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Home My WebLink About9/15/2015 - STAFF REPORTS - 3.A. OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY BOARD REPORT MEETING DATE: September 15, 2015 NEW BUSINESS TITLE: APPROVING THE RECOGNIZED OBLIGATIONS PAYMENT SCHEDULE (ROPS 15-16B) FOR THE PERIOD OF JANUARY 1, 2016 THROUGH JUNE 30, 2016, PURSUANT TO SECTION 34169(g)(1) OF CALIFORNIA HEALTH & SAFETY CODE INITIATED: SUZANNE HARRELL, CITY FINANCIAL ADVISOR RECOMMENDATION: 1. Adopt Resolution No. 35, "A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY APPROVING THE RECOGNIZED OBLIGATIONS PAYMENT SCHEDULE (ROPS 15-16B) FOR THE PERIOD OF JANUARY 1, 2016 THROUGH JUNE 30, 2016, 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 Successor Agency approved ROPS 15-16B on September 2, 2015. After approval by the Oversight Board, the ROPS will be submitted to the Department of Finance for review and approval. FISCAL IMPACT: The amount of tax increment and other funds on hand to meet the approved obligations of the agency is $3,486,528. The maximum amount of the allowable administrative budget for the period is $125,000, which does not cover the total administrative costs incurred by the City. RESOLUTION NO. 35 A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY, APPROVING THE RECOGNIZED OBLIGATIONS PAYMENT SCHEDULE (ROPS 15-16B) FOR THE PERIOD OF JANUARY 1, 2016 THROUGH JUNE 30, 2016, PURSUANT TO SECTION 34169(g)(1) OF CALIFORNIA HEALTH AND SAFETY CODE. 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) ('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 THAT THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY DOES RESOLVE 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 15-16B) for the period of January 1, 2016 through June 30, 2016, attached to this Resolution as Resolution No. 35 Page 2 Exhibit A, is hereby approved. SECTION 3. The Clerk/Secretary 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 (3) business days from adoption. PASSED, APPROVED AND ADOPTED BY THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS THIS 15t" DAY OF SEPTEMBER, 2015. LISA HOWELL OVERSIGHT BOARD CHAIR ATTEST: JAMES THOMPSON, CLERK/SECRETARY Resolution No. 35 Page 3 CERTIFICATION STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF PALM SPRINGS ) I, JAMES THOMPSON, Clerk/Secretary of the Oversight Board for the Successor Agency of the Palm Springs Community Redevelopment Agency hereby certify that Resolution No. 35 was adopted by the Oversight Board at a Special Meeting held on the 15T" day of September, 2015, by the following vote: AYES: NOES: ABSENT: ABSTAIN: JAMES THOMPSON OVERSIGHT CLERK/SECRETARY City of Palm Springs, California Recognized Obligation Payment Schedule (ROPS 15-1613) - Summary Filed for the January 1, 2016 through June 30, 2016 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): $ 1,081,071 B Bond Proceeds Funding(ROPS Detail) 1,048,346 C Reserve Balance Funding(ROPS Detail) 7,000 D Other Funding (ROPS Detail) 25,725 E Enforceable Obligations Funded with RPTTF Funding (F+G): $ 2,405,457 F Non-Administrative Costs (ROPS Detail) 2,280,457 G Administrative Costs(ROPS Detail) 125.000 H Total Current Period Enforceable Obligations (A+E): $ 3,485,528 Successor Agency Self-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding I Enforceable Obligations funded with RPTTF(E): 2,405,457 J Less Prior Period Adjustment(Report of Prior Period Adjustments Column S) (65,500) K Adjusted Current Period RPTTF Requested Funding (W) $ 2,339,957 County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding L Enforceable Obligations funded with RPTTF(E): 2,405,457 M Less Prior Period Adjustment(Report of Prior Period Adjustments Column AA) - N Adjusted Current Period RPTTF Requested Funding (L-M) 2,405,457 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. /s/ Signature Date Palm Springs Recognized Obligation Payment Schedule(ROPS 15-16B)-ROPS Detail January 1, 2016 through June 30,2016 (Report Amounts in Whole Dollars) A 9 C D E F G H I J K L M N D P Funding Source Non-Redevelopment Property Tax Trust Fund (14cur-Iiii RPTTF Contract/Agreement Conbact/Agreement Total Outstanding Item f! Project Name/Debt Obligation Obi ation T e Execution Data Termination Date Payee Descn lion/Project Scope Project Area Debt or Obligation Refired Band Proceeds Reserve Balance Other Funds Non-Admin Admin Six-Month Total $ 110,307.378 $ 1,048,346 3 7,000 $ 25,725 S 2280457 $ 125,000 $ 3.486,528 2.2007 Tax Allocation Bonds Series A Bonds Issued On or Sit 811 9/12034 US Bank Caustal Projects Mewed 1 20A64.2621 N 12 309 601 $ 309613 3 2007 Taxable Tax Allocation Bantle, Bands Issued On or 9/1812DD7 9/12034 US Bank Property Acquisition Merged 1 3,268,082 N 09,601 $ 9,6 13 Series B Before 12/31/10 47 4 SERAF Loans SERAF/ERAF 42012010 613012037 Palm Springs Housing Loans for FY 2009/10 and 2010111 Merged 1 1,055,456 N 1 $ _ Successor SERAF Payments 5 Housing Deferral Repayment SERAF/ERAF 1/111996 6/3012037 Palm Springs Housing Pre-19B6 Set Aside Deferral Merged 1 1,532,6 11�, $ - Successor 6 2004 Convention Center Bonds Revenue Bonds 6/6/2007 11/1/2034 City of Palm Springs Agency Contribution to Convention Merged 1 27,300, $ _ Issued On or Before Center Expansion 12/31110 7 Contract Services -Financial Fees 9/2212010 6130/2019 Harrell&Company Merged 1 Bonds Disclosure/Rating Merged 1 35,900 N 1.800 $ 1 800 Advisors 8 Contract Services-Rebate Fees 6142010 6/30/2016 Willi Financial Services Merged 1 Bonds Rebate Consulting Merged 1 15.000 N $ _ Calculation Services 9 Bond Trustee Fees Fees 6/162004 it 111/2034 US Bank Merged 1 Bonds Trustee Fees Merged 1 70,D00 N $ 11 Disposition and Development OPA/DDAIConstructi 12/5/2005 9/1/2022 Endure Investments Financial Assistance If Year) Merged 1 940,000 N - $ _ Agreement on 12 Owner Participation Agreement Business Incentive 1/192000 6130/2018 VIP Motors Financial Assistance Merged 1 400,000 N 10,225 189.775 S 200p00 Agreements 15 2007 Taxable Tax Allocation Bonds. Bontls Issued On or 9/182007 9112034 US Bank Property Acquisition Merged 2 9,648.208 N 10 180.869 S 130,879 Series C Before 12131110 16A reement for Reimbursement Miscellaneous 1216/2006 6130/2037 City of PalmSprings PSL-236 Lease Mar d2 4.263.889 N $ 17 20D4 Convention Center Bonds _ venue Bontls W620 .: City of Palm Springs to Convention 6, -. $ - ed On or Before ° 1110 18 Contract Services -Financial Fees 9/22/2010 613012 19 Harrell&Company Merged 2 Bonds Disclosure/Rating - Merged 2 31,500 N 1,600 $ 1,600 Advisors 20 Bond Trustee Fees Fees 6/162004 11112034 US Bank Met etl 2 Bonds Trustee Fees Mer ad 2 35,000 N $ _ 25 Contract Services-Audi) Admin Costs Il52010 6I30/2076 Lance Sol&Lun hart Audit Services Mer d11 Mer ed 2 312 000 N 2 500 $ 2 500 26 Contract Services-Legal Le at 1/12/2005 6/302016 Woodruff S adin Generel L al Ccunse Mer ed11 Mer ad 2 82,000 N 9,000 $ 9.000 27 Contract Services -Financial Admin Costs 7/182008 6/3012019 Harrell&Company BOPS Consufting Mergedl l Merged 2 92,000 N 4,000 $ 4,000 Advisors 33 Administrative Cost Allowance Adjoin Costs 711/2015 M012016 C' of PalmSprings Overhead Cost AllocationSalane, Mer edll Merged 2 4750000 N 125000 $ 125,000 34 Loan _ Cily/Coulry,Loans 5/6/1998 "m Springs Housing Loan to Merged Project No.1 Merged t $ _ - On or Before 6/27/11 Successor y 35 Agreement for Reimbursement City/County Loans i0rill 1991 11/112035 City of Palm Springs Project Costs Merged/ 413,500 N $ _ On or Before 6127fl1 Wastewater Fund 36 Agreement for Reimbursement City/County Loans 10116/1991 11/112035 City of Palm Springs Project Costs Merged 2 413,500 IN g _ On or Before 6127f11 Wastewater Fund 37 Agreement for Reimbursement City/County Loans 6122/1993 11/112035 City of Palm Springs Project Costs Merged 2 400,000 IN $ _ On or Before 6127111 Wastewater Fund 38 City Loan and Interest CitylCounty Loans 6/15/2011 11/12035 City of Palm Springs Operating and Administrative Costs Merged 1 1,553,9 IN $ On or Before 6/27/11 For FY 2011-12 39 City Loan and Interest _ Loans 6I1512011 11/112035 City of Palm Springs Operating and Administrative Costs Merged 2 6127111 For FY 2011-12 40 City Loan and Interest City/County Loans 6/15/2011 11/1,2035 City of Palm Springs Operating and Administrative Costs MergedlWerged 2 2,011,785 N f On or Before 6127/11 For FV 20 10-1 I Palm Springs Recognized Obligation Payment Schedule(ROPS 15-16B)- ROPS Detail January 1, 2016 through June 30, 2016 (Report Amounts in Whole Dollars) A B C D E F G H I J K L M N O P Funding Source Non-Redevelopment Property Tax Trost Fund Non-RPTTF RPTTF Contract/Agreement ConpactlAgreement Total Outstanding Item# Project Name I Debt Obligation__ Obligation Type Execution Date Termination Date Payee Descri bonlPro ect Scope Project Area Debt or Obligation Retired Bond Proceeds Reserve Balance Other Funds Non-Admin Admin Six-Month Total 41 Agreement for Reimbursement CitylCounty Loans 1216/2006 11/112035 City of Palm Springs Prepay Portion of PSL 236 Merged 2 1.139.872 N $ On or Before 5127111 Sustainability Funr P 2007 Tax Allocation Bonds,Series Reserves 911 B12007 9112D34 US Bank Reserve for September 1 Debt Service Merged 1 309,613 N 309,613 $ 309,613 2007 Taxable Tax Allocation Bonds, Reserves 9118/2007 9/12D34 US Bank Reserve for September 1 Debt Service Merged 1 58,647 N 58,647 $ 58647 Series B 2007 Taxable TaxAllocation Bonds, Reserves 9118/2007 9/112034 US Bank Reserve for September 1 Debt Service Merged 2 340,879 N 340,879 S 340879 Series C Property Tax -Cork 8 BoNe Property 711I2013 613012019 County of Riverside Property Taxes on Agency Heltl Lantl Mergetl 1 17,000 N 2,000 $ 2600 Pro a Maintenance Pendin PMP-Currentlastallmen Property Tax -Cork 8 BoNe Reserves 7l112015 6l3012076 County of Riverside Reserve far Next Installment of Merged 7 - NPro a Pro a Tax on Item 48 Property Tax -PSL 236 Property Property 71112013 613012037 County of Riverside Property Taxes on Property Under Merged 2 28D,000 N 5,000 $ 5,000 Maintenance PSL 236 Lease-Current Installmen, 51 Property Tax -PSL 236 Property Reserves 7/1R015 613012016 County of Riverside Reserve for Next Installment of Merged 2 - N $ Property Tax on Item 50 52 Plaza Theatre-Insurance Property 7112015 613012016 City of Palm Springs Insurance on Agency Held Property Merged 1 18,000 N 6.000 $ 6.000 Maintenance Pending PMP 53 Plaza Theatre-Maintenance Property 7/12015 613012016 City of Palm Springs Maintenance Costs on Agency Held Merged 1 4,000 N 3,500 $ 3,500 Maintenance Property Pending PMP 56 Plaza Theatre-Utilities Property 7/12015 6130/2016 Desert Water Utilities for Agency Held Property Merged 1 5,001) N 1,000 $ 1,000 Maintenance Pending PMP 57 Plaza Investment Lease Property 7/30/2003 5131/2018 Plaza Investments Lease ofproperty adjacentto Plaza Merged 1 24,400 N 4,800 $ 4,800 Maintenance Theatre used for access 62 2014 Subordinate Tax Allocation Refunding Bonds 8/19/2014 911/2034 US Bank Refinancing of 2001 and 2004 Bonds Mergedl/Merged 2 20,670,800 N 339.200 $ 339,206 Bonds Issued After 6/27/12 63 Contract Services -Financial Fees 9/22/2010 6130/2019 Harrell B Company 2014 Bonds Disclosure/Rating Mergedl)Merged 2 31,500 N 1,60D $ 1,600 Advisors 64 Contract Services.Rebate Fees 614I2010 6/3012016 Wlldan Financial Services 2014 Bonds Rebate Consulting Mergedl/Merged 2 14,250 N 4,250 $ 4,250 Calculation Services 65 Bond Trustee Fees Fees 8/1912014 91I2034 US Bank 2014 Bonds Trustee Fees Mer sd11 Merged 2 60,000 N $ 66 2014 Subordinate Tax Allocation Reserves 811912014 9112034 US Bank Reserve for September 1 Debt Service Mergedl I Merged 2 470,000 N 1,324 468,676 $ 470.000 Bonds 69 Capital Projects Improvemerbinfraox 7/112015 6/302034 To be determined Remaining 2007 Series C Bond Merged 2 N '.. 1,047,000 $ 1 047,000 ucture Proueds "t 70 N $ 71 N $ 721 N $ 73 N $ 74 N $ 75 N $ 76 N $ 77 N $ 78 N $ 79 N $ 80 N $ 81 N $ 82 N $ 83 N $ Palm Springs Recognized Obligation Payment Schedule(ROPS 15-16B)-Report of Cash Balances (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177(1), Redevelopment Property Tax Trust Fund(RPTTF)maybe 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 ti son how to complete the Report of Cash Balances Form,see INSERT URL LINK TO CASH BALANCE TIPS SHEET A B C D E I F G H I Fund Sources Bond Proceeds Reserve Balance Other RPTTF Prior POPS Prior POPS period balances RPTTF Bonds Issued on and DDR RPTTF distributed as Rent, Non-Admin or before Bonds Issued on balances reserve for future Grants, and Cash Balance Information by ROPS Period 12/31/10 or after 01/01/11 retained period(s) Interest, Etc. Admin Comments ROPS 14-15B Actuate 01101/15-06/30/15 1 Beginning Available Cash Balance(Actual 01101116) 1,040,127 1,196 - 445 41,215 87,750 2 Revenuelincome(Actual 06130116) 02 and B3-Transfer minor balances of$121 RPTTF amounts should tie to the ROPS 14-158 distribution from the from refunded bonds to refunding bonds trust County Auditor-Controller during January 2015 accounts;Col G does not include 4th Qtr Interest 2,880 128 1,510,977 2,382,001 Allocation/to be provided when complete 3 Expenditures for ROPS 14.15B Enforceable Obligations(Actual 06130115) RPTTF amounts, H3 plus H4 should equal total reported actual expenditures in the Report of PPA, Columns L and Q 121 27,017 1 247 278 4 Retention of Available Cash Balance(Actual 06131 RPTTF amount retained should only include the amounts distributed as reserve for future pedod(s) 042 PNf ` 224 1 499.450 1 126,632 5 ROPS 14.15E RPTTF Prior Period Adjustment RPTTF amount should lie to the self-reported ROPS 14-15B PPA in the i entry regwreo Report of PPA, Column S 65.500 6 Ending Actual Available Cash Balance Col G-will increase with final 4th Qtr Interest C to G=(1 +2-3-4),H=(1 +2.3-4-5) $ - $ - $ $ 445 $ 25,725 $ 30,341 JAllocation when complete ROPS 15-16A Estimate(07/01/15.12131/15 7 Beginning Available Cash Balance(Actual 07101/16) (C,D,E,G=4+6,F=H4+F4+F6,and H=6+6) $ 1042886 $ 1,324 $ $ 1,127,077 $ 1,525,175 $ 95941 8 Revenue/income(Estimate 12/31115) RPTTF amounts should tie to the ROPS 14-15B distribution from the County Auditor-Controller during June 2015 836,196 9 Expenditures for ROPS 14-15B Enforceable Obligations(Estimate 12131115) 1,127,077 1.499,450 866,537 10 Retention of Available Cash Balance(Estimate 12131/15) Col G-Retain$25,725 to apply in Col M ROPS RPTTF amount retained should only include the amounts distributed as 15.168;Col G-will increase with final 4th Qtr reserve for future penod(s) 1 042 88E 1 324 5 725 Interest Allocation when complete 11 Ending Estimated Available Cash Balance(7+8.9-10) $ $ - $ - $ - $ - $ 66,500 Palm Springs Recognized Obligation Payment Schedule(ROPS 15-1613)-Report of Prior Period Adjustments Reported for the ROPS 14-15B(January 1,2015 through June 30,2015)Period Pursuant to Health and Safety Code(HSC)section 34186(a) (Report Amounts in Whole Dollars) ROPS 14-15B Successor Agency(SA)Self-reported Prior Period Adjustments(PPA):Pursuant to HSC Section 34186(a).SAS are required to report the differences between their actual available funding and their actual expenditures for the ROPS 14-15B(January through June 2015)period. The amount of Redevelopment Property Tax Trust Fund(RPTTF)approved fdrthe ROPS 15-16B(January through June 2016)period will be offset by the SA's self-reported ROPS 14-15B prior period adjustment HSC Section 34186(a)also specifies that the prior period adjustments self-reported by SAs are subject to audit by the county audtar-controller(CAC)and the State Controller. A B c 0 E F G X 1 J K L M N O P O R 3 T Non-RPTTF Expenditures RPTTF Expenditures Net SA NonAdmin and Admin PPA (Amount used to Offset ROPS 15.16B Bond Proceeds Reserve Balance Other Funds N."dmin Admin Requested RPTTFI AvadaMe Available Difference RPTTF RMF (If foul actual (ROPS 14-158 01Rerance (ROPS 14-158 exceeds total distributed tall other the Lesser of Of K is rev than L, danibuled sal other NM Lesser of auth.,li the Project Ne. available as of AdhdualI the difference Is availed,as of Aulbodzedl total dlRerenee is Nor pursuance It.N pest Delgatlon Aulhadced Actual Author." Actual Amanued Actual Auffiramed 0111115) Available Actual zero) I Aufhodxed 0111115) Available Actual xem) (Ma R) SA Comments S - S - E 5,800 $ - S 34,172 $ 27,017 S 2.314,410 5 2,314,410 S 2,314,410 $ 2,20.910 S 65,500 $ 125.000 $ 125,000 $ S 125,00D S - $ 65,500 1 2004Tax Mocation - E $ $ 2 2007Tax Mocation 309.613 309.613 3 309.613 309,613 $ 5 3 2007Tamble Tax 58,647 S8.647 S MU7 58,647 $ 3 AlowlMn Bonds, Seines B 4 SEW Loans S $ $ 6 Housing Deferral - - - s - $ - Re a mare 6 0m,t convention - - S S - E Center Bands Contract services. 1 End 1 end 3 1 800 1 7M $ 100 E 100 F'mncid 8 contract Services- - - - - $ - culalion b Rebate Cd 9 Bond Trustee Fee. - $ E E 11 Dispoerhon antl - $ S 3 Development ant 12 Owner Participation - 12,172 12,172 187828 1BJ,B28 $ 187 s2a 158.969 $ 28,860 E 28.860 Areenrt 13 Pacific HoWsaldy - - S - 3 E Judgment 14 2004Taxalocation - - - - - 3 - $ $ Returds,Bonds, Series B 15 200TTaxade Tax - - 1E5,211 185.211 $ IM211 185,211 $ S A10.110n S.M., Genes C 16 Agreemenlfor - - - - $ $ $ - Ranobureement 17 20o4 convention - - $ Center Bond, is contract Semces- - 1 am tam E 1 B00 1,See E 300 E 300 Finamial 19 Conrad Service.- E S $ - Rebate Calviabon 20 Bond Trwl,a Fees $ S S 21 2001 Housing Tax - - - - E - S - $ - Allocetion Bands 22 contract Semmes- - - - $ - Financial 23 Conned Services- - - $ S $ - Rebate Calculation 29 1 Bond Trustee Fees - $ S $ 25 Conrad Services- - - 9'Dm 2.331 - - S S - $ - Audit 26 Loner.Services- - - 9000 EDD0 - - $ - S - $ Lend! 21 Contact Semces- 4,000 3,514 - 3 S 3 - INcudeBaP of S1183 at June 3D Fe id Palm Springs Recognized Obligation Payment Schedule(ROPS 15-16B)-Report of Prior Period Adjustments Reported for the POPS 14-15B(January 1,2015 through June 30,2015)Perod Pursuant to Health and Safety Coble(HSC)section 34186(a) (Report Amounts in Whole Dollars) ROPS 14.15E Successor Agency(SA)Selfa ported Prior Period Adjustments(PPAI:Pursuant to HSC Section 34186(a),SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS 141513(January through June 2015)period. The amount of Redevelopment Property Tax Trust Fund(RPTTF)approved forthe ROPS 15-16B(January through June 2016)period will be offset by the SA's self-reported ROPS 14-15B prior period adjustment.HSC Section 34186(a)also specifies that the prior period adjustments self-reported by SAs are subject to audit by the county aud'dor-controller(CAC)and the Stale Controller. A B C O E F G H I J K L la N O P Q R B T Non-RPTTF Expenditures RPTTF Expenditures Net SA NOnAdmin and Admin PPA (Amount used to Offset ROPE 1$-1EB Bond Proceeds Reserve Mance Other Funds NonAdmin Adri Requested RMF) Available Available Difference RPTTF RPTTF (if row season (ROPS 131511 Dimrance (ROPS 1415B exceeds tow distributed+all other Net Lesser of Of K is less than L, distributed+all Meer Net Leaser of euthniced,the Project Name l available as of Aulhorizedl the diff aerence is mailable as of AuthodudI tow difference is Net Differ... It..is Dem Obligation Auihotlutl Actual Authorlined Actual Authorized Actual ANihodae0 0111115) Available Actual zero) I Authorized 0111115) Available AChral zero) tM+R) SA Comments $ - S - $ 5,ano $ -Is 34,172 $ ¢2p17 $ 2,314,410 E d314410 $ 2,314.410 $ 2,Mal 0 S 65,500 S 125,00D $ 125,000 $ 125,000 $ 12CID00 E - $ 65,500 32 LeesNSublesse Agreement 33 Minmelmtive Cast - - $ S E A110"« 34 Loan - $ $ $ 35 Agre rmiMfor - - - - $ - b $ Reimbursement 36 Agmementfor - - - $ - $ - § Reimbursement 37 Agreement for - - - - $ - 3 $ - Reimbursement 38 Cly Loan and - - - $ - E E Irtered 39 City Loan and - - - b - $ $ - rdereou 40 City Loan and - - - - E E $ - Internet 41 Agreement for - - - $ S $ Reimbursement 42 2004 Tax Allocation - - $ - E $ - Refunding Bonds, Ser no A 43 2007 Tax Allocellon - - 309,613 309.613 $ 309,613 309.613 $ $ Bonds,Series A 44 2007Taxeble Tax - 58,647 58.647 § 58,647 58,64T $ - $ Ails®lion Bonds, series B 45 2004Tax Allocation - b $ - $ Refunding Bonds, Series B 46 2007TaxaWe Tax 340.211 340.21, $ 34D,311 340.211 $ - $ - Alocmion Bonds, Series C 47 2001 1lousing Tax - - - $ - $ - $ - Allocation Bonds 48 Property Tex-Cork - 1 $00 - 6 Bonle Property 49 PropeMTax-cork - - - 14M 1.400 $ 1.400 S 1,400 $ 1.400 &Bottle Property 50 Property Tax-PSL - 4400 - 2MPro art 51 PropeMTm, PS] - - 4400 4400 b 4400 b 4,400 f 4,400 36 Property 52 Plaza Theatre- - - - 12000 12,000 $ 12,000 6,000 $ 6.000 $ 6,000 nsumnce 53 I Plaza Thearre- - 35M 3500 $ 3.500 3,500 $ - § Maintenance Palm Springs i Reco Recognized Obligation Payment Schedule ROPS 15-1613 -Report of Prior Period Adjustments 9 9 9 ( ) P 1 Reported for the ROPS 14-15B(January 1,2015 through June 30,2015)Period Pursuant to Health and Safety Code(HSC)section 34186(a) (Report Amounts in Whole Dollars) ROPS 14-158 Successor Agency(SA)Sell-reported Prior Period Adjustments(PPA):Pursuant to HSC Section 34186(a),SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS 14-1513(January through June 2015)period. The amount of Redevelopment Property Tax Trust Fund(RPTTF)approved for the ROPS 15-16B(January through June 2016)period will be offset by the SA's self-reported POPS 14-158 plot period adjustment.HSC Section 34186(a)also specifies that the prior period adjustments self-reported by SAs are subject to audit by the county auditor-controller(CAC)and the State Controller. A B C D E F G N I J R L M N O P O R s T Non-RPTTF Expenditures RPTTF Expenditures Net SA Non-Admin and Adman PPA (Amount Used to Offset POPS 1616E Bond Proceeds Reserve Balance Other Funds Non-Admin Adorn Requested RPTTF) Avallable Available Difference RPTTF 11 [11104 actual (ROPS 14-15B Difference FOPS 14-158 ea xds Idol distributed+all other Net Lesser of (if R le less then L, distributed!+all other Net Lesser of suthgdzad,tha Project Namel sellable as of Anthoflsedl the difference is Available as of Authorized total difference is Net Difference Itemd DeDeltaOL41gatlon Authorized Actual Authorized Actual Authorized Actual Authorized a 01/1115) Avali Actual At.) Authorized Millis) Aval4Me Actual zero) (M-R) SA Comments S - S - $ 5800 E - E 34,192 E 2]p1] $ 2314410 $ 2314410 S 2314.410 $ 2.248.910 S 65.500 S 125,0W $ 125,oIXt S 1�'� $ 125.000 $ - $ 65,500 54 Mai - - - E S - S - Consuhirgfor Renovatmn 56 Plaza Theatre- - 20M 2.000 It 2000 660 E 1.340 $ 1.340 Includes PIP paid JOy for$137 utiities 57 Plaza Imeslme t - - - 4SM 4.WD $ 4800 4.8M $ - $ Leese 58 Cash flow Loan - - - - - $ $ $ RPTTFW,WWdin 59 Cash flow Loanie S $ $ Plaza Theatre W Cash flow Loan for - - - - - $ - $ $ PMP Completion 61 Reimbursable Costs - - - - $ $ $ - 62 2014 Submurve - - - 390.279 390279 $ 390,279 390,299 S S T—Alocaden Bonds 53 Contract Services- - - 1 SOD 1,500 $ 1.500 1 400 $ 100 $ 100 Financial 64 Contract Services- - $ $ - $ - covete Calcostion 65 Bond Trustee Fees - S S $ 66 WU S4bardimie - - 418.161 418,161 $ 418,161 418.161 $ $ - Taxaloaton Bonds 67 Li DDR - 8 S $ - overpayment - - 68 Advance from the - - 23000 nwol $ 23.000 $ 23.Ond $ 23," City for Coh E Codes BAcm, Electric Revddn S S $ $ S $ $ E E E S $ $ f $ $ s $ E $ It S E E S E E f E $ S $ $ E 8 E E $ s a $ s a S E E S S E S E E S E Is S Palm Springs Recognized Obligation Payment Schedule (ROPS 15-16B) - Notes January 1 , 2016 through June 30, 2016 Item# Notes/Comments 64 Includes final rebate calculation fees for the bonds refinanced with 2014 Bond proceeds 69 Bond Proceeds Expenditure Agreement submitted for approval; includes estimated interest earnings through Jan 1, 2016