HomeMy WebLinkAbout3/3/2015 - STAFF REPORTS - 1.A. OVERSIGHT BOARD
FOR THE SUCCESSOR AGENCY TO THE
PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY
BOARD REPORT
MEETING DATE: March 3, 2015 CONSENT CALENDAR
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
FOR 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 ('BOPS 14-15A") and the six-month period
January to June 2015 ('BOPS 14-1513"), 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. 031
A RESOLUTION OF THE OVERSIGHT BOARD FOR 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 ("ROPS 14-15K) and the six-month period
January to June 2015 (`BOPS 14-1513"); and
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"); and
WHEREAS, the Oversight Board duly approved such schedule in February 2014;
and
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; and
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; and
WHEREAS, the Successor Agency has other funds on hand from interest income
received in ROPS 14-15A; and
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; and
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; and
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.
Resolution No. 031
Page 2
NOW THEREFORE, THE OVERSIGHT BOARD FOR 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 Other
49 Installment of C&B Taxes Funds 0 95
SECTION 3: This Resolution shall be effective three (3) business days after
adoption.
PASSED, APPROVED AND ADOPTED BY THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT
AGENCY THIS 3RD DAY OF MARCH, 2015.
OVERSIGHT BOARD CHAIR
ATTEST:
JAMES THOMPSON, CLERK/SECRETARY
Resolution No. 031
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
for the Palm Springs Community Redevelopment Agency hereby certify that Resolution
No. 031 was adopted by the Oversight Board at a Special Meeting held on the 3`d day of
March, 2015, and that the same was adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
JAMES THOMPSON
Oversight Board Clerk/Secretary
City of Palm Springs, California