,386,900 -$1,386,900 Subordinate 2014 September 1 Merged 2 Tax Allocation Debt Service Bonds l 70 LRPMP Property 07/01/ 06/30/2021 City of Palm Maintenance Merged1/ 6,100 N $6,100 ---3,050 -$3,050 -I --3,050 -$3,050 Properties Maintenance 2016 Springs Costs on Merged 2 Agency Held Property Pending Disposition 71 LRPMP Property 07/01/ 06/30/2021 Various Costs for Merged1/ 4,450 N $4,450 -----$----4,450 -$4,450 Properties Dispositions 2016 Vendors Dispostion of Merged 2 Agency Held Property- Appraisals, Fencing, Closing ~ Costs, etc A B C D E F G H I J K L M N 0 p Q R s T u V w -ROPS 20-21A (Jul -Dec) Ro'.PS 20-21B (Jan -Jun) Item Agreement Agreement Project Total ROPS Fund Sources 20-21A Fund Sources 20-218 Project Name Obligation Type Execution Termination Payee Description Outstanding Retired ,,- 20-21 # Date Date Area Obligation Total Bond Reserve Other Admin Total Bond Reserve Other Admin Total Proceeds Balance Funds RPTTF RPTTF Proceeds Balance Funds RPTTF RPTTF 73 2017 Tax Refunding 11/15/ 09/01/2034 US Bank Refinancing Merged 1 14,910,425 N $744,575 -523,475 ---$523,475 ---221,100 -$221,100 Allocation Bonds Issued 2017 2007 Series Refunding After 6/27/12 A Bonds Bonds, Series A 74 2017 Tax Reserves 11/15/ 09/01/2034 US Bank Reserve for Merged 1 386,100 N $386,100 -----$----386,100 -$386,100 Allocation 2017 September 1 Refunding Debt Service Bonds, Series A 75 2017 Taxable Refunding 11/15/ 09/01/2034 US Bank Refinancing Merged 2 6,453,078 N $436,994 -362,422 ---$362,422 -I --74,572 -$74,572 Tax Allocation Bonds Issued 2017 2007 Series Refunding After 6/27/12 A Bonds Bonds,Series ' B 76 2017 Taxable Reserves 11/15/ 09/01/2034 US Bank Reserve for Merged 2 359,572 N $359,572 -----$----359,572 -$359,572 Tax Allocation 2017 September 1 Refunding Debt Service Bonds, Series B Palm Springs Recognized Obligation Payment Schedule (ROPS 20-21) -Report of Cash Balances July 1, 2017 through June 30, 2018 · (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177 (1), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation. A B C D E F G H ROPS 17-18 Cash Balances Fund Sources Comments (07/01/17 -06/30/18) Bond Proceeds Reserve Balance Other Funds RPTTF Bonds issued Bonds issued Prior ROPS Rent, grants, Non-Adm in on or before on or after RPTTF and interest, etc. and Admin 12/31/10 01 /01/11 Reserve Balances retained for future period(s) 1 Beginning Available Cash Balance {Actual 07/01/17) 17 447 1,248,901 81,603 75,904 RPTTF amount should exclude "A" period distribution amount. 2 Revenue/Income (Actual 06/30/18) 85 6,360 55,799 5,074,049 RPTTF amount should tie to the ROPS 17-18 total distribution from the County Auditor-Controller 3 Expenditures for ROPS 17-18 Enforceable Obligations 83 726 1,248,894 35,686 3,134,717 (Actual 06/30/18) 4 Retention of Available Cash Balance (Actual 06/30/18) 19 6,081 7 45,917 1,692,669 Col F -Retention for ·ROPS 19-20 Item 38; RPTTF amount retained should only include the amounts Col G -Retention for Debt Service Reserves distributed as reserve for future period(s) of $1,616,765 plus $14,958 ROPS 18-19 Item 11 plus $60,946 16-17 PPA for ROPS 19-20 5 ROPS 17-18 RPTTF Prior Period Adjustment 322,567 RPTTF amount should tie to the Agency's ROPS 17-18 PPA No entry required form submitted to the CAC - 6 Ending Actual Available Cash Balance (06/30/18) $-$-$-$55,799 $-Col F -applied to Item 10 ROPS 20-21 C to F = (1 + 2 -3 -4), G = (1 + 2 -3 -4 -5) ~ ,· Palm Springs Recognized Obligation Payment Schedule (ROPS 20-21) -Notes July 1, 2020 through June 30, 2021 Item# Notes/Comments 3 6 7 8 No calculation due in current ROPS period 9 11 $55,799 available funds Col F from 17-18 16 17 33 38 40 41 44 50 62 66 70 71 $2,850 Potential appraisal required for LRPMP Prop #1; Staff costs for RFP/appraisal $1,554 73 74 75 76 Resolution No . 24690 Pages EXHIBIT B ADMINISTRATIVE EXPENSE BUDGET 20-21 The maximum amount of the allowable administrative budget for the Fiscal Year is $250,000, which is allocated to salaries and benefits as shown below: 40000 Salaries 41450 Telecommunication 41600 PERS Contribution 41700 Medicare Tax 41900 Fringe Benefits 41930 RHS Health Benefit Total 175,896 258 47,418 2,551 23,619 258 $250,000 The maximum allowance for administrative costs does not cover the total of such costs incurred by the City to administer the winding down of the former Redevelopment Agency's operations. Additional expenses not covered by the maximum allowance include additional salaries of personnel allocable to the Successor Agency, legal costs of the Successor Agency, costs to prepare and administer the ROPS and audit of the Successor Agency's financial statements, which total approximately $50,000. Such costs are paid by the General Fund. If any of the $250,000 allowance remains after payment of salaries, any amounts will be applied to such other additional administrative costs.