HomeMy WebLinkAbout5/1/2012 - RESOLUTIONS - 007 RESOLUTION NO. 007
A RESOLUTION OF THE OVERSIGHT BOARD TO THE
SUCCESSOR AGENCY OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF PALM
SPRINGS APPROVING THE RECOGNIZED OBLIGATION
PAYMENT SCHEDULE ('BOPS') AS REQUIRED BY
HEALTH & SAFETY CODE 34180 FOR THE PERIOD
FROM JULY 1, 2012 TO DECEMBER 31, 2012
WHEREAS, in accordance with the provisions of the California Health and Safety
Code Section 34173, the City Council of the City of Palm Springs, a public body,
corporate and politic, has been designated and has accepted such designation of
Successor Agency ("Successor") to the Community Redevelopment Agency of the City
of Palm Springs to carry out the purposes of and exercise the powers granted to
Successor Agencies in accordance with Assembly Bill X1 26 (ABX1 26), Section 1.85 of
Division 24 of the Health and Safety Code; and
WHEREAS, pursuant to Section 34177(1)(2)(A), the Preliminary Initial 'Recognized
Obligation Payment Schedule" ("IROPS") was prepared by the Successor Agency for
the enforceable obligations of the former redevelopment agency by March 1, 2012; and
WHEREAS, the Preliminary Initial ROPS projected the dates and amounts of
scheduled payments for each enforceable obligation for the remainder of the time
period during which the redevelopment agency would have been authorized to obligate
property tax increment had such a redevelopment agency not been dissolved; and
WHEREAS, the Preliminary Initial ROPS shall be reviewed and certified, as to its
accuracy, by an external auditor designated by the Riverside County Auditor-Controller
pursuant to Section 34182; and
WHEREAS, the certified ROPS was submitted to and duly approved by the
Oversight Board and submitted to the County Auditor Controller before April 15, 2012;
and
WHEREAS, the initial ROPS has not yet been certified by the County Auditor-
Controller; and
WHEREAS, the Oversight Board, in accordance with the provisions of the California
Health and Safety Code Section 37179 (a), has been formed to carry out the purposes
and exercise the powers granted to Oversight Boards in accordance with Assembly Bill
X1 26 (ABX1 26), Section 1.85 of Division 24 of the Health and Safety Code; and
WHEREAS, the Oversight Board is now in receipt of the ROPS for the period of July
1, 2012 to December 31, 2012; and
Resolution No. 007
Page 2
WHEREAS, the ROPS identifies and includes an administrative budget for the 2012-
2013 Fiscal Year.
NOW, THEREFORE, BE IT RESOLVED BY THE OVERSIGHT BOARD AS THE
GOVERNING BOARD OF THE SUCCESSOR AGENCY OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS AS FOLLOWS:
SECTION 1. The City Council as the Successor Agency's governing board may
establish and approve the Recognized Obligation Payment Schedule for the period of
July 1, 2012 to December 31, 2012 in the form attached to this Resolution as Exhibit A.
The City Council, as Successor Agency, may direct the City Clerk to cause the
transmission of the ROPS to the Riverside County Auditor-Cointroller, the State
Controller's Office, and the State Department of Finance, or alternatively to provide
notice to those entities together with the address of the City's website and the posting of
the ROPS to the City's website.
SECTION 2. The Successor Agency has found and determined that the
establishment of a ROPS is not a "project" requiring environmental review under the
California Environmental Quality Act (Public Resources Code Section 21000, et seq.)
because it pertains to governmental fiscal activities which do not involve any
commitment to any specific project which may result in a potentially significant impact
on the environment.
SECTION 3. The Successor Agency recognizes that the ROPS serves as the
budget document for the Successor Agency during the designated operative period and
appropriated funds as identified.
SECTION 4. The Successor Agency is required to submit the ROPS to the
Oversight Board for approval.
SECTION 5. The Oversight Board has received a non-Certified ROPS and
approves the ROPS and all the underlying agreements, as amended, subject to adopt in
the form shown in Exhibit A of this Resolution by the Successor Agency and certification
by the County Auditor-Controller.
SECTION 6. The Oversight Board directs the City Clerk to cause the
transmission of the ROPS to the Riverside County Auditor-Controller, the State
Controller's Office, and the State Department of Finance, or alternatively to provide
notice to those entities together with the address of the City's website and the posting of
the ROPS to the City's website.
SECTION 7. The Resolution will become effective three business days after its
adoption.
Resolution No. 007
Page 3
PASSED, APPROVED AND ADOPTED BY THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT
AGENCY THIS 1ST DAY OF MAY, 2012.
;IRPERSON
ATTEST:
ERK/SECRETARY
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, Clerk/Secretary, to the Oversight Board of the Successor
Agency to the Palm Springs Community Redevelopment Agency, hereby certify that
Resolution No. 007 is a full, true and correct copy, and was duly adopted at a regular
meeting of the Oversight Board on May 1, 2012, by the following vote:
AYES: Board Members Deas, Marshall, Ready, Van Horn, Vice Chair Howell and
Chair Flavin.
NOES Board Member Foat.
ABSTAIN None.
ABSENT None.
ames Thompson, Clerk/Secretary
City of Palm Springs, California
��N ��� qq qq 3pp3YY 4q $Q
Taw>a ° Omy$31e8'v1m^61 T3�8�35'-'$ YZBYidaa �3s'� s5g88 R
Soi� ��fanNv� ' o'E pm yo � -
e or� v ^�� �u.� .mi. r�scm rm3 r���ppw�N�rm3 rml - � • � m
S m2 �oa o_o i �00000 -o asam �9o333afo mO ud
P og SwwY : 8833iETS33' " £ xg£ o�
Na mgWWco RYe'3 �f Y.�3m
trTi
- Se m z" • z"z ° ? zz" i" "� Y � � az"z z" 3
'• • : °' ae$g&&� SBS sk'3zE:tSSB 8�,�• s -
II>C ` v• 3338d38 `s �g='"--° �ddd os8� :'m8
-
_
�os 3 issxasx -
7r RRRR . R
::
li�
� � R R RRRR R
888m888e 88 8 s
S
I mo$m v'��"'o o8vm.,-88,.m8 Yl'om o0
'x ma g g admaoo�a, m
P S 8
. m a sssss 8 8ssm sS �=ams"m$ e8
3 S� � 8888 8 8 8 R
888^' 8888888888=�u g� X
2.
2.0
% 8 gig 8 888 $ 88sSI m 8�s 88S8s8=m8"$a 8m 0m8�s8uams$ W
gig
,3
- s�
-
'ag
o N88�' 88 $ 8 w8
3
� o$v
S g $ oGe S a i
� i8 W�oB �8� ��
UP s a$
-
-
3 $ ays 1 u 888 888
-
$ w 88$w88�888 888 ' 8 8 888 '8
Nam M ReEeMopmem Agency: cay of Pam Swdgsx Succesvr ReOe of Peim sorllga FORM q.
Project Adults) "word
Robd Na fats Meme ReGavalmnant Propody Tv Ind'Fund IRPTTFI Form
RECOONMO OSLN1gT10N'AYMEM SCHEWLE
Per qS 20.Si dlon Nl]T(N
ConlrxVlpreemenl 1OIa1 Dun 0urilq "' Payable from lM Recouliopmwl Property Tax Trust Fund(RPTTF)
P.1—Name/Debt Oloitialson Uewlon Dae P.M OpWi a Toled Plaits Nea Debl ODLlioalo F..Yew FUMng Pa Msb —nln
2012 2013^ Source July 2012 qu 201$ Sall 2012 Cc12012 Nov 2012 Dec 2012 Total.
1 Coo n1iW roan 111do2011 CII of Pelm S 9 Liablity Insurance
_11 Co ranee menl Me edllMered GOS0500 ex,00 RPTTF <g0050 e5550.
rx 1/1&2011 CA OI Palm S i s Buldl genla Mw"Mar ed 'S OO'C0 15 WJ.DJ RPTTF 1 S ,
31 111S'2011 G I FW,Sinnits 'aaa aM Denelbe Mova PCq Mw MlMer ed 1J32J0,p0 $S BGB,W RpTTF 2$$0 50 222050 222050 2$2050 ]5no 00
1 Conlrwl$erv'mN ConsWli 1/1/WO Canon Cono—lbl CansuNn Downtown Cgnsullin 222050 2220. iJ J21W Me edf 1N 0.'tl.W Munn,On RPTTF
5 IOBW W 105W.0] tO BW.pJ IOBW.W pJ,LW.N
0I RPTTF
R F
0 RFTTF
dd RPTTF
0 R'F
RPTTF
2 RPTTF
1J RPTTF
4 RPTTF
5 RP F
-21 RPTTF
] RPTTF
0 RP TF
o RPTTF S
20 P F
21 RPTTF
221
RPTTF
IS RP F
N RP F
RPTTF
2161 20 RPTTF
t1 RPTTF
flPTTF
-Lei
20 RPTTF An
JC RPTTF
2 RP F S
5 TOIYe-TMS Pye1RF1TF FUMxg Pqe$) 201115.W 15882J.W NIR 1020BW 222050 13020M 1J020.50 1J02050 1J020,50 50511.50
' TMrocad inaryudit"mgnlxaad b llpellan Paymw\SCMn O-nalSt4proo a ROM bda SUA 2by1Mwadd SudegalosmEeuhuswMlyMepprorad by lba ovanlBbl boats balenlM/IVIROPS Ia tubnined loth SlenCantralbr end51eb 0aWnmwiWFlnenu d/gpr1115,2012 Nla nolen grwd
Opm match.dud.,becwnplaW MOnairl ar ingi mulerted. gpprrned ROM to lM Stele COMrallw eM Sule 0.ryNmM el Flsunu. Vuinmenl tnellMR
" FAll undlab dw nutlng fiscal ywr eM pymanl amwnb en prgecbn. J
^'FUMInO eouma lydm lM wwxwr egmcn:(For Racist 201L12 only,Mannoee la RPTTF couln ebo man trot lncnmml elloubd to tM Agency pddr to fabmery t,2a12.)
RPTTF-ReGvelapnanlPropaM TUTrval Fund Bwna�Bwn ProFaana OIMr�nurns,nab,IMenet uminga.Nc
LMIHF.Law mn Modneb lzana Howl F. gtlmim Sucwaaq n gnminitlnllre gllowmn
Nome of bro...pranl ASency'. Cry o1 Palm SorIMS as 6vccesar ofort O M1e Co R nI Agewy of do City al palm Spinps FUM(g
FORM B-All Revenue Sources O1M1er}Mn flaavtlopman+PrbpaM Tu Trve1 I+TTG)
Ropd Area(e1 Me ed P IN 1 rA Mended
DRAFT RECOGWED OBLIGATION PAYMENT SCHEDULE
Per AB 20-Section 30177 1-)
C*ft'.ppgreamed Tol.Due Whig Payable from OIMr Rewnw Sourwe
pubi Nadel Outilanalnq F'a Year Pa nbb menlb No—IDNN CbI'dnn Evxvlon D.I.Dala Pe ee Wml x Prod.Area Debi or ONioepon M122013" Turn-Source"` July 2012 Aug2012 pool 2012 Od 2012 Nov 2012 Dec 2012 iclal
1 Leax/Sunkaw Aunnerment 1/13R000 VIP M1bIan Pidper,Lease Mer 1 55p
]WO0.V,W 000 W].W LBaM lrcnme 550Po.W 5500000 55 p00.00 SS WO,Po 55000.W q^ 0p • In 0N.00
2
3
S
s E
e
y
0 5
e
t0 5
11 J
+z
S
1a f
is
to
n
1e s
1e
20
21 f
22 E
2]
24
26
20
27
20
2B f
al
SO E
]1
32 E
iolA:-LMIHF f
To,Ys.Bad Prxeed. 0 Po
0 05
TGran'DiNa 3900 LCO.6O B60 MO00 550',0 55=w 55 W0.00 55 M0.Po 550.roPo 55000W $3300OW
Grant ldel�TM1bP f Al W0.00 800000.M f 560.tl.00 E ss,0.' w E 55033.M f 5500000 f `3,00000 E 550Cp 00 fi ]]0.0.'V.00
In.Preliminary Drift ReeepniuJ Obligellan peymeM AttMute(ROASI le to be oamplelatl by L1/2012 11.eucxaaar peney.end wbepuentyr eppraved by mr,wenlRM b0mid bi the 11-1 ROPE Ia eubmMM iD R.Stele Conlrnller and Slefe Oepar+meni of Flnenca by Apri115,2013. Il le red•rep uinme nl In a+Ibe ggreM
Upon Procetlums Albert W w lmftif before Submitting IM final O rlSnl Approved ROPS to IM SYIe Coddler sort SUN Department W Finance.
All Nlel tlw tlulllp SNUI yearend peymenl amounb en pro)ealed.
Fundlnp Sourcn from IM auxeSear oti(For Ideal 2011 12 only,of me—to RPTTF mold eleo mum In lncri.11-irNd for tM Adi Troy to Feb mery+.2M2{
RPTTF—getlewld Pl=Tp Trvtl Fond Bonde�Bend pwwetle O11W."Servo,nns.Inbmi wmin,,eN
LMIHFLaw ant MotlxeN lncwnS Hdmin Fund
Admire Sucweear c pdminbtrNlo pllonnce
Name of Redevelopment Agency: City of Palm Springs as Successor Agency to the Coommulut,fto ment Agency of the City of Palm Springs FORM C-Administrative Cost Allowance Palo With Redeve lopment Property T.x Trust Fund(RPTTFI
Protect Areas) Merged Protect No.1 and Merced Project No,2
DRAFT RECOGNI2FD OBLIGATION PAYMENT SCHEDULE
Per AS 26-Section U177 I') 1
Total Due During Payable from the Administrative Allowance Allocallon"^
Total Outstanding fiscal Year funding Pa mentsb month
Pro act Name Debt Obligation Payee Desch Lion Proect Area Debt or Obligation 2012-2013" Source'. Jul 2012 At 2012 Se t2012 Oct 2012 Nov 2012 Dec 2012 Total
1 Administrative Cost Allowance City of Palm Springs Ovemeatl Cost Allocation Merged 1IMer ed 5500,00000 250,000,00 RPTTF 20 833.35 2083333 20 833.33 20 033.33 20 833,33 20 833.33 125 000.00
2
3 $
4 $
s $
fi $
$
e $
9 $
1a
tt $
I2 $
13 $
14 $
15 $
16 $
17 E
0 $
19 $
20 $
21 $
22 $ —
23 $
$
24 $
25 $
26 $
27 $
28 $ '—
E
$
$
$
$
it it I
$
Totals-This Pas $ 5,500,000.00 $ 250 000.00 $ 20 833.35 $ 20,833.331$ 20,833.331$ 20,833.331 It 20 833.33 $ 20,833.331 $125 000.00
' The Preliminary Draft Recognized Obligation Payment Schedule(BOPS)Is to be completed by 31112012 by the successor agency,and subsequently be approved by the oversight board before the final POPS is submitted to the State Controller and State Department of Finart by
April 15,2012. It is not a requirement that the Agreed Upon Procedures Audit W completed before submitting the final Oversight Approved ROPS to the Spite Controller and State Department of Finance.
All total due during fiscal year and payment amounts are protected
Funding sources from the successor agency: (For Intel 2011.12 only,rekrences to RPTTF could also mean tar Increment allocated to the Agency prior to February 1.2012.)
RPTTF-Redevelopment Property Tax Trust Fund Bonds-Bond proceeds Other-resames,rants,interest earnings,ale
LMIHF-Low and Moderate Income Housing Fund Adman-Successor Agency Administrative Allowance
-Administrative Cost Allowance caps are 5%of Form A 6-rnonlh Was In 2011.12 and 3%of Farm A 6-month tole is In 2012-13. The calculation should not factor In pass through payments paid for with RPTTF In Form D.
Name of Ratlevelopment Agar,City of Palm Wage as Successor Agency to theC _'1 R tlevelopment Agency of the City of Palm Springs FORM❑-
Protect Area(5) Merged Pro act No 1 tl Merged P ct N 2 Pass-Through Payments
OTHER OBLIGATION PAYMENT SCHEDULE
Per AS 26-Section U177(')
Pass Through antl Other Payments'•"
Total Due During
Pro act Name l Debt Obli atlon Pa a Total Outstanding Fiscal Vear Source of Pa antsa month
Desch tion Pro act Area Debt or Obli atlon 2012-2073•• Fund•••7 Al Jul 2012 Au 2012 Se t2012 Oct 2012 Nov 2012 Dec 2012
l Passthrou h Obli giants Wi a Paid b the Court ll b Auditor Controller Direct) not the Success orA enc Total
2
3 $
4 $
5 $
S $
T $
B $
9 $
10 $
11 $
12 $
13 $
14 $
15 $
$
$
$
$
Totals-Other Obligations
The Preliminary Draft Recognized Obligation Payment Schedule(ROPS)is to be comple[etl by 1f/2012 by the successor agency,and subsequently be approved by the oversight board before the final ROPS Is submitted to the State Controller and State Department of
Finance by April 15,2012. It is not a requirement that the Agreed Upon Procedures Audit be completed before submitting the final Oversight Approved ROPS to the State Controller and Stale Department of Finance.
••All total due during flsoal year and payment amounts are projected
•••Funding sources from the successor agency: (For fecal 2011-12 only,references to RPTTF could also mean tax increment allocated to the Agency prior to February 1,2012.)
RPTTF-Redevelopment Property Tax Trust Fund Bonds-Bond proceeds Other-reserves,rents,Interest earnings,etc
LMIHF•Low and Moderate Income Housing Fund Admin•Successor Agency Administrative Allowance
-Only the January through June 2012 ROPS should Include expenditures for pass-through payments. Starting with the July through December 2012 ROPS,per HSC section 34183(a)(1),the county auditor controller will make the required pass-through payments art,r to
transferring mono Into the successor agency's Redo eslo men)Obligation Retirement Fund for items Ilstatl In an oversl ht bwrtl a rovatl ROPS.
Palm Spnn95 Bona Debt Service
2001 Bonds 2004 Senes A 2004 Senes 8 2007 Senes A 2007 Senes B 2007 Senes C
BI12012 372,75875 On Deposit with Tmstee
9/12012 747,21375 396,378.13 309.612.60 58646.55 32666978 On Deposit with Tmstee
2/12013 86,108.75
3112013 275.71375 211,878.13 W9,61250 58.646.55 193,036.28
WlM13 381,10875
9/12013 0.00 76071375 401878.13 30961250 58 &55 328,03628
467,217,50 1,036,42750 613,756.26 619.225.W 117,293.10 521.072.56
6130/it Balance 5,030,2W 05 17,895996.25 14,453,293.21 23,960,387.52 3,854,W 71 12,401,60941
&1111 Payment 368,88375
9l1/11 Payment ]36288.15 3W.628.13 309.612,50 5864655 325.16353
21/12 Payment 92.]58.]5
N1112 Payment 0.00 28]213]5 216.378.1 309612.50 58646.55 196.669.78
61301126alance 5.306,41505 16,872,483,75 13,866286.95 23,341,162.52 3,]3]254.61 11,885]]6.10
368,83375 ]36.288.]5 3W,628.13 W9,612.50 58,646.55 325,16353
92.758.75 287,21375 216.378,13 30961250 W,646.55 196,66978
372,]58.75 747.21375 396,378.13 309,61250 WM6.55 326,66978
86.108.75 275.713,75 211,078.13 309,612.50 58,646.55 193,036.28
381,10875 760,713.75 401,878,13 309,612.50 58,646.55 328,03628
78,918.13 263588.]5 207.128.13 W9,61250 56,646.55 189,263,03
W13,918.13 ]]3,588.]5 407,128.13 309,612.50 58,64655 334,26303
71.168.13 250,83815 202.128.13 309,61250 58,646.56 185,210,28
396,168,13 ]85,838.75 407,128A3 309,612.50 58.64655 34021028
62.880.63 237.46376 197,003.13 309,612.W 58,646.55 1W,87803
402,880,63 797,463.75 417,003.13 309,612.50 56,646.55 340.87803
54.040.63 223.46375 191,W3.13 309,612,50 58,64655 1]6.406.03
414,040.63 813,46375 421,503.13 659,612.50 118,w 55 346,406.03
44.590.63 20871375 185,523.13 302,612.60 56.804.25 171,654.53
419,590.63 823713,75 425.523.13 642,612.W 121,W4.25 356,654.53
34512.50 192.723,75 179.073.13 295,600.00 54,W8,43 IW,72435
429.51250 842,723.75 434,073,13 W,wo.00 124,W8.43 3W72435
23.650.00 175,661.25 172,22000 288484.38 52,659,08 159,47363
443.650.00 860,661.25 437,220.00 63341EPIW 127,65908 369,47363
12,100.00 157,68000 164,932.W 281,153.13 50,356.20 152,142.08
462,10000 8]].680,00 444.93250 496.153.13 130,3W,20 372.74208
138.600,00 157232.50 276,450W 47,899.W 145,68998
898,W0.00 452,232.W 476.450.00 127,89980 380,689,98
117,700,00 149,120,00 272,075,00 45,44340 138.157,05
917,70000 464,120.00 427,075.00 130443.40 388,15705
95,700.0 140,30000 268,58760 42.83348 M,14330
335,700,00 470,30000 883.587.50 132,833.48 396.14330
89,10000 1W.812.50 25475000 40,070,03 121,648 73
339,10000 4W,81250 404750.W 140,07003 401648.]3
82,225W 120,7W.00 251,37500 36,99963 112.673,33
347,225.00 4W,7W,W 1.151,375W 141,999.53 412.673.33
74,937.50 110.112.50 228,8]500 33]]5.50 103,056.B3
354937.50 500,112.50 1,178.875W 143,]]5.50 423,05683
67.237 W 0.900.00 205125.00 30,39]95 92799.23
W2.231.50 513,90000 1,205,125.00 145,39795 432799.23
59,125.00 86,968.]5 1W,12500 26,866.88 81,900,53
369,12500 521,96875 1,230,125.00 151,866.86 446,900.53
50,600.0o 74,462.50 153,875.00 23.028,75 ]0200.45
380,600,00 534462.50 1,253,87500 153,028.75 455,20045
41,526.00 61,237,50 126.37500 19,03].10 57,85928
391,52500 551,237.50 1,2W,37500 159,037.10 467.M928
31,90000 47,150.W 97.125.00 1473840 44,71673
396.900.00 562,150,00 1,332.12500 164.73840 484,716,73
21,862 50 32.343]5 M250,00 10.132 65 30612.53
406,862.50 577,343 75 1.361.250 W 170.132,65 495,612 53
11,275,00 16,67500 33.87500 5.219.85 15,106.95
421,27500 596.675,00 1388.875.W 175,21985 505,706.95
PSL 236
2012 122,892.00
2013 122,892.00
2014 122,892.00
2015 122,892.00
2016 129,037.00
2017 129,037.00
2018 129,037.00
2019 129,037.00
2020 129,037.00
2021 135,489.00
2022 135,489.00
2023 135,489.00
2024 135,489.00
2025 135,489.00
2026 142,263.00
2027 142,263.00
2028 142,263.00
2029 142,263.00
2030 142,263.00
2031 149,376.00
2032 149,376.00
2033 149,376.00
2034 149,376.00
2035 149,376.00
2036 156,845.00
2037 156,845.00
3,586,083.00