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Home My WebLink About23774 RESOLUTION NO. 23774 A RESOLUTION OF 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 15-16A) FOR THE PERIOD OF JULY 1, 2015, THROUGH DECEMBER 31, 2015, PURSUANT TO CALIFORNIA HEALTH AND SAFETY CODE §34169(g)(1). WHEREAS, the City Council of the City of Palm Springs ("Council') and the Agency Board of the Palm Springs Community Redevelopment Agency ("Agency") approved and adopted the Amended and Restated Redevelopment Plans for the Merged Project Areas No. 1 and No. 2 ('Redevelopment Plan") covering properties within the Agency (the "Project Areas"); and WHEREAS, since the dates of adoption of the Redevelopment Plan, the Agency undertook redevelopment projects in the Project Area to eliminate blight, to improve public facilities and infrastructure, to renovate and construct affordable housing, and to enter into partnerships with private industries to create jobs and expand the local economy; and WHEREAS, as part of the 2011-12 State budget bill, the California Legislature enacted and the Governor signed AB X1 26 and AB X1 27, requiring that each redevelopment agency be dissolved unless the community that created it enacts a resolution committing it to making certain payments; and WHEREAS, on December 29, 2011, the California Supreme Court upheld AB X1 26, which dissolves all of the redevelopment agencies in the State of California, and struck down AB X1 27. 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 Community Redevelopment Agency of the City of Palm Springs, does resolve as follows: SECTION 1. The Recitals set forth above are true and correct and incorporated herein by reference. SECTION 2. The Recognized Obligation Payment Schedule (ROPS 15-16 A) for the period of July 1, 2015 through December 31, 2015, 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 No. 23774 Page 2 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. 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 18T" DAY OF FEBRUARY, 2015. DAVID H. READY, C NAGER ATTEST: MES THOMPSON, CITY CLERK Resolution No. 23774 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. 23774 was adopted by the Palm Springs City Council at a regular meeting held on the 18t" of February, 2015, and that the same was adopted by the following vote: AYES: Councilmember Foat, Councilmember Hutcheson, Councilmember Mills, Mayor Pro Tem Lewin, and Mayor Pougnet. NOES: None. ABSENT: None. ABSTAIN: None. MES THOMPSON, CITY CLERK i Recognized Obligation Payment Schedule (ROPS 15-16A) •Summary Filed for the July 1, 2015 through December 31, 2015 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): $ 2,626,527 B Bond Proceeds Funding(ROPS Detail) - C Reserve Balance Funding (ROPS Detail) 1,127,077 D Other Funding(ROPS Detail) 1,499,450 E Enforceable Obligations Funded with RPTTF Funding(F+G): $ 1,666,537 F Non-Administrative Costs(ROPS Detail) 1,647,095 • G Administrative Costs(ROPS Detail) 19,442 H Current Period Enforceable Obligations(A+E): $ 4,293,064 Successor Agency Self-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding I Enforceable Obligations funded with RPTTF (E): 1,666,537 J Less Prior Period Adjustment(Report of Prior Period Adjustments Column S) (30,341) K Adjusted Current Period RPTTF Requested Funding (W) $ 1,636,196 County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding L Enforceable Obligations funded with RPTTF(E): 1,666,537 M Less Prior Period Adjustment(Report of Prior Period Adjustments Column AA) - N Adjusted Current Period RPTTF Requested Funding(L-M) 1,666,537 Certification of Oversight Board Chairman: Pursuant to Section 34177(m)of the Heafth 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. Is/ Signature Date Recognized Obligation Payment Schedule(ROPE 15-16A)-ROPS Detail July 1,2015 through December 31,2015 (Report Amounts in'hhole Dollars) A B C D E F G H I J K L M N O P Funding Source Nan-Redevelopmem Property Tax Trust Fund Non-RPTTF RPTTF ContracVAgreement ContraclfAgreement Total Outstanding Item a Project Name l Debt Obligation Obli anon Type Execution Date Termination Date Payee DesmixionfProject Scope Project Area Debt or Obligation Retired Bond Proceeds Reserve Balance Other Funds Non-Adunm Ad. Six-Momh Total $ 115,265,385 $ - $ 1.127,077 $ 1499450 $ 1.647,095 $ 1g,b12 $ 4,293,064 2 2007 Tax Allocation Bonds Series A Bands Issued On or 91V112007 9/12034 US Bank Centel Pro eds Merged 1 21 4834B8 N 309 613 309 613 3 2007 Taxable Tax Allocation Bonds, Bonds Issued On or 9JI812007 %1/2034 US Bank Property Acquisition Merged 1 3,385,375 N 58,647 3 58,647 Se l B Before 12131/10 4 SERAF Loans SERAFIERAF 4/2012010 &3&2037 Palm Springs Housing Loans for FY 2009,110 and 2010111 Merged 1 2.164 456 N 1,109,000 - $ 1.109,000 Successor SERAF Payments 5 Housing Deferral Repayment SERAFIERAF 111/19N 8/30=7 Palm Springs Housing Pre-1986 Set Aside Defertal Merged 1 1,532,669 N S Successor 6 2004 Convention Center Bonds Revenue Bontls 6WO07 11/1/2034 City of Palm Springs Agency Contribution to Convention Merged 1 27,300,000 N 650.000 $ 650,000 Issued On or Before Center Expansion 12131/10 7 Contract Services -Fimmoat Fees 9122/2010 &3012019 Harrell&Company Merged 1 Bonds Disclosure(Rating Merged 1 34.200 N $ AdMSIXs 8 Contract Services-Rebate Fees 6/412010 6/3012016 Wildan Financial Sernces Merged I Bonds Rebate Consulting Merged 1 15.000 N $ • Calculation I Se 9 Bond Trustee Fees Fees 8/7&2004 1/1112034 US Bank Merged 1 Bonds Trustee Fees Merged 1 75,000 N 4000 $ 4.000 11 Disposition and Development OPAE)DA1Coma uql 12/5/2005 9/1/2022 Endure Investments Financial Assistance(10 Year) Merged 1 980,000 N 140,000 $ 14o 000 Agreement on 12 Owner Participation Agreement Business Incentive 1/19/2000 6/30/2016 VIP Molars Financial Assistance Merged 1 400,000 N $ Agreements 15 2007 Taxable Tax Allocation Bonds, Bonds Issued On or 9f18/20W 90/2034 US Bank Property Acquisition Merged 2 10.329,297 N 340,211 $ 340 211 Series C Before 12/31110 16Agreement for Reimbursement Miscellaneous 1216/2006 6M2037 Cm,of Palms dos PSL-236 Lease Merged 2 4.386,781 N 122,892 $ 122.892 17 2004 Convention Center Bonds Revenue Bonds 6/6/2007 11/1/2034 City of Palm Springs Agency Contribution to Convemon Merged 2 6,300,000 N 150,000 $ 150,000 Issued On or Before Center Expansion D31110 18 Contract Services -Financial Fees 912212010 63012019 Harrell&Company Merged 2 Bonds Disclosure/Rating Merged 2 34.200 N $ Adwsors 20 Bond Trustee Fees Fees 611&2004 11/1/2034 US Bank Merged 2 Bonds Trustee Fees Merged 2 40.000 N 2000, $ 2.000 25 Contract Services-Audit Admin Costs 415/2010 613012016 Lance Sot&Lun hard Audit Services Moment/Merged 2 321.D00 N 9,000 $ 9.000 26 Contract Services-Le al Legal 111212005 613012016 Woodruff 5 radlin General Legal Counsel MergedtfMerged 2 91,000 N 9000 $ 9.000 27 Contract Services -Financial Admin Costs 70812008 613012019 Harrell&Company BOPS Consulting Margedll Merged 2 96,D00 N 4,000 E 4,000 AGNsors 33 Administrative Cost Allovranw Admin Costs 7/1/2015 613012016 City of Palm Springs Overhead Cost Allocabon(Salanes Mer edlI Merged 2 4,875000 N 105,558 19.442 $ 125000 34 Loan City/County Loans SW19N 11/1/2035 Palm Springs Housing Loan to Merged Project No.1 Merged 1 24,503 N $ _ On or Before&27111 Successor 35 Agreement for Reimbursement CBy/County,Loans 1011CV1991 11/1/2035 City of Palm Springs Project Costs Merged 1 413,500 N $ - On or Before 627111 Wastewater Fund 36 Agreement for Reimbursement Cny/County Loans 1011&1991 11/1/2035 City of Palm Springs Projed Costs Merged 413,500 N $On or Before 6127111 Wastewater Fund 37 Agreement for Reimbursement City/County Loans 6/22/1993 111=035 City aPalm Springs Projerk Costs Merged 2 400,000 N $On or Before 6127111 Wastewater Fund 38 City Loan and Interest City/County Loans 6/15/2011 11I7/2035 City of Palm Springs Operating and Administrative Costs Merged 1 1,553,913 N b On or Before 6127111 For FY 2011-12 39 City Loan and Interest City/County Loans 6115/2011 11/1/2035 City of Palm Springs Operating and Admiristralim Costs Merged 2 103,250 N $On or Before 6127/11 For FY 201IA2 40 City Loan and Interest City/County Loans 611512011 1111/2035 City of Palm Springs Operating and Administrative Costs Mergedl Merged 2 2,011,785 N $ On or Before 6/27/11 Far FY 2010-11 • Recognized Obligation Payment Schedule(ROPS 15-16A)-ROPS Detail July 1,2015 through December 31,2015 Report Amounts m Whole Dollars; A B C 0 E F G H I ! K L M N O P Funding Source Non-Rede relopment Properly Tax Trust Fund Non-RPTTF RPTTF Contrect/AgreemeM ConlracuAgree rent Total Outstanding Item 0 Project Name/Debt Obligation Obfigap.Type Execution Dale Termination Date Payee DescinphoniProject Scope Project Area Debt or Obli Ban Retired Band Proceeds Reserve Balance Other Funds Nan-Admin Admin Six-Month Total 41 Agreement for Reimbursement CM/County Loans 12/8/2006 I if112035 City of Palm Springs Prepay Funkier of PSL 236 Merged 2 1.139.872 N $ On or Before 627/11 Sustainatility Fund 43 2007 Tax Allocation Bonds,SanesA Reserves 9/182007 g/1/2034 US Bank Capital Projects Merged 1 - N $ _ 44 2007 Taxable Tax Allocation Bonds, Reserves 9/19/2007 911/2034 US Bank properly Acquisition Merged 1 - N $ _ Series B 46 2007 Taxable Tax Allocation Bonds, Reserves 9/18/2007 9/1/2034 US Bank Property Acquisition Merged 2 - N $ Series C 48 Property Tax -Cork&Bode Property 7/1/2013 W3012019 County of Riverside Property Taxes on Agency Held Land Merged 1 12000 N 2,000 $ 2,OW Property Maintenance Pendin PMP-Current Installment 49 Property Tax -Cork 9 Battle Reserves 7/1/2015 6/302016 County of Riverside Reserve far Next Installment of Merged 1 2 000 N 2,000 S 2,000 Property Property Tax an Item 48 50 Property Tax -PSL 236 Property Property 7/12013 6/3W2037 County of Riverside Property Taxes on Property Under Merged 2 256,000 N 445 4,555 $ 5,000 Maintenance PSL 236 Lease-Currant Installment • 51 Property Tax -PSL 236 Property Reserves 7fl201S 6/3W2016 County of Riverside Reserve for Ned Installment of Merged 5.000 N 5,000 $ 5,000 Property Tax on hem 50 52 Plaza Theatre-Insurance Property V112015 61302016 City m Palm Springs Insumnm on Agency Held Pr operty Merged 24000 N 6,000 E 6,000 Maintenance Pending PMP 53 Plaza The."-Maintenance Property 7/12015 613012016 City m Palm Springs Maintenance Costs on Agency Held Merged 1 7.500 N 3.500 $ 3,500 Maintenance Property Pending PMP 54 Plaza Traders,-Consulting for Property 7/12015 6/302016 To be determined Estimate to Renovate Agency Held Merged 1 Y $ Renovation Maintenance Property Pending PMP 56 Plaza Theatre-Utilities Property 7112015 6/3012016 Desert Water Utilities for Agency Held Property Merged 1 600 N 1,000 $ 1,000 Maintenance Pending PMP 57 Plaza Investment Lease Property 7/30/2003 5131/2018 Have InvesMents Lease of property adjacent to Plaza Merged 1 29 200 N 5,600 $ 5.600 Maintenance Thealm used for access 58 Cash flow Loan RPTTF Phlhhdding Cily/Counly Loans 112042013 12131IM14 City of Palm Springs Cash floe loan for purpose a paying Mergedl l Merged 2 /503,000 Y $ - Afte-627111 DDR amounts to offset RPTTF Wlthholdin ROPS 13-146 61 Reimbursable Casts Miscellaneous 7/12015 Bnali City of Palm Springs Staff Costs mlafing to the preparation Mergedl/Merged 2 Y $ _ and completion of me refinancing of 2001 and 2004 Bonds 62 2014 Subordinate Tax Allocation Refunding Bonds 8/192014 91120M US Bank Refinancing of 2001 and 2004 Bonds Mergedl/Merged 2 22.367 400 N $ Binds Issued After 627112 63 Correct Servces -Financial Fees 922/2010 W3012019 Hanes&Company 2014 Bonds Disclosure(Rating Mergedl I Merged 2 34,500 N $ Advisors 64 Contract Services-Rebate Fees 6/42010 W3012016 Wadan Financial Services 2014 Bands Rebate Consulting Mergedl)Merged 2 10,000 N $ - Calculation Services 65 Bond Treated Fees Fees 81192014 9/1/2034 US Bank 2014 Bonds Trustee Fees Merg.dii Merged 2 65000 N 3,000 S 3,000 66 2014 Subordinate Tax Allocation Reserves 8/19120/4 W112034 US Bank Refinancing of 2001 and 20M Bonds Mergedl/Merged 2 - N 418.161 808440 $ 1,226.601 Bonds 67 LMIHF DDR 0irequayment Miscellaneous 11202013 61302015 Cityof PalmS Excess Transferfor LMIHF DDR Me edl/Merged2 Y E 68 Advance from 0m City for Cork 8 Property 7112014 6M2015 City of Palm Springs 80 year old building has unsafe Mergedl - Y $ _ Bartle Building Electric Rev4nng Maintenance aluminum wnng and is in danger a an electrical fife,and it is occupied by a tenant 69 Capital Projects tin nernbinhastr 711/2015 W30i2034 To be determined Remaining 2007 Series C Bond Merged 2 1.039 996 N $ adore Proceeds • Recognized Obligation Payment Schedule(ROPS 15-16A)-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 https://rad.dof,ca.gov/rad- sa/pdf/Cash Balance Agency Tips Sheet odf A B C D E F G H I Fund Sources Bond Proceeds Reserve Balance Other RPTTF Prior ROPS Pnor ROPS RPTTF Bonds Issued on period balances distributed as Rent, Non-Admin or before Bonds Issued on and DDR RPTTF reserve for future Grants, and Cash Balance Information by ROPS Period 12/31/10 or after 01/01/11 balances retained penod(s) Interest,Etc. Admin Comments ROPS 14-15A Actuals 07101114.12131114 1 Beginning Available Cash Balance(Actual 07101114) Column C-See Worksheet Adjustment to 2 RevenueAncoma(Actual 12131714) 3,214,070 1_656,898 37,172 302,986 Beginning Balance RPTTF amounts should tie to the ROPS 14-15A distribution from the Column F$78 adjustment to correct beginning County Auditor-Controller during June 2014 balance on Line 1 for incorrect carryover reserve • 3 Expenditures for ROPS 14•15A Enforceable Obligations(Actual 2,745 17.385,071 78 20,898 1,180,739 balance on lines 48 and 50;see Notes 12131114) RPTTF amounts,H3 plus Column C-Applied to Refunding of 2004 Bonds; should equal total reported actual Column H-included$142,821 for 14-15A expenditures o the Report of PPA,Columns L and O 2.176,688 17,383,875 1 1,656.531 16,855 1.395.975 1APProved EO shown on PPA but paid in January 4 Retention of Available Cash Balance(Aaua112131114) RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 1,040,127 1,19fi 34,172 - Column G-Retained for 14-15B Approved EC) 5 ROPS 14-i 5A RPTTF Prior Period Adjustment RPTTF amount should tie to the self-reported ROPS 14-15A PPA in the No entry required Report of PPA,Column S 30,341 6 Ending Actual Available Cash Balance C to G=(1+2.3.4),H=(1+2-3.4-6) $ $ - $ $ 415 $ 7,043 1 $ 57,409 ROPS 14-15B Estimate 01/01115-06130116 7 Beginning Available Cash Balance(Actual 01/01115) (C,D,E,G=4+6,F=H4+F4+F6,and H-5+6) $ 1,040,127 E 1,196 $ - S 445 $ 41,215 $ 87,750 8 Revenue/Income(Estimate 06130115) Column D-Transfer of minor remaining balances RPTTF amounts should fie to the ROPS 14-15B distribution from the for 2001 82004 Bonds to 2014 Bonds trustee to County Auditor-Controller during January 2015 apply against future payment;Column G-Land 131 1.492,407 2.382.001 Sale Proceeds 9 Expenditures for ROPS 14-16B Enforceable Obligations(Estimate 06/30175) for 2001 82004 Bonds to 2014 Bonds trustee to 131 34,172 2,439.410 apply against future payments 10 Retention of Available Cash Balance(Estimate 06130116) RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 1 039 996 1 327 11 Ending Estimated Available Cash Balance(7+8-9-10) $ - $ - $ - $ 445 S 1,499,450 1 $ 30,341 • ! | . ||€ l| , | ! l • HIMH ! | . �§) � �!! 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I. �||, - § - . a \ � | [ . . . . . . . . . . . . . . . . . . | . ! . l . . . . . . . . . . !� 11 !� §! � ! 2 . . . . . . . . . . . . . . . . . . . q! || oil ! | � � ]�| ■ )§�a.|q . . : . . . . . . . . . . . . . . . . . . � � � Recognized Obligation Payment Schedule (ROPS 15-16A) - Notes July 1, 2015 through December 30, 2015 Item# Notes/Comments 57 Includes 7 monthly payments of$800 instead of 6 payment because of one payment due January 1, 2016 but paid in December 2015 due to holiday 69 The Agency has received the FOC and will be encumbering these funds in future ROPS The reserve of RPTTF approved in 13-14B for the December 2014 tax bill was$1400(See line 49 of 13-14B). When 14-15A was prepared, $1,326 was input in the reserve column, even though it should have been $1400. The Agency applied$1400 toward the tax bill. The total tax bill for the December and April installment was $2,821, $95 more than the funding request of$1400 from 13-14B + $1326 from 14-15A The Agency used other funds on hand and had the OB approve a resolution PPA 48-49 for the change in funding; paid in January so this is an A/P for cash reconciliation • The reserve of RPTTF approved in 13-14B for the December 2014 tax bill was$4400 (See line 49 of 13-1413). When 14-15A was prepared, $4396 was input in the PPA 50-51 reserve column,even though it should have been $4400.