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Home My WebLink About5/1/2012 - STAFF REPORTS - 2.A. OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY BOARD REPORT MEETING DATE: May 1, 2012 UNFINISHED BUSINESS TITLE: UPDATE AND REPORT ON ANY COMMENTS RECEIVED BY THE CAL. DEPT. OF FINANCE PERTAINING TO THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE ('BOPS") FOR THE PERIOD ENDING JUNE 30, 2012. INITIATED: Clerk/Secretary RECOMMENDATION: Receive and File. BACKGROUND AND ANALYSIS: At the time of this report, no comments have been received by the California Department of Finance with respect to the Administrative Budget or the Recognized Obligation Payment Schedule approved by the Board on April 3, 2012. Staff will report if any comments are received subsequent to the post of the Agenda. FISCAL IMPACT: None. ITEM NO 2.A. OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY BOARD REPORT MEETING DATE: May 1, 2012 NEW BUSINESS TITLE: APPROVAL OF THE SUCCESSOR AGENCY ADMINISTRATIVE BUDGET FOR FISCAL YEAR 2012-13 INITIATED: Department of Community & Economic Development RECOMMENDATION: Adopt Resolution No. , "A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY APPROVING THE ADMINISTRATIVE BUDGET FOR THE PERIOD ENDING JUNE 30, 2013." BACKGROUND AND ANALYSIS: Health & Safety Code Section 341770) requires that each successor agency prepare an administrative budget for each six-month period and submit it to its Oversight Board for approval. Due to the delay in effectiveness of the Code as a result of the Supreme Court's ruling on AB X1 26, the period for the initial budget was February 1 to June 30, 2012. In carrying out the duties of the successor agency, AB X1 26 allowed the Successor Agency to the former Community Redevelopment Agency of the City of Palm Springs an administrative budget of up to five percent of the property tax allocated to the Successor Agency from the Redevelopment Property Tax Trust Fund (RPTTF) for fiscal year 2011/2012, and up to three percent of property tax funding allocated to the Successor Agency thereafter, or no less than $250,000. The RPTTF is the fund to be established by the County Auditor Controller's Office (Controller) to deposit future tax increment. The Controller is to distribute funds from the RPTTF to the Successor Agency twice annually on January 16 and June 1 to pay enforceable obligations due during the six-month periods (January to June) and (July to December) as identified on the approved Recognized Obligation Payment Schedules (ROPS). Pursuant to Health & Safety Code Section 341770), the administrative budget is to include all of the following: 1) Estimated amounts for Successor Agency administrative costs for the upcoming six-month fiscal period; 2) Proposed sources of payment for the costs identified; and 3) Proposals for arrangements for administrative and operations services provided by a city, county, city and county, or other entity. ITEM NO. 3.A. Oversight Board Report May 1, 2012 -- Page 2 Approval of ROPS The minimum cost allowance of $250,000 is shown in the ROPS as a disbursement to the Successor Agency toward the administrative costs of unwinding the affairs of the Agency. To reach $250,000 in administrative cost allowance (ACA) using the 3% formula would require recognized obligations more than $8.3 million, which is in excess of the Agency's. The proposed administrative budget has two sections: personnel, at $276,646 (2.0 full time equivalent positions), and other administrative costs such as bond trustee fees, audit services, insurance, legal, and building costs, at $103,477. All of these are directly related to the activities of unwinding the Agency affairs, and do not contain any reimbursement for Finance, City Clerk, or other administrative staff of the City which are also working on Agency dissolution. The request of the Oversight Board, in approving the Administrative Budget, is to approve the following: Amount Category Source 250,000 Salaries ACA 26,646 Salaries RPTTF 103,477 OtherAdmin RPTTF 380,123 Total ACA/RPTTF All of the administrative cost items are also listed in the ROPS; the administrative budget is not separate from the ROPS itself. RESOLUTION NO. 006 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY APPROVING THE ADMINISTRATIVE BUDGET FOR THE PERIOD ENDING JUNE 30, 2013. 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 initial DRAFT "Recognized Obligation Payment Schedule" ("ROPS") was prepared by the Successor Agency for the enforceable obligations of the former redevelopment agency by March 1, 2012; and WHEREAS, each ROPS shall project 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 initial draft 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 initial draft ROPS was 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 for the period of July 1, 2012 to December 31, 2012, including the annual Administrative Budget which is contained in the ROPS; and WHEREAS, the initial ROPS has not yet been certified by the County Auditor- Controller; and Resolution No. 006 Page 2 NOW, THEREFORE, BE IT RESOLVED BY THE OVERSIGHT 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 in the form attached to this Resolution as Exhibit A. The City Council, as Successor Agency, shall direct 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 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 has recognized that the ROPS, including the Administrative Budget, shall serve 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 Administrative Budget to the Oversight Board for approval. SECTION 5. The Oversight Board hereby approves the Administrative Budget for the Successor Agency for the period July 1, 2012 to December 31, 2012, a copy of which is attached as Exhibit A to this Resolution. The Clerk/Secretary is hereby authorized and directed to approve line item budget transfers to the Administrative Budget, insofar as such transfers do not increase the overall Administrative Budget, upon the recommendation of the City of Palm Springs Director of Finance and Director of Community and Economic Development, acting in their capacities as officers and directors of the Successor Agency to the Palm Springs Community Redevelopment Agency. SECTION 6. Subject to its adoption by the Successor Agency in the form shown in Exhibit "A" to this resolution, the Oversight Board directs the Clerk/Secretary to cause the transmission of the Administrative Budget 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 Administrative Budget to the City's website. SECTION 7. The Resolution will become effective three business days after its adoption. Resolution No. 006 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. 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. 006 is a full, true and correct copy, and was duly adopted at a special meeting of the Oversight Board on May 1, 2012, by the following vote: AYES: NOES ABSTAIN ABSENT James Thompson, Clerk/Secretary City of Palm Springs, California SUCCESSOR AGENCYADMIN BUDGET February-June 2012 Annual Budget Source Monthly Feb Mar April May June Total STAFF COSTS 40000 Regular Employees 206,482 ACA 17,207 17,207 17,207 17,207 17,207 17,207 86,034 Furlough -20,648 ACA (1,721) (1,721) (1,721) (1,721) (1,721) (1,721) (8,603) 41600 P.E.R.S.Contribution 70,992 ACA 5,916 5,916 5,916 5,916 5,916 5,916 29,580 41900 Fringe Benefits 37,976 ACA 3,165 3,165 3,165 3,165 3,165 3,165 15,823 41920 RHS 300 ACA 25 25 25 25 25 25 125 Total Personnel Services 295,102 ACA 24,592 24,592 24,592 24,592 24,592 24,592 122,959 Annual Budget Source Feb Mar April . May June Total OTHER NON-ACA ADMIN COSTS 49000 Insurance 19,736 ACA 4,934 4,934 9,868 49010 Administrative Charges 292.241 ACA 73,060 73,060 146,121 Materials and Supplies 35,069 ACA 4,054 4,054 4,054 4,054 4,054 20,270 Building Rental 16,000 ACA - - - - - 43250 Audit Services 11,000 ACA 3,000 3,124 6,124 43220 General Legal Counsel 57,700 ACA 6,656 6,656 6,656 6,656 6,656 33,280 43220 Redevelopment Special Counsel 14,402 ACA - - - - - - 43200 Contractual Services ACA - Harrell&Company Advisors 20,000 ACA 5,000 5,000 5,000 5,000 20,000 Harrell&Company Advisors 6,657 ACA 6,657 6,657 49600 Paying Agent/Trustee Fee ACA - Bank of New York Mellon Trus 13,000 ACA 143 143 43960 Property Tax 8,400.00 ACA 4,200 4,200 494,205 103,504 23,034 15,710 88,704 15,710 246,663 Total Administrative Budget Feb-Jun 2012 369,622 Total Recognized Obligations(P.2+P.3) 7,434,716 Percentage of Total 4.97% SUCCESSOR AGENCY ADMIN BUDGET February-June 2012 Annual Budget Source Monthly Feb Mar April May June Total STAFF COSTS 40000 Regular Employees 206,482 ACA 17,207 17,207 17,207 17,207 17,207 17,207 86,034 Furlough -20,648 ACA (1,721) (1,721) (1,721) (1,721) (1,721) (1,721) (8,603) 41600 P.E.R.S.Contribution 70,992 ACA 5,916 5,916 5,916 5,916 5,916 5,916 29,580 41900 Fringe Benefits 37,976 ACA 3,165 3,165 3,165 3,165 3,165 3,165 15,823 41920 RHS 300 ACA 25 25 25 25 25 25 125 Total Personnel Services 295,102 ACA 24,592 24,592 24,592 24,592 24,592 24,592 122,959 Annual Budget Source Feb Mar April May June Total OTHER NON-ACA ADMIN COSTS 49000 Insurance 19,736 ACA 4,934 4,934 9,868 49010 Administrative Charges 292,241 ACA 73,060 73,060 146,121 Materials and Supplies 35,069 ACA 4,054 4,054 4,054 4,054 4,054 20,270 Building Rental 16,000 ACA - - - - - - 43250 Audit Services 11,000 ACA 3,000 3,124 6,124 43220 General Legal Counsel 57,700 ACA 6,656 6,656 6,656 6,656 6,656 33,280 43220 Redevelopment Special Counsel 14,402 ACA - - - - - - 43200 Contractual Services ACA - Harrell&Company Advisors 20,000 ACA 5,000 5,000 5,000 5,000 20,000 Harrell&Company Advisors 6,657 ACA 6,657 6,657 49600 Paying Agent/Trustee Fee ACA - Bank of New York Mellon Trus 13,000 ACA 143 143 43960 Property Tax 8,400.00 ACA 4,200 4,200 494,205 103,504 23,034 15,710 88,704 15,710 246,663 Total Administrative Budget Feb-Jun 2012 369,622 Total Recognized Obligations(P.2+P.3) 7,434,716 Percentage of Total 4.97% OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY BOARD REPORT MEETING DATE: May 1, 2012 NEW BUSINESS TITLE: APPROVAL OF THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE ("ROPS") FOR THE PERIOD JULY 1, 2012 TO DECEMBER 31, 2012 INITIATED: Department of Community & Economic Development RECOMMENDATION: Adopt Resolution No. , "A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY 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." BACKGROUND AND ANALYSIS: Under AB X1 26, the Successor Agency to the former Community Redevelopment Agency was required to approve a "draft" Preliminary Initial Recognized Obligation Payment Schedule (IROPS). The first IROPS was due by September 30, 2011; the updated IROPS was due by January 31, 2012 and then was amended in February, 2012. 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 identified a source of payment for each recognized obligation from one or more of the following: 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 became the Successor Agency on February 1, 2012 when the Agency was dissolved. 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 ITEM 3.B. Oversight Board Report May 1, 2012 -- Page 2 Approval of ROPS Auditor-Controller. The IROPS established the payments to be made during wind-down activities of the Agency. The established draft initial ROPS was 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 auditors have not commenced their work as of the date of this report. 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. §34177(J)(2). A new Recognized Obligation Payment Schedule must be adopted for each successive six-month fiscal period. The form of the ROPS is prescribed by the State Department of Finance and adapted by the Riverside Auditor-Controller's Office. Given the Oversight Board and City Council schedules, the Oversight Board is reviewing the ROPS prior to its adoption by the City Council as Successor Agency. The item is agendized for May 2, 2012. The attached resolution makes the Oversight Board's approval subject to the Successor Agency's adoption in the same form. The revised ROPS for the next six month period is due by May 11, 2012 to the State Department of Finance and the County Auditor-Controller. With the late engagement of Brown Armstrong to undertake the audit, which is required for final certification, Staff again recommends the Oversight Board approve the ROPS for the next six month period 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. 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-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 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 1 ST DAY OF MAY, 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. 007 is a full, true and correct copy, and was duly adopted at a special meeting of the Oversight Board on May 1, 2012, by the following vote: AYES: NOES ABSTAIN ABSENT James Thompson, Clerk/Secretary City of Palm Springs, California 8 88 88888 8 888 88 8888 8888 m3 s mmm »mm _.888mm SSW F k MM $ A; 8 8 88 88 8881 a 8 88 88 888 888,^, $ 0 8 8 88 8$88 mN n on w€ 8� 8 8 88 '888 9$ - _ ms _ '• ge �kC�a��arc�n`n�`�CB aa�ap�CGa�aa� 33333 � 8LL. 88�88888888888 8888 8880 888 5888 S�' $8s88888888888 m`88888888S88 ar, ; of _ �s"E�EE3Es"��i3iE3iEi��i`8 m�&m Yp S Ff Z3Sf S �O � 68c odi pp fW Ea `a fipr 'aa °' �s $a �sa °fir=$-$eei I I`" ezaa _ _ $m s- �a is anEF`o gi EaEg gzmmgp grc $ E ou �mmu 's�ail! >a�m�5b �3mm �3m 13 a C € m5"aa "a " xS"a SSa a"S pS" :SS .map elm-a=_, a o � ttl E2n� € € 9 9 p nrA g3g _ Y� 5°ez 88::u .$3°FFtlCE:98nH�� nSS� aEse3g�g= rpn ryRn gy . . . . . � � � . . . � . . ! { \ { \ - ! - _ / | } ))[ ) ) - ) ! ! t - _ - � \! 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E17 Name of Redevelopment Agency City of Palm Springs as Successor Agency to the Community Redevelopment Agency of the City of Palm Springs FORM C-Administrative Cost Allowance Paid With Redevelopment Properly Tax Trust Fund(RPTTF) ProleclAm.u) Merged Proled No,i and Merged Pmied No DRAFT RECOGNIZED OBLIGATION PAYMENT SCHEDULE Per AS 26-Section U1))(') Total Fiscal Due Oaring Payable from the Administrative Allowance Allocation Total Outstanding Fiscal Year Funding Paynximi by month Project Namel Debt Obf alien Payee Description Proied Area Debt or Obligation 2012-2013" Bourse•• Jul 2012 Au 2012 Seat 2012 Od 2012 Nov 2012 Dec 2012 Total 1 Administrative Cost Allowance City of Palm Springs OveMead Cost Allocation Merged 1IMe ad 2 5 500 000.00 250 000.00 RPTTF 2083335 20 833.33 20 833.33 20 833.33 20 833.33 20 833,33 $ 126,00000 2 $ 3 $ 4 $ 5 $ fi $ e $ 9 $ 10 $ 11 $ 12 $ 13 $ 14 $ 15 $ 16 $ 1] $ 1e $ Igh t $ 20 $ 2t $ 22 $ 23 $ 24 $ 25 $ 26 $ 2 $ 28 $ $ Totals-This Page $ 5500000.110 $ 250000.no 4 20833.35 $ 20.833.331 5 20833.33 1$ 20833.33 $ 20,833.331$ 20833.33 $125000.00 The Preliminary Draft Recognised Obligation Payment Schedule[ROPS)Is to be completed by 31112012 by the successor agency,and subsequently be approved by the oversight board before the final ROPS is submitted to the State Controller and State Department of Finan by April 15,2012. It is not requirement that the Agreed Upon Procedures Audit be completed before submitting the final Oversight Approved ROPS to the State Controller and State Department of Finance. All total due during fiscal year and payment amounts are projected. µ Funding sources from the successor agency: )For fiscal 2011-12 only,references to RPTTF could also mean tax Increment allocated to the Agency prior to February 1,2012.) RPTTF-Redevelopment Property Tax Trust Fund Bonds-Bond proceeds Other-reserves,reels,Interest earnings,etc IIaIHF-Low and Moderate Income Housing Fund Armin-Successor Agency Administrative Allowance '-Administrative Cost Allowance caps are 5%or Form A 8-month totals In 2011-12 and 3%of Form AS-month totals in 2012.13. The calculation should not factor In Was through payments. aid for with RPTTF In Form D. Name of Redevelopment Agent City of Palm Springs as Successor Agency to the Community Red velopment Agency ofthe City of Palm Springs FORM D-Pass-Through Payments Project Area($) Merged Project No.1 and had Pro aid No OTHER OBLIGATION PAYMENT SCHEDULE Per AS 26-Section U177 I') Pass Through and Other Payments Total Due During Total Outstanding Fiscal Year Soubm of Payments b month Pro eat Name I Debt Obli ation Pa ee Descri lion Pro ect Area Debt or Obligation 2012-2013" Fund"' Jpiy 2012 AJg 2012 Sept 2012 Od 2012 Nov 2012 Dec 2012 Total 1 All Passthmu hObli ations Wll be Paid bV the ComAy Auditor Controller Directly,not the Sucoessor Apathy $ 2 $ 3 $ 4 $ 5 $ 6 $ 7)1 $ 8 $ g $ 10 $ 11 $ 12 $ 13 $ 14 $ 15 $ Totals-Other Obligations $ $ $ $ If $ $ $ f f The Prellminary Draft Recognized Obligation Payment Schedule(RODS)Is to be completed by W12012 by the successor agency,and subsequently be approved by the oversight board before the final ROPS is submitted to the Stale Controller and State Department of Finance by April 15,2012. It is not a requirement that Me Agreed Upon Procedures Audit be completed before submitting Me final Oversight Approved ROPS to the State Controller and State Department of Finance. All total due during fiscal year and payment amounts are projected. Funding sources from Me successor agency: (For fiscal 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 Me July through December 2012 ROPS,per NBC section U183(a)(11,the county auditor controller will make the required pass-through payments prii r to transferring money Into the successor agency's Red eveInpatient Obligation Retirement Fund for Items listed In an oversight board approved ROPS. Palm Springs Bond Debt Service 2001 Bonds 2004 Sens A 2004 Series B 2007 Series A 2007 Senes B 2007 Sense C 8112012 372,75875 On Deposit with Trustee 9112012 747,213.75 396,378.13 309,612,50 58,646.55 326,669,78 On Deposit with Tmstee 2PI2013 86,10875 3112013 275,713.75 211,878,13 309.612.50 58,646.55 193.03628 8112013 381,10875 9112013 0.00 76071375 40187813 309.612.50 5664655 328,036.28 467,217,50 1,036,427.60 613,756.26 619,225.00 117,293,10 521.072.56 6 0111 Balance 5,036290.05 17,895,98625 14,453,293.21 23.960,387.52 3.B ,&1771 12,407,60941 W1111 Payment 368,Bn 75 911111 Payment 736,288,75 30.628.13 309,61250 58,649.55 325,16353 211112 Payment 92,75875 311112 Payment 0.00 287.21375 216.378A3 309,612,50 5864655 196,669.78 6/OM Balance 5,306,415.05 16,872,483.75 13,846,286.95 23.341,162.52 3,737.2M 61 11,885,776AI) 368833.75 736,28875 396628.13 309,612.50 58,646.55 326,16353 92,75815 287,21375 216,378.13 309,61250 58,646.55 19666978 372758.75 747,21375 396,378.13 309,61250 58,646.66 326,66978 8610875 275.71375 211,578.13 309,61250 58,646.55 193,036.28 381,10875 760,71375 401,878,13 309,612.50 68,646.55 328.036,28 78,918A3 263,588,75 207,128,13 309,61250 58,646.55 189,263,03 388,918.13 773,58875 407,128.13 309,61250 58,64655 334,26303 71,168.13 250.63875 202,128.13 309,612.50 58,646.55 185.210,28 396,168,13 785.838,75 407,128A3 309.612.50 58,646.55 W.21028 62.880,63 237,46375 197,003.13 309,612.W 58,646.55 18Q87803 402,880,63 797.46375 417,003.13 309,61250 58,646,55 340.87803 54,040.63 223,46335 191,503.13 309,612.50 58,M6,55 176.40603 414,040.63 813,46375 421,503,13 659,612.50 118,646.55 346,40603 44,590.63 208,71315 185,523.13 302,612.50 56,804.26 171,654.53 419,590.63 823,71375 425,523.13 642,61250 121,804.25 356,65453 34,512.50 19272375 179073.13 295,60000 54,80843 165,724.35 429,512.60 842,72375 434,073.13 640,60000 124,80843 360,724.35 23,650.00 175,661.25 172,220.60 288,484.38 52,6%08 159,473,63 443,65000 860,661.25 437,220.00 633484.38 127,65908 369,473.63 12,10000 157,68000 164,932,50 281,153.13 50,35620 152,742,08 452,100.00 877,68000 444,932.50 496,153.13 130,356.20 372.742.08 138,600.00 157,232.50 276.45000 47,89980 145,689.98 898,60000 452,232.50 476.450,00 127,89980 380,689.98 117,70000 149,120.00 272,075.00 45,44340 138.157.05 917700.00 464,120.00 427,075.00 130,443.40 388,157.06 95,70000 140,30000 268.587.50 42.833,48 130,143.30 336,700.00 470,300,00 883,587.50 132,83348 395,14330 89,100.00 130,812.50 254,750,00 40.070.03 121,64873 339,100.00 t83.81250 404,75000 140.070,03 401,648.73 82,225.00 120750.00 251,37500 36,999.63 112,673,33 347,225.00 490.750.00 1.151,375A0 141,999.53 412,673.33 74.937,50 110.112.50 228.87600 33,775W 103,056.83 354,937.50 500,112.50 1,178,87500 143,775.50 423,056.83 67.237,50 98,900.00 205,125.00 30,397.95 92.799,23 362,237,50 513,900.00 1,205,125.00 145.397.95 432799.23 59,125.00 86,968,75 180,125.00 26.866,88 81,90053 369,125,00 521,96875 1,230,125.00 151,866,88 446,90053 50,600.00 74,462.50 153,875,00 23.028,75 70,20045 380,60000 534,462.50 1,253,875,00 153.028,75 455,20045 41,525.00 61,237.50 126,375,00 19.037.10 57,859.28 391,525.00 551,237,50 1,296,37500 159,037A0 467,859.28 31,900.00 47,150.00 97,12500 14,738.40 44,71673 396,900.00 502.15000 1.332,12500 164.738.40 484,71673 21,862.50 32,34375 66250.00 10,132.65 30,61253 406,862.50 577.U375 1,361,250.00 170,132.65 495,612,53 11,275,00 16,67500 33,875.00 5,219.85 1570695 421.275.00 596,675.00 1,388,875.00 175,219.86 505.706,95 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 136,489.00 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