HomeMy WebLinkAbout9/23/2014 - RESOLUTIONS - 028 RESOLUTION NO. 28
A RESOLUTION OF THE OVERSIGHT BOARD TO THE
PALM SPRINGS COMMUNITY REDEVELOPMENT
AGENCY APPROVING THE RECOGNIZED OBLIGATIONS
PAYMENT SCHEDULES (ROPS 14-15B) FOR THE
PERIOD OF JANUARY 1, 2015, THROUGH JUNE 30,
2015, PURSUANT TO SECTION 34169(g)(1) OF THE
CALIFORNIA HEALTH & SAFETY CODE
WHEREAS, the City Council of the City of Palm Springs ("Council") and the Agency
Board of the Palm Springs Community Redevelopment Agency ("Agency") approved
and adopted the Amended and Restated Redevelopment Plans for the Merged Project
Areas No. 1 and No. 2 ("Redevelopment Plan") covering properties within the Agency
(the "Project Areas"); and
WHEREAS, since the dates of adoption of the Redevelopment Plan, the Agency
undertook redevelopment projects in the Project Area to eliminate blight, to improve
public facilities and infrastructure, to renovate and construct affordable housing, and to
enter into partnerships with private industries to create jobs and expand the local
economy; and
WHEREAS, as part of the 2011-12 State budget bill, the California Legislature enacted
and the Governor signed AB X1 26, requiring that each redevelopment agency be
dissolved unless the community that created it enacts a resolution committing it to
making certain payments; and
WHEREAS, on December 29, 2011, the California Supreme Court upheld AB X1 26,
which dissolves all of the redevelopment agencies in the State of California, and struck
down AB1X 27; 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.
Resolution No. 28
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 Recitals set forth above are true and correct and incorporated
herein by reference.
Section 2. The Recognized Obligation Payment Schedule (ROPS 14-15 B) for
the period of January 1, 2015 through June 30, 2015, attached to this Resolution as
Exhibit A, is hereby approved.
Section 3. The Executive Director or designee is authorized to take all actions
necessary to implement this Resolution, including without limitation, the posting of this
Resolution and the Recognized Obligation Payment Schedule on the Successor
Agency's website, provide notice of adoption of this Resolution and such Schedule to
the County Auditor-Controller, the State Controller and the State Department of
Finance.
Section 4. This Resolution shall take effect three business days from adoption.
llv�
THOMAS F I , Chairman
ATTEST:
MES THOMPSON, City Clerk
Oversight Board Clerk/Secretary
Resolution No. 28
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. 28 was adopted by the Oversight Board at a Special Meeting held on the 23ro day of
September, 2014, by the following vote:
AYES: Board Member Foat, Board Member Ready, Board Member Van Horn,
and Chair Flavin
NOES: None
ABSENT: Board Member Arthur, Board Member Marshall, and Vice Chair Howell
ABSTAIN: None
ES THOMPSON, CLERK/SECRETARY
Recognized Obligation Payment Schedule(ROPS 14-1613)-Summary
Filed for the January 1,2015 through June 30,2015 Period
Name of Successor Agency: Palm Springs
Name of County: Riverside
Current Period Requested Funding for Outstanding Debt or Obligation Slx-Month Total
Enforceable Obligations Funded with Non-Redevelopment Property Tax Trust Fund(RPTTF)Funding
A Sources(B+C+D): $ 39,972
B Bond Proceeds Funding(ROPS Detail) _
C Reserve Balance Funding(ROPS Detail) 5,800
D Other Funding(ROPS Detail) 34172
E Enforceable Obligations Funded with RPTTF Funding(F+G): $ 3,268,941
F Non-Administrative Costs(ROPS Detail) 3,133,941
G Administrative Costs(ROPS Detail) 125,000
H Current Period Enhxceable Obligation(A+Ej: $ 3,298,013
Successor Agency SON-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
Enforceable Obligations funded with RPTTF(E): 3.258,941
J Less Pnor Period Adjustment(Report of Prior Period Adjustments Column S) (57.409)
K Adjusted Current Period RPTTF Requested Funding(IJ) $ 3,201,632
County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
L Enforceable Obligations funded with RPTTF(E): 3,258,941
M Less Prior Period Adjustment(Report of Prior Period Adjusmhents Column AA)
N Adjusted Current Period RPTTF Requested Funding(L-M) 3,268,941
Certification of Oversight Board Chairman: Thomas Flavin, O.B. Chair
Pursuant to Section 34177(m)of the Health and Safety code,I
hereby certify that the above is a true and accurate Recognized Name This
Obligation Payment Schedule for the above named agency. fat 0 9/2 3/2 01 4
Signature Date
R90ogN2e4 Obllgation Payment 50hedule(BOPS 1416B)-ROPS Detail
January 1,2016 through June bQ 2015
(Repoft m Mah VMukoeYn)
B C O E F O H I J x L M x o P
Fund arose
Nan#adevebprrJ Pm Tax Trued Fmtl
Tout Mon#PT Fl RPTTF
Cant/ Vfteeenunt ConbaYApeanxW OW dw'Da" Rausve
Nerni P NemelBebt Oblatlon Otd T E..WWn Oele TumhMlwl Dab ftYee OescXo,wP t Sesee P Aw crobfiedeflen Reseed B dProceNa Besot OMer Fund. Nonddmh Admin 61xJm&Toml
5800 311Y2 3133611 125 NO ]2%91]
120W Ta Abutlm ReNntin 91120]{ BnkbNBw Yore on Bmde Me etl1
23d1]Tax P dcn Bond.,Senn A Bondi hwetl 0. 9I162007 9O20N US Bank Capital golecb MergedI 31,]03,100 N 309b13 300,613
eewre lv3vt9
32007Tnebl.T.Nlaeallan Bonde.Ban&hsued On or 9118GO07 SM034 US Benk Prop.M A,UAW. M.,,d1 ],µ,0)2 N 58.617 N,617
6e6e.B Before Qi31/ID
{ SERAF Loans 9EPHFIERAF Vwalo 6130RO37 Palm aprinp Housing Loenc la FY 2009110 and a,M11 Merped1 1,035,079 N
Sucmwa ISEW Pa mans
p Gaf R.,."rt 9ERAFlERAF Si PMm P fIMAaIdl Defa/eB`"-" 1 1 N
Sucuam
pl Convention Center Bands Revenue SoMa 6 007 111 OM Cqf Palm 4m,s Comrlb...n W Convenn.n M.".d1 27,300,000 N 650.000 �n,000
,. xa Omotgabre .
7 CmOaGSwver-FnenuY Fees 912MO10 OIIDR%9 l B Co.,., Merged l Bands Deed—rRaUn9 MerpolI 36,000 5 n 1800 1,800
m
B Cmbad 3aMces-Rehab Feq 61I1N10 18 m Fmmdel Services Merpedl Bm&RebMa Cmaul4ng Merpedl 151000 N -
CMnlletlm Seniwa
9 Bmtl irinlse Fees Fees 8f1ftR001 11/12031 WNew Yark MYm Maryedl BmOa Tmelee Fees Meryetll 148,000 N
110Mpoa0m end Developmm[ OPArOONCmatud1121S2005 911110'L2 re lmesimen4 FinenculAriWce(10 Yaer) MeroN1 BBO,OW N
roll
13 Ovser Penidpeuon APeemml Agra. lrerrEve 1/1 M2000 18 oIws FlnilwMlArYlanw Merrill 800,000 N 300,000 200,000
rob
13 Pe Tax Ju mnl tN edon WIwG12 91'.w1{ ofNl. iY J mi ea 4Tee ned CSo Mer ed2 y
a Bona Tr Nomdm Re4ntinp Ban&Nwetl Onw M16ROOl 911130]{ of New YOM Mdm Refimm�199{Tea Nxatlm Bmtls Merped2 - Y
Bones aerksa Bafne iinlnO
15200]TVWkTr NYomikn Bm&,Bond Winded On or 911&R00] 911/203a al New Yak Melpl PropulyAqu.lEwr MerpN2 10.311,SW N 185�11 185,311
SeXrC Belle 1Pl51/10
tfi naM{x Relmbrxrmml MBcamrus f2.V(100] blJM1U3] of Palm rh P$"3]B Lee.e Mer 3 3091518 N
ail
to Conbad Servces"FinandM Fees 91 010 6)tl02019 a Conan, Mer0ed2Bonda DkdcdweMato, Memed2 36,000 N I,BOO I,B00w19 Contrail 5emcr-RMate Fees 81{RO10 Bf30(1015 n FlrxntlM 8wvlen S.— BandsRbem Cmultlng Meetl3 V
UndT..ticulaflon Suvl¢a30 Bantl Tmake Fees Fm 811YJ001 ry/1(30N of New Ywt MNm Meryetl3 Bon&Trvabe Fen Mmpd2 100,500 N
312001 Nousn9Tr NouYon BOMn aoMr kwed On or ]I]V1001 8I1R021 Benk&New Ynk Mom Rahrenu 101 Hwun,Tr ld p IlMespd2 - V
BaMe 1=1110 T. Alocart.Bmb
Y1 Cane.Servsr-Fnmdal Fees R=010 SMna19 Hartyb C."d, HmWp Bonds[Ha aura/ReE, Mr0ed1/Mu9ed2 Y
Ad wn
33 Contrail 5elvkea"RebaM Fan BN2010 EIJUS'S kWdr Fiiurrdl seo&ee Homin,Bonds Reloads C..ung MugdVMaspd2 Y
24Bnd Tmake Fees Fen BI18R001 llll2om Bankof Nan Y.M Husain,Bon&Truelr Fees Me edl/MupW2 - V
Tonal
25 Coned 8arvicn-/wdlt AdMn COW IIS2m0 OR Lnw SW ALun v AWt Srnlra I,W dilMa 2 330000 N 9NO 9000
26 Conkan Service-Le el Le al tI1211005 9f3013015 WoatlrvBa eNn GnWILe dCwnr M tl11 Mw 3 100000 N 8000 OOOD
2l Contract aervlan-Flnanckl Admkr COW )IM 6IJOR019 =.IBComperry RCPS ConsuRnp Mrgd1/Mvped3 100,OJ0 N 1,000 {,OW
Recognized(IDligatlon Payment Schedule(RODS IF1511)-ROPS Detail
January 1,g016MrougM June 30,2016
(R.W Mwmm m MO.polra)
A O 0 E F O It I J n L M N O P
Fummo Source
NonAetlewbpmml Propay TaaTrvM Fund
Trade 011omfUrnirl PeTle
Coeft—VA9nenow C—.A9nanxm O„aW,dkry lead Reurw
Man/ P Name/OeblO o8m Obl MMT E.s nOde T—kninain 0aa Par Dam P Sw P Aro R"M gmdPrvcMF BaMp Mar Food. Nen-AEmM AM1,in SWMyN TaIY
32 LemerSudeau Agreement Buaneaeln¢enMe 1119R000 6/OW5 VIp Moors Property Lome Merged) Y
Agreements
33 Pd„iniebeB Cnrlievercx Adman Come 711120ix 6;30=5 C, of pelmS N, OYelMaad COYMoaetloNSMerlu Me will Ma i SOW WO N 125 125000
Ptlm
sae R
ded
m" OtlA18Bt tttl Cut of PMm "- —" -
On or Beer.642711 t W-1—on FuM
men)br Peimbmaemenl Cdy1C0uMy Laem 10118/199t 1111203¢ CXy OFNm 3ptlng¢ Proled Cosb Merged2 413,500 N
On a Befwe 612T/11 Weelev der Fund
dread-Re.1—femenl Clly me,Loan B(12I1993 1111/2035 Cady of Pdm SpAngs Prabcl Coati Mergedi2 100.W0 N
On or Zma WTI,1 Wanamealer Fund
{eYlard kyaYl Law SM11 IInitf36 Opagn Bpolga MId AdMlieamd,Cab..klxged,1 1,553,913 N
1 103,250 N -
dO Cir Loa,and Internet CilylCourdy Loan WI W.11 1111=5 Cutoff Pare Some Ordaining and AdnY"b Cab slmdmINO,d2 2.132492 N
On or Before 6Ri/11 For FY 2010-11
N 1prommani W RellMm..menl Cry/CouMJLeea I2 Off 1111R036 Cuy of P.Goods Rpry Pu4on W PSL 21e Merged 1.22?GM2 N -
Ona Gamma NRT/11 Snedam.1,61,Fun,
42 200I Tax Nbcodm Rosman, R.. BMYIWF WM034 Bank of Ima York Meg. Ranno l SBA Tar MoaSm Boa Maad1 Y
Bonds SainA Trust
a32WT Tax Aftom.Bona,Series A Reserve. &184M01, WWO11 Bank of NewYoh redeem lCagwdl Rolab Merged MOA13 N 3WA13 M,613
True)
M 2007 Tmabm Tax FAccivi Bmtla.Raemk &142007 Winom Bank of New Yoh Mellon Rcpetr Amateir 'Masked 1 SSSIT N SSaT S9A17
Bade.B Truer
e52004 To.AYoeam.RaMinq Reaana y18RWe 911RON Bank of New YOIk MNm Reference 19M Ter Ploaan Bona Mttgd2 Y
Benda%ne.B Tmel
M 2007 Taxable Tex MMceOm Boom.Rewnr Ovirk i 811Rou Benkof New Yalk Mdm Rpaly Acy,eMm Marred 2 U0211 N Unall 340,211
BMaC Too
OT 201 Hong Tex eawaOm Bends Perform 7AMOGI M1n021 Bank of New Yolk halm Reaneme 1991 Houdng Tax MngedllMerged2 - Y
Trod Aloce/on Bona
a ROOM Tex-Cak SBdtle Pork" 711=13 SIbR019 Coonly of Naaaide RopMy Tugs on Agmry Held lead Manuel 12,6011 N 1AW IAW
Fromnly Mainframe Pend PMP-CunN MNdmenn
49 PropeM Tax-CM 6 Bola Re.ena 7114011 BO01015 Cown of PrvxaMe Raervebr NeH lalWneMof Maradt 1AOY N 1AGO tAW
Prepare, Pro Tax mlam 28
SO Propery Tu-PSL 238 PropeM Property 7/141013 Si ConlYolRwnide Proper,Tus on pm"lMtler Merged2 254,500 N aAW 4.400
Menle,unce PSL 2W Laem-Cement I. .0
51 P.,,Tax-FILL 23S RpNy Ranrvn 47n�11=13
$ Cmntyofirwande Reserve for Next Imtdment of Merged2 1A00 N e,b0 FAW
R Tax Ormbm 50
52 Plus Theme-Ownna Prpaiy s City Of Palm Spin, Insunnu m Agmo,Hard Properly Merged 36,000 N 12,W0 12,W0
Menbmnn Pendl PMP
63 Park TMa.-Mummer- Propsry 5 Oily of Palm spin, Mantemnce Caere on Agmry Hand Mapedl II,OW N 3,W0 3,S0
Madammoo pro Pendin PUP
Y%em TMa.-UBWa NO" 15 Owed Wekr UMMn for Agency Held PropeM MagMt 6,In. - m ' 2,W0 2,000
M.n Oomme Pendi PMP
51 Rae.kwekenent Leae pow" 1a Pleas lnYab,nl¢ Lame of propeM warrant a Rae Mer,d1 33000 N 1,M0 4,BW
Mananenoe Toren.-ad a,a—
Recognized OBllWon Payment Schedule(BOPS 14-166)-ROPS Oetall
January 1,2015 through June 30,2015
(Report Axno„nM In MO.Dollard
A • c B E F O N 1 a K L M N O P
FUMb Source
Non-RedevebpmeM Property Tax Trust Fund
Tay NonRPTTF RI`r F
ConlractlABreenMrrl LenbecPAgreemanf ulalanCine Do.
"fan. Pro ecr Name l Dabl ON'• Ow!,,
mT EAxMNr1 DM TamY,adarl Mb Pa a Descri I ni Peo ecl5cu a Im ecl Area or Obl' Retried BIsd Prueeeas Babnce ONee FYnda NM#dmin slide aD1Yea0 Total
( N eed2 N c. _.._. ..
W Cent low Lonro Rare TMabe ry Loans tti202010 12212015 Grya}Paln Sprkga �asn eowlwnfa pumose of Morpedl T
Itl acin %en TheelerW Cent Iaw LoanMPMPConglafion Loarp ]NlMll 1M51Y1D1{ CXyefpakn Spm,p CaN edvenceb pry PMPCaneu®nl MerpadllMeryed3 T
62}I11
61 RtlMwreable COMA MlawYneoua ]N(N1{ 2015 City of PeM BpllnOc 81en CaGc relaWipb Me papastion Nerp"Onderped3 ],869 N i,N9 },OW
and eamplatlon oltlw ra6nanm8 0l
MI and�Bodde
63201e Subordinate Tea Nawdm Refunding Bonds Bn4201{ L120.11 US Bank Renand"a120D1 nd 200i Banda Mer0edllMxped2 n.757,679 N BW31B m7n
Bantle Weed Mar 827I12
W CaMad Smlue-FwndM Fwv M22010 woml9 Hvri6 Cwnpmy 201e Bonds Chadmum/Rating Wriedl IB,WO N I'm 1,5W
64 COMaal SVNcee-Rebafe Fen Shantou) Sy1012015 can Financial Services 201e Sonde WboLL ConeuYMe Megadl 10,W0 N
CMculatian Services
86 Bond Truelee Fees Pa. N1B201{ whom US Bank 201e Santo Thuuee F. Me ad1 1600W N
W 2014 Sub.".Tax Aben- Revervea WISM1e 81120]{ US Bank Refnanh.a ol3Wl and2o.Bond. Me,Betll RArgd2 418.16, N H8,161 413.161
Banda
6]LMMIF DDR Ore I MaceManeoua 11/202010 6202015 c' of Palm Us.Transfer for WDIF MR MeredlNef d2 121T! N 131]2 121R
W Adeance M1am ate CBy for Cook B RWeM 711=14 Sd902015 CBy of Palm Sprin' 80year old bind'nO Naa week 28,000 N 23,000 aarmia
Bdtle B,Mdirq FJeaic ReMdnO Maintenance atuminum axing andto In danger of an
tleaMol ire,and it He attupied Ey a
/memo
69 N
}0 N
]1 N
72 N
]J N
]6 N
]5 N
}6 N
n N
}6 N
ry N
W N
at N
82 N
85 N
or N
85 N
w N
8] N
N N
Bo N
MO N
91 N
M3 N
W N
9 N
M5 N
Recognized Obligation payment Schedule(RODS 14.168)-Report of Cash Balances
(Report Amounts In siFirs a Dollars)
Pursuant to Health and Safety Code section 34177(1),Redevelopment Property Tax Trust Fund(RPTTF)may be listed as a source of payment on the BOPS,but only to the extent no other funding source is available or
when payment from property tax revenues Is required by an enforceable obligation. For tips on how to complete the Report of Cash Balances Form,see httos://rad.dof.ca.eov/rad-
a elf sh Balance
AT C D E F G H I
Fund Sourba.
now PlM:xsi R.eerve Balance Other Ful
Prior ROPS Prior ROPE
period balance, RPTTF
Band.hume l Bond.lea xid and MR RPTTF distributed w Rant, NorMtlMn
m or Mon mor after balancers reserve/or Grarda, and
Cash Balance Information by ROPS Period 12131/10 01/01l11 retained frrNre period(.) harem a,Ets. Admin Commands
ROPS 13d4111 Actuals f0iffiV14-016=14
1 Beginning Avallable Cash Balance JA.tua 01/01114)
3,2011 43,963 245,5]]
2 Revmeemncets houl b to Me
RPTTF amounts should be during
the ROPS 14198 dbtdbution M1'om dt0 Col E{MIHF DDR Amount Required by Finance
County AWdor-0onboller duriig January 2014 3M 1,487,826 40,259 4,402,543 (City ban should have been$1,487,828)
a ExpxltlNuns for RODS 1344E ErsorsoWe Obligations(Actual
OW301141
RPFTF amounts,H3 plus H4 should equal total reported actual Col E-LMIHF ppR Amount Pe10(overpaid by
expendWres in the Report of PPA,Columns L and O 1,S00000 47,050 2749M SA;C.1 G-Indoor.$7,04D ArP from 1}UA
4 Ba Wm aAvailable Cash Balance(AcIw1061110141 Coll C-Bond Reserve Fund and Reabicted
RPTTF amount retained should only include the amounts distddded for Project FuNs;Col G Retention of Other income
deal aervim raservn(a)approved in ROPS 11148
to fund erty Tax
Liralan Col r DOW 00 is enretl
3,212,750 - 25,000 1 802 095 or Pm riy Tax,balance for Debt Service
6 ROPS 11Y1419 RPTTF Prior Podotl Atljushnent
RPTTF amount Should he to the salt-reported ROPS 13-14B PPA in the No badly,required
ROPon of PPA,Column S
5]409
8 I Ending Aaua 3 ).H CaMBWRCb
C IOGa U+2.1-4),N�1,+2-0-4-6)
12,17 12172 77
ROPS W IlA Estimab 07l011b4.12la1114
7 Rrginning Available Cash Balance IAchW 071111114)
(C,D,E,G•4+6,F•H4+F4+F6,ua H-a+6) 1212,760 12172 1,W2006 37172 SO 666
6 RswnuNnsome(Ealena1s Wallis)
RPTTF amounts should He to the ROPS 14-15A diaribution from the
Coon Auditor-ComrOlair dudn June2O14 1,180,]39
a Expentlfttxbs Fa ROP81416A EMoreeeblB Dbggetims(Estimate Col C-2001 and 20D4 Bond Reservsa
1 L11H11 Tramlemetl te Refunding Eacrow;Cal G 1415A
2175419 1602 o95 25,0010 1 426316 Line BO te be funded firm CIMer Funtl,
10 Ratendm a Available Cash Balarrc.(9.41 asb IV311141
RPTTF amount retained should orgy include lee amount distributed for
debt service reserve(s)approved In ROPS 14+15A 12172 12172 Reimburse for LMIHF DDR Crysquismirml
11 Fntling Estimated Available Cuh Balance(7+9-1-10) 1,017,1a1 6r,4m
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Recognized Obligation Payment Schedule(ROPS 14-15B)-Notes
January 1,2015 through June 30,2015
Item 1t Notes/Comments
25-27 ;Other Income expected to fund items includes rental income(if Agency leased property is not disposed of)and interest income
60 Other Income designated in 14-15A to pay this line item,reserving funds on hand for this payment
67 ,The City transferred$1,500,000 to the SA and SA paid$1,500,000 to the CAC for the LMIHF DDR balance;Finance Lefler of December 13,2012 only required
I,$1,487,828(rounded up to$1.5M in the text of the letter);Excess payment should be reimbursed to the SA for reimbursement to the City
68 �80 year old SA-Owned buildling has unsafe aluminum wiring and Is in danger of an electrical fire.It is occupied by a tenant(Cork&Bottle). The City will loan funds to
the SA to pay for the rewiring to be repaid in 1415E