HomeMy WebLinkAbout1/26/2017 - STAFF REPORTS - 3.A. OVERSIGHT BOARD
FOR THE SUCCESSOR AGENCY TO THE
PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY
BOARD REPORT
MEETING DATE: January 26, 2017 NEW BUSINESS
TITLE: APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE
(ROPS 17-18) AND AN ADMINISTRATIVE BUDGET FOR THE PERIOD
OF JULY 1, 2017 THROUGH JUNE 30, 2018, PURSUANT TO SECTION
34169(g)(1) OF CALIFORNIA HEALTH & SAFETY CODE
INITIATED: GEOFFREY KIEHL, DIRECTOR OF FINANCE AND TREASURER
RECOMMENDATION:
1. Adopt Resolution No. _, "A RESOLUTION OF THE OVERSIGHT BOARD FOR
THE SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY
REDEVELOPMENT AGENCY, APPROVING AN ADMINISTRATIVE EXPENSE
BUDGET FOR THE PERIOD OF JULY 1, 2017 THROUGH JUNE 30, 2018,
PURSUANT TO THE CALIFORNIA HEALTH AND SAFETY CODE."
2. Adopt Resolution No. _ "A RESOLUTION OF THE OVERSIGHT BOARD FOR
THE SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY
REDEVELOPMENT AGENCY, APPROVING THE RECOGNIZED
OBLIGATIONS PAYMENT SCHEDULE (ROPS 17-18) FOR THE PERIOD OF
JULY 1, 2017 THROUGH JUNE 30, 2018, PURSUANT TO THE CALIFORNIA
HEALTH AND SAFETY CODE."
BACKGROUND AND ANALYSIS:
The Recognized Obligation Payment Schedule (ROPS) is the document used to
determine the amount of Redevelopment Property Tax Trust Fund (RPTTF) moneys the
Successor Agency will be allowed to retain on a six month basis to meet approved
obligations of the Successor Agency, as well as the amount of the Successor Agency's
allowable administrative budget.
Senate Bill 107, signed on September 22, 2015, provides that the ROPS for the two six-
month periods in each fiscal year must be approved by the Oversight Board and
submitted to the Department of Finance no later than February 1 each year. The
deadline with respect to ROPS 17-18 is February 1, 2017.
The Successor Agency approved ROPS 17-18 on January 18, 2017. After approval by
the Oversight Board, the ROPS will be submitted to the Department of Finance for
review and approval.
Oversight Board Staff Report
January 26, 2017
Page 2—Approval of ROPS 17-18
FISCAL IMPACT:
The total enforceable obligations for Fiscal Year 2017-18 are $6,696,723. The
obligations are funded with a combination of RPTTF, funds unspent in the prior ROPS
period, and bond reserves funded in the prior ROPS period as required by the bond
indentures.
Commencing July 1, 2016, the administrative cost allowance is limited to 3 percent of
the actual property tax distributed to the successor agency by the county auditor-
controller in the preceding fiscal year for payment of approved enforceable obligations,
reduced by the successor agency's administrative cost allowance and loan repayments
made to the city pursuant to Section 34191.4(b) during the preceding fiscal year, subject
to a minimum of $250,000, unless such amount is reduced by the Oversight Board or by
agreement between the successor agency and the State Department of Finance. For
Fiscal Year 2017-18, this limit is calculated as follows:
Tax Remitted in 16-17 to Pay Enforceable Obligations $5,482,953
Less 16-17 Administrative Costs ( 250,000)
Less 34191.4(b) Loan Payments ( 0)
$5,232,953
X 3%
$ 156,989
Minimum $ 250.000
The allowable administrative budget for the Fiscal Year of $250,000 is comprised of
salary and benefit costs for Successor Agency staff. The allowable amount does not
cover the total administrative costs incurred by the City to administer the winding down
of the former Redevelopment Agency's operations. Personnel charged to the
Successor Agency include the Director of Community and Economic Development, the
Redevelopment Coordinator and the Economic Development Administrator. The
$250,000 is not sufficient to cover all charges for time spent on the Successor Agency
administration by the City Manager, the City Clerk, the City Attorney, the Finance
Director or Assistant Finance Director. It also is not sufficient to pay for the cost to
prepare the ROPS or the audit of Successor Agency financial statements.
Due to staff vacancies, if the salaries directly charged to the Successor Agency are less
than a total of $250,000, additional salary charges may allocated to the Successor
Agency for personnel listed , as well as legal costs and third party consulting/auditing
administrative expenses, up to the $250,000 limitation.
RESOLUTION NO.
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE
SUCCESSOR AGENCY TO THE PALM SPRINGS
COMMUNITY REDEVELOPMENT AGENCY, APPROVING
THE RECOGNIZED OBLIGATIONS PAYMENT SCHEDULE
(ROPS 17-18) FOR THE PERIOD OF JULY 1, 2017
THROUGH JUNE 30, 2018, PURSUANT TO THE
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 was 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 ("Health and Safety Code"); and
WHEREAS, Health & Safety Code Section 34177(I) requires the Successor Agency
to prepare a Recognized Obligation Payment Schedule (ROPS) listing the enforceable
obligations of the former Redevelopment Agency, including administrative expenses; 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 17-18 A and B)
for the period of July 1, 2017 through June 30, 2018, attached to this Resolution as Exhibit
A, is hereby approved.
Resolution No.
Page 2
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 261h DAY OF JANUARY, 2017.
LISA HOWELL
OVERSIGHT BOARD CHAIRMAN
ATTEST:
KATHLEEN HART, INTERIM CLERK/SECRETARY
Resolution No. _
Page 3
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, KATHLEEN HART, Interim Clerk/Secretary of the Oversight Board for 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 261h day of January, 2017, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
KATHLEEN HART
OVERSIGHT INTERIM CLERK/SECRETARY
City of Palm Springs, California
EXHIBIT A
ROPS 17-18
Summary Page
17-18A Period
17-18B Period
Cash Reconciliation
RESOLUTION NO.
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE
SUCCESSOR AGENCY TO THE PALM SPRINGS
COMMUNITY REDEVELOPMENT AGENCY, APPROVING AN
ADMINISTRATIVE EXPENSE BUDGET FOR THE PERIOD OF
JULY 1, 2017 THROUGH JUNE 30. 2018, PURSUANT TO
THE 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 was 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 ("Health and Safety Code"); and
WHEREAS, Health & Safety Code Section 34177(I) requires the Successor Agency
to prepare a Recognized Obligation Payment Schedule (ROPS) listing the enforceable
obligations of the former Redevelopment Agency, including administrative expenses; and
WHEREAS, Health & Safety Code Section 34171(b)(3) states that the administrative
cost allowance shall be up to 3 percent of the actual property tax distributed to the
successor agency by the county auditor-controller in the preceding fiscal year for payment
of approved enforceable obligations, reduced by the successor agency's administrative cost
allowance and loan repayments made to the city pursuant to Section 34191.4(b) during the
preceding fiscal year, subject to a minimum of$250,000, unless such amount is reduced by
the Oversight Board or by agreement between the successor agency and the State
Department of Finance ("Department of Finance');
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.
Resolution No.
Page 2
SECTION 2. The Administrative Budget of $250,000 for the Successor Agency for
the period of July 1, 2017 through June 30, 2018, attached to this Resolution as 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, providing notice of
adoption of this Resolution to the 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 26th DAY OF JANUARY, 2017.
LISA HOWELL
OVERSIGHT BOARD CHAIRMAN
ATTEST:
KATHLEEN HART, INTERIM CLERK/SECRETARY
Resolution No. _
Page 3
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, KATHLEEN HART, Interim Clerk/Secretary of the Oversight Board for 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 291h day of January, 2017, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
KATHLEEN HART
OVERSIGHT INTERIM CLERK/SECRETARY
City of Palm Springs, California
EXHIBIT A
ADMINISTRATIVE BUDGET
40000 Salaries $175,896
41450 Telecommunication 258
41600 PERS Contribution 47,418
41700 Medicare Tax 2,551
41900 Fringe Benefits 23,619
41930 RHS Health Benefit 258
Total $250,000
To the extent that funds remain after payment of salaries and benefits, any remaining funds
will be applied to legal costs incurred by the Successor Agency, or costs to prepare the
ROPS or audit of the Successor Agency's financial statements.
RESOLUTION NO._ - Formatted:orcfe t Flr4 Page header
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE
SUCCESSOR AGENCY TO THE PALM SPRINGS
COMMUNITY REDEVELOPMENT AGENCY, APPROVING
THE RECOGNIZED OBLIGATIONS PAYMENT SCHEDULE
(ROPS 17-16) FOR THE PERIOD OF JULY 1, 2017
THROUGH JUNE30, 2018, PURSUANT TO THE
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 was signed by the Governor of Califomia 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("Health and Safety Code"); and
WHEREAS, Health & Safety Code Section 34177(I) requires the Successor Agency
to prepare a Recognized Obligation Payment Schedule (ROPS) listing the enforceable
obligations of the former Redevelopment Agency, including administrative expenses;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, a change in expenditures between previously approved line items is
required for ROPS period 16-17B, 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 17-18 A and B)
for the period of July 1, 2017 through June 30, 2018, attached to this Resolution as Exhibit
A, is hereby approved.
Resolution No._
Page 2
SECTION 3. In ROPS period 16-17B, (a)a $309,613 reduction to line item 43 (2007
Series A Bonds Reserve for Debt Service) funded with RPTTF and a $309,613 increase to
line item 2 (2007 Series A Bonds Debt Service) funded with RPTTF and (b) a $58.647
reduction to line item 44 (2007 Series B Bonds Reserve for Debt Service) funded with
RPTTF and a $58 647 increase to line item 3 (2007 Series B Bonds Debt Service) funded
with RPTTF is hereby approved, with no change in the total approved enforceable
obligations for ROPS period 16-17B.
SECTION 4. 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 5. 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 20'DAY OF JANUARY, 2017.
LISA HOWELL
OVERSIGHT BOARD CHAIRMAN
ATTEST:
KATHLEEN D. HART, MMC
INTERIM CLERK/SECRETARY
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, KATHLEEN D. HART, Interim Clerk/Secretary of the Oversight Board for 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 26'"day of January, 2017, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
KATHLEEN D. HART, MMC
INTERIM CLERKISECRETARY
EXHIBIT A
ROPS 17-18
Summary Page
17-18A Period
17-18B Period
Cash Reconciliation
Recognized Obligation Payment Schedule (ROPS 17-18) - Summary Ott
��}�"►�
Filed for the July 1, 2017 through June 30, 2018 Period
Successor Agency: Palm Springs
County: Riverside
17-18A Total 17-18B Total
Current Period Requested Funding for Enforceable Obligations (ROPS Detail) (July- December) (Janus -June) ROPS 17.18 Total
A Enforceable Obligations Funded as Follows (B+C+D): $ 1,284,593 $ $ 1,284,593
B Bond Proceeds - -
C Reserve Balance 1,248,907 1,248,907
D Other Funds 35,686 35,686
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G): $ 2,804,184 $ 2,607,946 $ 5,412,130
F RPTTF 2,679,184 2,482,946 5,162,130
G Administrative RPTTF 125,000 125,000 250,000
H Current Period Enforceable Obligations (A+E): $ 4,088,777 $ 2,607,946 $ 6,696,723
Certification of Oversight Board Chairman:
Pursuant to Section 34177(o)of the Health and Safety code, I hereby
certify that the above is a true and accurate Recognized Obligation Name Title
Payment Schedule for the above named successor agency.
!s/
Signature Date
Palm Springs Recognized Obligation Payment Schedule(ROPS 17-18)-ROPS Detail
July 1,2017 through June 30,2018
(Report Amounts in Whole Dollars
A B C 0 E F G H I J K L M N 0 P O
17-1$A Jul -December
Fund Sources
Contract/Agreement ContractrAgreement Total Outstanding ROPS 17-18 17-18A
Item# Project NomelDebl Obligation Obligabon Type Execution Dale Termination Date Payee DescriptoruProject Scope Project Area Debt or Obligation Reared Total Bond Proceeds Reserve Balance Other Funds I RPTTF Admin RPTTF Total
66,091,665 6696 723 1248.907 35,636 2,679,184 126000 4,088,777
2 2007 Tax Almcatbn Bonds Series Bonds s ed On or fare 9/18CO07 ! S Bank Capital Pro eds Me ed 1 18,959.812 N S 961 350 000 309.61 13
32007 Taxable Tax Atiocation Bonds, Bonds Issued On or Before 9/182007 91 US Bank Property Acquisition Merged 2,907,180 N $ 175,452 6Q000 58,54 $ 118.647
Series B 12/31/10
4 SERAF Loans SERAF/ERAF 4202D10 6/30/2037 Palm Springs Housing Loans for FY 2009/10 and 2010111 Merged 1 Y L$ 140,000
$
Successor SEW Payments
5 Housing Deferral Repayment LMIHF Loans 1/111996 6130I203] Palm Springs Housing Pre-1966 Set Aside Deferral Merged 1 803,126 N 303,126 $ 803,126
Successor
1 ,+:+ .".. ,,...
7 Contract Services -Financial Fees 9,222010 6130/2019 Harrell&Company Merged 1 Bonds Disclosure 1Raling Merged 1 32,500 N $
Advisors
8 Contract Services-Rebate Fees 614MIO S/30/2017 Wtidan Financial Services Merged l Bonds Rebate Consulting Merged 15,000 N $
Calculation Services
9 Bond Trustee Fees Fees 611612 W4 11112034 US Bank Merged 1 Bonds Trustee Fees Merged 1 70,000 N 3.30 3,300
11 Disposition and Development Business Incentive 12/511 91111 Endure Investmem Financlal Assistance(10 Year) Merged 1 700,000 N W.686 1M.314 $ 1401
Agreement reaments
120vmer Participation Agreement Business Incentive 111912DOO 6/30/2018 VIP Motors Financial Assistance Merged Y $ - $
Agrewents
15 2007 Taxable Tax Asocial Bonds, Bonds Issued On a Before 911811 9112034 US Bank Property Acquisition Merged 2 8,577,616 N $ 518,062 346,407 $ 346,407
Series 12,31/10
;BoM
ment for Reimbursement Miscellaneous 12/82006 6/90203] Ci of Palms nns Pri-236 Lease Mered2 3,773388 N 135181 135,181 $ 135181
NNEWConverAon
act Services -Financial Fees 9222010 6//07ZH9 Harrell&Company Merged 2 Bonds Disclosure/Rating Merged 2 38.50 N $ 1,500 $ -
Advisom
Trustee Fear Fees 611WO04 11/12034 US Bank M d 2 Bonds Trustee Fags Mar ed 2 35 000 N 1 650 1.650 1650
act Semtes-Audit Admin Costs 4152010 2017 Lance Soil&Wn hard Audit Services Mer adi/Mer ed2 Y $ gact Senaces-la al Admin Costs 11122005 6/30/2(11] WoodruffS radlin OeneralL al Consel Mer edl/Mer ed2 Y $act Servces -Financial Admin Costa 711811 6/l0/2019 Harrel&Company POPS Consulting Mergedt/Merged 2 Y $ - $Advisors
istrative Cost Allovrance Admin Costs 7112016 6/30�2017 Cit of Palm Scrinos Overhead Cost Allocation/Salaries Mer ed1l Mfi2 4.375.0DO N $ 250000 iJ6DW $ 125000
ivim35 Palm Springs Housing Loan to Merged Pryect Noi rgadi 24,603 N 24,503 24,503 24,503
Successor
ment Poi Reimbursement CsylCwnry Lean lPtla 10/16/1BB1 11/1/2035 Cry of Palm Springs Project Cash Mergetll 51.770 N 51,7]0 51,770 51,770
06/11 Oder Wastewater Fund
ment for Reimbursement Clty/Coury Loan(Prior 10/16/1991 11/1/2035 City of Palm Springs Project Crude Merged 51,770 N 51.770 51770 51,770
0628/11).Other Wastewater Fund
37 Agreement for Reimbursement City/County Loan(Pd. 62211993 11/1/2035 City of Palm Springs Project Costs Merged 98,080 N 98,080 98,080 96,080
106111.Oder Wastewater Fund
38 City Loan and Interest C&y/Ccuny Loan(Prior 611512011 11/1/2035 City of Palm Springs Operating and Administrative Costs Merged 1 2,226,012 N
dia 811 11.Oder For FY 2011-12
39Gty Leznand Ntblal PlynCounly,Loan(Nor 6/1$20tt 11 ill City of Palm Springs Obscure and Admirvstrauve,Cost{ Merged 147,894 N
al
40 City Loan and Interest Cty/Ccunty Loan(Pnor 6115/2011 11/1/2035 C ty of Pa'm Springs Operating and AdminisbaWe Casts Merged i'Merged 2 1845.750 N $ - $ _
OW8111).Oder For FY 2010-11
41 Agreement for Reimbursement City/County Loan(Prior 1ZW2006 11/12035 City cf Palm Springs Prepay Portion of Pi 236 Merged 2 1,184,791 N $ 200.280 200,280 $ 200,280
0628111).Oder Sustainablity Fund
432007 Tax Allocation Bonds.Sense Reserves 91181 9/12034 US Bank Reserve for September 1 Debt Merged 1 642,61 3 N $ 642,613 $
A Service
44 SOT Taxable Tax Allocation Bonds, Reserves 9/182007 911111 US Bank Reserve for September l Debt Merged t 121.80 N $ 121,805 $ -
Senas B I Service
482007 Taxable Tax Allocation Bonds, Reserves 9/182007 9/12034 us Bea Reserve for September l Debt Merged 356,65 N $ 356.655 $ -
Series C Service
Palm Springs Recognized Obligation Payment Schedule(ROPS 17-18)-ROPS Detail
July 1,2017 through June 30,2018
(RepIt Amounts in Whole Dollars)
A 8 C U E F G H I JLROPS
L M N 0 P O
17-18A Jul -December
Fund Sources
CmtracVAWmment Contract/Agreement Total Outstanding 17-18A
tem p protect NamelDebt Obligation Obligation Type Execution Date Termination Date Payee DescnptiomProjecl Scope Project Area Debt or Obligation RedrBondProceeds ReserveBalance Other Funds RPTTF Admin RPTTF Total
$ 66 091665 i 248 907 35 686 2679 184 125 000 4 088 77748 Property Tax-Cork$Battle Property Maintenance 7/1/2013 6f3012019 County of Riversic. property Taxes on Agency Held land Merged1 3,00 N 1,500 $ 1,500
Property Pendin PMP-Current Installment
50 Property Tax-PSL 2W Property Property Maintenance 7/l2013 6/30/2037 County of Riverside Property Taxes on Property Under Merged 2 211,00 N $ 9,000 4,50 $ 4,500
PSL 236 Lease-Current Installment
56 Utilities property Maintenance 7/2016 W012017 Desert Water Utilities for Agency Held Property Merged 1 2,00 N $ 2.000 1,0 $ 1,000
Pendino PMP
57 Plaza Investment Lease Property Maintenance 7/302003 5/31/2018 Plena Investments Lease of property adjacent to Plaza Merged 1 9,90 N $ 9.900 5,4 $ 5,400
Theatre used for access
622014 Subordinate Tax Allocation Refunding Bonds Issued 1111912014 9/12034 US Bank Refinancing of 2001 and 2004 Bonds Mergedl/Merged 2 18,192,000 N $ 1,606,100 492,500 812,900 $ 1.305,400
Bonds Afterfi27112
63 Contract Services -Financial Fees 92212010 5/30/2019 Hamill 6 Company 2014 Bonds Disclosure lRating Mergedt/Merged 2 15,00 N $ 1,500 $
Advisors
64 Contract Services-Rebate Fees 6142010 6r302016 Wildan Financial Services 2014 Bonds Rebate Consulting Mergedt/Merged 2 15,00 N $ - $
Calculabon Services
65 Bond Trustee Fees Fees 81192014 9112034 US Bank 2014 Bonds Trustee Face Maycedil Merged 2 BD 0 N 3 2,750 2,75 2,750
662014 Subordinate Tax Allocation Reserves 8/192014 9/120M US Bank Reserve for September l Debt Merged/Merged 2 501 N $ 505.000 $
Bonds Service
70 Li Properties Property Maintenance 7/12016 63 120 To be determined Maintenance Casts an Agency Held McMedll Merged 20,000 N $ 6,200 3,100 $ 3.100
Property Pendino DisposiMon
71 LRPMP Propedles Property Dispositions 7/12016 6/302020 To be determined Casts for Dispostion of Agency Held Mergedll Merged 2 20000 N $ libw 5,800 $ 5,800
Property-Appraisals,Fencing,
Closin Costs etc
72 Advance for the City far Cork 8 Properly anteJill 16 GNy of Palm$onn95 80 Merged 1 Y
Bottle Building Eiecttic Rewiring and needs repair before sale;it is
o...pi.db .tenant
Palm Springs Recognized Obligation Payment Schedule(ROPS 17-18)-ROPS Detail
July 1,2017 through June 30,2018
(Report Amounts in Whole Dollars)
A e c D E F G HLD
J K R S T U V W
17.1B6(January-June
Fund Sources
ContractiAgreement ContractiAgreement ROPS 17-18 17-18B
Item It Project Rame�Debl Obligation Obligation Type Execution Date Termination Data Payee Deswiptica Project Scope Project Area n Rated Total Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Total
8 696 723 2 482 946 $ 125 Og0 2 607 946
2 2007 Tax Allocation Bonds Series Bonds Issuetl n or B w /1 2 7 1 US Bank C ital Pro'ecls Mer ed 1 2 N 962 226 3D2 61332007 Taxable Tax Allocalon Bontls, Bontls Issued Onw Be(we 9l182007 9/12034 US Bank PrepeM AcquisNon Mergetll 0 N $ 1]5,452 56,805 $ 56,80
Styles B Bons Is
4 SERAF Loans SERAFIERAF 42012010 6/311 037 Palm Springs Housing Loans for FY 2009/10 and 2010/11 Merged Y $ $
Successor SERAF Payments
5 Housing Deferral Repayment LMIHF Loans 11111996 6r302g37 Palm Springs pausing Pre-1986 Set Aside Deferal Mergedl Sol $ 803,126 $
Successor
N
Contract Services -Financial Fees 92Z2010 6r30/2019 Harrell B Company Merged Bonds Disclosure/Rabng Merged 1 32,500 N S 1,700 1,7 00$ 1,7
Advisors
8 Contract Servces-Rebate Fees 6142010 1 W idan Financial Services Merged 1 Bonds Rebate Consulting Merged 1 1500 N $
rvices
$
Calculation Se
9 Bond Trustee Fees Fees 6H62 er 004 1111/2034 US Bank Merged 1 Bonds Trustee Fees M d1 ]000 N 3300
11 Disposition and Development Business Incentive 12f 2005 9/l2022 Endure Investments Financial Assistance(10 Year) Merged 1 700.00 N $ 140.000 $
Agreement Agreements
12 Owner Participation Agreement Business Incentive 1/19/2000 61302018 VIP Motors Financial Assistance Merged Y $ $
Agreements
15 2007 Taxable Tax Allocation Bonds, Bonds Issued On or Before 9/18/2007 9/12034 US Bank Property Acquisition Merged 2 8,577,616 N $ 518,062 171,655 $ 171,655
Sen.0 imili0
16 reamonlfor Reimbursement Mi...Ilaneou. 12/6,12006 61302037 Cif of Palms rims PSl-23fi Lease Mer ed2 3773388 N $ 135,181 $
bursement 6162007 gs AgancY Conventlon Merged '„ N
b Canter N°,...
1 Contract Services -Financial Fees 9!22/2010 6/302019 Harrell a Company Merged 2 Bonds Disclosure/Rating Merged 38,500 N $ 1S00 1,50D $ 1,500
Advisors
20 Bond Trustee Fees Fees V162004 11/12034 US Bank Merged 2 Bonds Trustee Fees Merged 2 35000 N $ 1.650 $
25 Contract Services-Audit Admin Costs 4/52010 6/302017 Lance Soil B Lun and Audit Services Mer edll Merged 2 Y $ $
26 Contract Services-Le al Mania Costs 1/12/2005 6/30QO17 Woodruff 5 raain General Legal Counsel Mai Merged 2 Y $
27 Contract Services -Financial Admin Costs 7/18.2008 "012019 Harrell BCwnpany ROPS Consulting Mergedl!Merged l Y $ $
Advisers
33 Administrative Cost Allowance Admin Costs 7/12016 6102017 Cit of Palms rims Overhead Cost AllocabonlSelaries Me ed7l Me 2 4375,000 N $ 250.000 125.000 S 125006
3/ LMIHF Loans 112035 P teousing Loan to Merged Project Ho.1 24,503 N 24,503
.. .v. Su[62gbf..
35 Agreement for Reimbursement Cily/County Loan(Prior 10/16/1991 11/12035 City of Palm Springs Project Costs Merged 61,770 N 51,770
0628111).Other Wastewater Fund
36Agreement for Reimbursement CitylCounty Loan(Prior 10/1611991 11/112035 City of Palm Springs Project Costs Merged 51]70 N 51,770
06128/11.Oti1er Wastewater Fund
37 Agreement for Reimbursement CitylCoury Loan(Prior 64iZ1993 11/112035 City of Palm Springs Project Costs Merged 98,080 N 98,080
06128/11.Other Wastewater Fund
38 City Loan and Interest Cit ICounty Lean(Prior 61152011 11/112035 City of Palm Springs Operating arty Adminisbabve Cosh Merged 1 2,226,012 N
0628/11),Otter Far FY 2011-12
39 C6y m$Loan(Prior 6115/2011 11/112035 City of Palm Springs aline antl Administratve Costs Merged 2 147,894 . .
FY 2011-12
40 City Loan and Interest CtylCounty Loan(Prior 6,15,2011 1 W/2035 City of Palm Springs Operating and Administrative Costs Mergedl!Mergnd 2 1845,750 N $ - $
OW28/11 at For FY 2010-11
41 Agreement for Reimbursement City/County Loan(Prior 1Z612006 1 W12035 City of Palm Springs Prepay Portion of PSL 236 Merged 2 1,184,791 N $ 200,280 $
06128/11).OBrer Sustainability,Fund
43 2007 Tax Allocation Bands,Series Reserves Wie2(10] 9/1/2034 US Bank Reserve for September 1 Debt Merged 1 642,613 N $ 642,613 642,613 $ 642.613
A Service
462007 Taxable Tax Allocation Bonds, Reserves 9/182007 9112034 US Bank Reserve for September l Dell Merged 121.80 N $ 121,805 121.80 05$ 121,8
Sens B Service
2007 Taxable Tax Allocation Bonds, Reserves 9/1812007 9112O34 US Bank Reserve for September l Debt Merged 356,65 N $ 356.855 356,65 $ 356655
Series C I Service
Palm Springs Recognized Obligation Payment Schedule(ROPS 1748(-ROPS Detail
July 1,2017 through June 30,2018
(Report Amounts In Whole Dollars
A B C D E F G H I J K R 5 T U V W
17-186 Janus -June
Fund Sources
Contract/Agreement ContracVAgreement Total Outstanding POPS 17-18 17-18B
Item p Protect NamelDebt Obligation Obligation Type Execution Date Termination Date Payee DescriptionuProlest Scope Project Area Debt or Obligation Retired Total Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Total
86091 665 6696723 2F462,946 123000 S 2607946
48 Property Tax -Cork 8 Botts PropeM Maintenance 7/112013 6/30/2019 County of Riverside Property Texas on Agency Held Land Merged 1 3,0012 N $ 3.000 1,500 $ 1,500
Property Pending PMP-Current Installment
50 Property Tax -PSL 236 Property Property Maintenance 7/12013 61302037 County of Riverside Property Taxes an Property Under Merged 2 211,001 N 1$ 9,000 4,500 $ 4,50
PSL 236 Lease-Current Installment
56 Utilities Property Maintenance 7/12016 6/3012017 Desert Water Utilities for Agency Held Property Merged 1 2.00 N $ 2,000 1.000 1.00
Pending PMP
57 Plaza Investment Lease Property Maintenance 773p2003 W12018 Plaza Investments Lease of property adjacent to Plaza Merged 1 9,9m N $ 9,900 4,510 4,500
Theatre used for access
622014 Subordinate Tax Allocation Refunding Bonds dauetl e/192014 9/12034 US Bank Refinancting of 2001 and 20"Bonds Merged/Merged 2 18,192,000 N $ 1.606,100 300,700 :d 300,700
Bonds After M27/12
83 Contract Services -Financial Fees 922/2010 8/30/2019 HartallB Company 2014 Bonds Disclosure/Rating Mergadl/Merged 2 15,00 N $ 1,W0 1,50 $ 1,500
Advisors
64 Contract Services-Rebels Fees 6142010 6/30/2016 Widen Financial Services M14 Bonds Rebate Consulting Mergedl/Merged 2 15,00 N $ .($
Calwladon Services
65 Bond Trustee Fees Fees 811 W2014 9/12D34 US Bank M14 Bonds Trustee Fees Me adl/Me ad 2 60.000 N 2]50
662014 Subordinate Tax Allocation Reserves 81IW2014 W12D34 US Bank Reserve for September l Debt Mergetll/Merged 2 505,00 N $ 506,000 50SWO $ 505,ON
Bonds SBNICe
70 LRPMP Properties Property Maintenance 7I12016 613crag To be determined Maintenance Costs on Agency Had Mergedl/Merged 2 20,00 N $ 6,200 3,1 $ 3,100
Property Pendin Deposition
71 LRPMP Properties Property Dsposilions 7/12016 6/30/2020 To be determined Costs far Disposition of Agency Held Mergedll Merged 2 20,000 N $ 11.600 5.800 $ 5,800
Properly-Appraisals,Fencing,
Cl.m Costs etc
72 Advance for the City for Cork B Property Maintenance 016 1/1/2017 City of Palm Springs 1 V
Bollle Building ElecWc Rewiring
Palm Springs Recognized Obligation Payment Schedule (ROPS 17-18) - 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 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 Cash Balance Tips Sheet.
A B C D E I F G H I
Fund Sources
Bond Proceeds Reserve Balance Other RPTTF
Prior ROPS Prior ROPS
period balances RPTTF
Bonds issued Bonds issued and DDR RPTTF distributed as Rent, Non-Admin
on or before on or after balances reserve for future grants, and
Cash Balance Information by ROPS Period 12/31/10 01/01/11 retained period(s) interest, etc. Admin Comments
ROPS 15-16B Actuals 01/01/16-06/30/16
1 Beginning Available Cash Balance (Actual 01101/16)
1,046,665 1,333 - 7,000 48,836 69,259
2 Revenue/Income(Actual 06/30/16)
RPTTF amounts should tie to the ROPS 15-168 distribution from the
County Auditor-Controller during June 2016
11 8 19,359 2,339,957
3 Expenditures for ROPS 15-16B Enforceable Obligations(Actual
06130116)
Col C-Expense remaining 2007C Bond
Proceeds of$1,046,630 per Bond Expenditure
1,046,640 5,341 11,057 1,213,008 Agreement
4 Retention of Available Cash Balance(Actual 06130/16)
RPTTF amount retained should only include the amounts distributed as Col G-Amount shown on 16-17A paid from
reserve for future period(s) Other Funds available from 15-16A; Col H-PPA
from 15-16A of$3,759 plus$1,177,815 reserve
36 1,341 23,111 1,181,574 for bond payments in 16-17A
5 ROPS 15-16B RPTTF Balances Remaining
No entry required
14,634 Col H-PPA from 15-16B
6 Ending Actual Available Cash Balance
CtoG=(1 +2-3-4), H=(1 +2-3-4-5)
$ - $ - $ - $ 1,659 $ 34,027 $ - Col F+Col G =$35,686-apply to EO in 17-18
Palm Springs Recognized Obligation Payment Schedule (ROPS 17-18) - Notes July 1, 2017 through June 30, 2018
Item# NoteslComments
70 Trash removal and weed abatement for 3 remaining LRPMP properties -2 hours for 3 staff, performed quarterly
71 Fencing for 3 properties at$100 per month and $8,000 for appraisals for remaining LRPMP properties
Housing deferral/loan payments(Lines 5 and 34)and City Loan/Reimbursement payments (35, 36, 37 and 41)combined amounts are an estimate based on CAC
5, 34,35, estimated RPTTF residual to be distributed for 16-17B on January 3, 2017. Will need to be adjusted for actual, and we will inform DOF analyst of new calculated
36, 37, 41 amounts
2 Revised 16-17B Line 43, moved$309,213 to Line 2 to pay March 1, 2017 Debt Service, balance of$350,000 left for Line 43 on 16-17B for Line 2 Reserve
3 Revised 16-17B Line 44, moved$58647 to Line 2 to pay March 1, 2017 Debt Service, balance of$60,000 left for Line 44 on 16-17B for Line 3 Reserve