HomeMy WebLinkAbout9/23/2014 - STAFF REPORTS - 3.A. OVERSIGHT BOARD
FOR THE SUCCESSOR AGENCY TO THE
PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY
BOARD REPORT
MEETING DATE: September 23, 2014 NEW BUSINESS
TITLE: APPROVING THE RECOGNIZED OBLIGATIONS PAYMENT
SCHEDULE (ROPS 14-15 B) FOR THE PERIOD OF JANUARY 1, 2015
THROUGH JUNE 30, 2015, PURSUANT TO SECTION 34169(g)(1) OF
CALIFORNIA HEALTH & SAFETY CODE
INITIATED: Department of Community & Economic Development
RECOMMENDATION:
1. Adopt Resolution No. , "A RESOLUTION OF THE OVERSIGHT BOARD
OF THE SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY
REDEVELOPMENT AGENCY APPROVING THE RECOGNIZED
OBLIGATIONS PAYMENT SCHEDULE (ROPS 14-15 B) FOR THE PERIOD OF
JANUARY 1, 2015 THROUGH JUNE 30, 2015, PURSUANT TO SECTION
34169(g)(1) OF CALIFORNIA HEALTH & SAFETY CODE"
BACKGROUND AND ANALYSIS:
The ROPS is the document used to determine the amount of the previously-called tax
increment the Successor 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
ROPS must be adopted for each successive six-month fiscal period.
The form of the ROPS is prescribed by the State Department of Finance and used by
the Riverside County Auditor-Controller's Office.
Over the past two years, the Successor Agency and Oversight Board have approved
the ROPS for each upcoming six month period, which then are submitted to the
Department of Finance for review and approval.
ITEM NO. LN
Recognized Obligation Payment Schedule(ROPS 14-15B)-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 Six-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(BOPS Detail) _
C Reserve Balance Funding(ROPS Detail) 5,800
D Other Funding(ROPS Detail) 34,172
E Enforceable Obligations Funded with RPTTF Funding(F+G); $ 3,258,941
F Nan-Administrative Costs(ROPS Detail) 3,133,941
G Administrmve Costs(ROPS Detail) 125.000
H Current Period Enforceable Obligations(Arfli $ 3,298,913
Successor Agency SeR-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
I Enforceable Obligations funded with RPTTF(E): 3.258.941
.I Less Poor Period Adjustment(Report of Prior Period Adjustments Column S) (57.409)
K Adjusted Current Period RPTTF Requested Funding(14) $ 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 Poor Period Adjustments Column AA)
N Adjusted Current Period RPTTF Requested Funding(L4d) 3,268,941
Certification of Oversight Board Chairman:
Pursuant to Section 34177(m)of the Health and Safety code,I
hereby carfity that the above is a true and accurate Recognized Name Title
Obligation Payment Schedule for the above named agency. /s/
Signature Date
Recognized Obligatlgn Palen Schedule(BOPS W513)•BOPS Caudill
January 1,2015 through June SO,2015
(Reporl Amcunts If LMob Owners)
A B C O E F O X 1 J R L M N O P
FUMN
and—progeny Tarr Treat Fred
Tabl (NWAMR RPTTF
ConlncVR9raamsrl ConbactlAgnenwlt Outstanding Deal Raaern
"FsnY P Nrm/qM0 aBwr O em tlT s Execution Dangeron Tender.Dab Ideal or RaM B Bond Potash BeWw r Offer engage Pun Non#dmin r SegMonM TWI
11 5854b 5800 341i2 3133981 12500(f 3 9891]
120M Tax Aloopon RaNndn ga
mes On or 611612W0 9/tY20N Bank of rk Mepm Refinance199d Tar Nbcvticn Bourg Mandre,1 Y
22007 Tax Mainland agree,genes A Bonds Issued On or 9IIa2WT 945034 US Bank ..'ad Projects Mxpndl
Before IV31110 21.i93,100 N ]p9,61] 306,813
32007 Teased,Tax Plocabon Bones Brands I....d On or WIW007 91IM34 US Bank Property Acauistliai Merged 3.444022 N 5864➢ 58,Ni
grlw B Belem 12/31/10
45ERAFLgana SERAFERAF @02010 61302037 PYm Bangs Housing Leans tram FY 9009i1n and 2alwIl Merged 4,055879 N
Suewesar SERAF Pa rn
SERAFIEROF Ferndale Set AY10 I N
520W CawaMNn Center Smda Revenue a..& QrE2W7 1111(2034 Ceygf Pahn Sprb9s Apenek epnMWtlm m to Coerwon LNrpo W l 21,300.G N 650HO 650,000
IaauN on w Bee. center Ex so.Nn
0
T Crangecl5erviaa-Fnnneux Fees SO212010 6130R019 Hanell6 Company Merged l Branb D.d-ure Main, Merged )fi➢00 rl 1800 16W
Mnd.
B COMM S"..-Retake Fese, 514MIO 6/0/2015 VAIdan FaranaN Servers Merged l Be..Rebore Comedian, gained I5000 N
Celgde8m Sernsw,
9 Bond Travels Fare Fe® 6/162W4 1I,IQ0M Bank of New Yark Melon Merged l Boned Trwbe Feas Merged 146,OW N
Treat
11 Oa:pospon and OeoelogneM OPPNNJComWCB 12/SAWS oilman EndrrelnveNmarrM Fnandd PesNbnx(10 Tear) Merged mo.OW N
anent on
12 Owner Rmadidar Agreement Buenas Migration 1H32W0 61JOQ018 MPMgbs FbaneiYPasistsu Merged andam N 200,000 2W,OW
manta
13 Penfe Hw' Jud eM LrlEon 12.67012 2/312014 Padfic Ile Jutlmergas Determined W COW Merged Y
142004 Tes PbmBm Refunding Bonds had On or 611M004 0110034 Bank of New York MNran Rernanw I M Tax NOcaEon Boned Merged - Y
Banda Sena B Before IMIna Tort
152W7 Taxable T.NbuEm Boned,Bonds Xaed On or 9/1BQ007 911QW4 Bank of New York MAon Rope,AsgwWvn Nor,W2 10514,501 ry IBS]11 185,211
fiance C Befar.12131110 T—1
16 ement law ReirMurumml NisWanwue 12K2006 613012037 Cilym Palm SM PSL-236 Lease Mer ed2 3,09d 515 N
11R2pN 011k'efPwn Seds,gv Cadarrya to Cwwentlon 8.3 IBO.OW
EBPerwion
Il CgnbaG Servers-Firancid Fae. 92212.10 N3012019 Harrell d Cgmpeny Neryed2Bond50BdoeurelRaln9 Merged 350W N 1.BW 1,8W
ACnsors
19 Contract SePK Rag get. Fees Shl 6,1012015 Ogden Finantlel Sevices Merged 2 Brands Renate Consuknp Merged Y
CanarMOwr Services
20 BoM Traders Few Fees N1SQ004 1l/1QON Bank Ol New Yark Mellon Merged 2 Brands T...Fees Merged 100,500 N
Tan
212001 Housing Tax Aflocalin Bonds Binds Issued On 75I12001 612021 Bankef New Yon[Mtlen ReMance 1991 1-1aun8 Tax MergedllMaged2 Y
Sabra IMl110 Tan idwardrBinds
M COMM anvicee-F ands! Fees 6R2f1010 63012019 Ham56 Corear, Horan,Bonds DNwosuerRvang Memged1 FM anpd2d2 Y
OMbwa
W course unvlcw-Reese F.- &42010 /]O11Y15 awads,Finantld Serra Pe Pawaq Boned Rbate Consul MeryMIl Mwged2 Y
. aeon lersieea
24 Bmd Trance Fees F.- &IV1004 111120I4 Benkof New Yak McN,d Ho,miq Banks TruNee Fees Maranon I unread Y
Truro
25 Contain Bermuda=Mean Admin Cask 4r3Y2010 8r302O15 Lnce5 .Un u Agent green. led ed1/Mer d2 3]000] N 90W 9W0
25'mov,Bemis-Led L el 1/122W5 6l]02015 8 adr GenwwLegal Course Ne sell Mer d2 1WOW N 80W 9W0
27—deeer 5ervias-Finamad Mmin Loeb TN N1008 BMR019 HmN6 Lomm pe ROPS Conuly,g Negedl/Mwged2 100,000 N 4,OW 4,Po0
AA eon
R..gnlzW ObllgWon Paymall Scheduk(BOPS W68).RODS Detal
Janwry 1,2016 Mrough June 30,2016
(Reporl PmouMf'n Male Dolra)
A B C D E F O H I d K L M N O P
FUM 6aures
I NonANeave1 nl Prpaaly Tef TAMFuM
Tpyl NanAPTTF RPTTF
CmtracE'ABreemnt CmlrxtlAOreament puhyndMO Ook Rwlw
Berm P Name/DebtO atlas 041- T EvnNion Dale Tmminabon DMe Pa Devcd Ana erab ReliM Bond Prxaeda Btlnf Older FUM, Non#dMn Uniin Si.-More,Tout
32 LneelSubkau Rgeemenl Bu&nnf lnrenWe 1/192000 eIY12018 NPMotors Properly Levae Mergadl - Y
m nb
ll PJrriniMaEve Cml Plawance NEmn Crab }I1201{ 6l]02015 Cii nlPmm9 rest OTerlieed Ca,[NoeetleNBelaka Mei edl�MemeJ2 SOOOOW N 125000 1250M
Pi
So .. -
M!1 1/f128W CH,.f Pdm 5pYp O Mer,.I
On er Before 82in 1 Wutewaler Fund
]6 ApeemeM for Rarvrbrrsemenl CHy/Gax of Lovm 1W1L1991 11/1(10]5 CXy olPdm 5prM0e Project Costs Merged f1],50 N
on ar Bdare 6mn 1 waelewaro Funa
nmeMMRelrMunemenl CHyMounN LOen 8TL1983 11n120J5 Cb/MPdm Bprir,pv %opC C. Mer0ad2 a00, N
On or Before N2}/11 Wnrewatn Fund
Lon and)Merest CMTICwn1,Lamm dIW011 1tn2035 CHTMpdm8pm, Cpr",uM Abnlni..W.Caem Mx9N1 t.F6tAt x
Mlweal n t zbalw.Covb
N Off,Lnn.rJ lnterext Cil9lCnnry L.
N1512011 111IM35 CHY of Pelm 5pnn, Operabr,And Admnntr.t eC-U MergdlAhn,d2 2,ln.M N
On or Before W7111 For FY 2010-I t
11 Apxment kr ReimWnemenI CiMlCwnry Loans 12.VM08 11/12035 City of Palm 3pnn0. Prepay Porn or P.L 2]5 Merged 2 1,22t M2 N
On or Before BR}/11 SLMinabi Fum
f220a Tax NNaan Refinding Rnewn d1Y2Wl M120]4 Bank of New Yare Melon Reins 1994 Tax Alowtion Bands Merged) Y
Ban.SennA T.
433007Ton Al oxa Benda,Series A Resewn NIBrStO} &12a3{ Bank of New YoM Melon Captltl%ojede WrWd1 309.613 N %N,813 M.Si3
Trost
N 2007iefeble Tef HbceUm Bntla,Raervea 9/Ifl2007 911203{ Bank of New YaM Mel an Pro,"A,iaAm Mox dI $aN} N SB,B{i 65,61}
6Mea B T Y
45 Bonds xneocvtiai ReMdFp Rnervea Bryfi20se 9n203f Bank of New YOM MelonRe9nence 199l Tax Plowtlon BOM Merpetl2 Y
Bonds 6ennB T.
W 200}Tevebk Tax NMeetln Breda, Rnemv M1Y200I NI203a Bank of New York NeFon %cperry Acqua:Nn Meryed2 310,211 N 3a0X1 N0211 _
Saiec C
{}2001 Hougnp Ten llopibn Bondn Reserve. T912001 YI11021 Bank 6anh of New TOM Melon Relnrrce1991 HauaknO Tax Neryetlil Mttged3 Y
Tnaet utln Breda
K%opedy Tef-COM6BoNe Prm"Mae. }n201] 019 Cunry olgifertide Property TavnnAOenry Hold LeM Nerpedl 12.600 N 1,{00 1,e00
Pr Meierwas Pontlin PMP-Carteret anYYrclo
49 RapeM Tax-CeM6Bollk Rnerves 7nI101e 015 Comry WRhereito Rose.for NM llnWmnt 0 Me,"1 11100 N 1.00 1,405
% Tax on been 46
SO RryeM Tax-PSL 236%opnly Properly TI12013 82012037 CwnIy offt"& Property Taxes on RepeM1y UnM M.,.d2 VM'ND N 4.4W ♦HM
Meineenenm PSL 236 Lean-CmreAl Imbennnl
51%apxM Tax-PSL 236 Prcpady Rnnvev 7I1=14 82M015 Cdnry MRNbaWe R—re.la Next lmtalmnt al MergM2 1,400 N 4,400 1400
Pro,aft Tax on Re.50
52 Raza Tnealre-Insunnx Rapnly 7I12014 51]p2015 CIIy of Pan SpMa Mwrneo on Agency Hdd PropeM Meryedl 36,Wa N 120a0 12000
Maintenance PenM1n PMP
53%sea Tneane-Maintenance Property, 7I12011 fil]O12015 City of Pin Songs MaFbn.-Cofu anA AxPf HAM Ma0ed1 11,000 N 3,500 3.500
Mainlenana Pro a pnd'n PUP
8
S PIm Theatre-Jtiliuea PropsM 711=4 Gn012015 p—elMo.r I.lures far re,Hdd Property Merged) 8,000 N 30
0 2,000
Mainlcnanoe P..in PM
5T%aza Investment Leafs =,mnce
713MM Salaole Pbn 1-..n6 Len..1 prapert,ad,.aM W%aza mall.1 ]f,000 N {,600 H,B00
Mant¢ Theabe wed for a.—
Recognized Obligation Payment Schedule(BOPS i✓1511(-ROPE Detail
January 1,2015 through June 30,2015
(Reports nouns In NTde ONare1
M N O P
FUM Sooner
NmAad...laprMdl PraParly Te.Tent Fund
Tribal ihl nJnsTTF RPTTF
n.im—Iferecment Coneaclfuuiornlenl Oulzlantling nsio Reserve
Item, Pro—,Names O[ol OGb a Ohl' elloni Esec ulim Bale Termenalwn vale payer Dezcri Iiuu;P ecl Scu a Pro Arta -Obligation Rdiretl nontl Proctttlz Balance Other Funds Non-Atlmin admen Sia-Mon.Tel
M Calh SPN Len RPTTF Menacing a 11,202a] 1MIM16 City of pdm Supper ca,IvnlwlW al WyMg I.iiao'm N -
DBR
59 CaM low Lozn,e%aza TMWe CnylCwnly Loan, 111.'Srl3 11,11f2015 CM of Palm Springs CaSM1 Mw Man W WToae ul Maranon
Mer82)/11 rupossion.Raze Thetler
60 CaM low Loan for PMP Compkllon CitylCwnry Loans 711QO13 1M11ID14 City of PMm Spmpe Caen admose W pay PMP ConsuHanl Merpedindarpetl 2 - y -
After M7111
61 Reimhuruhb Cab Mrt army- TIIW14 15 cbro1PYm Spm0s Sluff Code peering W me peparr Mergedladerad3 7,356 N 7,359 ]]59
and smyrok bon pope retreading of
1 and 2001 Barra
622014 Subordinate Tax Olon6on Refunding 81 WIM014 911ROad uSBank ReBrancn9 d 2001 and 2001 Bands MereedlAlerged 2 32.757.6T8 N 3110.279 la,25
Bona Iead After 61
63 Closed 6ervime-nnndal Fen 9/324t010 63041019 Herd 6 Comperry 2014 Bonds OktleueReal, Mi I 36,000 N 1,SOo 1,500
Adtlam
IMCOMM Samosa-"doe" Fen 6/U1010 OR015 WN-Firsandd ma Se— 2014 B ReWM CmwIYig Mergetll 10.000 N
Sakurai- Semiem,
658md T.Fee Fen BN9R014 "MU UBBMk 2014 Bona Twelve Fen Merged 160001, N
66 2014 SWadnate T.Aloeellon R-m— Mwan. 9/i u6Bank Re6nendng of 2001 and 3001 Bonds M.,edladrgad 2 413.161 N 418.161 416,161
Ben,
aT LMIHF DDR Curfarrourrof hBaWanealF IlltOgm] MOSM15 S al Palm S -n Ere.Trani lw WIHF DCR Meretll Na 2 13In N 1 in 131T3
fib AaMce hpm Me Gary liar Cur a Property 71IM1e 61 CIS pl Palm Son, 80 year dd builder,here unmir 23,000 N 23.000 23,000
BA.Buidng Eleaie ReMdng Maintenance aluminum wring and se W anger of an
elecbiel lm,and Swp<a by
gnarl
69 N
TO N
71 N
T2 N
73 N
Ta N
75 N
M N
N
78 N
78 N
N N
61 N
62 N
an N
Be N
Be N
N
aT N
6B N
Be N
SO N
91 N
921 N
93 N
a N
NJ N
Recognized Obligation Payment Schedule(ROPS 14-1513)-Report of Cash Balances
(Repon Amounts in Male Ddlare)
Pursuant to Health and Safety Code section 34177(I),Redevelopment Property Tax Trust Fund(RPTTF)may be listed as a source of payment on the ROPS,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 ImpsWrad.dof.cagov/rad-
sa/odf/Cash Balance Agency Tios Shell odf.
A B C p E F G H 1
Fund Sources
Bond Proceeds Reserve Rahn. O1har RPTTF
Prior ROPS I Prior ROPS
Period be Win 5 RPTTF
Banda Iaauetl Bonds Issuatl and DDR RPTTF dlafribuled as Rent, Non-Admin
on or baton on or aeer balances nt rvefer Gras, and
Cash Balance Informa0on by ROPS Period IV31NO 01/01111 retained We.peHod(s) Inleneq Eta. Admin ConaneMa
ROPS 13-14a Actuals 101101114-OW3011/
1 Beginning Available Cash Balance(Adual 01101114)
3,208,750 43,963 245,5]]
2 Revenue0ncome factual 0 613 011 41
RPTTF amounts should se to the POPS 13-14B distribution from the
County Auditor-Controller during January 2014 Col E-LMIHF MR Amount Required by Finance
3,9515 1 487,828 40,259 4,4D2,543 (City loan should have been$1,487.828
3 EapoMlturas for BOPS 13-148 EMorceabb Obligations(ACNaI
%130114)
RPTTF amounts,H3 plus H4 should equal lotsl reported actual
expenditures in the Report Of PPA,Columns L and 0 Cal E-LMIHF MR Amount Paid(overpaid by
1.500OW 47,050 2,743,W9 SA).Col G tinaludes 17,340 A1P from 1314A
4 RahnOon M Available Gsh games(Achul 06430114) Col C-Bond Reserve Fund ell Restricted
RPTTF amount retained should only include the amounts dishrbuted for
debt ser4ce raserve(s)approved in ROPS 1114B Project Funds;Col G Retention of other income
0 fund 1415A line 60,Cal 11-$5,800 reserved
3.212.750 1 1 25000 1 802,035 for PrepeM Tex,balance for Debt Service
b ROPS 1}1413 RPTTF Prior Period Adjustment
RPTTF amount should fie to the sea-reporled ROPS 1}140 PPA in the N0 entry required
Report of PPA.Column 5
57,409
6 Ending Actual Available Cash Balance
C to G•(1 a2-3.4(,H=(1•2-3-4-6)
12,17 12,172 24b 7
ROPS 14-16A Estimate 07101114-1 W31114
7 Beginning Avallabla Cash Balance(Astral 07101/14)
IC,D,E,G=4+6,F=H4 a F4+F6,and H-6a6) 3,212,760 12,172 1,6a2,a96 37,172 3e Mil
b Revenue0ncome(Estimate IF311141
RPTTF amounts should tie to the ROPS 14-15A dishnbution from the
Countv Auditon,Controller dunce June 2014 1,190,739
9 Expenditures for ROPE 14-16A Enforceable Obligations(Estimate Col C-200t en021W9 Borg Reserves
12f11/141 Trannarred to Refunding Escrow,Cal G 1415A
2,175419 1,602,0% 25,000 1.426,316 Line 60 to be funded from Other Funds
10 RPTTF aeou Available shoM1Bahnceludetheta amount
RPTTF amount retained shouts only include the amount tliatribWad for
debt service reserve(s)approved in ROPS I&I 5A (12,172) 12,172 Reimburse fa LMIHF MR Overpayment
11 Ending E4Brrefad Avalhbb Gsh Balanca(7a6-9-to) 1,037331 57,403
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Recognized Obligation Payment Schedule(ROPS 14-1513)- Notes
January 1,2015 through June 30,2015
Item S NoteslComments
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 Letter of December 13,2012 only required
$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
_._T_ _. _. _.
68 80 year old SA-Owned huiltlling 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 14-15B
RESOLUTION NO.
"A RESOLUTION OF THE OVERSIGHT BOARD
OF THE SUCCESSOR AGENCY TO THE PALM
SPRINGS COMMUNITY REDEVELOPMENT
AGENCY APPROVING THE RECOGNIZED
OBLIGATIONS PAYMENT SCHEDULE (ROPS
14-15 B) FOR THE PERIOD OF JANUARY 1,
2015 THROUGH JUNE 30, 2015, PURSUANT
TO SECTION 34169(g)(1) OF CALIFORNIA
HEALTH & SAFETY CODE"
WHEREAS the CommunityRedevelopment Agency of the City of Palm Springs
P 9 Y Y
("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.
s.
Section 2. The Recognized Obligation Payment Schedule (ROPS 14-15 B) for the
period of January 1, 2015 through June 30, 2015 is hereby approved.
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 14-15 B 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.
OVERSIGHT BOARD CHAIR
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
I, James Thompson, Secretary of the Oversight Board of the Successor
Agency of the Palm Springs Community Redevelopment Agency hereby certify that
Resolution No. was adopted by the Oversight Board at a Special Meeting held on
the 23rd of September, 2014, and that the same was adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
JAMES THOMPSON
OVERSIGHT BOARD SECRETARY
APPROVED AS TO FORM
DOUGLAS HOLLAND
SUCCESSOR AGENCY COUNSEL
' 1