HomeMy WebLinkAbout2/25/2014 - RESOLUTIONS - 021 RESOLUTION NO. 21
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 JULY 1, 2014 THROUGH
DECEMBER 31, 2014 (ROPS 14-15A).
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, 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 July 1,
2014 through December 31, 2014, (ROPS 14-15A) is hereby approved.
Resolution No, 21
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 14-15A 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 25T" DAY OF
FEBRUARY, 2014.
OMAS FLAVIN, airman
ATTEST:
)FM�ESTMO`MPSON, City Clerk
Resolution No. 21
Page 3
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, James Thompson, Secretary of the Oversight Board of the Successor Agency
of the Palm Springs Community Redevelopment Agency hereby certify that Resolution
No. 21 was adopted by the Oversight Board at a Special Meeting held on the 25th day of
February, 2014, by the following vote:
AYES: Boardmember Foat, Boardmember Marshall, Boardmember Ready,
Boardmember Van Horn, and Chairman Flavin.
NOES: None.
ABSENT: Boardmembers Arthur, and Vice Chair Howell.
ABSTAIN: None
MES THOMPSON, CLERK/SECRETARY
Recognized Obligation Payment Schedule(ROPS 14-15A) -Summary
Filed for the July 1,2014 through December 31,2014 Period
Name of Successor Agency: Palm Springs
Name of County: Riverside
Current Period Requested Funding for Outstanding Debt or Obligation Six4Month Total
Enforceable Obligations Funded with Non-Redevelopment Property Tax Trust Fund(RPTTF)Funding
A Sources(B+C+D): $ 1,666,898
B Bond Proceeds Funding (ROPS Detail) 55,881
C Reserve Balance Funding(ROPS Detail) 1,601,017
D Other Funding(ROPS Detail) -
E Enforceable Obligations Funded with RPTTF Funding(F+G): 9 3,847,796
F Non-Administrative Costs(ROPS Detail) 3,722,796
G Administrative Costs(ROPS Detail) 125,000
H Current Period Enforceable Obligations(A+E): $ 5,604,694
Successor Agency Self-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
Enforceable Obligations funded with RPTTF(E): 3,847,796
J Less Prior Period Adjustment(Report of Prior Period Adjustments Column S) (245,577)
K Adjusted Current Period RPTTF Requested Funding(W) $ 3,602,219
County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
L Enforceable Obligations funded with RPTTF(E): 3,847,796
M Less Prior Period Adjustment(Report of Prior Period Adjustments Column AA) -
N Adjusted Current Period RPTTF Requested Funding(L-M) 3,847,796
Certification of Oversight Board Chairman: Thomas 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. s
Signature Date
Retogwm Ob09ed0n P4ymem Schedule(ROPS)1F15A-ROPS Delell
Jury 1,M14 through December 31,2014
(Report PmOMn h Vaob OOIvs)
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Recognized Obligation Payment Schedule(ROPS)14-16A-Report of Cash Balances
(Report Amounts in Mole Dollars)
Purwant to Health and Safety Code section 34177(p,Redevelopment Property Tax Trust Fund(RPTTF)may be listed as a source of payment on the ROPS,but only to me extent no otiler funding source is available or when a
tax revenues is required b an enforceable Obligation. p ymanl from property
A B C D E F G H l
Fund Sources
Bond Proceeds Reserve Balance Other RPTTF
Prior ROPS
RPTTF
Bonds Issued Bonds Issued Prior ROPS period distributed as Rent,
on or before on or after balances and DDR reserve for next Grants, Non-Admin and
Cash Balance Information bv HOPS Period 12131110 01/01/11 balances retalratd bond nt Interest,Etc Admin Comments
ROPS 13•14A Actuals 07101/13.12131/13
1 Beginning Available Cash Balance(Actual 07/01113) Column C-Clevbaek of 2007 Bond Proceeds
Note that for the RPTTF,1+2 should tie to columns J and O in th Report Column C as AJE m Fy 12007 instead ro during
Of Polar Period Adjustments(PPAs) RecordROPS 13-14A;Column G-Includes other income
posted to FV 1 V13 after ROPS 13148 prepared
(rent on properties transferred back to SA);
3,289 099 6.6.57,494 1.396.305 151,572 99,692 Column H=ROPS II PPA
2 Ravathat th RPTome TF
amounts
shout Column C-Difference in book value versus
Note that the County
Aud amounts should be to the ROPS 13.14A distribution maturity value upon maturity of reserve fund
from the County AudOrConboBar during June 2013 investments purchased at a premium used to
Oftaet interest Income;Column E-City Cashftow
80,345
Loan to onset RPTTF vdlhholding of LMIHF DDR
1,500,000
3 �Expendftures for ROP313.1M Enforceable Obligations(Actual 43.391 3,945,947 Amount
12/31/13) - Column E-Payment of$1,500,000 LMIHF DDR
NOW that for the RPTTF,3+4 should be to columns L and O In the Report amount in lieu of ROPS 13-148 VNmholding and
Of PpAs 8.157,494 1,ftAfl 5 491.Ann 3,800,062 $6,657,494 OFA DDR amount
4 Retention of Available Cash Balance(Actual 12/31113)
Note that the RPTTF amount should only include the retention of reserves
Column G-$7,340 AP at 12131 approved in
for debt service approvedPrior
n POPS eriod A 14A 3,208,754 7.340 ROP513-14A
5 ROP31Y14A RPTTF Prior Period Adjustment
NOW that the RPTTF amount should be to columm S in me Report of No may required
PPA3. 245,577
6 Ending Actual Available Cash Balance
Cto G-(1+2-3.4),H-(1+2.3-4-5) $ $ - $ S - $ 36623 $
ROPE 13.14E Estimals 01101M4-06130114
7 Beginning Available Cash Balance(Actual 01101114)
(C,D,E,G-4+6,F-H4+F4+F8,and H.5+6)
$ 3,208,754 $ - $ - $ $ 43,963 $ 245,677
a Revenuellnwms(Eslimate OBl70/14)
Note Mat the RPTTF amounts should tie to the ROPS 13-14B distribution
from the County Auditor-Controller during January 2014 15000 4,402,543
9 Expenditures for 13-140 Enforceable Obligations(Estimate OB/30114)
Column G-$7,340 AM at 12/31;Column H-
Indudes $1.W1,017Reservef.r ROPS1415A
debt service and property taxes per Col L on
7,340 4,402,543 ROPS detail
10 Retention of Available Cash Balance(Esamats 06130/14) Column G-Reambume General Fund Advances
Note that the RPTTF amounts may include the retention of reserves for to pay for LRPMP and Disposition Costs not
debt service approved In POPS 18-148 induced in ROPS 13.14A or B;Column H-
Relain$245,577 PPA from ROPS 13-14A for 14-
3,208,754 50 000 245,577 15A EO
11 Ending Estimated Available Cash Balance(7+$-9.10) $ • $ - $ - $ - $ 1823 $
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Recognized Obligation Payment Schedule 14-15A - Notes
July 1,2014 through December 31, 2014
Item# Notes/Comments
2 - - -
3
-- --
4 Received FOC on January 2, 2014; Repayment schedule to be submitted to Oversight Board for approval during 13-148
-- -
5 ,Received FOC on January 2, 2014; Repayment schedule to be submitted to Oversight Board for approval during 13-14B -
-- -
Amount in Bond Proceeds Column represents surplus on deposit with Trustee to be applied to September 1 2014 payment, will be accounted for in Column C on the
7 PPA for 14-15A
8
9 — - -
10 - - --- -
11 -- -
12 -
_ -
13 Final Payment on July 31,2014
14
15 - — —
16
17
18 - - __ - -- -
Amount in Bond Proceeds Column represents surplus on deposit with Trustee to be applied to isePtember 1 2014 payment,will be accounted for in Column__C on the
19 PPA for 14-15A
20 - - - -
21 - - - - -
22
- 23 -- --
24 -
25 - -
- - -
Amount in Bond Proceeds Column represents surplus on deposit with Trustee to be applied to August 12014 payment,will be accounted for in Column C on the
26 PPA for 14-15A
P7 -
28 - -
29 - -
30 --
31 —
32 --
33
Recognized Obligation Payment Schedule 14-15A - Notes
Jul 1,2014 through December 31, 2014
kern# Notes/Comments
34 Received FOC on January 2, 2014; To be submitted to Oversight Board for approval during 13-14B
35 Received FOC on January 2, 2014; To be submitted to Oversight Board for approval during 13-14B
36 eceived FOC on January 2, 2014; To be submitted to Oversight Board for approval during 13-14B
37 Received FOC on January 2, 2014; To be submitted to Oversight Board for approval dunng 13-14B
38 Received FOC on January 2,2 114, To be submitted to Oversight Board for approval during 13-14B
- -
39 Received FOC on January 2,2014; To be submitted to Oversight Board for approval during 13 14B — - --
40 Received FOC on January 2,2014;To be submitted to Oversight Board for approval during 13-148
41 Received FOC on January 2,2014; To be submitted to Oversight Board for approval during 13-14B
- --
42 This line item will be used in ROPS B periods for debt service reserve request above ROPS B actual debt service
43 This line item will be used in ROPS B periods for debt service reserve request above ROPS B actual debt service
- — -44 This line item will be used in ROPS B periods for debt service reserve request above ROPS B acual debt service
45 ,This line its will be used in ROPS B periods for debt service reserve request above ROPS B actual debt service
46 This line item will be used in ROPS B perods for debt service reserve request above ROPS B actual debt service
47 This line item will be used in ROPS B per ods for debt service reserve request above ROPS B actual debt service
- --
48 iAgency requested December installment of property tax in ROPS 13-148
- -- -
49 This line item be used in ROPS A periods for April installment to be paid with December installment
50 'Agency requested December installment of property tax in ROPS 13-14B
51 This line item be used in ROPS A periods for April installment to be paid with December installment
52 '
— - --
53
54
55
56
57
58 Approved by Oversight Board December 16,2013;Applied to DDR in lieu of RPTTF withholding in ROPS 13-14B
59 Approved by Oversight Board December 16, 2013
60 1 City advanced funds between 7/1 and 12/31/13 to complete PIMP since funding wasn't included in ROPS 13-14A