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HomeMy WebLinkAbout9/23/2014 - STAFF REPORTS - 3.C. 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 SALE OF THE PLAZA THEATRE TO THE CITY OF PALM SPRINGS 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 SALE OF THE PLAZA THEATRE TO THE CITY OF PALM SPRINGS UNDER THE PROVISIONS OF THE LONG-RANGE PROPERTY MANAGEMENT PLAN" BACKGROUND AND ANALYSIS: The Dissolution Act calls for the Successor Agency, under the direction of the Oversight Board, to dispose of real property it received from the Dissolved RDA either for limited public uses, or for disposition into the private market expeditiously and with a view toward reasonably maximizing value, with the disposition proceeds ultimately made available for distribution to the affected taxing entities. The Successor Agency holds a total of 12 properties (consisting of 19 parcels in total) from the Dissolved RDA, including the Plaza Theatre. These include sites assembled for future redevelopment, public parking lots and other real property. Disposition of these properties could not occur until the Department of Finance ("DOF") issued a finding of completion and approved a long-range property management plan, which includes an inventory of these properties and other pertinent information. The Successor Agency received its finding of completion from DOF on January 2, 2014 and submitted its Long Range Property Management Plan ("LRPMP") simultaneously. The DOF began to review the PMP in late January and began to request additional information, documents and clarification. The LRPMP was prepared in collaboration with a qualified dissolution and real estate consultant and contained detailed information on each property, such as the date and purpose of acquisition, parcel characteristics, estimate of the current value and any lease, rental or other revenues, histories of environmental contamination, a description of each property's potential for transit-oriented development and the advancement of ITEM NO.-bu Oversight Board Report September 23, 2014 Page 2—Approval of Sale of Plaza Theatre the City's planning objectives, and previous development proposals. In most cases, estimates of value were derived from recent comparable sales of like properties in the area since appraisals are not required for the LRPMP. Most importantly, the LRPMP addresses the intended disposition of each property. Permissible uses include retention for governmental use, retention for future development, sale of the property, or use of property to fulfill an enforceable obligation. Thus, the LRPMP outlined that the Successor Agency would sell all 12 properties. DOF, however, struggled with understanding the property values listed for a number of the properties, particularly the downtown parking lots and the Plaza Theatre (together, properties 7 through 12 in the LRPMP). Rosenow Spevacek Group ("RSG"), the Agency's consultant that prepared the LRPMP, determined that the likely value for each of those six properties was $0.00 (zero). RSG's rationale on the downtown parking lots was based on land use and parking economics. In terms of the Plaza Theatre, it was somewhat easier for DOF to understand the zero value. The then-current tenant has received rent concessions over the past several years and yet still closed after 23 years due to economic factors. Even with relatively strong interest from prospective users in the building, the process to select a new user for the building depends on the timetable for the renovation and conversion of the building. While the City remains hopeful that a new user would have the ability to pay a substantial monthly rent, it is unknown who the tenant would be, what the use would be, or what a feasible rent would be at this time. Plus, the building is nearly 80 years old. It went through a substantial remodel when the former RDA acquired the property in 1989, but with a single tenant in the building for 23 years it was time to examine the structure and all the major building systems for renovation or replacement. In 2013, the Agency commissioned a physical assessment of the building by Interactive Design Corporation of Palm Springs, and while there are no hard dollar figures in the report, the overall impact of the report is that millions of dollars would be necessary to bring the building into compliance with new building codes as well as remedy some of its mechanical deficiencies. The combination of the potentially weak rental stream and the significant capital needs suggests that even a value of zero for the property is probably generous. Nevertheless, when DOF reviewed the LRPMP, they balked at the zero values for half the properties. They did not raise any issues on the other six properties. DOF has not yet approved a LRPMP that contained "zero" values and indicated they would be unlikely to do so. The City proposed that DOF approve the LRPMP with the condition that each of the properties with a zero value be appraised prior to any actual sale. What DOF required instead was to assign a value to each of the property, with the Successor Agency retaining the option of appraising each of the properties to determine the true market value of the property prior to an individual sale. O 4 Oversight Board Report September 23, 2014 Page 3—Approval of Sale of Plaza Theatre The Dissolution Act does not require that properties be appraised at the time of the q P p PP preparation or adoption of the LRPMP. Any value assigned to the properties would have to have an economic basis (i.e. an appraisal) or, alternatively, be the historic value of each of the properties. Under GASB, all public agencies carry real property on their books at their historic cost basis (the "Carrying Value"). Over time, the carrying values can sometimes get disconnected from market value because they are not escalated with inflation. On the other hand, the carrying value on certain former RDA properties can be significantly higher than market value, even years later, because they often reflect the Agency acquiring and renovating a structure for public benefit rather than economic return. The Carrying Value of the Plaza Theatre is significantly higher than what the City would want to acquire the property for under the LRPMP: # Site Name Assessors Parcel Carrying Value Number(s) 7 Plaza Theater 513-144-010 1,543,483 The Oversight Board approved a resolution adopting the Carrying Value as the "values" for each of properties 7 through 12 in the LRPMP on February 25, 2014. The other properties in the LRPMP remain unchanged. In addition, the resolution allowed the Successor Agency to appraise any of the six properties if it seeks to convey or acquire any of these properties for a value other than the Carrying Value. It does not obligate the City or any other buyer to pay these values for the property if a different market value is established by an appraisal. In June, 2014, the City hired Capital Realty Analysts of La Quinta, California to undertake an appraisal of the property. Because of the historic nature of the property, the appraiser was asked to assume some continued operation of the theater and not a true "highest and best use" that would include demolishing the property for a new retail/commercial use. Such an assumption on an economically obsolete building creates an appraisal problem: Appraisal Problem "The subject property includes a 0.24-acre land parcel, improved with a vacant, historic theatre building. In light of the fact that the improvements were constructed new in the 1930's, and are functionally and economically obsolete, the primary appraisal problem for this analysis involves the determination of the highest and best use of the property: and estimating the costs that a buyer may incur in order to place the property back in service with the limitations imposed by current code standards and the Class 1 historic designation. As a 03 Oversight Board Report September 23, 2014 Page 4—Approval of Sale of Plaza Theatre historic, special use property, I also encountered challenges in acquiring and analyzing comparable sales.... The sales comparison based value estimate provides support for the cost-based value estimate, which is the main technique typically applied to special purpose properties such as the subject. Additional information in this regard is included in the Market Analysis section and within the approaches to value." The appraiser further found: "For at least the last 4 years of The Follies run, the Lessee was unable to pay rent. After the show closed, the Lessee held a sale to dispose of the personal property contained within the Theatre. This includes all lighting, sound and stage equipment, etc. Seating remained in place, although it appeared to be at the end of its economic life. In these regards, the subject property presents a challenging marketing prospect, since significant sums will be required to bring the property back to an acceptable operating condition or alternative use." Conclusion "...The Client indicated that their consultants estimate this cost at $3MM - $4MM. It is virtually certain that a market buyer would not expend these kind of funds, as even The Follies, which by all accounts was a well- managed and produced show, failed to generate sufficient net income to remain viable in this location. Consequently, in addition to the functionally obsolete nature of the building, the specialty use is now economically obsolete. "Historic Theatres of this type, much like parks, churches, museums and the like, rarely generate sufficient net income to be viable real estate investments.... "However, the very significant capital required to return this venue to operational status is far beyond the value of the property at completion. To demonstrate, assuming a best-case cost of $3MM, the property investment would be $201.30 PSF, assuming the purchase price was $0. As described in the sales table [included in the appraisal], only 2 sales exceeded $200 PSF, and both of these venues were operational and not economically obsolete. Furthermore, neither required material capital improvements. If the subject were not historic and could be demolished, the market value of the property would likely be equal to the current land value, less the cost to remove the improvements." 04 Oversight Board Report September 23, 2014 Page 5—Approval of Sale of Plaza Theatre The value of the property, as determined by the appraiser, is $1 .00. The City proposes to pay the $1.00 to the Successor Agency and then bear the financial responsibility of the renovations, as well as undertake the process of securing a new operator. 09 RESOLUTION NO. 30 A RESOLUTION OF THE OVERSIGHT BOARD TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY APPROVING THE SALE OF THE PLAZA THEATRE LOCATED AT 128 SOUTH PALM CANYON DRIVE TO THE CITY OF PALM SPRINGS UNDER THE PROVISIONS OF THE LONG-RANGE MANAGEMENT PLAN 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) to Division 24 of the California Health and Safety Code which dissolves the Redevelopment Agency ("Dissolution Act"); and WHEREAS, under the Dissolution Act, the term "successor agency" was defined to refer to the dissolved redevelopment agency's sponsoring community (the city, county or city and county that formed the Dissolved RDA), unless the sponsoring community adopted a resolution electing not to serve in that capacity; and WHEREAS, pursuant to Health & Safety Code Section 34191.5(b), successor agencies are required to send long-range property management plans to the oversight board and State Department of Finance no later than six months following the issuance of the finding of completion; and WHEREAS, staff and consultants to the Successor Agency of the Palm Springs Community Redevelopment Agency prepared a Long Range Property Management Plan, in accordance with the provisions of Section 34191.3 of the Dissolution Act, indicating the intended disposition and use of the real property assets of the former Redevelopment Agency; and WHEREAS, The Successor Agency received its finding of completion from DOF on January 2, 2014; and WHEREAS, pursuant to Health & Safety Code Section 34191.5(b), the Long-Range Property Management Plan was submitted for review and approval to the Oversight Board and Department of Finance on December 16, 2013; and o6 Resolution No. 30 Page 2 WHEREAS, in its review of the LRPMP, the DOF required the Successor Agency to assign the Carrying value to each property, but did not object to the Successor Agency retaining the option of appraising each property to determine the true market value of the property prior to an individual sale; and WHEREAS, in June, 2014, the City hired Capital Realty Analysts of La Quinta, California to undertake an appraisal of the property, and the appraiser concluded that based on a number of unique market and site conditions, the Plaza Theatre's value is $1 .00. 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, and incorporates them herein by reference. Section 2. The Oversight Board approves the sale of Property No. 7 in the Long- Range Property Management Plan, the Plaza Theatre, to the City of Palm Springs for the appraised value of$1.00. Section 3. At such time as the Successor Agency receives proceeds from the sale of the property, the Successor Agency shall comply with applicable statutes regarding the distribution of these proceeds to the County Auditor Controller for dissemination to the affected taxing agencies. Section 4. This Resolution shall take effect three business days after its adoption. THOMAS FLAVIN, Chairman ATTEST: JAMES THOMPSON, City Clerk Resolution No. 30 Page 3 CERTIFICATION STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF PALM SPRINGS ) I, James Thompson, Secretary of the Oversight Board of the Successor Agency of the Palm Springs Community Redevelopment Agency hereby certify that Resolution No. 30 was adopted by the Oversight Board at a Special Meeting held on the 23rd day of September, 2014, by the following vote: AYES: NOES: ABSENT: ABSTAIN: JAMES THOMPSON, CLERK/SECRETARY O$ 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 23rd 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 JAMES THOMPSON, CLERK/SECRETARY Resolution No. 29 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. 29 was adopted by the Oversight Board at a Special Meeting held on the 23`d 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 JAMES THOMPSON, CLERK/SECRETARY Resolution No. 30 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. 30 was adopted by the Oversight Board at a Special Meeting held on the 23'd 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 JAMES THOMPSON, CLERK/SECRETARY Recognized Obligation Payment Schedule(ROPS 14-15B)-Summary Filed for the January 1,2015 through June 30,2015 Penod 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 Trost 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) 34,172 E Enforceable Obligations Funded with RPTTF Funding(F+G): 9 3,258,941 F Non-Administrative Costs(BOPS Dew!]) 3,133,941 G Administrative Costs(ROPS Detail) 125,000 H Current Period Enforceable Obligations(A+E): S 3,298,913 Successor Agency SeNateported Prior Period Adjustment to Current Period RPTTF Requested Funding I Enforceable Obligations funded Oth RPTTF(E): 3,258,941 J Less Prior Penod Adjustment(Report of Prior Period Adjustments Column S) (67,409) K Adjusted Current Period RPTTF Requested Funding(14) ll 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 Adjustments Column AA) N Adjusted Current Period RPTTF Requested Funding(L-M) 3,268,941 Certification of Oversight Board 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 TAIe Obligation Payment Schedule for the above named agency. is/ Signature Date Recognized Obllgallon Payment Schedule CROPS ta-ISB)-MPS Befall January 1,NIS thmugh June]0,2U15 (Repel Nnourdt m Mole Deers) A a C D E F O H 1 J M L M N O P FNnde Source NonMta ,rxantPar1,r1a Trost FUM Teed 00nJ1PTTF RPTTF CenlracYMrealnret ConfirmAhorevenerel OubWrakN DeM Reerw Ism3 NamalpbtO atlon ObligarbonT exacunon cases Termiulbn Don Patras Descripfiki Scope Ara orobildian Rann Bend Proceeds Be Proce w eds Belan OMerNM ma s Nee"Menew Adman SM1leand,Telal 118,515A0 $ SOW AIR 31399N 1250W 393913 1 20(MTsxjdocadopRefinndnn Somphle—dOn., W16CM 911 Oil Bank o Way York Melon esnmce199l Tax Plwabon Bomin Marevell Y 22m]Tm Plbcatl-Bonds,Seda ABonda Nn—d Ox—r 911=007 011120141 US Bank Capital Rope, McWd1 21.703,100 N 309,613 309,613 Before IZ31110 32007 Tasbls Tax At.—Ines Bonds, Bandshwed On Or $11WOW SIMON US Bank Pfpfry A.ubiam MmgedI 3.QBOYJ N 58.a17 53,60 Sen.B Bebre 1WWSO l MRPFLon— $ERffi AF 1RD2010 613012037 Penn SAL.,House, Loa-for FY M09110 and 201N11 united 1,055ATO N Sumaaar SERIF Pa end ml Repeymml 37 Comen6an Center Bonds Revenue Bands 665200] 111' 0Ou CMaf Palm 5pnnge Agency ConMWtien to CamerAon Mettetlt 27.300000 N 650 Oct W.000 Idwed On or Before Cafes Eepanam ]Coined S ea-Fin....I pass SC=010 61300019 Hand S Company Merged 1 Borde Disclosure lRalre Merged 36,000 N 1600 1A00 Pduiean 3 COMM SaMwa-Renee pass 614MID 513=015 Mean Flnendel Services Merged l Bons Ratele Con.Mng Mttced1 15,000 N - Cekxlek. 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Reisman,Bomb e'194101a MICON us Rent Refnwenh,12001 wr200/111aMe MwpolNmWd2 22,]5),619 N 390.279 30.219 Bonds ImmdNRer M)112 63 Coned Sermons-Flnaroal Few 9/22R010 6130(J019 Mind&Compam 201/13oMe OlscAmwo RalMp MxpedI 38,000 N I'sm I'M 61 Con.S"--Rebels Fees MCOIQ 61302m5 VAINdanFinendal S-e— 2011 Bonne Rebels Co—Ale, Marred 10,000 N - OMouktlon Somme 66 Bond Tnafte Few Fees WIM01/ WIM03/ US Bank 01/Smrb Trustee Free IA.Ix1 1 1600W N as 201/Swonl..Tax Aunuion Reervse MtlROH 911kO31 US Benk Ref--heme12001 an.W.Bantla Mwpetll Aaawsd2 111,161 N 418,161 418.161 Bonds 6T LMIHF 00R Oxerm,marl a0alenmm IMOW13 6130R015 O of Pain Saw, Ex.Twiner for LMIHF 00R OwurclMerged2 121T2 N 1217 121T2 69 Adeanoe ft.Ne Cry b Con 6 R,w, 7I1/2011 BIWWIS City of Pew 9prmp 90 year oM building Me unuk 23,000 N 23,0M 23,000 Boke gender,Elecik Reew, Maintenance al-ran-vwng and is in danger Ofsu tleWeal She,and 0 B mouplea by a .-I 69 N ]0 N ]1 N 72 N ]3 N H N ]5 N T6 N n n ]8 N T9 N l0 N 91 N 82 N 83 N 81 N 95 N IS IN 1] N as N 19 N 90 N 91 N 02 N 93 N p N 95 N Recognized Obligation Payment Schedule(ROPE 14.16B)-Report of Cash Balances (Report Amounts in Vvhob Odlare) 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 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 httosJ/rad.dof.ca.Aov/rad- a h Balance Ain,ruft To Sheet A B C D E F G H Fund Sources Bond Proceeds Reserve Baknd Oliver 111"T7F Prior ROP3 Prior ROPS p mo l balaneas RPTTF Bonds Issued Bonds Issued and DDR RPTTF distributed u Rent, Nen-Admin on or We. ono,after "kooes reserve for Grams, and Cash Balance Information by RODS Period 12f3lmo Mr., 1 enifted assure perlodls) Interest,Be. MMrr Comments ROPE 13-148 Actuate(01MIM4-111113011/ 1 Be9lnnkg Ayeflable Cash Baance(Achel 01101f14) 4,20e1 43,983 245,577 2 Ravanuadroome(Actual 06130114) RPTTF amounts should tie to Me ROPS 1}1413 distribulbn from the County Auditor-Controller during January 2019 Cal E-LMIHF DDR Amount Required 8)Finance 3.998 1,4 02 87,8M do,259 6,4 ,543 (City loan should been tl he bnE1,487,828) 3 Expenditures for ROPS 1}14B Enforceable Obligations(Adwl a&]O114) RPTTF amounts,H3 plus H4 shock equal total reported actual Col expenditures by in Me Repo"of PPA,Columns L ml O E-LMIHF DDR Amount Paid(overpaid 1,500,000 0,050 2,743,(39 SA);COIL-IrMudee 11 6T,940 A/P from 1314A 4 ReteMlan of Avalkbh Cash Balance lAcbul HIM1141 Cot C-Bond Reserve Fund and Restricted RPTTF amount retained should only include the amounts alsmbuted for Project Funds;Cot G-Retention of other income debt service reservs(e)approved in ROPS 1}1413 to fired 1415A Line 60,Cal H-E5.800 reservstl 3.212,750 25.000 1,602,085 for Property Tax,balance for Debt Service 5 ROPS 1}14B RPTTF Prior Period Adjustment RPTTF amount should tie to the self-reported POPS 1 31 4B PPA in Me No entry required Report Of PPA,Column S 57,4N 8 Ending Actual Avalkbb GM BelafNe Cm Ga 11+2-]-{).N.11.2.3.4.9) 12,172 1 172 MAT? ROPE 14-15A Estimates 407101114-1L01114 7 Beginning Available Cash Baknce lacteal 07101114) (C.D,E,G e 4 e4,IF-H4-F4 a Ff.ant N-4.6) 3,212,760 12172 102ON 47172 N m 6 RevenusRncomw lEsNmu6e 12/31H{) RPTTF amounts should be to Me ROPS 1415A disk1bullo0 from the County Auditor-Controller durino June 2014 1,180,739 9 Expenditures BOPS 14-16A Enforceable Obligations(Estimate Cot C-2001 and 20U Bond Reserve /L31114) Trerlefemed to Refunding Escrow;Col G 14-15A 2.175.419 1,602,005 25.000 1.428 310 Line 60 to be funded from Other Funds 10 ft%"m of Avagable Cash Baknce(E gmate 1L3ln41 RPTTF amount retained Mould only include Me amount distributed W li debt seance reserve(s)approvd in ROPS 1415A 12.172 12.172 Reimburse far LMIHF DOR Cruespayment 11 Binding EaOmaled Available Cash Balanes 1741-1-16) 1037.331 87AN . . .. . . . . , . . . . l . / ! ; , | � - �}. . . . . . . . . . . . . . . . . !| ||] !! •.; , , , , | , , , | � � ; , \ ) � ! R • . . , . , . , _ r � |�� � ` � , . , „ ! •! . . . . . ( _ | 2, • , . � � ! „ _ ; � .. ! . (! | | l . . . . . . . .§ . . . . . . . . . .l . . . .!! l. . . § ° . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b . ! MR . . . . . . . . . . . . . . . . . . . . . . . ) � � . . . § � ) § ] | | ) ! i | ` • | ! �| � {j ■ A § ,! |• ` � I ' A| � [fill | | • . ` • a . | | | • ! . . | , [ .. .. . . . . . . . . . . . . . . . . . . . . . . . . . _ .! \ . . . . . . . . . . . . . . . . . . . . . \ � | � \ , !. � . . . . . . . . . . . . . . . . . . . . ; ! § . !. � . . , .. . ! ll , , . . , . . . . . . . . . . . 1 �!' �| i . . . . . . . , . � . . . . . . . . . . . . . . . J ! � I( ' ! . . . . . . . . . . . . . . . , . . . . . . . . . . . . . . . . . ; !|!J! | � � Recognized Obligation Payment Schedule(ROPS 14-158)-Notes January 1,2015 through June 30,2015 Item M Notes/Comments 25427 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 SM 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 wirirg 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 14-156 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+O): $ 39,972 B Bond Proceeds Funding(ROPS Detail) - C Reserve Balance Funding(ROPS Detail) 5,800 D Other Funding(ROPS Detail) 34,172 E Enforceable Obligations Funded Mgr RPTTF Funding(F+G): 9 3,258.941 F Nan-Administrative Costs(BOPS Detail) 3.133,941 G Administrative Costs(ROPS Detail) 125.000 H Current Period Enforceable Obligations(A+E): $ 3,298,913 Successor Agency Self-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding I Enforceable Obligations funded with RPTTF(E)' 3,258.941 J Less Prior Period Adjustment(Report of Prior Period Adjustments Column S) (57,409) K Adjusted Current Period RPTTF Requested Funding(W) $ 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 Lem Prior Period Adjustment(Report of Prior Period Adjustments Column AA) N Adjusted Current Period RPTTF Requested Funding(L4N) 3,258,941 Certification of Oversight Board 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/ Signature Date Racognl2ad Obligatlon Paymatn Schedule IROPS 1JL1613)-ROPS Datall January 1,N15 through June 30,2015 (R tort Amnuna m Mda Dderq A 8 C D E F 0 H 1 J R L M N O p NMln !Doles Men#eNYebpmnt P-1-1,Tax Trust floe TOMI QWAPTTFIRRTF CmlrecgAan Date CNMac sfic.D ant Outstanding DeN Ran. Mrl MNsro/Debt O etlon O61'atlpnT Euculbn Dale Temrnelian D. Pe Oned done Sm PtoMAna -Obligation Re 0—d PrpmeEa PaI nee Wlel Fonda Henitlmin llamin .k xndI Team 118NSN3 SDN Jst]3 3133N1 125000 3 N913 WI Tar No.n.Bonnrf Bond.Issued Cn or W 1 91120N Bankol New Vork bn ReAnenn 1991 ocatlan BmM Mer edit 2300]iav Nocetion Bontle.SMea BOMelssued On or g116RWi 91120N US Bank Capile.Propcb anoWd1 21793,100 N ]p9,613 3N,813 Belle 13At110 3 2007 Triable Tax Nomtion Bonds,BOMa kwed On or 91IMM7 9I12031 lls Bmk Pmpnh M,Nki m Mergd I n 3A11,0]3 N 53,611 N,N] Sea Beene IMI/l0 ♦ 3ERAF Loan SEPAFIERAF a20wo fi1300037 Pall Spdn,Hweing Loma for FY 2W9110 and 201 W11 Men'dI I,055,379 N Sumessor SERAF Pa enb CeMerBmda R B da Br6200] 11/1rz03a CRy al Palm Senn, Agency ConMWtlan to Canvenban ' '• Y1,30O000 N of 650000 Iax-d Ono,Beforecenter Espanz on 12131MO ]Cmtratl Servims-Financial Fees W3b2010 6'30I2019 1ane116 Company Merged 1 Bonds gsGwure IFnnp Merged 1 .'N0 N 1 dpp 1,100 NM eon 3 Cmtreq Sm'Iws-Rebate Fees 6142010 15 WNan Finenclal Sere— Mal9etl i BorgaR M.Ce-r W Megetll Ism N Cdwklen Sem. 9 Bmtl Tnntee Fen Fees 6/1E2N1 1111a0 Be k NaNew YaM1 MCIon Meged l Bonn Tmabe Fees Mergadl 14SON N _ Trwl It pepwlim end Oevel[emeN OPPIDONCmb dl3/N2N5 97IR032 Endure Investments FMenekl Paaktann(10Ynr) Merged) 9N,000 N Adr--nd on 120-1 PeNap.AgNemnl Businnalncenne 1/192000 8,3n2016 NP MOW. Fnnwkl Au6bnm Mel9edl WON N 200,OW 13 Peci9c Ho Xsli Ju ml etion 1y 012 ]OIROA PaG3e Hm ink Ju mmtn Onnldd Coo Me etl1 Y 112MI Tex No-den Re4nding Banb Mwed On or 6116RON 91120N aank al New York Mdl RMadona. IBmdefining1N0T. 152M]Tnable Tax Nomiion Bonds Bbnd Mwetl On o, 911e12W] 9/120N BankaNewYorkMelm ProperlyA,IzNan Mer9ed2 1051150E N 1N,211 SakaC snae12g1110 Trot16A nmeMM Rormb""mmlMiN""eUa12/62W6 6130203] C a1PMm6rF PSL236Leme 'A d2I NMI" E,4200AN IB ConbaGS Finandtl Feee ARJ20106r302019 Ha„clld Coren Meretl2 Bd Dl 'R , ' ILM Ad 19 Contrad Semen- RMate Faas W1/2010 61W2015 MMan Flnennel 5ervicn Merged 2 Sands Rebxle Conwlkng MergN2 Y CakWetim Smicee 300md T,uebe Few Fen y182001 11114014 Bankol New Yak Melm Merged28ands TrualeeF. Megedt IOO,NO N rn 212001Houng Tex Nocetlon Bmdx Bonds la—d Ona 7/312001 3IM021 Benkol New YeM - ReM1nanse 1931 Hwe1n9 Tar Mngdi/Mwped3 - Y _ Bebn 1L31110 Trual Nom6m Bolls 22 ContrM Ser'Ama-Flnendsl Fen 92220t0 61302019 Henall6 Company Houein9 Smtla 0Ycbsve Matlng Mwgdl MMnpd2 Y Adetsors 23 CaAecl Servime-RMele Fen w4wla 6M1N15 WAben FnendNSmces Rum,Bann ReP Coning Mergdi/Mwped3 Y calwimm Serviaw 21 Bond Trustee Fen Fm y1N2p01 11IIdON Benk of New J YaM Mm Xoueinp Bend Twslaa Fen Mwpd1/Moped$ Y _ rue) 25 Conpaq 3e,rima-AyM Admb Coats H Olc GOVVNis Lanm$a116 tun a OUSn SeMcee Mer dIIM*, 3 No N 90pp pppp 38 Conbet SeMma-Lend Le 1I122Ms 6O01M15 Wootlrvg ntlYn r M!tt al Coume Mer d1/Mer d2 1MM0 N 9M BOW 23 Contrail Sono,.-FlnmGM MnF Cmh 7I13RM8 Y1O12019 Hentl66anpany ROPSOoneJbq Mer,edll Mwped2 t00w N 1,ON 1,000 Advison Recognized Obligation Payment Schedule(BOPS 14.1511(-ROPS Oetail January 1,MIS through June 30,2019 (Persn Arrall in Moo Oolarel A B C B E F O N J N L M N O P FUMIna Sourp a NmAeNxbpmmlPrePeMy Taa Trvst Pund TOO NonNYPTT Mal ComrxM/r9lwrwnt ConbsVp9rearrwnt WeaYndYle Oe51 Rwrw wnt M P 'MN.I[faEt OM alien OW-tlionT EaxWbn BaN Tonawanda Bark Ps DelBe odn'Preast Soope Prl Ands or OEl axon Ramrod Bond pmcaeda S.W. OMa flonda Non-PdmM Ad-In Sk-Mmq Total 32 LenelSul....Agreement Butinesa ln.wers. 1119R000 8h02015 VIP Motors Prop"Lease Merectlt Y 'rearnamb, 33 ANMrAtraEve Cwi Nowerme bmm Cep L1R011 YJOR015 C o1 PaLn8 rYr grorM1ead Cusl AllocetiaNSNadn Mer edl;Mer ed2 5 000 000 N 125000 125000 ,. v i. a .... . . ... ily of Palm Sa�rga.<,.,..PrO sf Coati � MlI e1],500 N ISAPeNrwIM 9n Rahnbpeenwm CRStlCeuMytaem tON6N991 11I1Ro35... C - on or Bebre 6QT111 Wastewater rune J6 Agnment fir,ReimOunemenl CiylCounry Laws I0I16l1991 1111R035 CM1y of Palm Spans PmJeclCmb Mer0aE2 U3,500 N On or Bebrc 112T111 Waetewater Fund ])A¢eemen[M ReimWrsement CiryX.-ly Lorne 6RN1 B33 111111OM ce,of Palm Spal Pmjxq Cosh Anatol I00,W0 N On m Bebrc'Ttl 1 Wxhxalm Fund 38 CMy Lam and bteresl Cilyl(lovey Lama 6115R011 1111 36 Cry at Palm Send, 1ders.,and AdminstratNe Cash Meryedt 1553,913 N On ar Refire 6T(]1 For FY 2011-12 39 Cry Lean And M U ONACduny Loma IV152011 IMMIX Cry,of Patin Sprin, OPeralNgand AdmFlatraWeCceb MeryM2 10]$50 N On or Bebrc WVI t For FY 201142 - 40C,Ile,and lnlereat C"c-1 Loan. 6/152011 1111MI5 Cry of Palm5pnn95 Op.sling and Admaral Ooats Mergedl 11swyed l 2,112i92 N _ On or Bebrc W27111 For FY 2010.11 el A,--.RemWrxmem CHylCouny Loan, 121aRW6 1111ROM CAN of Pals,Seen, RNely Pmlwr of P9L 2M fall2 1.2311,512 N _ On or Bebro 6121111 Sammbl Free, 42 2001 Tn fialkBank, n geMdirp Reserves filt&R001 Waal Bank of How YOM Melon ROnmce 1994 Too MoaaEon Bonds MOW I - T _ Bonds SerlesA Trust e3200T TB,Ndceden Bmd,Sabs Rexnn 911 Mom 911QOA Bank of New York Mean Ca lProleN Mon.i ]09,81] N M813 309,613 Toot H FOOT Taa TTxM..t.Sol Reserve WIW007 Niaou Bank of New York Mal Real Acpuiebwr Senes B 17rust rO Meadl 5a,81i N 58,6l7 66,847 452Wa Tax All ReMdNg Reervn WIMON, 911nom Bank al New York Melon Ramona 1994 Tx Model Bonds MarlleE2 Y Bondi BMn 6 Trun ad 2007 Taxable Tax Allocation Bmtls,Reerve 911912p07 911RIN't BankolWwYork Maan Prod"Acguhltlon Marked 3/0,211 N NO]tt mail Senn C T. 47 200I Hotel Tax Moreton Bantle Reserves Minim! vlaul Bank ON.York Melon Refund,1991 NOrd,Tea MmgeEllMeal Y _ Treat Agocam Board;{8 Papery Taa-C.6 BdLe Ropey )N ty 1t013 61]0GOIS Corker,aRw—de Propel Takes on Agmry Head Lend Merged, 12,800 N 1,W0 1400 Feeders, Medica ntt Fordin PMP-Onmtlmlalmen ag RopeM Tx-COM 6 Beetle Rear. MOM GOOMI5 cone lRawards Reern for Nel lnealknot of Meegedl 1,100 N 1,e00 1�00 R e Property Tax on Item e8 W Property Tx-PK 236 Propel -07w 7/112013 OMM37 Count'of RNemde Property Txn on Ropey Lmder Merged Maw N a,fng 14e0 MenWene PSL MIS Lease-censor lndidirl 51 Property Tx-PSL 236 Property Rewme MOM 6MMIS County of RNeMde Rearm br Nand lMeinem of Metal a,WO N 4,a00 4400 R Tax m Item 50 52 Mad.Testae-Inwrenm Propel )111201a GOOMIS Car of PNm SpnnP Iroarnmee on Agenry Held Feel Mdgod1 Sil N 12000 12ME Meintmance Nooin MP 53 Maze Theatre-Malmenene Dopey 711=14 8130M15 Cry of Palm Springs Mwenardre.Cosh on All,Hard M,,,Id1 11,000 N 3,500 3,50 MNnWane Pr a PerMe PMF x-. stye S6 plaia Im,aOe-UIrMe Papry 7I1mi4 6f3011015 Ce.en Welder UMrdea for Agency Held Pmp1rl, Merged, 5900 N 2N0 2.000 lei Maintenance vendn PMP _ 6TRxe Fvx9ronl lone Ropey )AW2W3 5/31R016 %et'lnnaMonb Lease of paperty tljacwrtb%xe Mrgedl 1111ol - N a,60p ♦Sp0 MunWenn Tdu6e used far saps Recognized Obligation Payment Schedule(BOPS 14-161s)-ROPS Detail January 1,2015 through June X,2015 (Repan Amcu,m in Mole Dollars) q B C p E F O H I J K L M N O P needs. NonAaNwbpnM Property TaK Trua1 Fund of peke Tatal feud T F RPRF Ceebaotl/yravrvrH C bac110.9 ent marauding Oeb1 Iremi Mce Vame!p¢LtOLli sum OEI a11MT STFLLIIOn pak T narjpp cn tionlp 6eoe pro eel Aroa 9- Raexve Pa'ee I)es er Ob9eton Ret d! Bond ProavNa BFMnn Other Funds N—Ad.M Atlmin Ek-Mon1M1 ioGl Sa des",aeN/an O 'Flats, . OORd PaYMO IMryaM9deryad - W e N ,....,. ,. EpdnP CW1/vF, r Isd - .^.- w1Mx It-As pa,a r pe-„q Lu.m 11252011 7312315 ery ol+a.... 1 _.r nowloao lw Pu or lae,uml Mar WI/11 a n earnTxerpeMoaa 60 Cayx 1—Loan for PMPCompleEon OirylLomly Love 87aJ1] 1N7Q011 City clPNm Spnn, Cash afta a lc pay PMP CanwXanl MeryedlRAwped2 Y After IF 61 RunnuruMe C. MkMannw 711=14 Vf02013 Cky al PNm5pM9c S1eMCos4 rNaYnOb Me maprafien MeryedlMnped2 7,75E N ],95a )]59 and comil ulme rt doeso,9 01 62201IBrboNinNe Tq PlopWn gafimdA",8 7 M192011 9/12%{ Ile Bank Refinance,o12001 and 208{BOMe M.,,dH erpd2 22]3).6]9 N 390,27E 30009 Bonds Iuuedgbr82>/12 63 Cents. otedul ervjpa.nnentlal Fen 922/1010 6OOQo19 Hvrel6 CempeM 2%I Bootle pbdpure Makr, Mxpedl 36,W0 N 15W 1500 M on 8{CanpM EeMcea-RaLp Feee 8'12010 bturt 6130Y[015 Wadan FFandN$ervicn 2011 Bentla gabb CmeWEnp MrPM1 t0,W0 N wdCalc Tr s.rven 65 Bmd Truake Fen Fen N19Rm1 911R034 uS Bank ]Otl Banda Trveke Feea Mr 1 I60 C00 N 862otl SupordnMC Tar ObcaBon Rvervea Mg2ptl 91120J1 IIS Bank gelnanc., of;11 end 2001 Banda Mr,anNer,ed2 418.161 N 418.16, 416,161 Bond 67 LMINFOka MiacWneeua 11202013 Bg02015 Ci of Pekn m Evaen Tramkr lu WIHF bpi IMr dlNe d2 12172 N 121I2 121]2 66 Baddesles EIWon o MCM6 RopeM T/14Nh 6130 5O5 C6y pl Pam wnnm BOynrasain jl,and n b In danger 2)000 N 23000 n,m Bowe BubMO Elechle geMtln, MaiMenen<e aluminum xrn,endNMtlan9r of en tlee0lcal be.and a b awped I e Imnl TO N T1 N M N N 74 N 75 N ]9 N n N 76 N i9 N 80 N a1 N B1 N 93 N N 85 N N N 87 N as N 09 N 90 N 91 N 92 N 9J N w N % N N Recognized Obligation Payment Schedule(ROPE 14-16B)-Report of Cash Balances (Report Amounts in Whole 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 RODS,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- sa/0df/CasM1 Balance Ae Tms Sh t df. A B C D E F G H Fund Sources Bond Proeceds Reserve Balance Other RPTTF =RP� ior ROPE PoulosRPTTF Bonds tsawd Bonds keund bibatetl a Rent, NonJWMnonorbstore onor after serve fGah Balancii lydorintlMb RODS period 12/31n0 01/01/11 ro ti a IMansf,Etc. Adman CwnmsMs ROP313-14B Achuk OtM1114-0W M4 1 Beginning AnllaOk Gan Balance(Actw101101114) 3,208,754 43,883 2g 577 2 13evMueanconte(Actual O6/30n/) RPTTF amounts should tie to me RODS 13-1413 distribution from the County AuEikr-Cordroler during January 2014 Col E-LMIHF DpR Amount Recurred by Finance 3,996 1 487828 g0,259 4,402,643 (City loan should have been$1,487,828) 3 Expendkunsfar ROP513-1/B Erdorcxbk Obligation,lAslual 06/30nq RPTTF amounts,H3 plus FH should equal total reported actual Col E-LMIHF DDR Amount Paid(ovemaitl by expenditures in the Report of PPA,Columns L and p i60QOOD 4],D50 2.713,039 Col E-LI O-includes mount Aal from 1114A / Relandon W Available Cash Balance(A mod OW3W141 Col C-Bond Reserve Fund and fromFbast 1 1 RPTTF amount retained should only include the amounts distributed far Poled BondFund Cd G-FundRete andtion of other income debt service reserve(s)appmwtl in ROPS 13-14B 0 fund 1415A Line 60,Cal H-Waco reserved 6 3,212,750 25000 1602.MS WrPro arty Tax,balancakr Debi Seniice RROPS 13-t/B RPTTF Prior PMnd AtlJuatmeM PTTF amauM ahoultl 0e m Me sek-roponed ROPS 1314E PPA in the No entry requited Report of PPA,Column S 6 Ending Actwi Avallabk CobBatanp 57,408 C We all* 2.3.4),H-11+2-3-4.5) 11172 1 172 241,577 RCPS 141&A Estimate 07101114-12A1/14 7 Beginning Available Cash seems(Aatual0TM1/14) (C,D,E.0a 4+6,F a H4♦FH F6,and H a 5.6) 3 12750 12,172 1,60 am 37,172 302.986 6 RevenueRrRome(Estlmak 12131n4J - RPTTF amounts should tie to the RODS 14-15A distribution from the Court Auditor-Cornrolkr dude June 2014 1180,]38 S Expandkuroa for ROPS t415A EMorccebk ObGgations(luimab Col C-2001 and 20"Bond Reserves 12/3/114) Transferred to Refunding Eaawv,Col Cs 14-15A 2175,419 1,802,095 25,000 1426316 Line 60 to be funded from Other Funds 10 Rebndon atAnllabk Cull Balarwe lEstlnsab t21311141 RPTTF amount retained should only include the amount disbibuled for debl service reservists)app..d in ROPS 14-15A 12 1172) 12,172 Reimburse br LMIHF pDR Overpayment 11 Ending Eftlmated Avellable Cash Balance(7 e 8-6 40) 1,037,3311 57,409 ! ` �/! |! ! . . . . . . , . . . . ! . . . . . ! . . . , . . . . . . . . !!;|, ( { g)� • ! f! . , . . . . . . l . . . . l . . . . . . . . ; . . . . . . . . , !. . . . . .. � . , . . , ,. . . . . , . . | � . . 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Recognized Obligation Payment Schedule(ROPS 14-15B)-Notes January 1,2015 throw h June 30,2015 Item# Notes/Comments 2-5-27 Other Income expected to fund items inGudes rental income(if Agency leased property is not disposetl of)and interest income 60 Other Income designated in 1415A 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 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 8 Bottle). the City will-loan funds to the SA to pay for the revdring to be repaid in 14-15B