HomeMy WebLinkAbout9/24/2013 - RESOLUTIONS - 015 RESOLUTION NO. 015
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE PALM SPRINGS
COMMUNITY REDEVELOPMENT AGENCY APPROVING
THE RECOGNIZED OBLIGATION PAYMENT SCHEDULES
FOR THE PERIOD JANUARY 1, 2014 THROUGH
JUNE 30, 2014 (ROPS 13-14B).
WHEREAS, the Community Redevelopment Agency of the City of Palm Springs
("Redevelopment Agency") was a redevelopment agency in the City of Palm Springs
("City"), 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 Community Redevelopment Agency was responsible for the
administration of redevelopment activities within the City; and
WHEREAS, AB X1 26 and AB X1 27 were signed by the Governor of California
on June 28, 2011, making certain changes to the Redevelopment Law, including adding
Part 1.8 (commencing with Section 34161) and Part 1.85 (commencing with Section
34170) ("Part 1.85") to Division 24 of the California Health and Safety Code ("Health
and Safety Code"); and
WHEREAS, Health & Safety Code Section 34177(1) requires the Successor
Agency to prepare a Recognized Obligation Payment Schedule (ROPS) listing the
enforceable obligations of the former Redevelopment Agency; and
WHEREAS, Section 34177(1) also provides that the ROPS (i) shall be
reviewed and certified by the Riverside County Auditor-Controller ("County
Auditor-Controller"); (ii) submitted to and duly approved by the Oversight Board;
(III) posted on the Successor Agency's website; and (iv) submitted to the County
Auditor-Controller, the State Controller and the State Department of Finance
("Department of Finance"); and
WHEREAS, all other legal prerequisites to the adoption of this Resolution have
occurred.
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 Oversight Board hereby finds and determines that the
foregoing recitals are true and correct.
SECTION 2. The Recognized Obligation Payment Schedule for the Period of
January 1, 2014 through June 30, 2014, (ROPS 13-14B) is attached as Exhibit A
hereby approved and adopted.
Resolution No. 015
Page 2
SECTION 3. If the Oversight Board disagrees with the State's determination with
respect to any items not funded with property tax, any future resolution of the disputed
issue may be accommodated by amending the ROPS for the appropriate time period.
SECTION 4. The Oversight Board hereby directs staff of the Successor Agency
to submit the approved ROPS 13-14B to the County Auditor-Controller, the State
Controller and the State Department of Finance, and post the approved ROPS on the
Successor Agency's website.
SECTION 5. This Resolution shall take effect three days upon its adoption.
PASSED, APPROVED AND ADOPTED BY THE OVERSIGHT BOARD FOR
THE SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS THIS 24T" DAY OF
SEPTEMBER, 2013.
T MAS FLAVIN, AIRMAN
jAMES
ATTTEST:
THOMPSON, CLERK/SECRETARY
Resolution No. 015
Page 3
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, Clerk/Secretary of the Oversight Board of the
Successor Agency of the Palm Springs Community Redevelopment Agency hereby
certify that Resolution No. 015 was adopted by the Oversight Board at a Special
Meeting held on the 24th Day of September, 2013, by the following vote:
AYES: Board Members Foat, Ready, Van Horne, and Chairman Flavin.
NOES: None.
ABSENT: Vice Chair Howell, and Board Member Marshall.
ABSTAIN: None.
ES THOMPSON
VERSIGHT BOARD CLERK/SECRETARY
City of Palm Springs, California
Recognized Obligation Payment Schedule (ROPS 13-14B) -Summary
Filed for the January 1,2014 through June 30,2014 Period
Name of Successor Agency: Palm Springs
Name of County: Riverside
Current Period Requested Funding for Outstanding Debt or Obligation Six Month Total
Enforceable Obligations Funded with Non-Redevelopment Property Tax Trust Fund(RPTTF)Funding
A Sources(B+C+D):
$ 18,000
B Bond Proceeds Funding(ROPS Detail) _
C Reserve Balance Funding(ROPS Detail)
D Other Funding(ROPS Detail) 18,000
E Enforceable Obligations Funded with RPTTF Funding(F+O): $ 4,402,543
F Non-Administrative Costs(ROPS Detail) 4,277,543
G Administrative Costs(ROPS Detail) 126,000
H Current Period Enforceable Obligations(A+E): $ 4,420,543
Successor Agency Self-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
1 Enforceable Obligations funded with RPTTF(E): 4,402,543
J Less Prior Period Adjustment(Report of Prior Period Adjustments Column U) (30,147)
K Adjusted Current Period RPTTF Requested Funding(IJ) S 4,372,396
County Auditor Controller Reported Prior Period Ad ustment to Current Period RPTTF Requested Funding
L Enforceable Obligations funded with RPtIT(EX 4,402,543
M Less Prior Period Adjustment(Report.of PriorPerlod Adjpstmenta Column AB) _
N Adjusted Current Period RPTTF Requested F.uruft •p.-Yf) 4,402,643
Certification of Oversight Board Chairman: Thom s Flavin, Chairman
Pursuant to Section 34177(m)of the Health and Safety code, I
hereby certify that the above is a true and accurate Recognized Name Title
Obligation Payment Schedule for the above named agency.
Is/ 09-24-2013
Signat a Date
Recognized Obligation Payment Schedule(ROPS(13-148-Report of Fund Balances
(RepM Amounls'm NTola Doparsl
an enaMbMeaMM1 naM Babty Cope seeded3A177M.Redevelopmenl PnopeM1y Tav TWal Fund(RPTTF)maybe listed is- on the RODS,bW onry to IM1e azbnl no other source is available or vfien a
forteeble obit IiDn. Payment from property laz revenues a net iced b/
A B L D E F I G
H I � K
Fund Source
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reb red ter
Bon711nita Issued .ppmved RPTTF belenaea Rent,
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ROPb IIIAOWab Ofm1110.6YJ011J Cammanb
$99,592 from POPS 11 Adjusimsul for Unapenl
RP"F Peddled e9ainal the amount paid to the
Ise,glan6...,Af enq far APPmved EO in ROPE 11
Note M[f r the Pbls Fund a shoul(Agw101m1110) 14A,Bonet pmonads exdudes cash wth finch
Nob Tel roctheanodAd r2aM1ould lie Ip columnsL and pintM a9eq set aside in DeM Service Reserve Fund,
1 Re __f Prior Paned Ad'uF4nente PPga Belanga aloe exduM amyunp to Ee paid
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should five b the ROPS III d.Wbufi.nd from the COuMy Arai
2 COnballer
fididual 5 aa02013 125000 t S2)019
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tl W skerns
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3 and Bin VSR gPPAa
Retarded o/Anillabb Fund Bali(Actual 04 113)Nab that 4,4916,8166
the Non-Adrain RPTTF amount should arty irWutle Me Menfion of
reaarvaaMdebt aerviwe muse in ROPS III
ROPS III RPTTF Pdor Padod Adl--su Nob Tal the net Non It
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5 the Re ad of PPAs,
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) and led+6,F-HA s F6 add H-5 e6
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Nab Tel the RPTTF amounts should fie la IM1e ROPS 13-1AA
9 dbNbulione from lM CaUn Audilor-Canlmlbr 1021912 2007Bond Pro...-Clivies.of t1021,612
39.000 3,820,90 125.0o0 5 5008758 Et DDR lead,of Ju 28,2013
Ur breelimped payment to VIP Motors in ROPE
EspendlWmrot!if
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Nob Tal IM1e RPTTF amounln may irclude Me relen0on al reserved
WM
10 fordeblservfoea rovad'n POPS 1314A 10218II 2007 Bond Proceeds Neerved for Audi
11 Entli Eatlmabtl gvplable Fund Bagrwe)a8-9-ID t $ 1021.912 ntlilure entlin Find' Of Cam e0on
- i -
Recognl2M ObUgadon Payment Schedule(ROPS)1}1ag.ROPS Detall
January 1,M14 through June 30,2014
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i
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Recognized Obligation Payment Schedule 13-14B - Notes
January 1,2014through June 30,2014
Item# NoteslComments
1 March 1,2014 Payment
2 March 1,2014 Payment
3 March 1,2014 Payment
4 Pending reinstatement once Finding of Completion is received;end date=end of redevelopment plans(or until paid)
5 Pending reinstatement once Finding of Completion is received; end date= end of redevelopment plans(or until paid)
6
7 Contract for services renews each year/required through 2034
8 Contract for services renews each year/required through 2034
9 Annual payments made in ROPS"A"period
10
11 Annual payments made in ROPS"A"period
12
13 Scheduled payment of$400,000 plus$99,000 remaining unpaid from ROPS 13-14A due to shortfall in RPTTF cash
14 March 1, 2014 Payment
15 March 1,2014 Payment
16 Annual payments made in ROPS"A"period
17
18 Contract for services renews each year/required through 2034
19 Contract for services renews each year/required through 2034
20 Annual payments made in ROPS"A"period
21 February 1,2014 Payment
22 Contract for services renews each year/required through 2034
23 Contract for services renews each year/required through 2034
24 Annual payments made in ROPS"A"period
25 Contract for services renews each year
26 Contract for services renews each year
27 Contract for services renews each year
28
29
30
31
32
33
34 Pending reinstatement once Finding of Completion is received; end date=end of redevelopment plans(or until paid)
35 Pending reinstatement once Finding of Completion is received; end date=end of redevelopment plans(or until paid)
36 Pending reinstatement once Finding of Completion is received; end date= end of redevelopment plans(or until paid)
Recognized Obligation Payment Schedule 13-14B -Notes
January 1,2014 through June 30,2014
Item p Notes/Comments
37 Pending reinstatement once Finding of Completion is received; end date=end of redevelopment plans(or until paid)
38 Pending reinstatement once Finding of Completion is received;end date=end of redevelopment plans(or until paid)
39 Pending reinstatement once Finding of Completion is received; end date=end of redevelopment plans(or until paid)
40 Pending reinstatement once Finding of Completion is received; end date=end of redevelopment plans(or until paid)
41 Pending reinstatement once Finding of Completion is received; end date=end of redevelopment plans(or until paid)
42 Reserve for September 1,2014 Debt service. To be remitted to the Trustee immediately to comply with Indenture but allow Successor Agency not to default on
subordinate obligations. Balance of September 1, 2014 Debt Service will be included in ROPS 14-15A;Will be shown as paid from 'reserve"on ROPS 14-15A
43 Reserve for September 1,2014 Debt service. To be remitted to the Trustee immediately to comply with Indenture but allow Successor Agency not to default on
subordinate obligations. Balance of September 1,2014 Debt Service will be included in ROPS 14-15A;Will be shown as paid from 'reserve'on ROPS 14-15A
44 Reserve for September 1, 2014 Debt service. To be remitted to the Trustee immediately to comply with Indenture but allow Successor Agency not to default on
subordinate obligations. Balance of September 1,2014 Debt Service will be included in ROPS 14-15A;Will be shown as paid from 'reserve'on ROPS 14-15A
45 Reserve for September 1,2014 Debt service. To be remitted to the Trustee immediately to comply with Indenture but allow Successor Agency not to default on
subordinate obligations. Balance of September 1, 2014 Debt Service will be included in ROPS 14-15A;Will be shown as paid from 'reserve'on ROPS 14.15A
46 Reserve for September 1,2014 Debt service. To be remitted to the Trustee immediately to comply with Indenture but allow Successor Agency not to default on
subordinate obligations. Balance of September 1, 2014 Debt Service will be included in ROPS 14-15A; Will be shown as paid from 'reserve"on ROPS 14-15A
47 Reserve for August 1,2014 Debt service. To be remitted to the Trustee immediately to comply with Indenture but allow Successor Agency not to default on
subordinate obligations. Balance of August 1,2014 Debt Service will be included in ROPS 14-15A;Will be shown as paid from 'reserve'on ROPS 14-15A
48 Delinquent accrued property tax due on property transferred back to Successor Agency per DDR plus current year property tax
49 Dec 2014 installment to avoid 10%delinquent penalty if not paid by Dec 10, 2014
50 Current year property tax on PSL-236 properties(ROPS item 16)
51 Dec 2014 installment to avoid 10%delinquent penalty if not paid by Dec 10,2014
52 Property insurance costs paid by the City for property transferred back to the Successor Agency per DDR
53 Facilities maintenance costs paid by the City for property transferred back to the Successor Agency per DDR
54 Pending Finding of Completion and PMP
55 Pending Finding of Completion and PMP
56 Utilities for property transferred back to the Successor Agency per DDR
57 Existing lease of adjacent property required by Plaza Theatre (property transferred back to the Successor Agency per DDR)for access