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HomeMy WebLinkAbout24239 RESOLUTION NO. 24239 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, ACTING SOLELY IN ITS CAPACITY AS THE SUCCESSOR AGENCY TO THE CITY OF PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY, AND IN ITS CAPACITY AS THE HOUSING SUCCESSOR AGENCY TO THE CITY OF PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY, APPROVING THE SUCCESSOR AGENCY AND HOUSING SUCCESSOR AGENCY BUDGETS FOR FISCAL YEAR 2017-18, AND OTHER SUCH MATTERS AS REQUIRED. WHEREAS, in accordance with the provisions of the California Health and Safety Code Section 34173, the City Council of the City of Palm Springs has been designated and has accepted such designation of Successor Agency to the Community Redevelopment Agency of the City of Palm Springs to carry out the purposes of and exercise the powers granted to Successor Agencies; and WHEREAS, pursuant to California Health and Safety Code Section 34176, the City Council opted to retain the housing assets and functions previously performed by the Community Redevelopment Agency, serving as the Housing Successor Agency to the Palm Springs Community Redevelopment Agency; and WHEREAS, pursuant to City Charter Section 903 the City Council conducted a duly noticed Public Hearing with respect to the Fiscal Year 2017-18 Budget; and WHEREAS, the City Council has examined said budget, and considered all written and verbal public comments, and after due deliberations and consideration, made any such amendments in the preliminary budget as it considered desirable; and WHEREAS, pursuant to City Charter Section 904, the City Council desires to adopt the Budget for Fiscal Year 2017-18. NOW THEREFORE THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DETERMINES, RESOLVES AND APPROVES AS FOLLOWS: SECTION 1. The City Council, as the Successor Agency's governing board, has established and approved the Recognized Obligation Payment Schedule (ROPS) for the period of July 1, 2017, to December 31 , 2018 (ROPS 17-18A) in the form attached to this Resolution as Exhibit A, which serves as the Fiscal Year 2017-18 Budget for the Successor Agency. SECTION 2. The Successor Agency hereby recognizes that the ROPS serves as the budget document for the Successor Agency during the designated operative period and appropriates funds as identified, and that the adoption of the ROPS 17-18B by the Successor Agency Board for January 1, 2018, to June 30, 2019, by the Successor Agency, and its approval by the Oversight Board, shall constitute the adoption of the Resolution No. 24239 Page 2 Successor Agency Budget for the second half of Fiscal Year 2018-2019 without any further action by the Successor Agency. SECTION 3. Any changes to the ROPS, clawbacks, adjustments, or similar changes to the amounts payable from the Redevelopment Property Tax Trust Fund (RPTTF) or other sources, to the Administrative Cost Allowance required by the Oversight Board, the Riverside County Auditor-Controller, or the State of California Department of Finance, shall constitute an approved amendment to the Successor Agency budget without further action by the Successor Agency. SECTION 4. The Successor Agency and Oversight Board have approved the Administrative Budget for the Successor Agency during the designated operative period and appropriated funds as identified. The Successor Agency Administrative Budget for the period July 1, 2017 to June 30, 2018 is as follows: Successor Agency Personnel 40000 Regular Employees 158,456 41600 PIERS Contribution 44,589 41700 Medicare Tax 2,298 41900 Fringe Benefits 23,867 41930 RHS Health Benefit 558 43200 Contractual Services 20,232 TOTAL Administrative Budget 250,000 Note: The Administrative Cost Allowance, in an amount not to exceed the lesser of 3% of the Successor Agency's other enforceable obligations, or$250,000 per year, is included on the ROPS. SECTION 5. The City Manager is hereby authorized to pay any demands of the State of California Department of Finance in Fiscal Year 2017-18 pursuant to AB X1 26, as amended, and such demand shall constitute an approved amendment to the Successor Agency budget without further action by the Successor Agency Board. SECTION 6. The City Manager and City Clerk are hereby jointly authorized to execute any professional services agreement or other contract specifically included or to be included in an approved ROPS or the Fiscal Year 2017-18 Budget so long as such contract does not exceed the amount so funded. The authority to enter into agreements pursuant to this provision shall be deemed complementary to and consistent with the authority to enter into contracts provided in City Council Resolution No. 20271. SECTION 7. The Director of Finance is authorized, at the end of Fiscal Year 2016-17 through the closing of the accounting records for each such fiscal year, to make and record appropriate interfund transfers and fund balance transfers to appropriation accounts as required to properly account for and balance activity accounts, programs and funds, prior to the completion of the fiscal year audit. SECTION 8. In retaining the responsibilities of the Palm Springs Community Redevelopment Agency as provided in California Health and Safety Code §§ 34173 and 34176, the City Council expressly determines, recognizes, reaffirms, and ratifies the statutory limitation on the City and the City Council's liability in retaining the Resolution No. 24239 Page 3 responsibilities of the Palm Springs Community Redevelopment Agency pursuant to AB X1 26. Nothing in this Resolution shall be construed as a commitment, obligation, or debt of the City or any resources, funds, or assets of the City to fund the City's service as the successor agency to the Palm Springs Community Redevelopment Agency as provided in this Resolution. PASSED, APPROVED, AND ADOPTED BY THE PALM SPRINGS CITY COUNCIL, ACTING SOLELY IN ITS CAPACITY AS THE SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY, THIS 7T" DAY OF JUNE, 2017. David H. Ready, Esq., D. City Manager ATTEST: Kathleen D. Hart, MMC Interim City Clerk CERTIFICATION STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS. CITY OF PALM SPRINGS ) I, KATHLEEN D. HART, Interim City Clerk of the City of Palm Springs, hereby certify that Resolution No. 24239 is a full, true and correct copy, and was duly adopted at a regular meeting of the City Council of the City of Palm Springs on June 7, 2017, by the following vote: AYES: Councilmembers Kors, Roberts, Mayor Pro Tern Foat, and Mayor Moon NOES: None ABSENT: Councilmember Mills ABSTAIN: None RECUSAL: None Kathleen D. Hart, MMC Interim City Clerk 6NT OP Q LL Z W III D DEPARTMENT OF EDMUND G. BROWN JR. • GOVERNOR FI N A N C E 915 l STREET• SACRAMENTO CAN 95614-3705 §WWW.COF.CA.uo;1 May 17, 2017 Ms. Kathleen Hart, Interim City Clerk City of Palm Springs 3200 East Tahquitz Canyon Way Palm Springs, CA 92262 Dear Ms. Hart: Subject. 2017-18 Annual Recognized Obligation Payment Schedule This letter supersedes the California Department of Finance's (Finance) Recognized Obligation Payment Schedule (ROPS) letter dated April 10, 2017. Pursuant to Health and Safety Code (HSC) section 34177 (o) (1), the City of Palm Springs Successor Agency (Agency) submitted an annual ROPS for the period of July 1, 2017 through June 30, 2018 (ROPS 17-18) to Finance on January 29, 2017. Subsequently, the Agency requested a Meet and Confer on one or more of the determinations made by Finance. The Meet and Confer was held on April 24, 2017. Based on a review of additional information and documentation provided to Finance during the Meet and Confer, Finance has completed its review of the specific determinations being disputed: • Item Nos. 2 and 3—2007 Tax Allocation Bonds (TAB) Series A & B totaling $410,000 in Reserve Balance funding and $368,260 in Redevelopment Property Tax Trust Fund (RPTTF). In the January through June 2017 (ROPS 16-17B) period, the Agency erroneously did not request $309,613 for Item No. 2 and $58,647 for Item No. 3 in RPTTF funding. As a result, in ROPS 16-178, the Agency received Reserve Balance funding for Item Nos. 43 and 44 in the amounts of$659,613 and$118,647, respectively. In order to make its debt service payments owed for Item Nos. 2 and 3, the Agency utilized $309,613 of the $659,613 for Item No. 2 and $58,647 of the $118,647 for Item No. 3. Therefore, Finance made the following adjustments on the next page: Ms. Kathleen Hart May 17, 2017 Page 2 Item Project ROPS 16-17B No Name/Debt RPTTF Finance RPTTF Obligation Requested Adjustment Approved 2007 Tax Allocation Bonds, 2 Series A $ $ 309,613 $ 309,613 2007 Taxable Tax Allocation Bonds, 3 Series B 58,647 58,647 2007 Tax Allocation Bonds, Series A 43 Reserves 659,613 309,613 350,000 2007 Taxable Tax Allocation Bonds, Series B 44 Reserves 118,647 58,647 60,000 Total $ 1 $ 778,260 As a result, on ROPS 17-18A, Item No. 2 includes $350,000 in Reserve Balance funding (to fulfill Item No. 43) and $309,613 in RPTTF funding. In addition, Item No. 3 includes $60,000 in Reserve Balance funding (to fulfill Item No. 44) and $58,647 in RPTTF funding. During the Meet and Confer, the Agency did not agree to the reclassification of RPTTF to Reserve Balance funds. After further review, Finance agrees the reclassification is not necessary. Therefore, the following amounts, which do not affect the amount of RPTTF approved on the ROPS 17-18, are approved for funding: Item Project ROPS 17-18A Approved Amounts No. Name/Debt Reserve Obligation Balance RPTTF Total Amount 2007 Tax Allocation Bonds, 2 Series A $ 350,000 $ 309,613 $ 659,613 2007 Taxable Tax Allocation 3 Bonds, Series B 60,000 58,647 118 647 Total $ 410,000 $ 368,260 $ 778,260 • Item No. 12—Owner Participation Agreement. Finance previously retired this item during ROPS 17-18 as initially requested by the Agency. During the Meet and Confer, the Agency requested Finance reverse the Agency's initial request to retire this item and increase the requested amount from zero to $210,000. Based on the estimated payment schedule provided by the Agency, $210,000 is owed during the ROPS 17-18 period and the final payment will occur in Fiscal Year 2018-2019. Therefore, this line item has been reinstated and the $210,000 is approved in RPTTF funding for the ROPS 17-18 period. Ms. Kathleen Hart May 17, 2017 Page 3 • Item No. 16—Agreement for Reimbursement in the total outstanding amount of $3,773,388. Finance continues to deny this item. Finance initially denied this item because the sublease agreement entered into on November 29, 2006 is between the City and the United Condominiums Corporation; the former Redevelopment Agency (RDA) is not a party to the agreement. During the Meet and Confer, the Agency provided the City resolution dated June 4, 2008, which determined the annual sublease payment of$110,000 would be paid by the Agency. In addition, the RDA Excerpt of Minutes dated June 4, 2008 states the RDA approved the annual sublease payments. HSC section 34171 (d) (2) states enforceable obligations do not include any agreements, contracts, or arrangements between the City that formed the RDA and the former RDA. Although the RDA agreed to reimburse the City for annual sublease payments prior to redevelopment dissolution, there is no valid contract or agreement obligating the Agency to continue reimbursing the City's annual sublease liability. Therefore, this item is not an enforceable obligation of the Agency and the requested amount of$135,181 in RPTTF funding is not allowed. • Item Nos. 35 through 41 —Various City loans in the total outstanding amount of $5,606,067. For Item Nos. 35 through 37, 40, and 41, Finance continues to deny these items. Pursuant to HSC section 34191.4 (b) (2) (A), loan agreements between the RDA and sponsoring entity may be placed on the ROPS if the following requirements are met: (1)the Agency has received a Finding of Completion and (2)the Agency's Oversight Board (OB) approves the loan as an enforceable obligation by finding the loan was for legitimate redevelopment purposes. The Agency received a Finding of Completion on January 2, 2014. However, OB Resolution No. 046, finding that original loans were entered into for legitimate redevelopment purposes and authorizing the Agency to enter into that certain Agreement to re-establish the loans between the City and the Agency, was partially denied in our determination letter dated May 17, 2017. Specifically: o Item Nos. 35 through 37 -Waste Water Treatment Fund Loan totaling $201,620 ($51,770 + $51,770 +$98,080). The Agency was able to show a loan of funds had occurred; however, accounting records indicate that the principal totaling $1,227,000 ($827,000 + $400,000) was paid in full. Pursuant to HSC section 34191.4 (b) (3), if the OB finds the loan is an enforceable obligation, any interest on the remaining principal amount of the loan that was previously unpaid shall be recalculated from the date of origination of the loan. Since no principal remains outstanding, the Agency's request to reinstate the loan is not approved. o Item No. 40—General Fund loan with principal amount of$1,605,000 is not approved because the transfer of cash occurred on June 30, 2011, after the RDA dissolution on June 27, 2011. o Item No. 41 —Sustainability Fund Loan is not approved. The City transferred its obligation to the RDA; there was no actual exchange of cash as required by HSC section 34191.4 (b) (2). Finance no longer denies Item Nos. 38 and 39, which pertain to the General Fund Loan with principal amount of$2,011,785. Finance initially denied this loan because it was Ms. Kathleen Hart May 17, 2017 Page 4 our understanding the loan was paid off on June 1, 2011. During the Meet and Confer, the Agency provided documents to support the Agency's obligation to repay the loan amount. In addition, the Agency contended the California State Controller's Office clawed back the transaction as part of their Asset Transfer Review, and the loaned amount plus interest was distributed to tax entities during the Due Diligence Review(DDR) review. Based on a review of the documents provided, the loan was not paid off as previously thought and is eligible for repayment. Finance notes the Agency did not request funding for these items, so no funds will be approved in this period. The items including funding sources, total outstanding balances, total requested and approved amounts are listed below: Item Total Total Total No. Loan Outstanding Requested Approved 35 Waste Water Treatment Fund $ 51,770 $ 51,770 $ 0 36 Waste Water Treatment Fund 51,770 51,770 0 37 Waste Water Treatment Fund 98,080 98,080 0 38 General Fund 2,226,012 0 0 39 General Fund 147,894 0 0 40 General Fund 1,845,750 0 0 41 Sustainability Fund 1,184,791 200280 0 Total $ 5,606,067 $ 401,900 $ 0 • Item No. 50— Property tax on property held under PSL 236 in the total outstanding amount of$211,000. Finance continues to deny this item. As noted in the bullet for Item No. 16 on Page 3, the RDA is not a party to the sublease agreement. During the Meet and Confer, the Agency provided the City resolution and the RDA Excerpt of Minutes, in which the RDA approved the annual sublease payments. However, HSC section 34171 (d) (2) states enforceable obligations do not include any agreements, contracts, or arrangements between the City that formed the RDA and the former RDA. Although the RDA agreed to reimburse the City for annual sublease payment prior to redevelopment dissolution, there is no valid contract or agreement obligating the Agency to continue reimbursing the City's annual sublease liability. Therefore, property taxes imposed on this property (Assessor's Parcel Number 009-609-883) are not an enforceable obligation of the Agency and the requested amount of$9,000 in RPTTF funding is not allowed. • Item No. 56— Utilities in the total outstanding amount of$2,000. The Agency initially disputed this item during the Meet and Confer. However, the Agency stated on May 10, 2017 they are no longer requesting funding for this line item as no cost will be incurred during the ROPS 17-18 period. Therefore, Finance adjusted the requested amount from $2,000 to zero and retired the item with the Agency's concurrence. • Item No. 57—Plaza Investment Lease totaling $9,900. Finance no longer denies this item. Finance initially denied this item because it was our understanding the item Ms. Kathleen Hart May 17, 2017 Page 5 pertains to the Plaza Theater property, which was approved to be sold to the City in our OB Resolution No. 30 determination letter dated January 9, 2015. Therefore, the related cost for the property is no longer the Agency's obligation. During the Meet and Confer, the Agency contended the City did not take the obligation for the alleyway lease agreement when it purchased the Plaza Theatre property from the Agency. The lease agreement amended on July 30, 2003 (Amendment) entered between the RDA, City, and the landlord, Plaza Investment Company. Per the Amendment, the lessee name is changed to the RDA, and the RDA is obligated for the lease payment. Therefore, the requested amount of$9.900, which is the final payment for the lease, is approved in RPTTF funding. Additionally, this item should be retired during the ROPS 18-19 period. Except for the items adjusted, Finance is not objecting to the remaining items listed on the ROPS 17-18. The Agency's maximum approved RPTTF distribution for the reporting period is $5,074,049 as summarized in the Approved RPTTF Distribution table on Page 7 (see Attachment). RPTTF distributions occur biannually, one distribution for the July 1, 2017 through December 31. 2017 period (ROPS A period) and one distribution for the January 1, 2018 through June 30, 2018 period (ROPS B period) based on Finance's approved amounts. Since Finance's determination is for the entire ROPS 17-18 period, the Agency is authorized to receive up to the maximum approved RPTTF through the combined ROPS A and B period distributions. On the ROPS 17-18 form, the Agency reported cash balances and activity for the period of January 1, 2016 through June 30, 2016. Finance reviews the Agency's self-reported cash balances on an ongoing basis. The Agency should be prepared to submit financial records and bridging documents to support the cash balances reported upon request. The Agency was not required to report the estimated obligations versus actual payments (prior period adjustment) associated with the July 1, 2015 through June 30, 2016 period (ROPS 15-16). The Agency will report actual payments for ROPS 15-16 on ROPS 18-19, pursuant to HSC section 34186 (a) (1). A prior period adjustment may be applied to the Agency's ROPS 18-19 RPTTF distribution. Therefore, the Agency should retain any unexpended ROPS 15-16 RPTTF. This is Finance's final determination regarding the obligations listed on the ROPS 17-18. This determination only applies to items when funding was requested for the 12-month period. The ROPS 17-18 form submitted by the Agency and Finance's determination letter will be posted on Finance's website: http://dof.ca.gov/ProgramsiRedevelopmenUROPSI Finance's determination is effective for the ROPS 17-18 period only and should not be conclusively relied upon for future ROPS periods. All items listed on a future ROPS are subject to review and may be denied even if not denied on this ROPS or a preceding ROPS. The only exception is for items that have received a Final and Conclusive determination from Finance Ms. Kathleen Hart May 17, 2017 Page 6 pursuant to HSC section 34177.5 (i). Finance's review of Final and Conclusive items is limited to confirming the scheduled payments as required by the obligation. The amount available from the RPTTF is the same as the amount of property tax increment available prior to the enactment of the redevelopment dissolution law. Therefore, as a practical matter, the ability to fund the items on the ROPS with property tax increment is limited to the amount of funding available to the Agency in the RPTTF. Please direct inquiries to Wendy Griffe, Supervisor, or Jane Xuan, Analyst, at (916) 322-2985. Sincerely, J)J TY ARD N Program Budget Manager cc: Mr. Geoffrey Kiehl, Director of Finance, City of Palm Springs Ms. Pam Elias, Chief Accountant Property Tax Division, Riverside County Ms. Kathleen Hart May 17, 2017 Page 7 Attachment Approved RPTTF Distribution For the period of July 2017 through June 2018 ROPS A Period ROPE 8 Period ROPS 17.18 Total RPTTF Requested $ 2,679,184 $ 2,482,946 $ 5,162.130 Administrative RPTTF Requested 125.000 125,000 250,000 Total RPTTF Requested 2,804,194 2,607,946 5,412,130 RPTTF Requested 2,679,184 2.482,946 5,162,130 Adjustments Item No. 12 0 210,000 210,000 Item No. 16 (135,181) 0 (135,181) Item No. 35 (51,770) 0 (51,770) Item No. 36 (51.770) 0 (51,770) Item No. 37 (98,080) 0 (98,080) Item No.41 (200,280) 0 (200,280) Item No. 50 (4,500) (4,500) (9,000) Item No. 56 1,000 1,000 2,000 542,581 204,500 338081 RPTTF Authorized 2,136,603 2,687,446 4,824,049 Administrative RPTTF Authorized 125,000 125,000 250,000 Total RPTTF Approved for Distribution $ 2,261,603 $ 2,812,446 Is 5,074,049 gplT CA i1 L uun Z o III � DEPARTMENT OF EomuNo G, BROWN JR. - GOVERNOR �u.ORN1►F I N A N C E 91 3 L STREET 9 SACRAMENTO CA N 958 14-3706 9"W .DOF.CA.ODV REVISED May 17, 2017 Ms. Kathleen Hart, Interim City Clerk City of Palm Springs 3200 East Tahquitz Canyon Way Palm Springs, CA 92262 Dear Ms. Hart: Subject: Partial Approval of Oversight Board Action This letter supersedes the California Department of Finance's (Finance) March 13, 2017 Oversight Board (OB) Resolution No. 046 determination letter. The City of Palm Springs Successor Agency (Agency) notified Finance of its January 26, 2017 OB Resolution on January 31, 2017. Pursuant to Health and Safety Code (HSC) section 34179 (h), Finance completed its review of the OB action and issued our determination on March 13, 2017. Subsequent to that determination, new information was provided and Finance is revising its determination. Based on our review of the additional information and application of the law, OB Resolution No. 046,finding that original loans were entered into for legitimate redevelopment purposes and authorizing the Agency to enter into the Agreement to Re-establish Loans (Agreement) between the City of Palm Springs (City) and the Agency, is partially approved. Finance's determination is as follows: Loan ROPS 17-18 Outstanding Finance's Loan Description Principal Determinatio No. Item No(s). Aunt in Wastewater Treatment Plant 1 Fund Loan 35,36 $ - Denied Wastewater Treatment Plant 2 Fund Loan 37 1 $ - I Denied 3 Sustainability Fund Loan 41 $ 1,221,8941 Denied 4 General Fund Loan 38.39 $ 2,011,785 1 Approved 5 General Fund Loan 40 $ 1,605,0001 Denied • Loan Nos. 1 and 2—Wastewater Treatment Plant Fund Loan (VW TPF) totaling $201,620 is not approved. The loan pertains to Item Nos. 35 through 37 on the annual Recognized Obligation Payment Schedule for the period of July 1, 2017 through June 30, 2018 (ROPS 17-18). The City made loans from the WWTPF to the former Ms. Kathleen Hart May 17, 2017 Page 2 Redevelopment Agency(RDA) in the amounts of$827,000 in 1991 and $400,000 in 1993, respectively. However, the Agency's accounting records indicate the principal totaling $1,227,000($827,000 + $400,000)was paid in full prior to the dissolution of the RDA. The$201,260 claimed in the OB action and requested on the ROPS 17-18 is related to interest. Pursuant to HSC section 34191.4(b) (3), if the OB finds the loan is an enforceable obligation, any interest on the remaining principal amount of the loan previously unpaid shall be recalculated from the date of origination of the loan. Since no principal remains outstanding, the Agency's request to reinstate the loan is not approved. • Loan No. 3—Sustainability Fund Loan totaling $1,221,894 is not approved. The loan pertains to Item No. 41 on the ROPS 17-18. The City transferred its obligation to the former RDA on June 4, 2008 and there was no actual exchange of money. Pursuant to HSC section 34191 (b)(2), an exchange of money has to have taken place for a loan to be eligible for funding. As no exchange of money occurred, this loan continues to be denied. • Loan Nos. 4 and 5—General Fund Loan totaling $3,616,785($2,011,785 + $1,605,000) is partially approved. The loan pertains to Item Nos. 38 through 40 on the ROPS 17-18. The City made annual loans from the General Fund to the RDA in the amounts of $2,011,785 in 2010 and $1,605,000 in 2011, respectively. The Agency was able to provide proof of a loan agreement as well as exchange of cash between the City and Agency as required by HSC section 34191.4 (b) (2). Therefore, the$2,011,785 loan amount is approved. However, the remaining $1,605,000 is not allowed as the transfer of cash occurred on June 30, 2011, after the RDA dissolution on June 27, 2011. The Agency received a Finding of Completion on January 2, 2014. As a result of the OB Resolution No. 046 finding the loan was for valid redevelopment purposes and Finance's subsequent partial approval of this OB Resolution, the Agency may now place the above approved Loan Agreement on a Recognized Obligation Payment Schedule(ROPS). However, the repayment of the City loan is subject to the repayment formula outlined in HSC section 34191.4(b)(1). In addition, HSC section 34191.4(b)(3) (A) requires any interest on the remaining principal amount of the loan that was previously unpaid after the original effective date of the loan shall be recalculated from the date of origination of the loan as approved by the RDA on a quarterly basis, at a simple interest rate of three percent. Moneys repaid shall be applied first to the principal and second to the interest. This will supersede any existing interest rates In the loan agreements. Therefore, the repayment amounts of the Agreement are subject to Finance's review and approval on a subsequent ROPS. In the event the OB desires to amend the portion of the resolution not approved by Finance, Finance is returning it to the board for reconsideration as authorized by HSC section 34179 (h). However, the Agency may move forward with the portion of the resolution approved by Finance. This is our determination with respect to the OB action taken. Ms. Kathleen Hart May 17, 2017 Page 3 Please direct inquiries to Wendy Griffe, Supervisor, or Jane Xuan, Analyst, at(916) 322-2985. Sincerely, LDTY H W Program udget Manager cc: Mr. Geoffrey Kiehl, Director of Finance, City of Palm Springs Ms. Pam Elias, Chief Accountant Property Tax Division, Riverside County F�1_µT C3, LL """' Z W IIII q O � DEPARTMENT OF EoMuNO G. BROWN JR. GOVERNOR �GlppµW� F I N A N C E 91 5 L STREET ■ SAC;AMENTC GA■ 958 14.3708 t WWW.00F.CA.GCV April 10, 2017 Ms. Kathleen Hart, Interim City Clerk City of Palm Springs 3200 East Tahquitz Canyon Way Palm Springs, CA 92262 Dear Ms. Hart: Subject: 2017-18 Annual Recognized Obligation Payment Schedule Pursuant to Health and Safety Code (HSC)section 34177 (o) (1). the City of Palm Springs Successor Agency(Agency) submitted an annual Recognized Obligation Payment Schedule for the period of July 1, 2017 through June 30, 2018 (ROPS 17-18)to the California Department of Finance (Finance)on January 29, 2017. Finance has completed its review of the ROPS 17-18. Based on a sample of line items reviewed and application of the law, Finance made the following determinations: • Item No. 2—2007 Tax Allocation Bond Series A in the amount of$659,613 for the July through December 2017 period (ROPS 17-18A) is partially reclassified. The Agency requested $350,000 in Reserve Balance and $309,613 in Redevelopment Property Tax Trust Fund (RPTTF), totaling $659,613. The Agency was approved $659,613 in RPTTF funding during ROPS 16-17 for use as bond reserves during ROPS 17-18A. Therefore, these reserves should be utilized for Item No. 2 prior to requesting RPTTF and the requested $309,613 in RPTTF is being reclassified to Reserve Balance. As a result, a total of$659,613 in Reserve Balance is approved for the ROPS 17-18A period. • Item No. 3—2007 Tax Allocation Bond Series B in the amount of$118,647 for ROPS 17-18A is partially reclassified. The Agency requested $60,000 in Reserve Balance and $58,647 in RPTTF, totaling $118,647. The Agency was approved $118,647 in RPTTF funding during ROPS 16-17 for use as bond reserves during ROPS 17-18A. Therefore, these reserves should be utilized for Item No. 3 prior to requesting RPTTF and the requested $58,647 in RPTTF is being reclassified to Reserve Balance. As a result, a total of$118,647 in Reserve Balance is approved for the ROPS 17-18A period. • Item No. 16 —Agreement for Reimbursement in the total outstanding amount of $3,773,388 is not allowed. It is our understanding the sublease agreement entered into on November 29, 2006 is between the City of Palm Springs (City) and the United Condominiums Corporation, and the former Redevelopment Agency(RDA) is not a party to the agreement. Therefore, this item is not an enforceable obligation and the requested amount of$135,181 in RPTTF funding is not allowed. Ms. Kathleen Hart April 10, 2017 Page 2 • Item Nos. 35 through 41 —Various City loans in the total outstanding amount of $5,606,067 are not allowed. The Agency contended the loans between the RDA and the City below are eligible for repayment pursuant to HSC section 34191.4(b)(2)(A): Item Total Total No. Loan Outstanding Requested 35 Waste Water Treatment Fund $51,770 $51,770 36 Waste Water Treatment Fund 51,770 51,770 37 Waste Water Treatment Fund 98,080 98,080 38 General Fund 2,226,012 0 39 General Fund 147,894 0 40 1 General Fund 1,845,750 0 41 Sustainabilit Fund 1,184,791 200,280 Total $5,606,067 $401,900 Pursuant to HSC section 34191.4(b) (2)(A), loan agreements between the RDA and sponsoring entity may be placed on the ROPS if the following requirements are met: (1) the Agency has received a Finding of Completion; and (2)the Agency's Oversight Board (OB)approves the loan as an enforceable obligation by finding the loan was for legitimate redevelopment purposes. The Agency received a Finding of Completion on January 2, 2014. However, OB Resolution No. 046, finding that original loans were entered into for legitimate redevelopment purposes and authorizing the Agency to enter into that certain Agreement to re-establish the loans between the City and the Agency, was denied in our determination letter dated March 13, 2017. The Agency was unable to provide loan agreements or any other legally binding document to support the RDA's obligation. Furthermore, the Agency was unable to demonstrate the transfer of money from the City to the RDA for the loans noted above. Therefore, the total requested amount of $401,900 in RPTTF funding is not allowed. • Item No. 50— Property tax on property held under PSL 236 in the total outstanding amount of$211,000 is not allowed. As noted in the bullet for Item No. 16 on Page 1, the sublease agreement is the obligation of the City and the RDA is not a party. Therefore, property taxes imposed on this property(Assessor's Parcel Number 009-609-883)is not an enforceable obligation of the Agency and the requested amount of$9,000 in RPTTF funding is not allowed. • Item Nos. 56 and 57—Utilities and Plaza Investment Lease on the Plaza Theater property in the total outstanding amounts of$2,000 and $9,900, respectively, are not allowed. Finance approved the sale of the Plaza Theater, located at 128 South Palm Canyon Drive, to the City in our determination letter dated January 9, 2015 for the Agency's OB Resolution No. 30. Therefore, related costs for this property are no longer the Agency's obligation and the requested amounts of$2,000 and $9,900, respectively, in RPTTF funding is not allowed. Except for the items adjusted, Finance is not objecting to the remaining items listed on the ROPS 17-18. If the Agency disagrees with Finance's determination with respect to any items on the ROPS 17-18, except items which are the subject of litigation disputing Finance's previous or related determinations, the Agency may request a Meet and Confer within five business days Ms. Kathleen Hart April 10, 2017 Page 3 of the date of this letter. The Meet and Confer process and guidelines are available on Finance's website: http://dof.ca.gov/Programs/Redevelopment/Meet And Confer/ The Agency's maximum approved RPTTF distribution for the reporting period is $4,485,889 as summarized in the Approved RPTTF Distribution table on Page 5 (see Attachment). RPTTF distributions occur biannually, one distribution for the July 1, 2017 through December 31, 2017 period (ROPS A period), and one distribution for the January 1, 2018 through June 30, 2018 period (ROPS B period) based on Finance's approved amounts. Since Finance's determination is for the entire ROPS 17-18 period, the Agency is authorized to receive up to the maximum approved RPTTF through the combined ROPS A and B period distributions. On the ROPS 17-18 form, the Agency reported cash balances and activity for the period of January 1, 2016 through June 30, 2016. Finance reviews the Agency's self-reported cash balances on an ongoing basis. The Agency should be prepared to submit financial records and bridging documents to support the cash balances reported upon request. The Agency was not required to report the estimated obligations versus actual payments (prior period adjustment) associated with the July 1, 2015 through June 30, 2016 period (ROPS 15-16). The Agency will report actual payments for ROPS 15-16 on ROPS 18-19, pursuant to HSC section 34186 (a) (1). A prior period adjustment may be applied to the Agency's ROPS 18-19 RPTTF distribution. Therefore, the Agency should retain any unexpended ROPS 15-16 RPTTF. Absent a Meet and Confer, this is Finance's determination regarding the obligations listed on the ROPS 17-18. This determination only applies to items when funding was requested for the 12-month period. The ROPS 17-18 form submitted by the Agency and Finance's determination letter will be posted on Finance's website: http://dof.ca.gov/Programs/Redevelopment/ROPS/ Finance's determination is effective for the ROPS 17-18 period only and should not be conclusively relied upon for future ROPS periods. All items listed on a future ROPS are subject to review and may be denied even if not denied on this ROPS or a preceding ROPS. The only exception is for items that have received a Final and Conclusive determination from Finance pursuant to HSC section 34177.5 (i). Finance's review of Final and Conclusive items is limited to confirming the scheduled payments as required by the obligation. The amount available from the RPTTF is the same as the amount of property tax increment available prior to the enactment of the redevelopment dissolution law. Therefore, as a practical matter, the ability to fund the items on the ROPS with property tax increment is limited to the amount of funding available to the Agency in the RPTTF. Ms. Kathleen Hart April 10, 2017 Page 4 Please direct inquiries to Cindie Lor, Supervisor, or Steven Huckabay, Lead Analyst, at (916)322-2985. Sincerely, QSTrY WARD Program Budget Manager cc: Mr. Geoffrey Kiehl, Director of Finance, City of Palm Springs Ms. Pam Elias, Chief Accountant Property Tax Division, Riverside County Ms. Kathleen Hart April 10, 2017 Page 5 Attachment Approved RPTTF Distribution For the period of July 2017 through June 2018 ROPS A Period ROPS B Period ROPS 17-18 Total RPTTF Requested $ 2,679,184 $ 2,482,946 $ 5,162,130 Administrative RPTTF Requested 125,000 125.000 250,000 Total RPTTF Requested 2,804,184 2,607,946 5,412,130 RPTTF Requested 2,679,184 2,482,946 5,162,130 Adjustments Item No. 2 (309.613) 0 (309,613) Item No. 3 (58.647) 0 (58,647) Item No, 16 (135,181) 0 (135,181) Item No. 35 (51,770) 0 (51,770) Item No. 36 (51,770) 0 (51,770) Item No.37 (98,080) 0 (98.080) Item No.41 (200,280) 0 (200,280) Item No. 50 (4,500) (4,500) (9,000) Item No. 56 (1,000) (1,000) (2,000) Item No.57 5,400 4,500) 9,900 916,241 10,000 926,241 RPTTF Authorized 1,762,943 2,472,946 4,235,889 Administrative RPTTF Authorized 125,000 125,000 250,000 Total RPTTF Approved for Distribution $ 1,887,943 $ 2,597,946 $ 4,485,889 gNT Op Q ° n �c DEPARTMENT OF EOMUND G. BROWN JR. • GOVERNOR ��1F60.qF F I N A N C E 91 9 L 9TREi ■ MAQR MENTC CA■ 95M 1 4.3706 ■WWW.00F.CA.0.v March 13, 2017 Ms. Kathleen Hart, Interim City Clerk City of Palm Springs 3200 East Tahquitz Canyon Way Palm Springs, CA 92262 Dear Ms. Hart: Subject: Objection to Oversight Board Action The City of Palm Springs Successor Agency(Agency) notified the California Department of Finance(Finance) of its January 26, 2017 Oversight Board (OB) resolution on January 31, 2017. Pursuant to Health and Safety Code (HSC) section 34179 (h), Finance has completed its review of the OB action. Based on our review and application of the law, the Agency's OB Resolution No. 046, finding that original loans were entered into for legitimate redevelopment purposes and authorizing the Agency to enter into the Agreement to Re-establish Loans (Agreement)between the City of Palm Springs (City) and the Agency, is not approved. The Agency received a Finding of Completion on January 2, 2014 and is eligible to include loan agreements entered into between the former Redevelopment Agency(RDA)and the City on a Recognized Obligation Payment Schedule pursuant to HSC section 34191.4(b). Pursuant to HSC section 34191.4(b) (2) (A), loan agreements are defined as loans for money entered into between the RDA and the city that created the RDA under which the city that created the RDA transferred money to the RDA for use by the RDA for a lawful purpose, and where the RDA was obligated to repay the money it received pursuant to a required repayment schedule. The Agency is not authorized to enter into a new agreement with the City to re-establish pre- dissolution loans. Therefore, the Agreement is not approved. Further, the three loans below do not satisfy the requirements for a loan agreement as defined in HSC section 34191.4(b) (2). • Loan No. 1 —Waste Water Treatment Fund Loan, total principle of$1,227,000 • Loan No. 2— Sustainability Fund Loan, total principle of$1,221,694 • Loan No. 3— General Fund Loan, total principle of$3,616,785 For Loan Nos. 1 through 3,the Agency was unable to provide loan agreements or any other legal binding documentation to support the RDA's obligation to repay loan amounts. For Loan No. 1, the Agency was unable to demonstrate the exchange of cash between the City and the RDA for the total principal loan amount. For Loan No. 2, the City transferred its obligation to the RDA, and no actual exchange of cash occurred between the City and the RDA. For Loan No. 3, financial records provided by the Agency revealed that the loan amount totaling $2,011,785 was repaid by the RDA prior to dissolution, and the remaining loan amount of$1,605,000 occurred on June 30, 2011, after dissolution on June 27, 2011. Consequently, these loans are not eligible for repayment. Ms. Kathleen Hart March 13, 2017 Page 2 As authorized by HSC section 34179 (h), Finance is returning your OB action to the board for reconsideration. Please direct inquiries to Cindie Lor, Supervisor, or Steven Huckabay, Lead Analyst, at (916) 322-2985. Sincerely, CJ W{>RD Program Budget Manager cc: Mr. Geoffrey Kiehl, Director of Finance, City of Palm Springs Ms. Pam Elias, Chief Accountant Property Tax Division, Riverside County Recognized Obligation Payment Schedule(ROPS 17-18)-Summary 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(ROPE Detail) (July-December) (January-June) ROPS 17-18 Total A Enforceable Obligations Funded as Follows(B+C+D): $ 1,652,863 $ - $ 1,652,853 B Bond Proceeds - - - C Reserve Balance 1,617,167 - 1,517,167 D Other Funds 35,686 - 35.686 E Redevelopment Property Tax Trust Fund(RPTTF)(F+G): 6 2,436,924 E 2,6D7,946 $ 6,043,870 F RPTTF 2,31D,924 2,482,940 4,793.870 G Administrative RPTTF 125,000 125,0D0 250,000 H Current Period Enforceable Obligations(A+E): $ 4,OB8,777 $ 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. is/ Signature Date P.I.Sannge Rs."ru ERA 01,11,lion Payment SCRvORIe(ROP31748)-ROPS Moil July 1,2017 Mrou00 June 30,201E tRapont Amnunls In Mole M bins A B C 0 E F A X 1 J X L M X O P O 17.181E J -Oeclirllbe Fund Sou. 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N S 11,W0 PrtpM-Poweaele,FemnO Gwn Coale alc TS/grerce la NeCry la Cwe• PmPM Man.... 111/301I 1/t2O11 GyapN.SpMP Wnscmi AYghvuYle Wd 7" l Y BopM BUYInp F.MVIL'flexnry WrwM1apMr WeeW:XY •laml 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 snurce 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,we Cash balance Tins Shee-. A e C D E 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, Nan-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 enod s) interest,etc. Admin Comments ROPS 15.16E Actuals 01101/16.06/30/16 1 Beginning Available Cash Balance(Actual 01/01116) 1041 1,333 7,000 49,836 69,259 2 Revenue/Income(Actual 06130116) RPTTF amounts should tie to the ROPS 15.16E distribution from the County Auditor-Controller during June 2016 11 8 19,359 2,339,957 3 Expenditures for ROPS 16.16B Enforceable Obligations(Actual 06130116) Cal C-Expense remaining 2007C Bond Proceeds of$1,046,630 per Bond Expenditure 1.046640 11,057 1,213,OOB Agreement 4 Retention of Available Cash Balance(Actual 06130116) RPTTF amount retained should only include the amounts distributed as Col G-Amount shown on 16-17A paid from reserve for future periods) Other Funds available from 15.16A;Col H-PPA from 15-16A of$3,759 plus$1,177,815 reserve 36 1,341 1,181,574 for bondpayments In 16-17A 5 ROPS 15-16B RPTTF Balances Remaining No entry required 4534 Cot H-PPA from 15.16B 6 Ending Actual Available Cash Balance C to G=(1+2-3.4),H=(1+2-3-4-6) E - $ - $ - $ 1,659 $ 34,027 $ - Col F+Col G=$35,686-appl to EO in 17.78 Palm Springs Recognized Obligation Payment Schedule (ROPS 17-18) -Notes July 1, 2017 through June 30, 2018 Rem• Notes/Comments 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 deferralloan 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 16.17E on January 3,2017. WN need to be adjusted for actual,and we will inform DOF analyst of new calculated 36,37,41 amounts I i I, r I