HomeMy WebLinkAbout23435 RESOLUTION NO. 23435
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 13-14B) FOR THE PERIOD
OF JANUARY 1, 2014, THROUGH JUNE 30, 2014,
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, 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 AB1X 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 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 13-14B) for
the period of January 1, 2014, through June 30, 2014, attached to this Resolution as
Exhibit A, is hereby approved.
Resolution No. 23435
Page 2
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 1X 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 SEPTEMBER, 2013.
DAVID H. READY, MANAGER
ATTEST:
MES THOMPSON, CITY CLERK
Resolution No. 23435
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. 23435 was adopted by the Palm Springs City Council at a
regular meeting held on the September 18, 2013, by the following vote:
AYES: Councilmember Foat, Councilmember Hutcheson, Councilmember Lewin,
Mayor Pro Tern Mills, and Mayor Pougnet.
NOES: None.
ABSENT: None.
ABSTAIN: None.
MES THOMPSON, CITY CLERK
City of Palm Springs, Californiajo/&I(zV )3
Recognized Obligation Payment Schedule(ROPS 13-14B) -Summary
Filed for the January 1,2014 through June 30, 2014 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): $ 18,000
B Bond Proceeds Funding(ROPS Detail) -
C Reserve Balance Funding(ROPS Detail) -
D Other Funding(ROPS Detail) 18,000
E Enforceable Obligations Funded with RPTTF Funding(F+G): $ 4,402,643
F Non-Administrative Costs(ROPS Detail) 4,277,543
G Administrative Costs(ROPS Detail) 125,000
H Current Period Enforceable Obligations(A+E): $ 4,420,643
Successor Agency Self-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
I Enforceable Obligations funded with RPTTF(E): 4,402,543
J Less Prior Period Adjustment(Report of Prior Period Adjustments Column U) (30,147)
K Adjusted Current Period RPTTF Requested Funding(IJ) $ 4,372,396
County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
L Eldorceable'Obfigations funded vWWRPTTF(E) 4,402,543
M- Less Prior Period Adjustment(Repodof Prior Period Adjustments Column AB)
N Adjusted Current Period RPi i Requested Funding(L-M) 4,402,543
Certification of Oversight Board Chairman:
Pursuant to Section 34177(m)of the Health and Safety code,I
hereby certiy that the above is a true and accurate Recognized Name Title
Obligation Payment Schedule for the above named agency.
/s/
Signature Date
Recognized Obligation Payment Schedule(ROPS)13.1413-Report of Fund Balances
(Report Amounts in Whde Oollaro)
Pursuant N Heath and Safety COde sedta1341120),RedeMapmant Prop"Tex Trust Fund IRPTTF)may be listed as a source d payment on the ROPS,but any to Ma extent no other NrWi
an enforceable obli ¢lion. rp source is available or men payment from prop.M tax revenues is required by
A B C O
E F G H x
Fund eourcn
Bend brussels R...rise Balance Other RPTTF
Revlewbatinces
renamed for
Bonds Issued Bonds Issued approved RPTTF balences Rem,
on or before onorafbr enforceable retained for bond Grants,
Fund BNence Intermitted by ROPE Period 12I31110 01101Ift otifignishons resery Interest Etc. Nan-
Atlmin Admin Total ROPE YI Actuate 0110111]-6p0/13 Comments
$99,602 from ROPS 11 Adjustment for Unspent
RPTTF oredited against the amount said to the
Successor Alim,for Appr...d EO in ROPS 13.
Beginning Available Fund Belanea(Actual CIM1l131 14A,Bond emotions exdudes cesh sridi Oscel
NON had for the RPTTF,1♦2 shook tie N column L and O in the ¢gent sal asks in Debt Service Reserve Fund;
1 Re ri of Prior Pariotl Ad'slmeMs PPAa 09692 1 ¢¢lances also exclude amounts N be paid
RevenueMcorm(g1:W&I=30f1])Nora that Me RPTTF amounts - f 89683pursuant to DDR Mter tleNd Jo 26,2013
should Ile N the ROPS III disNbutiona from Me caunry,Auddor-
2 Cmlrolbr
5 4.402013 125000 t 452101e ExpendHuna for ROPS III EMorcaabN Obligations(Actual
0800I1])Note that for the RPTTF,3./shoWtl tie to cdumhe N
3 and S in the Re on of PPAs
Ratentlon ofAvailable Fund BeNnee fAdual 08ISOI13)Note that 4391,966 125,D00 f 4,496,866
the No Admn I.
amount should onN Indus.the retention of
4 reserves for debt ser ob a roves in ROPS III
ROPE III RPTTF Pdw Padod Ad)ustmentNde Mat IM net Nor, f
Admin end Admin tor,amauma sMuk tie k mlumna O and T M No entry rcquegtl
5 1he Re H&PPN. _
3014] - f 3014T
8 Endln Assort AvaINHN FundBWnw te2-3-q-5
ROP619-1{A EaHmab O]/01113-1L31113 f f thi
Beginning A t 4 Fend Balence(Apual W101l13)(C,D,E,G,
andl•4e.F•H4.F and 1113)
Wvenuadneome(Eatlmate lL]1l13) f - f - f S 90692 It 6 f - f f 8869e
NON that the RPTTF amounts should tie 10 the ROPE 13-14A
e distributions horn the 2Pwrey Auddor-Coniro9m 1021,912 2007 Bond Proceeds-Clawbeck of$1.021812
39000 3,820947 125000 f 5008759 PerDDR letter of July 26,2013
Underestimated payment t0 VIP Motors in ROPS
Expendhuros for 1]14A EmoresbN Obligations III and ROPE 13-14A(EO Item 12),estimated
8 E ELft 12p1Y13 inmate in EO for 1344A will use Other tnoome
99,692 39,000 3,620 94] 125,00 f 4,014,639 Bdance (original EO total U,045,639
Notentlonp1 Avaiabla Fund say in (Estlmatention of
Note Met the RPTTF emamis may In 14A Me retention of reserves
10 ter dent services roved in ROPS 13-14A 1 021 812 2007 Bond Proceeds reserved far future
f 1 021,812 ex endnure entlin Findin of Com lectors
11 Endin ESHmstes AvagabN Fund Balance Te6-8.10 S - f -Is f - f 8 f - f - f 6
RawgRIZOd Obligation Payment UhaduNa IROPS 11&14S-ROPS Detail
January 1,N14 Mmugal June M.2014
IRawrl Ameunh In µryde De4rsJ
A B D E
F O X I J X L M N O
P
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15 TM I2.N6.ISJ N 20),128 f 2m,120
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2] Conbeq ie^dde-gWae FeaeeOa 1,500 S 1r�
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Sm[r N
5
Rex pgnlzadl Obligation Payment ScheBule(ROPS)10-laB•ROPS DMi
January 1,2014 through June W,2014
(Rapwl Nrrbults In N1ne Dole)
p B C O E F
O X I J N L M N O P
Funden Source
NaraWalwala miry P.,.M Tex Trust Furl
ConbxV A9nmmnl N,,,eaI TF RPTTF
Ilema Ro Ne F;P&0 slbn ObF eOanT a Exaurym OW TaminNon Dinner Tokl'WW.binp
N BenE Trvalro Feea Feee BlfgRppl Pe ee D°ap1 c13w Pr eq Na Deelw Obi'atian Retiree BxMRoa We RaerveBWnev Me,Funds RomP6mm AdNn
11/tR031 Bank of Naw Yore welkin Horsing Bands Trvaua Fen MxpeE1/MttgE2 1i,500 ry 9ixAkner Tow
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f
SS Cwxexal BaMcaa-Polk pllminCwh 1/SR010 d1NJp1J Larrce 906g Lrn and N1615aMeea
i6 Commen SeMan-Le w 1/12YXRS y3WO14 M e R 2 m000 N tOppp IOpW
2i Cmycl BeMcee-gnnval RpM Cmn iIINAOe Awxax1S rada, OnenlL ICwlwel elllMx 2 1W p00 N Sp00
6RDlMP Harrell Company BOPS Cerwper0 Banda lMarped2 fOp,pOp N 3 5000
Mvhan SWp S 3,Opp
26 Caa ueva mend Ndlrin Coen i/1@Ot] d9Mpu of Palma pebilr Tswana Mar dIIMx 2
29 Cao xvfire r mend Mmn CaeM1 ill/2pIJ d9Mp11 G of PeM1nB re BrkMin i—I Y f 3p Coo xative a mend Mx.ell Mar 2 y f MMn Cask il1YM13 8']O2m1 C of Pelm rin• 3alan..and Ben eek ve PC Mx a1/Mar d2 Y
31 CmbeGBrni[ea-Cereuldnp Ruhvuanel I/I V2W9 y]N2p11 Cbnyan CommertlM Berviee LTvmvn Conxi M.S.l _ T
3
M. 3# LeasYBWbne ABeement Bueineuncen lMe flI W200p dWR M.016 Mokre Reperh LeaLe MerBeEl 2gip m0
enk X
v MmFkoaOve G.I Magna pxrel wn inrzpl3 3
N Load 6IJOR41a C' of PNmS rM OuxMnd Coal Moall Ne,Ikllm Me alll Ma d2 5125p0p N CiryKounh Loam ybll%g ryIIROM Palm Spnps Xgrslnp Lean to Mxped prolvd No.1 MerpeEl iJ,316 H f35000 3 I25 p00 Onw Belwe 6Rin1 8uaeeew y
]5 earrem lw Rwiwunwnl GylCamh Lmna 1WIW1191 1111R035 pM fPalm Seep. Pm etl COW
Dn or E.W.W7111 Watlewur Fund I Mergd I 113,SM N
f
]6 agreement Fir Reinhuramenl CrhlCeum/L. ININ1981 1"I2p15 C of Palm Sprkr9s Prgan Cxk Mm9el2 11 J.500 N On w Balm WIlI leatewW,Fum g
37 agralwartVit., xnemenl dVCwmy LOan. W211891 11/1=5 City of Palm Bpmlc propq Ga[k Mergetl3 Ir10 C00 N
On In pxxe W77111 W.'x.d.,Fund g
.a Gry Law and lnittad CII iiwy Laam NI Will 1 11111=35 Gryonwsxlrpe ppr.dng+^a Pdrrynkbtiw Cmk Merpetlt I$5]Bt] N On a Be..WNI I
For FY 2011-I] g
]9 CR)Loan and krkrest GNyK-wnn Loners 1W.11 11/1=35 CllyalPwmswbq. OPxeprland Mmlrrkbaave Co.k
InMerpel3 1pD]50 N Cn Beres W7111 For FY 2011.12 f
W "Low and lnMW Cy'c yLoan .,Well 111tams Clryor FeknSerFq 3W.Itng ndgtlmimsbMNe Cmh N MargMlndarPd2 2,182 L92 On o BeWe 6Ril11 Fw ry 2DI W I 8
11 Agreement M RNmbunemanl Clh/Cwran Lorne 1216rfOM 11I1R035 CilyM pYm3xnp Rapay PoRm of P5L 236 WrPotl2 1
On an&we 673111 SrsdMabity FUM .228.512 N 1
42 2Iq1 Tax Plaakm 0.eNndhg geeervef 6/1N2001 eI140N Benk of NewTork Melen RaM1nanro l9F Tax Nbugm Bon6 MxpNl Sgg,15] N
Bmh.Tax
Tend 596,153 3 SM.ISS
tl 2001 Tax NlocNen Borga,geneap Rwx✓n 9116RMi RNRNI BnkoRMw Ya Melon GpW RopW Mxpdt
2007 Tmry 185]6e N ISS ISS 5 165,M6
a1 .-..B Taxable Tax,Naalgn BmA,Reaenp 911W2Mi 9IIRON BenkWNew York Medan Newr,x,,Mein. me a.
S-Ta Trvs1 g ]5.169 N >S.18g s 35,1as
Brow
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BOMa,9erin B TruM 2N.2ii g 2M.277
Recognl2e l Obligation Payment Sch"ule(ROPS)1Y14B-ROPS Detall
January 1,2014 through June 30,M14
(Report AmnuMs h Wilde Dollars)
A e C 0 E
O N N
L M N O P
Fundn Swrtt
N»ReEevtloPmenl Property Tv Tmtl Fund
Lmked/Apttment CmIreWA reement Nm-RPTTF RPTTF
Ikm0 Pro 0Namel DeNO Fan Okk ad-T a Etleculun Dale Txmhwyon Oak Pe a TWIOuhnndn,
a9 207TaxMle Tay Al r,n BmJa Rnervn 91IM00) VIR031 ,seed ynm q$c Raed Mes OeEtmO eEm Retlled H.Proceeds Reserve Beknae ONw Funds Nam9dMrr gdnen Ek�Mmm iolal
Se .0 Benk of New York Melon PropeM AaWls'Non Ma9ed2 139,555 N
03001 n0mh9 Tax AAnSon sonA Refervee )q I1Np1 Trust 229553 S 229,550
511Y1p21 Benk MNewYwk MCSm ReRnen0e1991nw...Tes Malpeal/Merpad2 COM1d BetSe n5,351 N
IE RoPkny Tez T.1 Mxetlon Bonds 295,351 5 295 J51
Rgwny )/1(LOt] N]pROtp County Of RNeralde Prtgeny Tein m l"..Lend MaryMl 39,]00 N
R MNnknsnu Pendin PMP 25,700 E 25,T00
49 Property Tax-Cwk6 Bol0e Reaervn 1fl YNle 1bIQrS01! County of RiwereMe Rnern MOea 201Hmklment W Mnpedl 1,400 N
R E 1400
50 R0p"Tex-PSL maP P" ROperty T"W13 6/30203T Couny of RxenMe Pnalwdy Tenonmb t!00
Ahwnknence RopMY Unaer MerpM2 265,000 N 9,100 5 9,100
51 ProPMy Tax nL 236 Arr M Refinef I/1rz014 TP07014 PS12%Leae
County OlRWeryde Reserve W Dec 2014 MNmeM of Merged2 4!00 N
52 Fria.These.-Insurance Property t/ty20u b3Mol4 Pro Tnmllem 0 4!00 3 4,100
Mainter a City of Palm 3PTp Insurenu mApenOy Ntld Property kper9edl so'co0 N
Pend PMP 11.B9, E 11691
s] Ren Tnntre-E4Nknyrce Itapvly tnrz014 an0Yt0u cM of Pam spFw Malr,---on
kblperty ce Ayerrcy neN M.rp.a1 15,000 N 3,499 s 3!99
54 Ren Theeln- R Pend Mix
Cemdprq ror Property 1/1Y1014 fil3020u TOMdekrmhed Es9mak roRmovek Apenry HeN Merpedi )50,000 N
R.Pwam Nehtemnn _
s5 Rue meaEe-Ayprepd Property lMpositiorm l/1n01a el]Mau Tn M1e aebmrinea Pyprek MAP
sl m l4en,HaN Property Mr 1 5
P Pup 25,000 N f M Rm Theetre�lagtln Property 111/1014 81>MN11 pesert W., 11MkM kn A9enry NeM Property Mm dt -Ma'mlmerwe Pen Phil, 5'� N 1A00 f ST l 1000
Praia mnlmeni Leeu Mopv(y )I3MW3 5/31120u pku lnvanxxr� ea4nm4 Leme dPmpertf edlau ftr Raxa r%r9ed1 43,600 N
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Recognized Obligation Payment Schedule 13-14B - Notes
January 1, 2014 throw h June 30, 2014
Item# Notes/Comments
1 March 1, 2014 Payment
2 March 1, 2014 Payment
3 March 1, 2014 Payment
4 Pending reinstatement once Finding of Completion is received; end date=end of redevelopment plans(or until paid)
5 Pending reinstatement once Finding of Completion is received; end date=end of redevelopment plans (or until paid)
6
7 Contract for services renews each year/required through 2034
8 Contract for services renews each year/required through 2034
9 Annual payments made in ROPS"A" period
10
11 Annual payments made in ROPS "A"period
12
13 Scheduled payment of$400,000 plus$99,000 remaining unpaid from ROPS 13-14A due to shortfall in RPTTF cash
14 March 1, 2014 Payment
15 March 1, 2014 Payment
16 Annual payments made in ROPS"A"period
17
18 Contract for services renews each year/required through 2034
19 Contract for services renews each year/required through 2034
20 Annual payments made in ROPS"A"period
21 February 1, 2014 Payment
22 Contract for services renews each year/required through 2034
23 Contract for services renews each year/required through 2034
24 Annual payments made in ROPS"A" period
25 Contract for services renews each year
26 Contract for services renews each year
27 Contract for services renews each year
28
29
30
31
32
33
34 Pending reinstatement once Finding of Completion is received; end date = end of redevelopment plans (or until paid)
35 Pending reinstatement once Finding of Completion is received; end date=end of redevelopment plans (or until paid)
36 Pending reinstatement once Finding of Completion is received; end date=end of redevelopment plans(or until paid)
Recognized Obligation Payment Schedule 13-14B - Notes
January 1, 2014 through June 30, 2014
kem# Notes/Comments
37 Pending reinstatement once Finding of Completion is received; end date = end of redevelopment plans (or until paid)
38 Pending reinstatement once Finding of Completion is received; end date=end of redevelopment plans(or until paid)
39 Pending reinstatement once Finding of Completion is received; end date=end of redevelopment plans(or until paid)
40 Pending reinstatement once Finding of Completion is received; end date=end of redevelopment plans (or until paid)
41 Pending reinstatement once Finding of Completion is received; end date=end of redevelopment plans (or until paid)
42 Reserve for September 1, 2014 Debt service. To be remitted to the Trustee immediately to comply with Indenture but allow Successor Agency not to default on
subordinate obligations. Balance of September 1, 2014 Debt Service will be included in ROPS 14-15A;Will be shown as paid from 'reserve"on ROPS 14-15A
43 Reserve for September 1,2014 Debt service. To be remitted to the Trustee immediately to comply with Indenture but allow Successor Agency not to default on
subordinate obligations. Balance of September 1,2014 Debt Service will be included in ROPS 14-15A; Will be shown as paid from "reserve"on ROPS 14-15A
44 Reserve for September 1, 2014 Debt service. To be remitted to the Trustee immediately to comply with Indenture but allow Successor Agency not to default on
subordinate obligations. Balance of September 1, 2014 Debt Service will be included in ROPS 14-15A;Will be shown as paid from 'reserve"on ROPS 14-15A
45 Reserve for September 1,2014 Debt service. To be remitted to the Trustee immediately to comply with Indenture but allow Successor Agency not to default on
subordinate obligations. Balance of September 1, 2014 Debt Service will be included in ROPS 14-15A;Will be shown as paid from 'reserve"on ROPS 14-15A
46 Reserve for September 1, 2014 Debt service. To be remitted to the Trustee immediately to comply with Indenture but allow Successor Agency not to default on
subordinate obligations. Balance of September 1, 2014 Debt Service will be included in ROPS 14-15A; Will be shown as paid from "reserve" on ROPS 14-15A
47 Reserve for August 1, 2014 Debt service. To be remitted to the Trustee immediately to comply with Indenture but allow Successor Agency not to default on
subordinate obligations. Balance of August 1, 2014 Debt Service will be included in ROPS 14-15A; Will be shown as paid from 'reserve" on ROPS 14-15A
48 Delinquent accrued property tax due on property transferred back to Successor Agency per DDR plus current year property tax
49 Dec 2014 installment to avoid 10% delinquent penalty if not paid by Dec 10, 2014
50 Current year property tax on PSL-236 properties (ROPS item 16)
51 Dec 2014 installment to avoid 10%delinquent penalty if not paid by Dec 10, 2014
52 Property insurance costs paid by the City for property transferred back to the Successor Agency per DDR
53 Facilities maintenance costs paid by the City for property transferred back to the Successor Agency per DDR
54 Pending Finding of Completion and PMP
55 Pending Finding of Completion and PMP
56 Utilities for property transferred back to the Successor Agency per DDR
57 Existing lease of adjacent property required by Plaza Theatre (property transferred back to the Successor Agency per DDR) for access