HomeMy WebLinkAbout2/26/2015 - STAFF REPORTS - 3.A. OVERSIGHT BOARD
FOR THE SUCCESSOR AGENCY TO THE
PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY
BOARD REPORT
MEETING DATE: February 26, 2015 NEW BUSINESS
TITLE: APPROVE AN AMENDMENT TO ROPS PERIOD 14-15A FUNDING
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 AN AMENDMENT TO ROPS
PERIOD 14-15A FUNDING "
BACKGROUND AND ANALYSIS:
Pursuant to Section 34177(I) of the California Health & Safety Code, in February 2014,
the Successor Agency prepared a Recognized Obligation Payment Schedule for the
six-month period July to December 2014 ("ROPS 14-15A") and the six-month period
January to June 2015 ("ROPS 14-156"), which identified funding sources and amounts
for each recognized obligation, including the property taxes payable with respect to
Successor Agency- owned property for the Cork & Bottle property ("C&B Taxes").
ROPS 14-15A included the December 2014 installment of C&B Taxes of $1,400 on Line
48 and a reserve of$1,326 for the April 2015 installment of C&B Taxes on Line 49. The
C&B Taxes for both installments total $2,821 but the request for funding both
installments totaled $2,726, resulting in a net funding shortfall of $95 in ROPS 14-15A.
The Successor Agency does have other funds on hand from interest income received in
ROPS 14-15A to cover that amount. However, the Successor Agency is required to
make a change to certain funding sources on the ROPS 14-15A as originally shown for
the C&B Taxes.
Section 34177(a)(4) of the California Health & Safety Code provides a mechanism for
changing the funding source for a recognized obligation when the amount of the
Successor Agency payment exceeds the original amounts authorized with the approval
of the Oversight Board. Therefore, the Successor Agency is requesting the Oversight
Board authorize the change in funding sources and amounts for the C&B Taxes, in the
amount of$95.00.
ITEM NO. �—
RESOLUTION NO.
A RESOLUTION OF THE OVERSIGHT BOARD OF
THE SUCCESSOR AGENCY TO THE PALM
SPRINGS COMMUNITY REDEVELOPMENT
AGENCY, APPROVING AN AMENDMENT TO
ROPS PERIOD 14-15A FUNDING
WHEREAS, pursuant to Section 34177(I) of the California Health & Safety Code, the
Successor Agency prepared a Recognized Obligation Payment Schedule for the six-
month period July to December 2014 ('BOPS 14-15K) and the six-month period
January to June 2015 (`BOPS 14-156");
WHEREAS, ROPS 14-15A identified funding sources and amounts for each recognized
obligation, including the property taxes payable with respect to Successor Agency-
owned property for the Cork & Bottle property ("C&B Taxes") ;
WHEREAS, the Oversight Board duly approved such schedule in February 2014;
WHEREAS, the ROPS 14-15A included the December 2014 installment of C&B Taxes
of $1,400 on Line 48 and a reserve of $1,326 for the April 2015 installment of C&B
Taxes on Line 49;
WHEREAS, the C&B Taxes for both installments total $2,821 and the request for
funding both installments totals $2,726, resulting in a net funding shortfall of $95 in
ROPS 14-15A;
WHEREAS, the Successor Agency has other funds on hand from interest income
received in ROPS 14-15A;
WHEREAS, the Successor Agency is required to make a change to certain funding
sources on the ROPS 14-15A as originally shown for the C&B Taxes;
WHEREAS, Section 34177(a)(4) of the California Health & Safety Code provides a
mechanism for changing the funding source for a recognized obligation when the
amount of the Successor Agency payment exceeds the original amounts authorized
with the approval of the Oversight Board;
WHEREAS, the Successor Agency has requested the Oversight Board authorize the
change in funding sources and amounts for the C&B Taxes; and
WHEREAS, all other legal prerequisites to the adoption of this Resolution have
occurred.
NOW THEREFORE, THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY TO
THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY DOES RESOLVE,
DETERMINE, FIND AND ORDER AS FOLLOW:
SECTION 1: The above recitals are true and correct.
SECTION 2: For ROPS 14-15A, the funding sources and the amounts shall be
modified as follows:
Original
ROPS Approved Revised
Line Item Funding Amount Amount
Reserve for April 2015
Installment of C&B
49 Taxes Other Funds 0 95
SECTION 3: The Oversight Board Secretary shall certify as to the adoption of this
Resolution.
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 26th of February, 2015, and that the same was adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
JAMES THOMPSON
OVERSIGHT BOARD SECRETARY
APPROVED AS TO FORM
DOUGLAS C. HOLLAND
SUCCESSOR AGENCY COUNSEL