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Home My WebLink About2/18/2015 - STAFF REPORTS - 2.O. �2 V n ,a City Council Staff Report CgUFO RN`P. , DATE: February 18, 2015 CONSENT CALENDAR SUBJECT: Approval and Transmittal of Recognized Obligations Payment Schedule (ROPS 15-16 A) for the Period of July 1, 2015 through December 31 , 2015, Pursuant to Section 34169(g)(1) of California Health & Safety Code FROM: David H. Ready, City Manager BY: Community & Economic Development Department 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 July 1, 2015 through December 31 , 2015. The ROPS will be presented to Oversight Board on or about February 26, 2015 and submitted to the Department of Finance and County Auditor-Controller prior to the deadline of March 2, 2015. RECOMMENDATION: Adopt Resolution No. , "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 15-16 A) FOR THE PERIOD OF JULY 1, 2015 THROUGH DECEMBER 31, 2015, PURSUANT TO SECTION 34169(g)(1) OF CALIFORNIA HEALTH & SAFETY CODE" BACKGROUND: The ROPS is the document used to determine the amount of the previously-called tax increment the Successor Agency will be allowed to retain on a six month basis, as well ITEM NO. L Successor Agency Staff Report Recognized Obligations Payment Schedule 15-16 A February 18, 2015 F . � e12 as the amount of the Successor Agency's allowable administrative budget. A new ROPS must be adopted for each successive six-month fiscal period. The form of the ROPS is prescribed by the State Department of Finance and used by the Riverside County Auditor-Controller's Office. Over the past three years, the Successor Agency and Oversight Board have approved the ROPS for each upcoming six month period, which then are submitted to the Department of Finance for review and approval. l J n Ray o irector of Community David H. Ready, Cit ger Eco is elopment t Attachments: 1 . Resolution 2. Recognized Obligation Payment Schedule (ROPS) (Exhibit "A" to the Resolution) 02 RESOLUTION NO. 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 15-16 A) FOR THE PERIOD OF JULY 1, 2015 THROUGH DECEMBER 31, 2015, PURSUANT TO SECTION 34169(g)(1) OF CALIFORNIA HEALTH & SAFETY CODE 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; and 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. Recognized Obligations Payment Schedule 15-16 A O 3 February 18,2015 Page � 1 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. 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 18TH DAY OF FEBRUARY, 2015. DAVID H. READY CITY MANAGER ATTEST: JAMES THOMPSON CITY CLERK Recognized Obligations Payment Schedule 15-16 A 04 February 18,2015 Paac 12 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 18th of September, 2015, and that the same was adopted by the following vote: AYES: NOES: ABSENT: ABSTAIN: JAMES THOMPSON CITY CLERK Recognized Obligations Payment Schedule 15-16 A February 18,2015 05 P _- c 13 Recognized Obligation Payment Schedule (ROPS 15-16A) - Summary Filed for the July 1, 2015 through December 31. 2015 Pen od 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) K Adjusted Current Period RPTTF Requested Funding (I-J) $ 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 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 ?� U Recognized Obligation Payment Schedule(ROPS 15-16A)-ROPS Detail July 1,2015 through December 31,2015 (Repad Amounts m V*ole Dollars A B C 0 E F G H I J K L M N O P Funding Source Non-Redevelopment Property Tax Trust Fund Non-RPTTF RPTTF ContradlAgreement ContraWAgreement Total Outstanding Item a Project Name 1 Debt Obligation DN, a0on Type Execution Date Temvnation Dale Payee DestchistromProject Scope Project Area Debt or Obligation Retired Bond Proceeds Reserve Balance Other Funds Non-Admin Admm Six-Month Total $ 115,265.385 5 - b 1,127.077 $ 1499,450 $ 1847,095 $ 19442 E 4,293,064 2.2007 Tax Allocation Bonds Senes A Bonds Issued On or 9118/2007 9/112034 US Bank Capital Pro eras Merged 1 21 483 488 N 309,61 309 813 3 2007 Taxable Tax Allocation Bonds, Bonds Issued On or 9118/2007 9/1120M US Bank Property Acquisition Merged 1 3,385,375 N 58,647 E 56,647 Series B Before 12131/10 4 SERAF Loans SERAF/ERAF 4120/2010 6/30/2037 Palm Springs Housing Loans for FY 2009110 and 2013/11 Merged 1 2,164,456 N 1.109.000 - $ 1,109,000 Surrzssor SERAF Payments 5 Housing Deferral Repayment SERAFIERAF 111/19% 6/302037 Palm Springs Housing Pra-1988 Set Aside Delmal Merged 1 1.532.689 N $ - Successor 6 2004 Convention Center Bonds Revenue Bonds 616/2007 11/12034 City of Palm Springs Agency Contribution to Convention Merged 1 27.300.000 N 650,000 $ 650.000 Issued On or Before Center Expansion 12131110 7 Conlrad Services -Finandal Fees 912212010 W30/2019 Harrell&Company Merged 1 Bonds Disclosure/Rating Merged 1 34,200 N S Advisors 8 Contract Services-Rebate Fees 61412010 813g/2016 Nalldan Financial Services Merged 1 Bonds Rebate Consulting Merged 1 15,000 N $ - Calculation Services 9 Bond Trustee Fees Fees 6/1612004 11/12034 US Bank Merged 1 Bonds Trustee Fees merged 1 75,000 N 4 000 $ 4000 11 Disposition and Development OPA/DDNConsttuc8 12/512005 9112022 Endure Investments Finandal Assistance(10 Year) Merged 1 980.000 N 140.000 $ 140.000 Agreement on 12 Owner Participation Agreement Business Incentive 11192000 6/30/2018 VIP Motors Financial Assistance Merged 1 400,000 N $ Agreements 15 2007 Taxable Tax Allocation Bonds, Bonds Issued On or 9/18/2007 911/2034 US bank Property Acquisition Merged 2 10,329.297 N 340,211 $ 340,211 Series C Before 12/31110 16 Agreement for Reimbursement Miscellaneous 12/8/2006 6M12037 City of Palm Songs PSL-236 Lease Merged 2 4.386.781 N 122 592 $ 122,892 17 2004 Convention Center Bonds Revenue Bonds B/62007 11112034 City of Palm Springs Agency Contribution to Convention Merged 2 6,300,000 N 150,000 $ 150,000 Issued On or Before Center Expansion 12/31/10 18 Contract Services -Financial Fees 9222010 6MI2019 Harrall 6 Company Merged 2 Bonds Disclosure'Rating Merged 2 34,200 N $ - Advisors 20 Bond Trustee Fees Fees 6/1f 20M 1111120M US Bank Merged 2 Bonds Trustee Fees Merged 2 40.000 N 2,000 $ 2,000 25 Contract Services-Audit Admin Costs 4/5/2010 &3012016 Lance Sol&Lun hard Audit Services Me ed1I Merged 2 321000 N 9 000 $ 9.000 26 Contract Serving-Legal Legal 1/12/2005 6IM12016 Woodruff S radlin General Legal Counsel Merged 11 Merged 2 91,000 N 9,000 $ 9,000 27 Conned Services -Finandal Admin Costs 7/18/2006 er3012019 Harrell&Company ROPS Consulting Merged ll Merged 2 96,000 N 4,000 $ 4,000 Advisors 33 Administrative Cost Allowance Admin Casts 71112015 6/3012016 City of Palm Springs Overhead Cos!AllocaboolSalanes Merged 11 Merged 2 4 875 000 N 105,556 19 442 $ 125,000 34 Loan Clty/County Loans 526/190 11/1/2035 Palm Springs Housing Loan to Merged Project No.1 Merged 1 24,503 N $ - On or Before 6127111 Successor 35 Agreement for Reimbursement City/County Loans 1&1&1991 11/1/2035 City m Palm Springs Project Costs Merged 1 413,500 N S On or Before 8127111 Iwastewatef Fund 36 Agreement for Reimbursement City/County Loans 10/1&1991 11/1/2035 City&Palm Springs Project Costs Merged 2 413,500 N $On or Before 6/27111 Wastewater Fund 37 Agreement for Reimbursement City/County Loans 1 11/1/2035 City of Palm Springs Project Costs Merged 2 400,000 N $On or Before 627/11 Wastewater Fund 38 City Loan and Interest City/County Loans W1512011 11/1/2035 City of Palm Springs Operating and Adminishah"Costs Merged 1 1,553,913 N $On or Before 627/11 For FY 2011-12 39 City Loan and Interest Cay/County Loans 6/15/2011 11/1/2035 City of Palm Springs Operating and Administrative Costs Merged 2 103,250 N $ On or Before 627/11 For FY 2011-12 40 City Loan and Interest CitylCounty Loans 6115/2011 11/l/2035 City of Palm Sprngs Operating and Administrative Costs Mergedl Mlerged 2 2.011.705 N $On ar Before&27111 For FY 2010-11 07 Recognized Obligation Payment Schedule(BOPS 15-16A)-ROPS Detail July 1,2015 through December 31,2015 (Report Amounts in VrHole Dollars) A B C O E F G H I i K L M N O P Funding Source Non-Redevelopment PropMy Tax Trust Fund Non-RPTTF RPTTF ContractlAgreement Contract/Agreement Total Outstanding Item a Prefect Name/Debt Obti abon Obligation Type Execution Date Termination Date Payee DeecipbortProfect Scope Poled Area Debt or Obli alion Retired Bond Proceeds Reserve Balance Omer Funds Non-Admin Armin Six-Month Total 41 Agreement for Reimbursement City/County Loans 12/6/2006 11112035 City of Palm Springs Prepay Portion of PSL 236 Merged 2 1,139 872 N 6 On or Before 6127111 Sustainalolity,Fund 43 2007 Tax Allocation Bonds,Series A Reserves 9/18/2007 911/2034 US Bank Capital Projects Merged t N $ - 44 2007 Taxable Tax Allocation Bands, Reserves 9/18/2007 911120M US Bank Property Acquisitim Merged 1 - N $ - Senes B 46 2007 Taxable Tax Allocation Bonds, Reserves 9/162007 911/20U US Bank Property Acquisition Merged 2 N $ Series C 48 Property Tax -Cork&BoWe Property 7/1/2013 613012019 County of Riverside Property Taxes on Agency Held Land Merged 1 12000 N 2.000 8 2,000 Property Maintenance Pending PMP-Current Installment 49 Property Tax -Cork&Bogle Reserves 7112015 6/3012016 County of Riverside Reserve for Next Installment of Merged 1 2,000 N 2,000 E 2.000 Pro Property Tax on Item 48 50 Property Tax -PSL 236 Properly Property 7/12013 W3012037 County of Riverside Property Taxes or,Property Under Merged 2 256,000 N MS 4,555 6 5,000 Maintenance PSL 236 Lease-Current Installment 51 Property Tax -PSL 236 Property Reserves 7/12015 M012016 County of Riverside Reserve for Next Installment of Merged 2 5.000 N 5,11(10 $ 5,000 Property Taz on Item 50 52 Plaza Theatre-Insurance Property 7112015 6/302016 City of Palm Spnngs Insurance on Agency Held Property Merged 1 24.600 N 6,000 $ 6.9-0 Maintenance Pending PMP 53 Plaza Theatre-Maintenance Properly 711=15 650/2016 City of Palm Sprengs Maintenance Casts on Agency Held Merged 1 7,500 N 3,500 $ 3,500 Maintenance Property Pending PMP 54 Plaza Thee"-Consulting for Pmpeny 711IM15 6/302016 To be determined Estimate to Renovate Agency Held Merged 1 Y i Renovation Maintenance Potparty Pending PMP 56 Plaza Theatre-Utilities Property 711/2015 6/30/2016 Desert Water Utilities tot Agency Held Property Merged 1 6,000 N 1,000 $ 1,000 Maintenance Pending PMP 57 Plaza Investment Lease Property 7/302003 "1/2018 Plaza Investments Lease of properly adjacent to Plaza Merged 1 29,200 N 5,600 $ 5,600 Maintenance Theatre used roc access 58 Cash flow Loan RPTTF V6thholding CitylCounly Loans 11/2012013 12I312014 City of Palm Springs Cash flow loan for purpose of paying Mergetll/Merged 2 1,503,000 Y 6 - After 6/27111 DER amounts Io offset RPTTF Withholding ROPS 1314E 61 Reimbursable Costs Miscellaneous 7/1/2015 MM016 City 0 Palm Springs Stan Costs relating to the preparation Mergetll/Merged 2 Y $ and completion of the refinancing of 20DI and 2004 Bonds 62 2014 Subordinate Tax Allocation Refunding Bonds 8119/2014 9/112OU US Bank Refinanang of 2001 and 20N Bonds Mergedtl Merged 2 22.367 400 N $ Bonds Issued After 6127/12 63 Contract Services -Finanaal Fees 9/2 212 0 1 0 W30/2019 Harrell&Company 2014 Bonds Disclosure Rating Mergetll/Merged 2 34,500 N $ Advises 64 Contract Services-Rebate Fees 6/472010 6130/2016 N61dan Financial SeNces 2014 Bonds Rebate Consulting Mergetll/Merged 2 10,000 N $ - Calculation Services 65 Bond Trustee Fees Fees 0/1912014 n6f=2015 US Bank 2014 Bonds Trustee Fees Mer edl l Merged 2 65,000 N 3 000 $ 3.000 66 2014 Subordinate Tax Allocation Reserves 8/1912014 US Bank Refinanang of 2001 and 2004 Bonds Merged ll Merged 2 - N 418,161 808"0 $ 1,22fi 601 Bonds 67 LMIHF DDR Overpayment Miscellaneous 1120/2013 Ci of Palms do s Excess Transfer for LMIHF DDR 1/Mer ed2 Y 568 Ativance tenon the City for Cork& Property 711/2014 City of Palm Spnngs 80 year rid building has unsafe Mai - Y $ Borne Building Electric Rewiring Maintenance aluminum wong and is in clanger of an electoral fire,and it is occupied by a tenant 69Capital Projects ImprovemenVlnfraso 7/1/2015 To be determined Remaining 2007 Series C Bond Merged 2 1 D39,996 N E - uclure Proceeds ll (J Recognized Obligation Payment Schedule(ROPS 15-16A)-Report of Cash Balances (Report Amounts in Whole Dollars) Pursuant to Health and Safety Cade section 34177(I),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 httos://rad.dof.ca.gov/rad- sa/pdf/Cash Balance Agency Tips Sheetodf. A B C 0 E F G H I Fund Sources Bond Proceeds Reserve Balance Other RPTTF Pnor ROPS Pnof ROPS RPTTF =ed period balances distributed as Rent Non-Admin Issued on and DDR RPTTF reserve for future Grants, and Cash Balance Infomution b ROPS Period 01/01/11 balances retained penod(s) Interest,Etc. Armin Comments ROPS 14-15A Actuals 07101114-12/31114 1 Beginning Available Cash Balance(Actual 07101/14) Column C-See Worksheet Adjustment to 3.214.070 1,656,898 37,172 302,986 Beginning Balance 2 Ravenuellncome(Actual 12/31/14) Column F 578 adjustment to coned beginning RPTTF amounts should tie to the ROPS 14-15A distrbuten from the County Auditor-Controller during June 2014 balance on Line 1 for incorrect carryover reserve 2,745 17,385 071 78 20,898 1,180,739 balance on lines 48 and 50:see Notes 3 Expenditures for ROPS 14.15A Enforceable Obligations(Actual 12131/14) Column C-Applied to Refunding of 2004 Bonds; RPTTF amounts,H3 plus H4 should equal total reported actual Column H-included$142,821 for 14-15A expenditures in the Report of PPA,Columns L and O I i h p55 1.395.n75 Approved EO shown on PPA but paid in January 4 Retention of Available Cash Balance(Actual 121311141 RPTTF amount retained should only include the amounts distributed as reserve for future penod(s) I y(- 34 172 - Column G-Retained for 14-15B Approved EO 5 ROPS 14-15A RPTTF Prior Period Adjustment RPTTF amount should lie to the self-reported ROPS 14-15A PPA in the No entry required Report of PPA,Column S 30,34' 6 Ending Actual Available Cash Balance C to G-(1 +2.3.4),H=(1+2-3-4-5) $ - $ - $ $ 445 6 7,043 $ 67,409 ROPS 14-1513 Estimate 0110111 6-0613011 5 7 Beginning Available Cash Balance(Actual 01101115) (C,D,E,G=4+6.F-H4+F4+F6,and H=5+6) $ 1,040,127 S 1,196 $ - $ 445 S 41.215 $ 87,750 8 Revenuellncome(Estimate 06130/15) Column D-Transfer of minor remaining balances RPTTF amounts should tie to the ROPS 14-15B distribution from the for 2001 &2004 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 14.15E Enforceable Obligations(Estimate for 2001 &2004 Bonds to 2014 Bonds trustee to 06130115) 34,172 2 439,410 apply against future payments 10 Retention of Available Cash Balance(Estimate 061301151 RPTTF amount retained should only include the amounts distributed as reserve for future penod(s) 7,327 11 Ending Estimated Available Cash Balance 17+8-9.10) 6 - $ - $ - S 445 1 $ 1,499,450 $ 10,341 � Q r > 6 tlMI y tl tlT k k tl tl tl tl tl y "e : : : :, _. _ _ _III t • Y L S g k E a s $ Yi S Y r Rf a IL It I I I I n g r� 77`6� gH2 ;a Yg E e { >F� € ;pP €Ei�3 F-. 0 | � § [ . qtRif 9 � ! � | � • � � ! | � � {\ ) )� ] � {| ' §| . . . . . . . . . . . . . . . . . . , | I " !q . | . . . . . . . . . . , . , . . . . | � . . . . . . . . . . . . . . . . . | ■ \ | ■� . p ]§ . q ~ ; ]� § | | q | ! ! . }� |L ` '•|� ■■§ I PT | | . � - Recognized Obligation Payment Schedule (ROPS 15-16A) - Notes July 1, 2016 through December 30, 2015 Item# Notes/Comments 57 Includes 7 monthly payments of$600 instead of 6 payment because of one payment due January 1, 2016 but paid in December 2015 due to holiday 69 IThe 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 r $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 13-148 for the December 2014 tax bill was$4400 (See line 49 of 13-146). When 14-15A was prepared, $4396 was input in the PPA 50-51 reserve column, even though it should have been $4400. 12