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Home My WebLink About09 - CC-9 - Recognized Obligation Payment Schedule - 1/17/2017SUCCESSOR AGENCY TO THE COSTA MESA REDEVELOPMENT AGENCY AGENDA REPORT MEETING DATE: January 17, 2017 ITEM NUMBER: CC -9 SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE 17-18 A -B FISCAL PERIOD OF JULY 1, 2017 TO JUNE 30, 2018 DATE: January 3, 2017 FROM: FINANCE DEPARTMENT PRESENTATION BY: COLLEEN O'DONOGHUE, CPA ASSISTANT FINANCE DIRECTOR CONTACT: COLLEEN O'DONOGHUE, CPA ASSISTANT FINANCE DIRECTOR (714)754-5219 RECOMMENDED ACTION Adopt Successor Agency Resolution No. 17-_ approving Recognized Obligation Payment Schedule for the 17-18 A -B Annual Fiscal Period of July 1, 2017 to June 30, 2018 ("ROPS 17-18 A -B"), subject to submittal to and review by the Oversight Board and then DOF. Further, the Assistant Finance Director, in consultation with legal counsel, shall be authorized to request and complete meet and confer session(s), if any, with the DOF and authorized to make augmentations, modifications, additions or revisions as may be necessary or directed by DOF. BACKGROUND AND DISCUSSION The Successor Agency to the Costa Mesa Redevelopment Agency is performing its functions under Division 24, Parts 1.8 and 1.85 of the Health and Safety Code, as amended by Assembly Bill 1484 and other subsequent legislation (together as amended, the "Dissolution Law"), to administer the enforceable obligations and otherwise unwind the former Agency's affairs, all subject to the review and approval by the seven -member Oversight Board. At previous meetings of the Successor Agency, under the Dissolution Law, all prior Recognized Obligation Payment Schedules ("ROPS") were approved and thereafter submitted to the Oversight Board, then to the DOF, and ultimately approved with modifications. Until ROPS 16-17, the prior ROPS were for six-month fiscal periods, but Senate Bill 107 modified the ROPS process and established an annual ROPS; this ROPS 17-18 A -B is the second annual BOPS. Under Section 34171(h), as amended, the ROPS is "the document setting forth the minimum payment amounts and due dates of payments Agenda Report January 17, 2017 Meeting required by enforceable obligations for each fiscal year as provided in subdivision (o) of Section 34177." Under the dates in the Dissolution Law, the Successor Agency is required to consider and adopt the ROPS for the 17-18 A -B fiscal period of July 1, 2017 to June 30, 2018, and submit such approved ROPS 17-18 A -B to the DOF on or before February 1, 2017. Section 34177(1) of Part 1.85, as amended, requires the Successor Agency to take actions with regard to each ROPS as follows: "(1) (1) ... For each recognized obligation, the Recognized Obligation Payment Schedule shall identify one or more of the following sources of payment: (A) Low and Moderate Income Housing Fund. (B) Bond proceeds. (C) Reserve balances. (D) Administrative cost allowance. (E) The Redevelopment Property Tax Trust Fund, but only to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation or by the provisions of this part. (F) Other revenue sources, including rents, concessions, asset sale proceeds, interest earnings, and any other revenues derived from the former redevelopment agency, as approved by the oversight board in accordance with this part. (o) (1) Commencing with the Recognized Obligation Payment Schedule covering the period from July 1, 2016, to June 30, 2017, inclusive, and for each period from July 1 to June 30, inclusive, thereafter, a successor agency shall submit an oversight board -approved Recognized Obligation Payment Schedule to the department and to the county auditor -controller no later than February 1, 2016, and each February 1 thereafter..." The Successor Agency and Oversight Board no longer have to submit separately to the DOF the fiscal year administrative budget that is a part of each ROPS. As of July 1, 2016 and for the first time this annual ROPS 17-18 A -B and all successive ROPS, there is a new calculation for the maximum amount of the administrative cost allowance for the administrative budget under Section 34171(b)(3)(4). The DOF will apply the new formula, which may result in the Successor Agency receiving less than the prior years' allocation of $250,000. Noted too several other Oversight Board actions also do not require submittal to the DOF under amended subsection (h)(1) to Section 34179 that provides: "Without abrogating the department's authority to review all matters related to the Recognized Obligation Payment Schedule pursuant to Section 34177, oversight boards are not required to submit the following oversight board actions for department approval: Agenda Report January 17, 2017 Meeting (A) Meeting minutes and agendas. (B) Administrative budgets. (C) Changes in oversight board members, or the selection of an oversight board chair or vice chair. (D) Transfers of governmental property pursuant to an approved long-range property management plan. (E) Transfers of property to be retained by the sponsoring entity for future development pursuant to an approved long-range property management plan. The ROPS 17-18 A -B is attached to the Successor Agency resolution included with this agenda report. ROPS 17-18 A -B sets forth Enforceable Obligations comparable to those listed in prior ROPS and includes a copy of the FY 17-18 administrative budget. Successor Agency staff is available to explain ROPS 17-18 A -B and answer any questions the Successor Agency may have about this ROPS and related Successor Agency matters. The timing for DOF's review of each annual ROPS is set forth in subsection (o) of Section 34177 that provides: "the department shall make its determination of the enforceable obligations and the amounts and funding sources of the enforceable obligations no later than April 15, 2016, and each April 15 thereafter. Within five business days of the department's determination, a successor agency may request additional review by the department and an opportunity to meet and confer on disputed items, except for those items which are the subject of litigation disputing the department's previous or related determination. An untimely submittal of a Recognized Obligation Payment Schedule may result in a meet and confer period of less than 30 days. The department shall notify the successor agency and the county auditor -controller as to the outcome of its review at least 15 days before the date of the first property tax distribution for that period." Staff recommends that the Successor Agency adopt the attached Resolution approving ROPS 17-18 A -B and authorizing the Assistant Finance Director and her authorized designees to transmit to the Oversight Board for its review and approval, and under the Dissolution Law and concurrently to send a copy of ROPS 17-18 A -B to the DOF, the County Auditor -Controller, the County Administrative Officer, and State Controller's Office as required by the Dissolution Law. Further, the Assistant Finance Director and her authorized designees, in consultation with legal counsel, shall be authorized to request and complete meet and confer session(s) with the DOF and authorized to make augmentations, modifications, additions or revisions as may be necessary or directed by DOF, and changes, if any, will be reported back to the Successor Agency and the Oversight Board. FISCAL AND LEGAL REVIEW The Finance Department staff has worked with the Successor Agency's special counsel Celeste Brady of Stradling Yocca Carlson & Rauth in preparation of this ROPS 17-18 A -B under the Dissolution Law. Agenda Report January 17, 2017 Meeting If the DOF approves the ROPS as submitted, the Successor Agency will receive $956,562.00 (which includes the administrative cost allowance for the administrative budget) for the period July 1, 2017 to June 30, 2018 to pay the Successor Agency's enforceable obligations. CONCLUSION Staff recommends adoption of the attached resolution approving the Successor Agency's ROPS 17-18 A -B for the period July 1, 2017 to June 30, 2018. Thomas R. Hatch City Manager and Executive Director Colleen O'Donoghue Assistant Finance Director Attachments: 1. Recognized Obligations Payment Schedule 17-18 A -B for the Annual Fiscal Period July 1, 2017 to June 30, 2018 including copy of FY 17-18 Administrative Budget 2. Successor Agency Resolution Approving ROPS 17-18 A -B ATTACHMENT Recognized Obligations Payment Schedule 17-18 A -B for the Fiscal Period July 1, 2017 to June 30, 2018 (with Administrative Budget) (attached) Recognized Obligation Payment Schedule (ROPS 17-18) - Summary Filed for the July 1, 2017 through June 30, 2018 Period Successor Agency: Costa Mesa County: Orange 17-1 BA Total 17 -IBB Total Current Period Requested Funding for Enforceable Obligations (ROPS Detail) (July -December) (January - June) ROPS 17-18 Total A Enforceable Obligations Funded as Follows (B+C+D): B Bond Proceeds C Reserve Balance D Other Funds E Redevelopment Property Tax Trust Fund (RPTTF) (F+G): F RPTTF G Administrative RPTTF H Current Period Enforceable Obligations (A+E): 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 Payment Schedule for the above named successor agency. /s/ Name Signature $ 828,562 $ 128,000 $ 985,562 703,562 3,000 706,662 126,000 125,000 250,000 $ 828,562. $ 128,000 $. 956,562 Title Date - Costa Mesa Recognized Obligation Payment Schedule (ROPS 1718) - ROBS Detail July 1, 2017 through June 30, 2018 (Repo Amounts in Whole Dollars) A B C D E F c H I J K L M N o P O R S T ❑ v W Item if Project NamelDebl Ob ligation Obligation Type ConVacUAgreemenl ConlracVAgreemenl Execullon Date Termination Date Payee Project Total Outstentling Description/Projoc(Bcopa Area Debt or Obligation Retired ROP51]-0e Bond Total Proceeds 17-18A JuI -December Fund Sources Reserve Other Admin Balance Funds RPTTF RPTTF P48A Total 17-18B (January -June Fund Sources Bond Reserve Other Admin Proceeds Balance Funds RPTTF RPTTF R-i8B To181 $ 10,077.125 $ 956,562 $ - $ - $ - $ 703,562 $ 125,000 $ 828,582 $ - $ -.a - $ 3,000 $ 125.000 4 126000 1 TAB gfmdr, 2003 Bands Issued On or Before 9125/2003 10/112017 Bank Of New York Bonds issued for non -housing Downtown 704335 N S $ - 2Contract for consulting services Fees 912512003 10/112017 Bank of New York Floor]Aent Servlceao- Annual Downtown 2,500 N $ 2,500 2,500 $ 2,500 $ - 3Contract for consulting services Fees 9/2512003 12/3112018 Bank of New York Arbitrage Calculation- every 5 yre Downtown S,OOo N $ 5,000 5,000 $ 5.000 $ - 4 Contract for consulting services Fees 311/2011 1213112016 Han'ell& Company Advisor LLC Prep Continuing Disclosure Repon- Downtown 3,000 N Annual $ 3,000 $ 3,000 $ 3,000 S Gountp Prpyedgiex(3dm 0 Fee Fea£ i... 111/2012 _ ,' a/30I2024; - CyouoPj of Orange roPady (ax - --N system - - - - 6 Pmmissory Note Payable CitylCounty Loans On or Before 6127/11 9/3011971 613012024 City of Costa Mese Original Loan to establlsh ROA Downtown 9,112,290 N $ 696,062 696,062 $ 696,062 $ - 37 To. found a Cost Admin Costs 111/2012 613012024 Not provided Net previded Downtown 250,000 N $ 250,000 125 000 $ 125,000 125,000 $ 125,000 52 Litigatlon Against DOF & County of Luigi Orange Auditor Controller 711/2013 613012018 Enterprise Counsel Group Litigation against COP & County of Downtown N Orange Auditor Controller denying the RDA loan and action denying certain for payments, $ $ $ 53 Heading Authority April Cost Allowaoce Houpmg Enlly Admin Cast 7/1/2015 10/11201X. Est sIa MleaHPsug'- Authority - CostAllowance Cost. Mess Housng Autflonty Adjplh54 55 N $ $ 5 56 N $ $ $ 67 N $ S $ 58 N S $ 59 N S $ $ 60 N $ $ $ 61 N $ $ $ 62 N $ $ $ 63 N $ $ $ 64 N $ $ $ 65 N $ $ $ 661 N $ $ $ 671 N $ $ S fib N $ $ $ 691 N $ - $$ 70 N $ tt $.. 71 N $ 8 $ 72 N $ $ $. 73 N $ $ $ 74 N $ s $ 75 N $ $ $ 76 N $ $ 7] N $ $ $ 76 N $ $ $ 79 N 5 $ $ EG N $ $ $ 81 N $ 3 $ 821 N $ $ $ 83 N $ $ s 84 N $ $ $ 85 N $ $ $ Be N $ $ a 87 N $ $ $ 88 N $ $ $ 89 N $ $ $ 90 N $ $ $ 91 N $ $ $ 92 N s 5 5 93 __. N $ Costa Mesa Recognized Obligation Payment Schedule (ROPS 17-18) - Report of Cash Balances (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code 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 navment from Drooerty tax revenues is required by an enforceable oblieation. For tion on how to comnlete rhe Rennrt of Cash Ralanres Formsac cash Ralanrp mms ghPP+ A B C D E F G H I Fund Sources Bond Proceeds Reserve Balance Other RPTTF Prior POPS Prior 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 period s) interest, etc. Admin Comments ROPS 15-16B Actuals (01/01/16 - 06/30/16 1 Beginning Available Cash Balance (Actual 01/01/16) REPS 14-158 Excess Cash- applied to ROPS 15-16B ($68,828) ROPE 15-16A Excess Cash -will applyfuture ROPS RRPTiF distribution (5621+$633 = $1,254) 704,335 633 69,449 2 Revenue/Income(Actual 06/30/16) AS 1484 requires 20%($162, 275) of any loan RPTTF amounts should tie to the ROPS 15-16B distribution from the repayment to be deducted from loan repayment County Auditor- Controller during June 2016 amount ($811,375) and transferred to LMI Housing Assets Fund per HSC 34191.4 (s)(2)(c). 85 91,797 3 Expenditures for REPS 15-16B Enforceable Obligations (Actual 06/30/16) 159,575 4 Retention of Available Cash Balance (Actual 06/30/16) RPTTF amount retained should only include the amounts distributed as _ reserve for future periadep 5 ROPS 15-16B RPTTF Balances Remaining No entry required 6 Ending Actual Available Cash Balance C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 - 5) $621 REPE15-06A Excess Cash -will apply to future SOPS 51,650 ROPS 15-16B Excess Cash -will apply to future ROPS $ 704,335 $ - $ - $ - $ 718 $ 7,671 Costa Mesa Recognized Obligation Payment Schedule (ROPS 17-18) - Notes July 1, 2017 through June 30, 2018 Item # Notes/Comments 6 The outstanding loan balance of $9,112,289.89 is comprised of $8,427,874.85 In principal and $684,415.04 in unpaid accumulated 3% simple interest from 08/01/2014 to 06/30/2017 pursuant to HSC section 34191.4 subsection (b)(3). SUCCESSOR AGENCY ADMINISTRATIVE BUDGET 07/01/2017-06/30/2018 Personnel Expenditures Department City Manager Office City Manager Office Finance Finance Finance Finance Position City Clerk $ Deputy City Clerk $ Accounting Specialist II $ Budget Analyst $ Accounting Supervisor $ Asst Fin Director $ Other Administrative Expenditures for period 07/01/2017-06/30/2018 Department Activity Finance Accounting/Audit Services Development Services Legal - Stradling Yocca Carlson & Rauth Development Services Lawsuit Legal - Enterprise Counsel Group Development Services Consulting Admin Services Central Services & Postage Total Other Expenditures * Estimated as of December 2016 Annual Wages Percent to Benefits. etc. * S.A. Admin 187,822.00 20% 104,554.00 5% 97,290.00 5% 143,394.00 10% 148,922.00 20% 206,671.00 25% Total Personnel Expenditures $ 143,448.15 Annual S.A. Admin Costs 07/01/2017 - 06/30/2018 $ 37,564.40 $ 5,227.70 $ 4,864.50 $ 14,339.40 $ 29,784.40 $ 51,667.75 $ 143,448.15 Total Aunnual Administrative Budget $ 250,000.00 Annual Costs Annual S.A. Percent to 07/01/2017 - Admin Costs S.A. Admin 06/30/2018 $ 7,875.00 100% $ 7,875.00 $ 80,000.00 100% $ 80,000.00 $ 18,250.00 100% $ 18,250.00 $ 350.00 100% $ 350.00 $ 76.85 100% $ 76.85 $ 106,551.85 $ 106,551.85 Total Aunnual Administrative Budget $ 250,000.00 ATTACHMENT Successor Agency Resolution No. 17-_ Approving Recognized Obligations Payment Schedule 17-18 A -B for the Fiscal Period July 1, 2017 to June 30, 2018, including FY 17-18 Administrative Budget (attached) SUCCESSOR AGENCY RESOLUTION NO. 17- A RESOLUTION OF THE SUCCESSOR AGENCY TO THE COSTA MESA REDEVELOPMENT AGENCY APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE 17-18 A -B FOR THE ANNUAL FISCAL PERIOD OF JULY 1, 2017 TO JUNE 30, 2018, INCLUDING THE FY 17-18 ADMINISTRATIVE BUDGET, SUBJECT TO SUBMITTAL TO, AND REVIEW BY THE OVERSIGHT BOARD AND THE DOF UNDER CALIFORNIA HEALTH AND SAFETY CODE, DIVISION 24, PART 1.85; AND, AUTHORIZING THE POSTING AND TRANSMITTAL THEREOF WHEREAS, the former Costa Mesa Redevelopment Agency ("former Agency") was established as a redevelopment agency that was previously organized and existing under the California Community Redevelopment Law, Health and Safety Code Section 33000, et seq., and previously authorized to transact business and exercise powers of a redevelopment agency pursuant to action of the City Council of the City of Costa Mesa ("Citi"); and WHEREAS, Assembly Bill x1 26 added Parts 1.8 and 1.85 to Division 24 of the California Health and Safety Code, which caused the dissolution of all redevelopment agencies and wind down of the affairs of former agencies, including as such laws were amended by Assembly Bill 1484 and by other subsequent legislation (together, as amended, the "Dissolution Law"); and WHEREAS, as of February 1, 2012 the former Agency was dissolved under the Dissolution Law, and as a separate public entity, corporate and politic the Successor Agency to the Costa Mesa Redevelopment Agency ("Successor Agency") administers the enforceable obligations of the former Agency and otherwise unwinds the former Agency's affairs, all subject to the review and approval by a seven -member oversight board ("Oversight Board"); and WHEREAS, under Section 34179 the Successor Agency's Oversight Board was formed and its initial meeting occurred on April 19, 2012; and WHEREAS, Section 34179 provides that the Oversight Board has fiduciary responsibilities to holders of enforceable obligations and the taxing entities that benefit from distributions of property tax and other revenues under Section 34188 of Part 1.85 of the Dissolution Law; and WHEREAS, Sections 34177(m), 34177(0) and 34179 provide that each ROPS is submitted to, reviewed and approved by the Successor Agency and then reviewed and approved by the Oversight Board before final review and approval by the State Department of Finance ("DOF"); and WHEREAS, Section 34177(0) of the Dissolution Law requires that the annual ROPS for the 17-18 A -B fiscal period of July 1, 2017 to June 30, 2018 ("ROPS 17-18 A -B") be submitted to the DOF by the Successor Agency, after approval by the Oversight Board, no later than February 1, 2017; and WHEREAS, under Sections 34179.6 and 34177(k)(2)(B) of the Dissolution Law, the Successor Agency is required to submit a copy of the ROPS 17-18 A -B to the County Administrative Officer ("CAO"), the County Auditor -Controller ("CAC"), the State Controller's Office ("SCO") and the DOF at the same time that the Successor Agency submits such ROPS to the Oversight Board for review; and WHEREAS, the Successor Agency has reviewed ROPS 17-18 A -B, including the administrative budget for FY 17-18, submitted herewith and desires to approve the ROPS and authorize Successor Agency staff, to transmit the ROPS to the Oversight Board for review and action and send copies of such ROPS to the CAO, CAC, SCO and DOF; and WHEREAS, the Successor Agency shall post the ROPS 17-18 A -B on the Successor Agency website www.costamesaca.gov. NOW, THEREFORE, BE IT RESOLVED BY THE SUCCESSOR AGENCY TO THE COSTA MESA REDEVELOPMENT AGENCY: Section 1. The foregoing recitals are incorporated into this Resolution by this reference, and constitute a material part of this Resolution. Section 2. The Successor Agency approves ROPS 17-18 A -B submitted herewith as Attachment 1, along with the FY 17-18 administrative budget that is included therewith, which schedule is incorporated herein by this reference, all under the requirements of the Dissolution Law; provided however, that the ROPS 17-18 A -B is approved subject to the condition such ROPS 17-18 A -B is to be transmitted to the Oversight Board for review and approval and a copy of such ROPS 17-18 A -B shall concurrently be sent to the CAO, CAC, SCO, and DOF. Further, the Assistant Finance Director (and her authorized designee), in consultation with legal counsel, shall be authorized to request and complete meet and confer session(s), if any, with the DOF and authorized to make augmentations, modifications, additions or revisions as may be necessary or directed by DOF. Section 3. After approval by the Oversight Board, the Successor Agency authorizes transmittal of the approved ROPS 17-18 A -B again to the CAC, SCO and DOF. Section 4. The Assistant Finance Director of the Successor Agency or an authorized designee is directed to post this Resolution, including the ROPS 17-18 A -B, on the Successor Agency website (www.costamesaca.4ov) under the Dissolution Law. Section 5. The Secretary of the Successor Agency shall certify to the adoption of this Resolution. APPROVED AND ADOPTED this 17th day of January 2017 Katrina Foley, Chair Successor Agency to the Costa Mesa Redevelopment Agency (SEAL) ATTEST: Brenda Green, Secretary Successor Agency to the Costa Mesa Redevelopment Agency STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss. CITY OF COSTA MESA ) I, Brenda Green, Secretary of the Successor Agency to the Costa Mesa Redevelopment Agency, hereby certify that the foregoing resolution was duly adopted by the Successor Agency at a regular meeting held on the 17th day of January 2017, and that it was so adopted by the following vote: AYES: NOES: ABSENT: ABSTAIN: Brenda Green, Secretary Successor Agency to the Costa Mesa Redevelopment Agency (SEAL) ATTACHMENT 1 to Successor Agency Resolution No. 17 - RECOGNIZED OBLIGATION PAYMENT SCHEDULE 17-18 A -B FOR PERIOD JULY 1, 2017 TO JUNE 30, 2018, WITH FY 17-18 ADMINISTRATIVE BUDGET (attached) Recognized Obligation Payment Schedule (ROPS 17-18) - Summary Filed for the July 1, 2017 through June 30, 2018 Period Successor Agency: Costa Mesa County: Orange 17-1 BA Total 17 -IBB Total Current Period Requested Funding for Enforceable Obligations (ROPS Detail) (July -December) (January - June) ROPS 17-18 Total A Enforceable Obligations Funded as Follows (B+C+D): B Bond Proceeds C Reserve Balance D Other Funds E Redevelopment Property Tax Trust Fund (RPTTF) (F+G): F RPTTF G Administrative RPTTF H Current Period Enforceable Obligations (A+E): 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 Payment Schedule for the above named successor agency. /s/ Name Signature $ 828,562 $ 128,000 $ 985,562 703,562 3,000 706,662 126,000 125,000 250,000 $ 828,562. $ 128,000 $. 956,562 Title Date - Costa Mesa Recognized Obligation Payment Schedule (ROPS 1718) - ROBS Detail July 1, 2017 through June 30, 2018 (Repo Amounts in Whole Dollars) A B C D E F c H I J K L M N o P O R S T ❑ v W Item if Project NamelDebl Ob ligation Obligation Type ConVacUAgreemenl ConlracVAgreemenl Execullon Date Termination Date Payee Project Total Outstentling Description/Projoc(Bcopa Area Debt or Obligation Retired ROP51]-0e Bond Total Proceeds 17-18A JuI -December Fund Sources Reserve Other Admin Balance Funds RPTTF RPTTF P48A Total 17-18B (January -June Fund Sources Bond Reserve Other Admin Proceeds Balance Funds RPTTF RPTTF R-i8B To181 $ 10,077.125 $ 956,562 $ - $ - $ - $ 703,562 $ 125,000 $ 828,582 $ - $ -.a - $ 3,000 $ 125.000 4 126000 1 TAB gfmdr, 2003 Bands Issued On or Before 9125/2003 10/112017 Bank Of New York Bonds issued for non -housing Downtown 704335 N S $ - 2Contract for consulting services Fees 912512003 10/112017 Bank of New York Floor]Aent Servlceao- Annual Downtown 2,500 N $ 2,500 2,500 $ 2,500 $ - 3Contract for consulting services Fees 9/2512003 12/3112018 Bank of New York Arbitrage Calculation- every 5 yre Downtown S,OOo N $ 5,000 5,000 $ 5.000 $ - 4 Contract for consulting services Fees 311/2011 1213112016 Han'ell& Company Advisor LLC Prep Continuing Disclosure Repon- Downtown 3,000 N Annual $ 3,000 $ 3,000 $ 3,000 S Gountp Prpyedgiex(3dm 0 Fee Fea£ i... 111/2012 _ ,' a/30I2024; - CyouoPj of Orange roPady (ax - --N system - - - - 6 Pmmissory Note Payable CitylCounty Loans On or Before 6127/11 9/3011971 613012024 City of Costa Mese Original Loan to establlsh ROA Downtown 9,112,290 N $ 696,062 696,062 $ 696,062 $ - 37 To. found a Cost Admin Costs 111/2012 613012024 Not provided Net previded Downtown 250,000 N $ 250,000 125 000 $ 125,000 125,000 $ 125,000 52 Litigatlon Against DOF & County of Luigi Orange Auditor Controller 711/2013 613012018 Enterprise Counsel Group Litigation against COP & County of Downtown N Orange Auditor Controller denying the RDA loan and action denying certain for payments, $ $ $ 53 Heading Authority April Cost Allowaoce Houpmg Enlly Admin Cast 7/1/2015 10/11201X. Est sIa MleaHPsug'- Authority - CostAllowance Cost. Mess Housng Autflonty Adjplh54 55 N $ $ 5 56 N $ $ $ 67 N $ S $ 58 N S $ 59 N S $ $ 60 N $ $ $ 61 N $ $ $ 62 N $ $ $ 63 N $ $ $ 64 N $ $ $ 65 N $ $ $ 661 N $ $ $ 671 N $ $ S fib N $ $ $ 691 N $ - $$ 70 N $ tt $.. 71 N $ 8 $ 72 N $ $ $. 73 N $ $ $ 74 N $ s $ 75 N $ $ $ 76 N $ $ 7] N $ $ $ 76 N $ $ $ 79 N 5 $ $ EG N $ $ $ 81 N $ 3 $ 821 N $ $ $ 83 N $ $ s 84 N $ $ $ 85 N $ $ $ Be N $ $ a 87 N $ $ $ 88 N $ $ $ 89 N $ $ $ 90 N $ $ $ 91 N $ $ $ 92 N s 5 5 93 __. N $ Costa Mesa Recognized Obligation Payment Schedule (ROPS 17-18) - Report of Cash Balances (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code 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 navment from Drooerty tax revenues is required by an enforceable oblieation. For tion on how to comnlete rhe Rennrt of Cash Ralanres Formsac cash Ralanrp mms ghPP+ A B C D E F G H I Fund Sources Bond Proceeds Reserve Balance Other RPTTF Prior POPS Prior 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 period s) interest, etc. Admin Comments ROPS 15-16B Actuals (01/01/16 - 06/30/16 1 Beginning Available Cash Balance (Actual 01/01/16) REPS 14-158 Excess Cash- applied to ROPS 15-16B ($68,828) ROPE 15-16A Excess Cash -will applyfuture ROPS RRPTiF distribution (5621+$633 = $1,254) 704,335 633 69,449 2 Revenue/Income(Actual 06/30/16) AS 1484 requires 20%($162, 275) of any loan RPTTF amounts should tie to the ROPS 15-16B distribution from the repayment to be deducted from loan repayment County Auditor- Controller during June 2016 amount ($811,375) and transferred to LMI Housing Assets Fund per HSC 34191.4 (s)(2)(c). 85 91,797 3 Expenditures for REPS 15-16B Enforceable Obligations (Actual 06/30/16) 159,575 4 Retention of Available Cash Balance (Actual 06/30/16) RPTTF amount retained should only include the amounts distributed as _ reserve for future periadep 5 ROPS 15-16B RPTTF Balances Remaining No entry required 6 Ending Actual Available Cash Balance C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 - 5) $621 REPE15-06A Excess Cash -will apply to future SOPS 51,650 ROPS 15-16B Excess Cash -will apply to future ROPS $ 704,335 $ - $ - $ - $ 718 $ 7,671 Costa Mesa Recognized Obligation Payment Schedule (ROPS 17-18) - Notes July 1, 2017 through June 30, 2018 Item # Notes/Comments 6 The outstanding loan balance of $9,112,289.89 is comprised of $8,427,874.85 In principal and $684,415.04 in unpaid accumulated 3% simple interest from 08/01/2014 to 06/30/2017 pursuant to HSC section 34191.4 subsection (b)(3). SUCCESSOR AGENCY ADMINISTRATIVE BUDGET 07/01/2017-06/30/2018 Personnel Expenditures Department City Manager Office City Manager Office Finance Finance Finance Finance Position City Clerk $ Deputy City Clerk $ Accounting Specialist II $ Budget Analyst $ Accounting Supervisor $ Asst Fin Director $ Other Administrative Expenditures for period 07/01/2017-06/30/2018 Department Activity Finance Accounting/Audit Services Development Services Legal - Stradling Yocca Carlson & Rauth Development Services Lawsuit Legal - Enterprise Counsel Group Development Services Consulting Admin Services Central Services & Postage Total Other Expenditures * Estimated as of December 2016 Annual Wages Percent to Benefits. etc. * S.A. Admin 187,822.00 20% 104,554.00 5% 97,290.00 5% 143,394.00 10% 148,922.00 20% 206,671.00 25% Total Personnel Expenditures $ 143,448.15 Annual S.A. Admin Costs 07/01/2017 - 06/30/2018 $ 37,564.40 $ 5,227.70 $ 4,864.50 $ 14,339.40 $ 29,784.40 $ 51,667.75 $ 143,448.15 Total Aunnual Administrative Budget $ 250,000.00 Annual Costs Annual S.A. Percent to 07/01/2017 - Admin Costs S.A. Admin 06/30/2018 $ 7,875.00 100% $ 7,875.00 $ 80,000.00 100% $ 80,000.00 $ 18,250.00 100% $ 18,250.00 $ 350.00 100% $ 350.00 $ 76.85 100% $ 76.85 $ 106,551.85 $ 106,551.85 Total Aunnual Administrative Budget $ 250,000.00