HomeMy WebLinkAbout4/3/2012 - STAFF REPORTS - 3.B. OVERSIGHT BOARD
FOR THE SUCCESSOR AGENCY TO THE
PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY
BOARD REPORT
MEETING DATE: April 3, 2012 NEW BUSINESS
TITLE: APPROVAL OF THE RECOGNIZED OBLIGATION PAYMENT
SCHEDULE ("ROPS")
INITIATED: Department of Community & Economic Development
RECOMMENDATION:
1. Adopt Resolution No. 005, "A RESOLUTION OF THE OVERSIGHT BOARD OF
THE SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY
REDEVELOPMENT AGENCY APPROVING THE RECOGNIZED OBLIGATION
PAYMENT SCHEDULE ("ROPS") AS REQUIRED BY HEALTH & SAFETY
CODE 34180 FOR THE PERIOD ENDING JUNE 30, 2012."
2. Direct the Clerk/Secretary 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.
BACKGROUND AND ANALYSIS:
In June, 2011, the California Legislature enacted the Redevelopment Agency
Dissolution Act ("Act") which essentially abolished redevelopment agencies in the State.
The Act required that all agency activities be terminated, except for the implementation
of existing obligations. The unwinding of a redevelopment agency would be overseen by
a successor entity designed to liquidate the Agency's assets as rapidly as possible.
With the dissolution of the Redevelopment Agency, the City became the "Successor
Agency" to the Redevelopment Agency. As the Successor Agency, the City approved a
"draft" Preliminary Initial Recognized Obligation Payment Schedule (IROPS). The
IROPS listed the minimum amounts that must be paid by the Successor Agency over a
six (6) month period to fulfill its enforceable obligations during that ',period, with the first
schedule covering the period from January 1, 2012 to June 30, 2012. The schedule
also identifies a source of payment for each recognized obligation from one or more of
the following:
ITEM NO 3.13.
Oversight Board Report
April 3, 2012
Page 2—Approval of ROPS
1. Low and Moderate Income Housing Fund;
2. Bond Proceeds;
3. Agency Reserve Balances;
4. Administrative Cost Allowance;
5. Redevelopment Property Tax Trust Fund (formerly tax increment), but only to the
extent no other source is available; or
6. Other revenue sources.
The City acting as the Successor Agency finalized the IROPS, and amended it on
February 18, 2012; it then submitted it to the Department of Finance and County
Auditor-Controller. The IROPS established the payments to be made during wind-down
activities of the Agency.
The established ROPS must now be approved by Oversight Board and submitted to
County Auditor, State Controller's Office and State Department of Finance by April 15,
2012. The final ROPS must also be certified by County Auditor-Controller by the
designated External Auditor (which is the auditor hired County Auditor-Controller to
prepare an "agreed procedures audit' of the former RDA and shall be Brown Armstrong
Accountancy Corporation of Bakersfield, California).
The ROPS is the document used to determine the amount of what was previously called
tax increment the Agency will be allowed to retain on a six month basis as well as the
amount of the Successor Agency's allowable administrative budget. A new Recognized
Obligation Payment Schedule must be adopted for each successive six-month fiscal
periods.
Given the unfortunate timing of the April 15, 2012 deadline to submit the ROPS to the
State Department of Finance and the County Auditor-Controller, and the late
engagement of Brown Armstrong to undertake the audit, which is required for final
certification, Staff recommends the Oversight Board approve the ROPS for transmittal
to the State and County, subject to the audit and review by Brown Armstrong. The
conclusion of the audit and any findings, and any changes to the ROPS based on the
audit, would return to the Oversight Board for review and amendment.
There is one change to the IROPS Staff would recommend the Oversight Board make:
the approval of converting the $5,069,848 SERAF Loan from the Low- and Moderate
Income Housing Fund for the 2009/2010 and 2010/2011 fiscal years from an
unspecified payment date by the former Merged Area No. 1 and Merged Area No. 2 to a
five year amortization, with a payment of $1,013,969 made to the Housing Successor
Agency in June, 2012 from the Redevelopment Property Tax Trust Fund (RPTTF). That
amount was budgeted in fiscal year 2011-2012 and the intent of the Agency was to
repay it over a five year period.
Pursuant to ABX1-26, Chapter 4, Health and Safety Section 34180, the Oversight Board
has the authority to approve the establishment of new repayment terms for outstanding
loans where the terms have not been specified prior to the date of this part.
ITEM NO 3.13.
RESOLUTION NO. 005
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
AND SAFETY CODE § 34180 FOR THE PERIOD ENDING
JUNE 30, 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 must be submitted to and duly approved by the
Oversight Board and submitted to the County Auditor Controller on or before April 15,
2012; 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; and
Resolution No. 005
Page 2
WHEREAS, the ROPS has not yet been certified by the County Auditor-Controller;
and
WHEREAS, the ROPS identifies and includes an administrative budget.
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
established and approved the Preliminary Initial Recognized Obligation Payment
Schedule in the form attached to this Resolution as Exhibit A. The City Council, as
Successor Agency, directed the City Manager 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 2. The Successor Agency found and determined that the
establishment of the 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 recognized 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
certification by the County Auditor-Controller, a copy of which is attached as Exhibit A to
this Resolution.
SECTION 6. The Oversight Board directs the Clerk/Secretary 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. This Resolution shall become effective three (3) business days
after its adoption.
Resolution No. 005
Page 3
PASSED, APPROVED AND ADOPTED BY THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT
AGENCY THIS 3RD DAY OF APRIL, 2012.
CHAIRPERSON
ATTEST:
CLERK/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. 005 is a full, true and correct copy, and was duly adopted at a special
meeting of the Oversight Board on April 3, 2012, by the following vote:
AYES:
NOES
ABSTAIN
ABSENT
James Thompson, Clerk/Secretary
City of Palm Springs, California
Name of Redevelopment Agency: Community Redevelopment Agency of the Ciryof Palm Springs Paget of 3 Pages
Project Areas) Merced Project No.1 and Named Project No.2
RECOMMENDED INITIAL RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AS M-Section 34167 and 34169
Total Outstanding
Debt or Obligation
as of June 30, Total Due Omm, Source of Payments by month
Project Name l Debt Obligation Payee Description 2011 Fiscal Year Payment Jul Dec Jan Fab Mar Aril May June M487
1)SERAF Loans Law Motl HousingFund Loans for FY 2009110 and 2010111 SERAFP 6059,8/8 RPTTF 1,013,970
2 City Loan and Interest C of Palm S wins Operating and Administrative Casts 1657163 1657163 RPTTF 1,657,163
3 Agreement for Reimbursement Cityof PalmSprings PSL-236 Lease 2860000 110000 RPTTF 110000
4 Agreement for Reimbursement Cityof Palm Swings Susainisol F Partial Pre a al of PSL 236 Lease 11254W 1125436 RPTTF 1125436
5 Loan Low Mod Housin Fund Loan to Merged Project No.1 14B 632 71316 RPTTF 74316
8 Housin Deferral Repayment Low Mod HousingFund Pre-1986 Set Aside Deferral 1532669 RPTTF
2004 Convention Center Bonds O of Pat.S wins Agency Contribution to Convention Denier Ex 36.8000oD 1600000 RPTTF 800.000 800000
B A reement for Reimbursement O of PalmSprings Wastewater Fund 1120380 487120 RPTTF 426939 60181
9 Caa aratiyeA reement Cry,of PalmBases Salome and Benefds 20705000 662286 ACA 331086 55200 55200 55200 55200 55200 55200 331,200
10 Coo ansune Agreement City of Palm S rin a Insurance 335000 19,736 ACA R115479
4836 4934 BBfiB
11 Cocteau.Agreement C' of PalmBarrels Administrative Chances 2195000 292241 ACA 1 73050 ]30fi0 146120
12 Caa ribyaA reemenl Cityof PalmSprings Materials and Supplies 1080000 35069 ACA 4D54 4054 4054 4054 4054 4054 24324
13 Coo eabox,A reement Cityof Palms tln s Buddin Rental 436000 18000 ACA 0
14 Contract Services-Audit Lan.Set 6 Longhand Audit Services 518000 11000 ACA 3000 3124 6124
15 Contract Service.-Le al Woodruff S redlin General Laos Counsel 1817000 5]]00 ACA 1 66% 6656 6656 6656 6656 6659 39939
16 Contract Services-Le al Best Best B Kreiger Redewelo mentSpecial Counsel 5130 14402 ACA 0
17 Contact Services-Consultin Tens No.Cixmltin Consulting;Sem.a 3053 3053 ACA 0
10 Contract Services-Consultin Canyon Commercial ConsultingDowntown Consulting144000 144000 Fund Balance 15000 15000 15000 15,000 15000 15000 90000
19 Contract Services-consultin Keset Marston Financial Ane sis Services 11640 11640 Funtl Balance D
20 Contact Servkes-Financial Harrell It Company Advisors Bond Disclosure and Financial Analysis 20000 20000 ACA 500D 5000 5000 5000 20000
21 Pro a Tax Coun of Riverside Popery Tax anA uiretl Pro 6400 3400 RPTTF 1200 4200 8400
22 Contract Services-Other e. .rebate calc Various Various ConsultingServics 4296000 90339 ACA 15000 15INS 15000 15000 15000 15000 90000
23 20110 nPO-Animal Shelter Alkn F Smoot B Associates Animal Shelter Gmadoclon 32856 32856 Bond Proceeds 0
24 20110 nPO-Animal Sheller SaeWMsOS Architects Animal Shelter Construction 15479 15479 Bond Proceeds 0
25 2011 Open PO-Animal Sheller Planil Ra ro ra bics Animal Shelter Construction Bond Proceeds 0
262011Open PO-Animal Shelter In moll Rand Security Animal Sheller Construction 25934 25934 Bond Proceeds 25,934 0
2 2011 Open PO-Animal Sheller West Teat Communications Animal Shelter Phone System 9027 9D27 Bond Proceeds 9027 0
28 20110 en PO-Animal Shelter Moore lacofano Gollaman Downtown Design Bond Precasts 0
29 2011 O en PO-Animal Shelter Schroer NIN Co Animal Sheller Kennels and Intake Cages 17619 17619 Bond Proceeds 17619 0
30 2011 O en PO-Animal Sheller Lake Slate lndustbes Animal Shelter Capes /469 /469 Bond Proceeds 446E 0
31)2011 OpenPO-construction Rick Enorderind SPalm Can h Woleang Sigs 5198 Fund Balance 5198 D
32 20110 en PO-Audit Lance Sell B Lun hand Audit Services 1530 1530 Fund Balance 1530 0
L31 2011 OpenPO-Financial Hartelt B Company Advisors Bond Disclosure and Financial Ana iu 6657 6657 ACA 6657 6,657
34 Grounds Maintenance Various O mbon ofA uiretl Pro 160000 8000 RPTTF 6.000 100 400 400 400 /00 2000
35 Ciiatimaing App.priabo. _ Various Animal Shelter Construction(Bond Pieces s 90915 98915 Bond Proceeds 98835 BD 80
36 Continuin D..dstore Various COD Master Plan 10144r 101449- Fund Balance 650 507g9 50000 100799
37 Continuin q delkns Various Desert Fashion Plan Vision 344d 3444 Fund Balance 3444 0
38 Continuin A ro rialions Various W ital Pro acts ]fi555] ]6555] Fund Balance 250000 250000 250.000 155A ]6555]
39 Housin Projects and Programs To Be DeterminedRealricted Sale Proceeds to be used for Low 162,630 162,630 Other Funds 162630 t62,638
IO Ca Bel Pro ds Various Bond Funded Capital Projects 2007 Bond P 1021]5] 1,021,757 Bond Proceeds - 1 021]5] 1 021.757
41)Potenfial Lilt Oon Judgment Pacific Hospitality Potential Judgment in Pending Lawsuit dirt tort RPTTF too
Totals-This Pa a1 84,320,872 8,720,422 1,750B31 4.110,048 239,840 404,434 355,510 424,J04 2,449,324 ],eB],4fi0
RPTTF=Redevelopment Property Tax Trust Fund
LMIHF=Law and Moderate Income Housing Fund
ACA=Administrative Cost AAawan. 3,873,412
Name of Redevelopment Agency: Community Redevelomunm Agency of me City of Palm SprIngs Page 1 of 6 Pages
Protect Area(s) Merged Foulest No.1
PRELIMINARY DRAFT OF INITIAL RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AS 26-SeOlon 34167 and 3410
TOtel Outstording
Debt or 01,119ati0n Source of Pa men6b moron
Protect Name/Debt Obligation Pa a Descri Uon as of 30. TFscall Y0udn9 ear payment Jul,Dec Jan" Feb Mar Aril May June Total
1 20D4Tax Allocation Rd m1in Boll%SensA Bank of New York Mellon Trust Refinance 1994 Tax Allocation Bonds 24,470,886 1947.267 RPTTF 6245fi4 1122]03 1.122]03
2 2007 Tax Allocation Bord.Series Bank of Nana York Mellon Trust Capital Projects 23960388 928.838 RPTTF 309613 to"I 619225
3 2007 Taxable Tax Allocation Board,SeriesB Bank of New York Mellon Trust Proe A .1rimn 3S54.458 175941 RPTTF 58,647 117,294 117.294
4 SERAF Loans Low Mod Housi Fund Loans for FY 2009110 and 2010111 SERAFP 5069848 RPTFF 0
5 Cit Loan antl Interest of PalmS dos erati and Administrative Costs 1.653913 1553913 RPTTF 1,553,9t3 1.553.913
6 Loan Low Motl HOusl Fund Loan to Merged Proect No.1 148632 ]4.316 RPTTF 74,316 74,316
] Housin Deferral Re ament Low Mod Housi Fund Pre-1986 Set Aside Deferral 1532669 RPTTF 0
8 2004 Convention Center Bonds Ci of Palms rin s A e ----b Am,0 Comendon Center 29,900000 1300000 RPTTF 650000 650,000 650.000
9 A reemenHor Reimbursement C' of Palms nn sWastewateo FUM 436310 438,310 RPTTF 144]3 423,83] 436310
10 Coo leave reement Ci of Palms nn s Saltines and Benefits 4,fio0.000 214]9B ACA 107.399 17,900 17.900 11900 1]900 P900 V800 10].400
11 Coo endow,A reemeM CI INPelmS dos Insurer¢e 181300 9,065 ACA 4533 2266 2.26fi 4532
12 Ceo erativeA reement CI INPalmS dos Atlminlslmtive Chances 3145200 157.260 ACA 78.630 39315 38315 ]8830
13 Coo eradve mement Ci INPaImS n s Materials and Su lies 336.440 16822 ACA 5758 1844 1,844 1844 1,844 1844 1844 11064
14 Coo erativeA moment Ci of PalnrS dos Bulidin Rental 210000 10,5W ACA 10500 po
15 Contract Services-Audit Lance Scot&Longhand Audit Services 172500 6900 ACA 4400 1,000 L500
16 COmae[SaNv,es-Le at Woodruff5 redlln G.a.IL al Counsel 1244600 49.784 ACA 15281 5750 5750 5,]W 5]50 5.]50 5.➢53
T] Contract Services-L al Best KremerBest& Redevelo ment5 was)Counsel 14402 14402 ACA 14402
18 Contract Servkes-CorrsuWn Tana Nova Consulfin ConsMW Services 3.053 3053 ACA 3053
19 Connect Services Corson Can,,,Commercial Consulti Downbwn Consult®r Put 144,000 Furl Belence 54,000 15000 15000 15000 15.000 15000 15.000
20 Contract Servloes-Corson Keser Marston Financial Anal is Services 11.640 11640 Fund Balance 11640
21 Connect Services-Rnancial Harrell&Company Adissors Bmd Disciosureand Flnancial Anal is 230,000 10000 ACA 2500 2.500 2500 2500 10000
22 20110 nPO-Audit Lance Solt&Longhand Audit Services 1530 1530 Fund Belmce 1.530 0
23 2011 O en PO-Financial Harrell&Company Advisors Bond Disclosure and Financial Anal sis 6 fi5) 6.657 ACA 6.657 6,657
24 Pro err Tax Coun INRlversitle Pro en Tax on Ac ulretl Pro art 8000 8000 RPTTF 8,000 8000
25 Contract Servkes-Met e..rebate talc Vanous Various Consulfin Services 1.387797 60338 ACA 339 10.000 10.000d242689
J97.26945.145
000 ID,000 60.D00
26 Pura Tax Collection Fees Coun of Riverside $82557 Fees 2,9]],000 114.500 RPTTF 114:500
27 Bond Trustee Fees Bank of New York Mellon Trust Trustee Fees 161000 6360 ACA fi360 0
28 Conan ct Serviees-Consulfin Ke aer Marston Consulti Services-PaciOC Hos itali 25243 25,243 RPTTF 0 25.243 25243
29 Pacific Hos Ttall Jud merit Peak,Hos deli Jutl ment as Determined b Court To be Determined To be Determined RPTTF 0 0
30 Contract Services-Financial Harell&Conran Advisors EDP$and POPS Consulting6538 6,538 ACA 0 6.538 6,538
0
Totals-This Page 105796004 7295977 2160649 4128102 134013 .0]5 551150 5T35328
Totals-Paget 9353901 3,180,395 549510 55480 51,199 ,4 2 1.315,557 2580884
Totals-Page 3 2,634735 2634735 0 L2888]4 001102072 2.634.736
Tools-Page4 50540]68 5358.208 1140688 2988]38 48146 ,145 1.011128 421]107
Tools-Pages 1.419170 14191T0 0 495,38] 00 813018 1:419.1]0
Totals-Page 6Grand total-All Pa es 24384069 58]3238 11.064.568 2]0.541 ,303 5.0413]3 18460.419
RPTTF=Redevelopment Property Tax Trust Fund
LMIHF=Low all Moderate Income Housing Fund "Includes Bond Debt Service Due in August and September 2012
ACA=Adminiean dye Cast Allowance
Name of RMendopment Agency: Ccmmuniry Redevelopment Agamy a the Cdy ofP Springs Paget of 6 Pages
Project Areas) Merged Praised No 1
PRELIMINARY DRAFT OF INITIAL RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AS 26-Section U167 and 34169
ag
Debt or Obligation
as of June?0, Total Due During Source of Pa men6 le,monM
Praised Neme/Debt Detested Pa tie Debcd Lion 2011 Fiaaal Year Payment Jul-0ec Jan Feb Mar A nl Ma June Total
1 20110 en PO-Animal Shelter Allen F Smoot&Associates Animal Shelter Conshun8on 32858 32858 Bonn Pmceetls 32856 0
2 20110 an PO-Animal Strelter SvretV1Jal.Architects Animal Shelter Construction 15478 1 15479 Bond Proceeds 15479 0
3 K110 n PO-Animal Shelter Planit Re re hies Animal Shelter Oonstmction Bond Proceeds 0
4 20110 on PO-Animal Shelter I em.IIRand Sewn Animal Shelter Construction 25.934 25.934 Bond Proceeds 25,934 0
5 20110 -P0-Animal Shelter West Test Communications Animal Shelter Phones tens 9,02] 9SIM Bond Proceeds 5,934 0
6 20110 nP0-Animal Shelter Moore lawfaro Golbraen Dowotown Des n Bond Proceds 0
] 20110 nPC-Animal Shelter SchrperM C. Animal Sheter Kennels ant lnlake Ca es 1]819 1]619 Bond Proceeds 17619 0
8 20110 snp0-Animal Sheller lake State lndustnes animal Shelter Ca es 4469 44439 Bond Pragi 4469 0
9 20110 n PO-Construction Rick En label S Palm Can n Wdeni 5.198 5.198 FUM Balance 5198 0
10 Grounds Maintenance Versus 0 2dpn of aired Pro tl 160,000 8.000 RPT]F 8,000 400 400 400 400 400 2000
11 Continuen A ro mti nations Vadous Animal Shelter Co urusli n Bontl Proceeds 98915 98915 Bond Proceeds 98835 80 80
12 Conenuln A nations Vanua COD Meager Plan 101449 101,448 Fund Balance 650 50.]99 50,000 100 J99
13 Condnuin A m nation Versus Desert Fashion Plana Vision 3444 3444 Fund Balance 3444 0
14 Dis seeln a Do nations Versus Ca 8a1 Pr0ecla 76555] ]6555> FUM Balance 250000 250000 250000 1555] ]65.55]
15 Dis cation and Develo mentA reement Endure lnvaslmenls Financial Asslstatwe 55 Jxdg 2]]000 RPTTF - 22Z000 22],000
16 Des eaten and Bassin mentA moment Endure Investments Financial Assistance RPITF 0
17 Owner Palmer af 1,400.000
on A moment VIP Motors Finarcial gssisdnre 00,000 130,418 RPTTF 130,448 130448
18 Lease/Sublease reement VIP Motors pro Lease 3980000 385000 Lease lnwme 330000 55,000 55000
18 Flood Control Trust Fund Vadous Flood!Control Tax Shand q enc gcceunt 1300000 130000p RPTiF 1300000 1300000
20
21 0
22 0
23 0
24 0
25 0
26 0
4] 0
28 0
29 0
0
30 0
31 0
32 0
33 0
34 0
35 0
36
0
3] 0
38 0
30 0
40) 0
Totals-This Pa a 0,35394] 3,180395 549.510 55.480 51.199 fi5],848 250,400 250,40D 1,315,55] $580,884
RMF=Redevelopment Property Tax Trust Fund
LMIHF=Low and Moderate Inwme Housing Fund
ACA=Adminestrnve Cast Allowance
Name of Redevelopment Agency: Community RedeveopmeM Aget,,,la,the C,y sfPl Paga3 offi Pages
Proled Area(.) Merged Pmied No 1
PRELIMINARY DRAFT OF INITIAL RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AB 26.Section U167 and 34169
n9
Debtor Ob"s on
Pro'ect Namel Debt Obli atlOn Pa a den).e3o, Tdal Due During Saone of Payment, month
Oescnpfion 2011 Flscel Veer Payment Ju -Dec Jan Fab Mar A N Ma June Total
1 SB 211 Pa merit-Riversitle Cou Riverside noun Tax Shadm Pursuant Sedi0n 336W] 8681 8691 RPTTF 81691 8.691
2 SB 211 Pa merit-CI of Palm S His s CI of Palm S rin s Tax Shari Pursuant b Section 3360].] J M7911 96,]65 RPTTF g6]65 96.]65 3 SB 211 Pa menD Palm S nn s UniOetl Se 001 Di Palm S n s Unified Sdwd District Tax Shan Pursuant to Section 3360]] 8].95] 8]95] RPTTF BT,95] 96J65 4 58211 Pa aril-Coll eof the Oas.d Coll. oflM1e Desert Tax SM1ann Pursuant to Section 338pL] 25009 25.008 RPTTF 25909 25D57 5 SB 211 Pa merit-Coon OfficedlEdurealm Count Office of Etlucation Tax Shari Pursuanito SeUi0n 33fi0]] 13850 13,859 RPTTF 26,09 25.DN 6 SB 211 Pa meat-Riverside Corn Re Tonal Pa Riverside Coo Re Tonal Pan, Tax Shen Pursuant to! 3380].] 1419 1,419 RPTTF 3,659 1659] Sit 211 Re ment-Riverside Colin Plead Count Waco, eCount Flood Control Tax Shan Pursuantk Sectlon 3360].] 3140 3,140 RPTTF 3419 3,419 8 SB 211 Pa meM-Cemeta Diarist Cemem DlstriU Tax SM1ann Pursuantb Section 3360].] 88 88 RPTTF 88 9 140
SB- Pa eat-nos italureart He.gal Diable Tax SM1ann Pursuant to Section 86
3360]] 6.fifi1 6fi61 RPTTF 8881 8686 10 SB 211 Pa merit-Mo uito Abatement OiskU Ma uOO Abatement Ois9iU Tax SM1ari Pursuant to Se tiom 3360].] 422 422 RPTTF 422 422
11 SB 211 Pa enL Resource Conservatlon District Reasurce Causarvafwn Disko Tax SM1ari Pursuant to Section 3360]] 40 40 RPTTF q0 40
12 SB 211 Pa ment-Coachella Valle Water Diatnct Coachella Valle Wakr Diane Tax Shaun Pursuant tp Section 3360].] 3 3 RPTTF 3 3 13 SB 211 Pa meal-CVWD Storm Asian Diana CVWDSkrm Water District Shadn Pursuant k Section 33607.7 4 4 RPTTF 4 q
td nOMreClual-Riverside Cou Riverside Coon Tax SM1ann Pursuant he Season 33401 1,197,146 1,197,146 PTTF 1.197,146 1 197 14fi
15 COMraeusl-Riversitle Coun Dekrml Riversitle Count Tax SM1arin Pursuant to Section 33401 Ceti 530565 530.5B5 RPTTF 530585 5W,585
16 Conaackal-Palms n sUnifed Sdiod DisVle PaImS nn s Unified School Disttict Tax BM1ann Pursuant to Section 33401 198,055 198.055 RPTTF 198055 198055
P Contracual-Golfe aof Me Desert Colle eofke Deeert Tex SM1ann Pursuant k Section 33401 58531 56,531 RFITF 1 31 56631
18 Contractual-Coon of6.e1Educadon Coun Offices Educafion Tax Sharin PursuaMkSacti(n33401 30756 30756 RPTTF 30]56 30756
19 GonbacWal-Riverside Cou Food Control Riversitle Count Flootl Control Tax Shan Pursuant to Sadism 33401 92828 82.828 RPTTF 92828 92828
20 GonbaUual-Cemeta OISMe Cemeta Disdd Tax Sharin Pursuant to Section 33401 4105 4,105 RPTTF 4105 4,105
21 COnlraeual-Mo uik Abatement Dlatict M uitp Abakment OlsNd Tax Shan Valle Water Pursuantk Section I., 3 184 38184 RPTTF 38184 38,184
bactual-Coachala Di act Coacella Valle Water Distdd Tax Sharin Pursuant to Section 33401 0 0 RPTTF
22 Con 0
23 Contmeual-Dosed WaterA an Desert WaterA an Taz Sharin Pursuant to Section 33401 17,557 17.557 RPTTF 1]55] P55]
24 Contractual-Desert Water ane DS Override Desetl Water ens Tax Sharin Pursuant to Seaton W401 225132 225.132 RPTTF 225132 225132
25
26 0
2] 0
28 0
28 0
30 0
31 0
32 0
33 0
34 0
35 0
36 0
3] 0
36 D
39 0
40) 0
Tokls-This Pa e
0
2,834J35 2,634,]35 1,289,9]4 0 242,689 0 0 1,102,0]2 2,834y35
RPTTF=Radevelopment Property Tax Trust Fund
LMIHF=Low and Moderate Income Housing Fund
ACA=Administrative Cost Allowance
Name of Redevelopment Agency: Community RedevalopmentA f M1 CN fP S P Page4 of6Pages
Project Merged Proect Not
PRELIMINARY DRAFT OF INITIAL RECOGNIZED OBLIGATION PAYMENT SCHEDULE
mg
Debtor Obligation
Pro ect Namel Oebt Obl"anon paee sOf June 30. Total Due During Source of Pasbarld,bx mpnN
Dear^ban 2011 Fiscal Year Payment Jul-Oec Jan" Feb Mar Ann] Ma June T^tal
1 2004 Tax Almealma Refuntli Bonds,Sort.B Bank of New York Mellon Trust Refinarre 1994 Tax All ton BOMB t4,453293 1,003.384 RPTTF 390628 612.]56 812,]56
2 2007 Taxable Tax Allocation Bonds SeriesC Bank of New York Won Trust Pro A ulslWo 1240).609 848,503 RPTTF 325184 523.339 523339
3 City Loan and Interest Cil of Palm S do a 0 eretin and Administrative Costs 103,250 103250 RPTTF 103,250 523 339
4 A regiment for Reimbursement Ci pf Psme.no s PSL-236Leaae 3.400.000 122892 RPTTF 1W000 12692 03,250
S A reement for Reimbursement Ci of Palm S on aSustalnebili Padisl Pre mentof PSL 23fi tease 1,125438 i125438 RPTTF 1.125,436 tt25436
892
6 2004 Converted Center Bonds C' of Palm S n s en ConWbufion to Convention Center 6,900 DO9 300,000 RPTTF 150 000 150,000 150,000
] A reement for Reimbursement Ci of Penn rin sWastewater Fund 198 Co. rats.A resonantams Salaries and Berrefits 51512d00,308000 214,]98 ACA 10]398 P900 9909 410900 850039
9 C remove reement ns ce 1)90 1)900 1].900 1700 107400
CooperativeAgreement AdministmveCles 88 ACA 4444 2222 2222 4,4
.509220
75461 ACA 3],596 18,]98 18]9] 3].595
11 Coo ends.
be...M Ci MPeImSd s Materials and Supplies 212420 10 fi21 ACA 2,]01 1320 1320 1320 1,320 iJ20 1320 ],920
t2 Coo emlive reement Cit of PalmSd s Builtli Rental 90,000 4500 ACA d500
13 Conrad Services-gud4 Lance SollBLu he Audit Services 77.500 3100 ACA 1400 1000 ]00 1,]O9
14 ConVact Services-L I WpMru(fS mtllin General Legal"mel 197900 ]916 ACA 2480 996 906 906 906 996 906 5.436
15 Contract Services-Financial HarteIlBCom an Advisors Bond D!Wosum and Financial Anal m 184000 8000 qCq yppD 2000 2,000 2000 8.000
16 Contact Services-OUer e. .rebate talc Various Various Consulting Servces 460000 20000 ACq b,Opp 4,000 4,000 4000 4000 20,000
17 Bond Trustee Fees Bank of New York Mellon Trust Trustee Fees 161 000 4 520 ACA 0,3]] 143
16 Proe Tax Collection Fees Coun of Riverside SB 255>Fees 1,848.000 )1000 RPTTF ]1000 ]1000
19 Fbod Control Trust Fund Various FIOM Contol Tax SM1arin A enc Aaount 575000 5)5000 RPTTF 5]5000 5]5000
20
21
22
23
24
25
26
2]
28
29
30
31
32
33
34
35
36
3]
3B
38
40j
Totals-This Page $ 50,540,)88.00 5,356,206 1,1dg688 2.988,]38 ded46 28,828 9],289 45,145 1,011,126 4,2t11W
RPTTF=Redevelopment Property Tax Trust Fund "Includes Bond Debt Service Due in August and September 2012
LMIHF=Low and Moderate brume Housing Fund
ACA=Administ26ve Cost Allowance
Name of Redevelopment Agency: Community Redevelopment Agency M lh City of Per m$ 'hasPage5 Mfi Pages
PhaleGAreahi) Merged Proed No 2
PRELIMINARY DRAFT OF INITIAL RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AS 26.Se.fion U167 and 34169
mg
Debtor Obligation
P 'eG Name I Debt Obf aPon ..of June W. Total Due During Source of Pa menu b
Pa ee Descn lion 2011 Fiscal Year Payment Jul I M Jan Feb Mar q nl May June
1 50211 Pa enL Riverside Count Riverside Count Tax Shadn Pursuanito Section3X07.] 0 0 RPTTF 0
2 SB 211 Pa merit-CIt of Palm$n s Gi of Palm rin s Tax Slann Pursuant to Section 336077 33470 33470 RPTTF 3347D
3 SO 211 Pa ment-Palm S in s Unified SOhoul Di Palm S an s On fee School District Tax Shann Pursuant t.Section 3360].] 6554 6 554 RPTTF 6 554
4 SB 211 Pa menl-Celle eofthe Desert Coll e.f1k.Desert Tax Shaun Pursuant b Section 3360].] 1871 1,W1 RPTTF 1.E71
5 $B 211 Pa menl-count Oltice of Education Coun OficeMEduoatlon Tax Shaun Pursuantto Section3360].] 1018 1,018 RPTTF Long
6 SH211Pa ent-Riversitle Coun R tonal Pa Riverside Cou Re ional Park Tax Shads Pursuant to Section 3360Z] 492 492 RPTTF 492
] SB 211 Pa mast-Riverside Coun Flood Control Riverside Coun Fled Control Tax Shaun Pursuant W Section 3W07.7 0 0 RPTTF 0
8 SB 211Pa ant-Cemeta District Cemeta DisNd Tax Shad Pursuant N Section 336W.) 180 180 RPTTF 180
9 BB 211 Pa mast-Hos ital Dislnd H..ital Distnd Tax Shaun Pursuant.Section 339C].] 2304 2,304 RPTTF 2304
10 SB 211 Pa meM-M.raft.Abatement Dismct M. uito Abatement District Tax Shaun Pursuant to Segpn 3?fi0]9 0 0 RPTTF 0
11 SB 211 Pa ant-Rasoume Conservation District Rescunce Conservation Disldd Tax Shaun Pursuant b Section 33fi0]] 0 0 RPTTF 0
12 SB 211 Pa merit-Coachella Vell WMer DisNd Coachella Valle Water DiatrlG Tax Shaun Pursuant t.Section 33601] 0 0 RPTTF 010
13 S82TP8 em-CVWDStmm Water District CMD Storm Water District Tax Shaun Pursuant to Secton 3360]] 0 0 RPTTF 0 0
14 Conbadual-Riverside Cpun Riverside Count Tax Sharing Pursuant t.Section 33401 903110 903110 RPTTF 451555 451555 933110
15 Contractual-Palm S rtn s Unified School District Palm S nn s United School Didrid To.She PursuanlWSection 33401 184829 184829 RPTTF 184829 184829
16 G.ntraGual-Gotta eof the Oared Coll eofthe Desert Tax Shaun Pursuant to Section 33401 52T56 52]56 RPTTF 52,756 52,)56
1] Contractual-Coun O(flce of Education Cou OF of Education Tax Shaun Pursuant to SaGion 33401 31109 31109 RPTTF 31.109 31.109
18 G.ntradYal-Riversitle Cou Flood ContrW Riversitle Count Reed Control Tax Shaun Pursuant fo Secfion 33401 fi0]4fi 60)46 KTTF 43812 16.934 60,748
19 Contractual-Cemefa DisNd Canute District Tax Shan Pursuant..Section 33401 919 919 RPTTF 919 919
20 ConbaGual-Mos rito Abatement DisMG Mos uito Abatement District Tax Sharing Pursuant to Section 33401 0 0 RPTTF 0 0
21 Cono-acWal-Coachella Valle Water OJgmg CoaMelta Valle Water Didrid Tare Shad Pursuant 1.Secti'on 33401 2902] 29027 RPTTF 2902) 2902]
22 Ccntradual-Desert Water A... Desert WaterA one Tax Shen Pursuant ro Section 33401 825> 8257 RPTTF 8.25] 825]
23 ContmcNM-Desert Water n MOvermis Desert Water en Tax Shaun Pursuantto Section 33401 102528 102.528 RPTTF 102.528 102528
24
25 g
26 0
2] 0
28 0
29 0
3g 0
31 0
32 0
33 0
34
0
35 0
36 0
3] 0
38 0
39 0
40 0
0
Tours-Tics Pa a 1,419,1ID 1.419.1]0 495,38] 0 110.]85 0 0 813,018 1419,1]0
RPTTF=Redevelopment Property Tax Trull Fund
LMIHF=Low and Moderate Income Housing Ford!
ACA=Administrative Cost Allowance
Name of Redevelopment Agency: Community Redevelopment Areas,of me CiIx of Palm Springs Page 6 of 6 Pages
Project Areas) Low and Moderate income Houisno Fund Obligations
PRELIMINARY DRAFT OF INITIAL RECOGNIZED OBLIGATION PAYMENT SCHEDULE
mg
Debt or Obligation s of 011 30, Total Due Year
Source Of Pa mA b month
poorest Name/Debt Obli ation peace Descd io 2011 Fiscal Year Payment Jul-Dec Jan., Feb Mar A dl Ma June Total
1 2001 HousingTax Allocation Bonds Bank of New York Mellon Trust Refinance 1991 HousingTax Alice firm Bon 5030,290 834352 LMIHF/RPTTF 358834 465518 465.518
2 Housi Proectsan Pm rams TOBe Determined Restricted Sale Proceeds to be used for Law 162630 162630 LMIHF 162630 162,630
3 20%Housin Sat Aside Low Mad HousingFun Housingpropose and Prorams 1621100 1621100 RPTF 1.621,100 1.621,100
4 Ni hter ale Manor lm mvemerns Low Mod HousingFun Low Mod Housi Project 60.000 60.000 LMIHF 60.000 60000
5 Sunset Palms q rtments Lmv Mod HousingFund Low Mod HousingPro ad 1500000 1500,000 LMIHF 1,500,000 -
6 N lndian/San Rafael Pro act Low Mod Housin Fund Law Motl Housin Pro ect 4500 4,500 LMIHF 469 4031 4.031
] Coo erativeA reement Ci of PalmSprings Salaries and Benefits 6,000000 232689 ACA 116.289 19400 19,400 19400 In 400 19400 19 W0 116.400
8 Co...mtive Agreement Ci of Palm Springs Insurance 35660 1]83 ACA 892 446 446 892
9 Cooperative A reement Cityof PalmSpume gtlministrelive CM1ar es 1195,Bo0 59.790 ACA 29,895 14948 14948 2989fi
10 Coo rativeA reement Ci of Palms do s Materials antl supplies 152,400 ].620 ACA 2286 889 889 889 889 889 Sun 5334
11 Coo rafive ment CIA,of PalmSprings BuildingSimon 20000 1,000 ACA 1006 -
12 Contract Services-Audit Lance$
oll It, n hard Audit Sexless 25.000 t000 ACA 606 394 394
13 Bon Trustee Fees Bank of New VOA Melton Trost Tmslee Fees 22000 2t20 ACA 2120 -
14ContraclServicas-Finandal Harrell B Company Advenis Bond Dec..and Finanal Analsis 20000 1 2000 ACA 500 500 500 500 2.000
15 Contract Services-Mar e. .rebate talc Various Various Consulting Services 50000 1 5000 ACA 1000 1000 1000 1000 1000 5000
16
1]
8
19
20
21
22
23
24
25
26
2]
28
29
30
31
3211
33
34
35
6
3]
38)
39
6
Totals-This Page is 15899.360.00 4A95.584 272,391 2,106,907 1 37,183 1 22,183 1 21,969 36,683 248.450 2,473,195
RPtTF=Redevelopment Property Tax Trost Fund "Includes Bond Debt Service Due in August and September 2012
LMIHF=Low and Moderate Income Housing Fun
ACA=Administrative Cost Allowance