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Home My WebLink About9/2/2015 - STAFF REPORTS - 2.A.A. ppLM S. -k •. c v �n SUCCESSOR AGENCY STAFF REPORT R+OgpTfO c �P g41FORN DATE: SEPTEMBER 2, 2015 CONSENT CALENDAR SUBJECT: APPROVAL AND TRANSMITTAL OF 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 FROM: DAVID H. READY, CITY MANAGER/EXECUTIVE DIRECTOR BY: SUZANNE HARRELL, CITY FINANCIAL ADVISOR SUMMARY Under the Redevelopment Dissolution Act (AB X1 26), the Successor Agency is required to approve a Recognized Obligation Payment Schedule (ROPS) every six months and submit to the County Auditor-Controller, the State Department of Finance, and the State Controller's Office. After review and approval by the City Council as the Successor Agency, the ROPS must be approved by the Oversight Board created and appointed under Section 34179 of the Health & Safety Code. This schedule covers the period from January 1, 2016 through June 30, 2016. The ROPS will subsequently be presented to Oversight Board and submitted to the Department of Finance and County Auditor-Controller prior to the deadline of October 5, 2015. RECOMMENDATION: Adopt Resolution No. , "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, ACTING SOLELY IN ITS CAPACITY AS 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." STAFF 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 to meet ITEM NO. Successor Agency Staff Report (September 2, 2015 -- Page 2) (Recognized Obligation Payment Schedule 15-16B) approved obligation of the agency, 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. After approval by the Successor Agency, the ROPS will be submitted to the Oversight Board and 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. Suzan Harrell, City Financial Advisor David H. Ready, Executi or Attachments: 1. Resolution 2. Recognized Obligation Payment Schedule 15-16B (Exhibit "A" to the Resolution) 02 RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, ACTING SOLELY IN ITS CAPACITY AS 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. WHEREAS, the Community Redevelopment Agency of the City of Palm Springs ("Redevelopment Agency") was a redevelopment agency in the City of Palm Springs, 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(1) requires the Successor Agency to prepare a Recognized Obligation Payment Schedule (ROPS) listing the enforceable obligations of the former Redevelopment Agency. NOW, THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, ACTING SOLELY IN ITS CAPACITY AS THE SUCCESSOR AGENCY OF THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY, DOES HEREBY 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 Exhibit A, is hereby approved. SECTION 3. The City Manager 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. 03 Resolution No. Page 2 SECTION 4. In retaining the responsibilities of the Palm Springs Community Redevelopment Agency as provided in California Health and Safety Code Sections 34173 and 34176, the City Council expressly determines, reaffirms, and ratifies the statutory limitation on the City and the City Council's liability in retaining the 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. SECTION 5. This Resolution shall take effect three days from adoption. 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 2"d DAY OF SEPTEMBER, 2015. DAVID H. READY, CITY MANAGER ATTEST: JAMES THOMPSON, CITY CLERK 04 Resolution No. Page 3 CERTIFICATION STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF PALM SPRINGS ) I, JAMES THOMPSON, City Clerk of the City of Palm Springs, California, hereby certify that Resolution No. _ was adopted by the Palm Springs City Council at a regular meeting held on the 2nd day of September, 2015, and that the same was adopted by the following vote: AYES: NOES: ABSENT: ABSTAIN: JAMESTHOMPSON, CITY CLERK City of Palm Springs, California 05 Recognized Obligation Payment Schedule (ROPS 15-16B) - 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): $ 3,486,528 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 (I-J) $ 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) 2,405,467 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. Isl Signature Date 06 Palm Springs Recognized Obligation Payment Schedule (ROPS 15-1613) - 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 0 P Funding Source Non-Redevelopment Property Tax Trust Fund Non-RPTTF RPTTF Contract/Agreement Contract/Agreement Total Outstanding am* Project Name/Debt Obligation Obligation Type Execution Date Termination Date Payee Description/Project Scope Project Area Debt or Obligation Retired Bond Proceeds Reserve Balance Other Funds Non-Admin Admin Six-Month Total $ 110,307,378 $ 1,048,346 $ 7,000 25,725 $ 2,280,457 $ 125,000 $ 3,486,528 2 2007 Tax Allocation Bonds Series A Bonds Issued On or 9/18/2007 9/112034 US Bank Capital Pro'ects Merged 1 20,864,262 N 12 309,601 309,613 3 2007 Taxable Tax Allocation Bonds, Bonds Issued On or 9/18/2007 9/112034 US Bank Property Acquisition Merged 1 3,268,082 N 58,647 $ 58.647 Series B Before 12/31/10 4 SERAF Loans SERAF/ERAF 4/2012010 6/30/2037 Palm Springs Housing Loans for FY 2009110 and 2010111 Merged 1 1.055,456 N $ - Successor SERAF Payments Housing Deferral Repayment SERAF/ERAF 1/1/1996 6130/2037 Palm Springs Housing Pre-1986 Set Aside Deferral Merged 1 1,532,669 N $ Successor 6 2004 Convention Center Bonds Revenue Bonds 6/612007 1111/2034 City of Palm Springs Agency Contribution to Convention Merged 1 27,300,000 N 9 $ lill- - . .• Center Expansion 7 Contract Services -Financial Fees 9/22/2010 6130/2019 Harrell&Company Merged 1 Bonds Disclosure/Rating Merged 1 35,900 N 1,800 $ 1,800 Advisors 8 Contract Services-Rebate Fees 6/4/2010 6130/2016 Wlldan Financial Services Merged 1 Bonds Rebate Consulting Merged 1 15,000 N $ Calculation Services 9 Bond Trustee Fees Fees 6/16/2004 11/1/2034 US Bank Merged 1 Bonds Trustee Fees Merged 1 70,000 N $ 11 Disposition and Development OPA/DDA/Constructi 12/5/2005 911/2022 Endure Investments Financial Assistance(10 Year) Merged 1 840,000 N $ - Agreement on 12 Owner Participation Agreement Business Incentive 1/19/2000 6/30/2018 VIP Motors Financial Assistance Merged 1 400.000 N 10,225 189,776 $ 200,000 A reements 15 2007 Taxable Tax Allocation Bonds, Bonds Issued On or 9/18/2007 911/2034 US Bank Property Acquisition Merged 2 9,648,208 N 10 180,869 $ 180,879 Series C Before 12/31110 16 A reement for Reimbursement Miscellaneous 12/6/2006 6/30/2037 City of Palm Springs PSL-236 Lease Merged 2 4,263,889 N $ 17 2004 Convention Center Bonds Revenue Bonds A151534 City of Palm Springs Agency Contribution to Convention Merged 2 61300,000 N $ - Issued On or Be f Center Expansion 12/31/10 18 Contract Services -Financial Fees 9122/2010 6/30/2019 Harrell&Company Merged 2 Bonds Disclosure!Rating Merged 2 31,500 N 1,600 $ 1,600 Advisors 20 Bond Trustee Fees Fees 611612004 11/1/2034 US Bank Merged 2 Bonds Trustee Fees Merged 2 36,000 N $ 25 Contract Services-Audit Admin Costs 415/2010 6/30/2016 Lance Sol]&Lun harc Audit Services Merged 11 Merged 2 312,000 N 2,500 $ 2.500 26 Contract Services-Legal Legal 1/12/2005 6/30/2016 Woodruff S radlin General Legal Counse Mer ed 11 Merged 2 82,000 N 9,000 $ 9,000 27 Contract Services -Financial Admin Costs 7/18/2008 6/30/2019 Harrell&Company ROPS Consulting Merged 11 Merged 2 92,000 N 4,000 $ 4,000 Advisors 33 Administrative Cost Allowance Admin Costs 7/112015 6/30/2016 City of Palm Springs Overhead Cost Allocation/Salaries Merged 11 Merged 2 4,750,000 N 125,000 $ 125,000 34 Loan City/County Loans 5/6/1998 1111/2035 Palm Springs Housing Loan to Merged Project No.1 Merged 1 24,503 N S On or Before 6/27111 Successor 35 Agreement for Reimbursement City/County Loans 10/16/1991 1111/2035 City of Palm Springs Project Costs Merged 1 413,500 N S On or Before 6127/11 Wastewater Fund 36 Agreement for Reimbursement City/County Loans 10/1611991 1111/2035 City of Palm Springs Project Costs Merged 2 413,500 N S On or Before 6/27111 Wastewater Fund 37 Agreement for Reimbursement City/County Loans 6/22/1993 11/1/2035 City of Palm Springs Project Costs Merged 2 400,000 N $On or Before 6/27/11 Wastewater Fund 38 City Loan and Interest CitylCounty Loans 6/15/2011 11/1/2035 City of Palm Springs Operating and Administrative Costs Merged 1 1,553.913 N S - - On or Before 6/27/11 For FY 2011-12 City Loan and Interest City/County Loans 6/15/2011 11/1/2035 City of Palm Springs Operating and Administrative Costs Merged 2 103,250 N $On or Before 6/27/11 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 Mergedt/Merged 2 2,011,785 N S - On or Before 627f11 For FY 2010-11 07 Palm Springs Recognized Obligation Payment Schedule (ROPS 15-1613) - 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 Trust Fund Non-RPTTF RPTTF Contract/Agreement Contract/Agreement Total Outstanding Item# Project Name/Debt Obligation Obligation Type Execution Date Termination Date Payee Descri tion/Project Scope Project Area Debt or Obligation Retired Bond Proceeds Reserve Balance Other Funds Non-Admin Admin Six-Month Total 41 Agreement for Reimbursement City/County Loans 12/6/2006 11/l/2035 City of Palm Springs Prepay Portion of PSL 236 Merged 2 1,139,872 N $On or Before 6127111 Sustainability Func 43 2007 Tax Allocation Bonds,Series A Reserves 9/18/2007 9/1/2034 US Bank Reserve for September 1 Debt Service Merged 1 309,613 N 309,613 $ 309,613 44 2007 Taxable Tax Allocation Bonds, Reserves 911812007 911/2034 US Bank Reserve for September 1 Debt Service Merged 1 58,647 N 58,647 $ 58,647 Series B 46 2007 Taxable Tax Allocation Bonds, Reserves 9/18/2007 9/1/2034 US Bank Reserve for September 1 Debt Service Merged 2 340,879 N 340,879 S 340.879 Series C 48 Property Tax -Cork&Bottle Property 7/1/2013 6/30/2019 County of Riverside Property Taxes on Agency Held Land Merged 1 17,000 N 2.000 $ 2,000 Property Maintenance Pendin PMP-Current Installmen 49 Property Tax -Cork&Bottle Reserves 7/1/2015 6/30/2016 County of Riverside Reserve for Next Installment of Merged 1 - N $ - lProperty Property Tax on Item 48 50 1 Property Tax -PSL 236 Property Property 7/l/2013 6/30/2037 County of Riverside Property Taxes on Property Under Merged 2 280,000 N 5.000 $ 5.000 Maintenance PSL 236 Lease-Current Installment 51 Property Tax -PSL 236 Property Reserves 7/1/2015 6/30/2016 County of Riverside Reserve for Next Installment of Merged 2 N $ Property Tax on Item 50 52 Plaza Theatre-Insurance Property 711/2015 6/30/2016 City of Palm Springs Insurance on Agency Held Property Merged 1 18,000 N 61000 $ 6,000 Maintenance Pending PMP 53 Plaza Theatre-Maintenance Property 7/1/2015 6/30/2016 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 7/112015 6/30/2016 Desert Water Utilities for Agency Held Property Merged 1 5,000 N 1,000 $ 1,000 Maintenance Pending PMP 57 Plaza Investment Lease Property 7/30/2003 5/31/2018 Plaza Investments Lease of property adjacent to 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 9/1/2034 US Bank Refinancing of 2001 and 2004 Bonds Mergedl/Merged 2 20,670,800 N 339,200 $ 339,200 Bonds Issued After 6127112 63 Contract Services -Financial Fees 9/22/2010 6/3012019 Harrell&Company 2014 Bonds Disclosure/Rating Mergedl/Merged 2 311,500 N 1,600 $ 1,600 Advisors 64 Contract Services-Rebate Fees 6/4/2010 6/30/2016 Willdan Financial Services 2014 Bonds Rebate Consulting Mergedl/Merged 2 14,250 N 4.250 $ 4,250 Calculation Services 65 Bond Trustee Fees Fees 8/19/2014 9/1/2034 US Bank 2014 Bonds Trustee Fees Mergedl/Merged 2 60,000 N $ 66 2014 Subordinate Tax Allocation Reserves 8/19/2014 9/112034 US Bank Reserve for September 1 Debt Service Mergedl/Merged 2 470,000 N 1,324 468,676 $ 470,005 Bonds Projects Improvement/Infrastr 711/2015 6/3012034 To be determined Remaining 2007 Series C Bond Merged 2 1,047,000 N 1,047,000 $ 1,047.000 ucture Proceeds 70 N $ 71 N $ 72 N 1 $ 73 N $ 74 N $ 75 N $ 76 N $ 77 N $ 78 N $ 791 N $ 80 N $ 81 N $ 821 1 N 1 1 $ 831 1 1 1 1 1N1 1 $ 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) 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 [INSERT URL LINK TO CASH BALANCE TIPS SHEET I A B C D F E I F G H I Fund Sources Bond Proceeds Reserve Balance Other RPTTF Prior ROPS Prior ROPS 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 Actuals (01/01115-06130/15 1 Beginning Available Cash Balance (Actual 01101/15) 1,040,127 1,196 - 445 41,215 87,750 2 Revenuelincome (Actual 06130115) D2 and B3-Transfer minor balances of$121 RPTTF amounts should tie to the ROPS 14-156 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 06130/15) RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 1.042,886 1.324 1.499,450 1.126.632 5 ROPS 14-15B RPTTF Prior Period Adjustment RPTTF amount should tie to the self-reported ROPS 14-15B PPA in the No entry required Report of PPA, Column S 65,500 6 Ending Actual Available Cash Balance C to G=(1 + 2-3 -4), H= (1 +2 -3 -4-5) Col G-will increase with final 4th Qtr Interest $ - $ $ - $ 445 $ 25,725 $ 30,341 Allocation when complete ROPS 15-16A Estimate(07/01/15 -12131/15) 7 Beginning Available Cash Balance (Actual 07/01/15) (C, D, E, G =4+6, F= H4+ F4+ F6, and H =5+ 6) $ 1,042,886 $ 1,324 $ $ 1,127,077 $ 1,625,175 $ 95,841 8 Revenue/income (Estimate 12131115) 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 12/31115) 1,127,077 1,499,450 866,537 10 Retention of Available Cash Balance (Estimate 12/31115) Col G-Retain $25,725 to apply in Col M ROPS RPTTF amount retained should only include the amounts distributed as 15-166; Col G-will increase with final 4th Qtr reserve for future period(s) 1,042,886 1 32-1 25,725 Interest Allocation when complete 11 Ending Estimated Available Cash Balance(7+ 8 -9-10) $ _ $ - $ - $ - $ - $ 65,500 h V� Palm Springs Recognized Obligation Payment Schedule(ROPS 15-16B)-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 for the 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 auditor-controller(CAC)and the Slate Controller. A B C D E F G TH I J K L M N O P O R S T Non-RPTTF Expenditures RPTTF Expenditures Net$A Non-Admin and Admin PPA (Amount Used to Offset ROPS 15-16B Bond Proceeds Reserve Balance Other Funds Non-Adman Adman Requested RPTTF) Available Available Difference RPTTF RPTTF (If total actual (ROPS 14-15B Difference (ROPS 14-15B exceeds total distributed.all other Net Lesser of fit K is less than L, distributed+all other Net Lesser of authorized,the Project Name 1 available as of Authorized/ the difference is available as of Authorized/ total difference is Net Difference hem# 1 Debt Obligation Authorized Actual Authorized Actual Authorized Actual Authorized 01/1/15) Available Actual zero) Authorized 0111/15) Available Actual zero) (M-R) SA Comments $ - $ - $ 5.800 S - $ 34.172 $ 27,017 $ 2,314,410 $ 2.314.410 S 2,314,410 $ 2.248.910 $ 65,500 $ 125,000 $ 125,000 $ 125,000 $ 125.000 $ - It 65,500 1 2004 Tax Allocation - $ § $ 2 2007 Tax Allocation 309.613 309,613 $ 309,613 309,613 $ $ 3 2007 Taxable Tax - - - 58.647 58,647 S 58,647 58.647 $ - $ - Alloration Bonds, Series B 4 SERAF Loans - $ § g 5 Housing Deferral - - - $ $ - $ - Repayment 6 2004 Convention - - - $ - § - $ - Center Bonds 7 Contract Services - - 1,800 1,800 $ 1,800 1,700 $ 100 $ 100 Financial 8 Contract services- - - - § - E $ Rebate Calculation 9 Bond Trustee Fees - $ $ $ 11 Disposition and - - $ E $ Development Agreement 12 Omer Participation 12,172 12,172 187,828 187,828 $ 187,828 158,968 E 28,860 $ 28.860 Agreement 13 Pacific Hospitality - $ - E $ Judgment 14 2004 Tax Allocation - - - $ - $ $ Refunding Bonds, sense B 15 2007 Taxable Tax - - 185,211 185,211 $ 185,211 185,211 E - $ Allocation Bonds, Series C 16 Agreement for - - $ - E $ - Reimbursement 17 2004 Convention - - - - $ $ $ - Center Bonds 18 Contract services - - - 1,800 1,800 $ 1,800 1,500 $ 300 $ 300 Financial 19 Contract services- - - - $ - $ $ Rebate Calculation 20 1 Bond Trustee Fees - $ $ $ 21 2001 Housing Tax - - - - $ $ - $ - Allocation Bonds 22 Contract Serviees - - - - - $ $ - $ Financial 23 Contract Services- - - - - $ $ - $ - Rebate Calculation 24 Bond Trustee Fees - $ $ $ 25 Contract$ervices- 9.000 2,331 - - $ 5 - $ Audit 26 Contract Services- - 9.000 9,000 - - $ $ - $ Legal 27 Contract Services - - 4.000 3,514 - - $ $ $ - Inlcudes A/P of$1,183 at June 30 Financial 10 Palm Springs Recognized Obligation Payment Schedule(ROPS 15-16B)-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. I he 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 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 auditor-controller(CAC)and the State Controller. A B C D E F G H I J K L M N O P O R S T Non-RPTTF Expenditures RPTTF Expenditures Net SA Non-Admin and Admin PPA (Amount Used to Offset ROPS 15.16B Bond Proceeds Reserve Balance Other Funds Non-Admin Admin Requested RPTTF) Available Available Difference RPTTF RPTTF (If total actual (HOPS 14-15B Difference (Raps 1415B exceeds total distributed+all other Net Lesser of (N K is less than L, distributed+all other Net Lesser of authorized,the Project Name 1 available as of Authorized I the difference is available as of Authorized/ total difference is Net Difference Item4 Debt Obligation Authorized FActual Authorized Actual Authorized Actual Authorized 0111115) Available Actual zero) Authorized 0111/15) Available Actual zero) (M+R) SA Comments E - $ - $ 5,800 $ - $ 34,172 E 27.017 $ 2,314,410 $ 2,314,410 $ 2.314.410 E 2,248,g10 $ 65,500 $ 125,000 E 125,000 $ 125,000 $ 125,000 $ - $ 65,500 32 Lease/Sublease - - - - $ $ $ Agreement 33 Administrative Cost - - - - _ $ _ $ $ Allowance 34 Loan _ $ $ $ 35 Agreement for - - - _ $ Reimbursement 36 Agreement for _ _ _ _ $ $ $ Reimbursement 37 Agreement for - - - - $ $ $ _ Reimbursement 38 City Loan and - - - _ $ _ $ _ $ Interest 39 City Loan and - - - _ $ $ _ $ Interest 40 City Loan and - - _ $ $ _ $ _ Interest 41 Agreement for - - _ $ _ $ Reimbursement 42 2004 Tax Allocation - - _ $ _ E - $ - Refunding Bonds, Series A 43 2007 Tax Allocation - - 309,613 309,613 $ 309,613 309.613 $ - $ - Bonds,Series A 44 2007 Taxable Tax - - 58,647 58,647 $ 58,647 58.647 $ $ - Allocation Bonds, Senes B 45 2004 Tax Allocation - - _ $ _ $ _ $ _ Refunding Bonds, Sands B 46 2007 Taxable Tax - - 340211 340,211 $ 340,211 340.211 $ - $ - Allocation Bonds, Series C 47 2001 Housing Tax - - - $ - $ - $ - Allocation Bonds 48 Property Tax -Cork 1,406 - - - $ - $ - $ &Bottle Property 49 Property Tax -Cork - 1,400 1.400 $ 1,400 $ 1,400 $ 1.400 &Bottle Property 50 Property Tax -PSL 4,400 - - $ - $ - $ - 236 Property 51 Property Tax -PSL - 4,400 4.400 $ 4,400 $ 4,400 $ 4.400 236 Property 52 Plaza Theatre- - - 12,000 12.000 $ 12,000 6.000 $ 6,000 $ 6.000 Insurance 53 Plaza Theatre- - - 3,500 3.500 $ 3,500 3,500 1$ $ - Maintenance ] 1 Palm Springs Recognized Obligation Payment Schedule(ROPS 15-16B)-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 14-158(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 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 auditor-controller(CAC)and the State Controller. A e C D E F G H I F J K L M N O P O R s T Non-RPTTF Expenditures RPTTF Expenditures Net SA Non-Atlmin and Atlmin PPA (Amount Used to Offset ROPS 15-16B Bond Proceeds Reserve Balance Other Funds Non-Atlmin Admin Requested RPTTF) Available Available Difference RPTTF RPTTF (If total actual (ROPS 14158 Difference CROPS 14-1513 exceeds total distributed t all other Net Lesser of (If K is less than L, distributed+all other Net Lesser of authorized,the Project Name I available as of Authorized I the difference is available as of Authorized/ total difference is Net Difference Rental! Debt Obligation Authorized Actual Authorized Actual Authorized Actual Authorized 01l1115) Available Actual zero) Authorized 0111/15) Available Actual zero) (M-R) SA Comments $ - $ - $ 5,8013 S - $ 34,172 $ 27,017 $ 2.314.410 $ 2.314.410 S 2.314.410 $ 2,248.910 $ 65,500 $ 125,000 $ 125,000 $ 125.000 $ 125.000 S - E 65,500 54 Plaza Theatre- - - $ $ $ - Consulting for Renovation 56 Plaza Theatre- 2.000 2,000 $ 2,000 660 $ 1,340 $ 1,340 Includes A/P paid July for$137 Utilities 57 Plaza Investment - 4.800 4.800 $ 4.800 4,800 E $ - Lease 58 Cash flow Loan - - $ i $ - RPTTF Wihholdin 59 Cash flow Loan re - - - - - S - $ $ - Plaza Theatre 60 Cash flow Loan for - - - - - S - $ - $ PMP Completion 61 Reimbursable Costs - - - - - E $ - $ - 62 2014 Subordinate - - 390,279 390,279 S 390,279 390279 $ - $ Tax Allocation Bonds 63 Contract Services - - - - 1,500 1.600 $ i500 1 400 $ 100 $ 100 Financial 64 Contract Services- - - - - - $ - $ - $ Rebate Calculation 65 Bond Trustee Fees E $ $ 66 2014 Subordinate - - - 418,161 418.161 $ 418,161 418161 $ - $ Tax Alc ion Bands 67 LMIHF DDR - - - - - $ $ - $ Overpayment 68 Advance from the - - - 23.000 23,000 $ 23,000 $ 23.000 $ 23,000 City for Cork 8 Battle Building Electric Rewirin $ $ $ $ E 4 S E $ 4 E $ S $ $ $ $ $ S $ $ Y E E S E E $ E E E E E Y E E Y $ $ S S E S E E S S E $ $ $ $ $ $ $ E 8 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 i3