HomeMy WebLinkAbout08 - CC-8 - Obligation Payment Schedule for 16-17 Fi - 1/19/2016 (2)SUCCESSOR AGENCY TO THE COSTA MESA
REDEVELOPMENT AGENCY
AGENDA REPORT
MEETING DATE: January 19 2016 ITEM NUMBER: CC -8
SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE 16-17 A -B
FISCAL PERIOD OF JULY 1, 2016 TO JUNE 30, 2017
DATE: January 7, 2016
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. 16 -XX Approving the Recognized Obligation
Payment Schedule for the 16-17 A -B annual fiscal period of July 1, 2016 to June 30, 2017
("ROPS 16-17 A -B"), subject to submittal to and review by the Oversight Board and then by
the State Department of Finance ("DOF"), and authorizing posting and transmittal thereof.
Further, the Assistant Finance Director, 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.
BACKGROUND AND DISCUSSION
The Successor Agency to the Costa Mesa Redevelopment Agency is performing its functions
under the Dissolution Law, Parts 1.8 and 1.85 of the Health and Safety Code, as amended
by Assembly Bill 1484 and other subsequent legislation including most recently by Senate
Bill 107 effective on September 22, 2015 ("SB 107") (together, "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, pursuant to the Dissolution Law, all prior
Recognized Obligation Payment Schedules ("ROPS") were approved and thereafter
submitted to the DOF, and ultimately approved with modifications. All prior ROPS were for
six-month fiscal periods, but SB 107 modified the ROPS process and establishes an annual
ROPS, and this ROPS 16-17 A -B is the first of these annual ROPS. Under Section 34171(h)
of Part 1.85, as amended by SB 107, the ROPS is "the document setting forth the minimum
payment amounts and due dates of payments 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 16-17 A -B fiscal period of July 1, 2016 to June 30, 2017, and submit
such approved ROPS 16-17 A -B to the DOF on or before February 1, 2016.
Section 34177(1) of Part 1.85, as amended by SB 107, 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..."
SB 107 also made other administrative changes, including that the Successor Agency and
Oversight Board no longer have to submit separately to the DOF the administrative budget
that is a part of each ROPS. New subsection (h)(1) to Section 34179 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:
(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 draft ROPS 16-17 A -B attached to the Successor Agency resolution included with this
agenda report sets forth comparable listings of the Enforceable Obligations listed in prior
ROPS and includes a copy of the FY 16-17 administrative budget of $250,000. Successor
Agency staff is available to explain ROPS 16-17 A -B and answer any questions the Board
may have about this ROPS and related Successor Agency matters.
The timing for DOF's review of each annual ROPS also was amended by SB 107. Now, new
subsection (o) of Section 34177 provides that for each ROPS:
"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 16-17 A -B and authorizing the Assistant Finance Director and her authorized
designees to transmit to the Oversight Board for its review and approval, and pursuant to the
Dissolution Law and concurrently to send a copy of ROPS 16-17 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
Stradling Yocca Carlson & Rauth in preparation of this ROPS 16-17 A -B pursuant to the
Dissolution Law.
If the DOF approves the ROPS as submitted, the Successor Agency will receive $1,721,251
(which includes the $250,000 for administrative expenses) for the period July 1, 2016 to June
30, 2017 to pay the Successor Agency's enforceable obligations.
CONCLUSION
Staff recommends adoption of the attached resolution approving the Successor Agency's
ROPS 16-17 A -B for the period July 1, 2016 to June 30, 2017.
Thomas R. Hatch
Chief Executive Officer
and Executive Director
Colleen O'Donoghue
Assistant Finance Director
Attachments:
1. Recognized Obligations Payment Schedule 16-17 A -B for the Annual Fiscal Period
July 1, 2016 to June 30, 2017 including copy of FY 16-17 Administrative Budget
2. Successor Agency Resolution Approving ROPS 16-17 A -B
ATTACHMENT
Recognized Obligations Payment Schedule 16-17 A -B
for the Fiscal Period July 1, 2016 to June 30, 2017
(attached)
Recognized Obligation Payment Schedule (ROPS 16-17) - Summary
Filed for the July 1, 2016 through June 30, 2017 Period
Successor Agency: Costa Mesa
County: Orange
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
Title
Date
ROPE 16-17
Current Period Requested Funding for Enforceable Obligations (ROPS Detail)
16-17A Total
16-17B Total
Total
Enforceable Obligations Funded with Non -Redevelopment Property Tax Trust Fund (RPTTF) Funding
A
Sources (B+C+D):
$ 633
$ -
$ 633
B
Bond Proceeds Funding
-
-
-
C
Reserve Balance Funding
-
-
-
D
Other Funding
633
-
633
E
Enforceable Obligations Funded with RPTTF Funding (F+G):
$ 1,605,868
$ 144,750
$ 1,750,618
F
Non -Administrative Costs
1,480,568
19,750
1,500,618
G
Administrative Costs
125,000
125,000
250,000
H
Current Period Enforceable Obligations (A+E):
$ 1,606,501
$ 144,750
$ 1,751,251_
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
Title
Date
54 N
$ -
$ -
Costa Mesa Recognized Obligation Payment Schedule (ROPS 16-17) - ROPS Detail
N
$ -
$ -
$
July 1, 2016 through June 30, 2017
$ -
$ -
$ -
57 N
$
$ -
$
58 N
$
$ -
$
59 N
(Report Amounts in Whole Dollars)
$ -
$ -
60 N
$ -
$ -
$ -
61 N
$ -
$ -
A B
C
D
E
F
G H I J
K L
M
N
O
P
Q
R
S
T
U
V
W
$ -
$ -
$ -
65
66 N
$ -
$ -
$
16-17A
N
$ -
$ -
16.17B
67
N
$ -
$ -
$
68
Non -Redevelopment
Property Tax
69
70 N
$ -
$ -
Non -Redevelopment Property Tax
71 N
$ -
$ -
$
72 N
$ -
$ -
$
Trust Fund
$
$ -
$
Trust Fund
73
74 N
$ -
$ -
$
75 N
$ -
$
N
$
Non-RPTTF
RPTTF
76
N
Non-RPTTF
$ _
RPTTF
77
N
Item
$ -
Contract/Agreement
Contract/Agreement
78
Total Outstanding
ROPS 16-17 Bond
Reserve Other
79
N
16-17A
Bond Reserve
Other
80
N
16-17B
$ -
# Project Name/Debt Obligation
Obligation Type
Execution Date
Termination Date
Payee
Description/Project Scope Project Area Debt or Obligation Retired
Total Proceeds
Balance Funds
Non -Admin
Admin
Total
Proceeds Balance
Funds
Non -Admin
Admin
Total
84
N
$ -
$ -
$ -
$ 11,300,455
$ 1,751,251 $ - $ - $ 633
$ 1,480,868 $
125,000 $
1,606,501
$ - $ -
$ -
$ 19,750 $ 125,000 $
144,'
1 TAB Refunding 2003
Bonds Issued On or Before
9/25/2003
10/1/2017
Bank of New York
Bonds issued for non -housing projects Downtown 1,371,125 N
$ 684,375
$ -
667,625
$
667,625
$ -
$ -
16,750
$
16
12/31/10
2 Contract for consulting services
Fees
9/25/2003
10/1/2017
Bank of New York
Fiscal Agent Services- Annual Downtown 2,500 N
$ 2,500
633
1,867
$
2,500
$
3 Contract for consulting services
Fees
9/25/2003
12/31/2018
Bank of New York
Arbitrage Calculation- every 5 yrs Downtown 3,000 N
$ -
$
-
$
41 Contract for consulting services
Fees
3/1/2011
12/31/2018
8
Prep Continuing Disclosure Report- Downtown 3,000 N
$ 3,000
$
-
3,000
$
3
54 N
$ -
$ -
N
$ -
$ -
$
55
56 N
$ -
$ -
$ -
57 N
$
$ -
$
58 N
$
$ -
$
59 N
$ -
$ -
$ -
60 N
$ -
$ -
$ -
61 N
$ -
$ -
$
62 N
$ -
$ -
$ -
63 N
$
$ -
$
64 N
$ -
$ -
$
N
$ -
$ -
$ -
65
66 N
$ -
$ -
$
N
$ -
$ -
$ -
67
N
$ -
$ -
$
68
$
69
70 N
$ -
$ -
$
71 N
$ -
$ -
$
72 N
$ -
$ -
$
N
$
$ -
$
73
74 N
$ -
$ -
$
75 N
$ -
$
N
$
$ -
$
76
N
$ -
$ _
$ -
77
N
$ -
$ -
$ -
78
$
79
N
$ -
$ -
$ -
80
N
$ -
$ -
$
81
N
$ -
$ -
$
82
N
$ -
$ -
$ -
83
N
$ -
$ -
$ -
84
N
$ -
$ -
$ -
85
86 N
$ -
$ -
$
87-
N
$ -
$ -
$
88
89 N
$ -
$ -
$ -
90 N
$ -
$ -
$
Costa Mesa Recognized Obligation Payment Schedule (ROPS 16-17) - 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 RODS, 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 CASH BALANCE TIPS SHEET
A
B
C
D
E I
F
G
H
I
Fund Sources
Bond Proceeds
Reserve Balance
Other
RPTTF
Prior ROPS
Prior ROPS
period balances
RPTTF
Bonds issued
Bonds issued
and DDR RPTTF
distributed as
Rent,
Non -Admin
on or before
on or after
balances
reserve for future
grants,
and
Cash Balance Information by RODS Period 1
12/31/10 1
01/01/11 1
retained
period(s)
interest, etc.
Admin
Comments
RODS 15-16A Actuals (07/01/15 - 12131/15)
1
Beginning Available Cash Balance (Actual 07101/15)
$68,828 14-15B Excess Cash -will apply to ROPS 15-16B
$83,970 13-14A Excess Cash- applied to ROPS 15-16A.
The amount had been deducted from ROPS 15-16A RPTTF
distributed in June 2015.
$111,595 Other funding Source reported on prior BOPS,
applied to ROPS 15-16A. The amount had deducted from
ROPS15-16A RPTTF distributed in June 2015
704,335
264,393
2
Revenue/Income (Actual 12/31115)
AB 1484 requires 20% ($71,935) of any loan
RPTTF amounts should tie to the ROPS 15-16A distribution from the
repayment be deducted from loan repayment
County Auditor -Controller during June 2015
amount ($359,675) and transferred to LMI
633
1,021,435
Housing Assets Fund per HSC 34191.4(s)(2)(c)
3
Expenditures for RODS 15-16A Enforceable Obligations (Actual
12131/15)
633
1,215,746
4
Retention of Available Cash Balance (Actual 12/31/15)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
5
ROPS 15-16A 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)
ROPS 14-15B Excess Cash- will appy to ROPS 15-16B ($68,828)
$ 704,335
$ -
$ -
$ -
$ -
$ 70,082
ROPS 15-16A Excess Cash -will appy to BOPS 16-17 ($621)
ROPS 15-16B Estimate (01101/16 - 06/30116)
7
Beginning Available Cash Balance (Actual 01/01/16)
(C, D, E, G=4+6, F = H4+ F4 + F6, and H=5+6)
$ 704,335
$ -
$ -
$ -
$ -
$ 70,082
8
Revenue/income (Estimate 06/30/16)
RPTTF amounts should tie to the ROPS 15-16B distribution from the
County Auditor -Controller during January 2016
91,797
9
Expenditures for ROPS 15-16B Enforceable Obligations (Estimate
06130116)
160,625
10
Retention of Available Cash Balance (Estimate 06/30/16)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
11
Ending Estimated Available Cash Balance (7 + 8 - 9 -10)
$ 704,335
$ -
$ -
$ -
$ -
$ 1,254
Costa Mesa Recognized Obligation Payment Schedule (ROPS 16-17) - Notes July 1, 2016 through June 30, 2017
Item # Notes/Comments
6 The outstanding loan balance of $9,670,930 is comprised of $9,239,251 in principal and $431,579 in unpaid accumulated 3% simple interest from 08/01/2014 to
06/30/2016 pursuant to HSC section 34191.4 subsection (b)(3).
ATTACHMENT 2
Successor Agency Resolution No. 16 -XX Approving Recognized Obligations
Payment Schedule 16-17 A -B for the Fiscal Period July 1, 2016 to June 30, 2017,
Including FY 16-17 Administrative Budget
(attached)
SUCCESSOR AGENCY RESOLUTION NO. 16 -XX
A RESOLUTION OF THE SUCCESSOR AGENCY TO THE COSTA MESA
REDEVELOPMENT AGENCY APPROVING THE RECOGNIZED OBLIGATION
PAYMENT SCHEDULE 16-17 A -B FOR THE ANNUAL FISCAL PERIOD OF JULY 1,
2016 TO JUNE 30, 2017, INCLUDING THE FY 16-17 ADMINISTRATIVE BUDGET,
SUBJECT TO SUBMITTAL TO, AND REVIEW BY THE OVERSIGHT BOARD AND
THE DOF PURSUANT TO CALIFORNIA HEALTH AND SAFETY CODE, DIVISION 24,
PART 1.85; 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
("City'); 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, and most recently
by Senate Bill 107 (together, the "Dissolution Law"); and
WHEREAS, as of February 1, 2012 the former Agency was dissolved pursuant to
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, pursuant to Section 34179 the Successor Agency's Oversight Board
has been 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 pursuant to 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 16 17 A -B fiscal period of July 1, 2016 to June 30, 2017 (`BOPS 16-17 A-
B") shall be submitted to the DOF by the Successor Agency, after approval by the
Oversight Board, no later than February 1, 2016; and
WHEREAS, pursuant to Sections 34179.6 and 34177(k)(2)(B) of the Dissolution
Law, the Successor Agency is required to submit a copy of the ROPS 16-17 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 16-17 A -B, including the
FY 16-17 administrative budget, 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 16-17 A -B on the
Successor Agency website.
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. Pursuant to the Dissolution Law, the Successor Agency approves the
ROPS 16-17 A -B submitted herewith as Attachment 1, along with the FY 16-17
administrative budget that is included therewith, which schedule is incorporated herein by
this reference; provided however, that the ROPS 16-17 A -B is approved subject to the
condition such ROPS 16-17 A -B is to be transmitted to the Oversight Board for review
and approval and a copy of such ROPS 16-17 A -B shall concurrently be sent to the CAO,
CAC, SCO, and DOF. Further, the Assistant Finance Director, 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.
Section 3. After approval by the Oversight Board, the Successor Agency authorizes
transmittal of the approved ROPS 16-17 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 16-17 A -B, on the
Successor Agency website pursuant to the Dissolution Law.
Section 5. The Secretary of the Successor Agency shall certify to the adoption of this
Resolution.
APPROVED AND ADOPTED this 1gth day of January 2016.
Stephen M. Mensinger, Chair
Successor Agency to the Costa Mesa
Redevelopment Agency
ATTEST:
Brenda Green, Secretary
Successor Agency to the Costa Mesa Redevelopment Agency
(SEAL)
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 1 gth day of January 2016, and
that it was so adopted by the following vote:
AYES:
COUNCIL MEMBERS:
NOES:
COUNCIL MEMBERS:
ABSENT:
COUNCIL MEMBERS:
ABSTAIN:
COUNCIL MEMBERS:
IN WITNESS WHEREOF, I have hereby set my hand and affixed the seal of the
City of Costa Mesa this 20th day of January, 2016.
Brenda Green, Secretary
Successor Agency to the Costa Mesa
Redevelopment Agency
(SEAL)
APPROVED AS TO FORM:
Celeste Stahl Brady, Special Counsel
ATTACHMENT
to Successor Agency Resolution No. 16 -XX
RECOGNIZED OBLIGATION PAYMENT SCHEDULE 16-17 A -B
FOR PERIOD JULY 1, 2016 TO JUNE 30, 2017, INCLUDING COPY OF FY 16-17
ADMINISTRATIVE BUDGET
(attached)
Recognized Obligation Payment Schedule (ROPS 16-17) -Summary
Filed for the July 1, 2016 through June 30, 2017 Period
Successor Agency: Costa Mesa
County: Orange
ROPS 16-17
Current Period Requested Funding for Enforceable Obligations (BOPS Detail) 16-17A Total 164713 Total T t I
Enforceable Obligations Funded with Non -Redevelopment Property Tax Trust Fund (RPTTF) Funding
A Sources (B+C+D): $ 633 $ - $ 633
B Bond Proceeds Funding _ _
C Reserve Balance Funding - _ _
D Other Funding
E Enforceable Obligations Funded with RPTTF Funding (F+G):
F Non -Administrative Costs
G Administrative Costs
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, Is/
Name
Signature
633 633
$ 1,605,868 $ 144,750 $ 1,750,618
1,480,868 19,750 1,500,618
125,000 125,000 250,000
$ 1,606,501 $ 144,750 $ 1,751,251
Title
Dale
Costa Mesa Recognized Obligation Payment Schedule (RQ
July 1, 2016 through June 30, 2017
(Report Amounts in Whole Dollars
A B C
0
E F
G H I
J
K L M
N
0
P
❑
R
5
T
u
V
W
Item
# Phil N.e lOaht Ohli atlon Obligation Type
ConUacVAgreemenl
Execution Date
ConlracVAgreemepl
Tomdnation Dale Payee
Toler Outstanding
Descd i.rtPmjecl Scope Project Ares Debt or Obligation
Retired
16-17A
Non -Redevelopment Properly Tax
Trust Fund
NCRRPTTF
ROPS 184] Band Reserve Other
Total Proceeds Balance Fund.
RPTTF
Non -Admin Admin
1847A
Total
16-17B
Non -Redevelopment Property Tax
Trust Fund
Non-RPTTF RPTTF
Bond Reserve Olhef
Pmceeds Balance Fund, Non -Admin Admin
ifi-1]B
Total
$ 11,300,455
$ 1,]51,251 $ - $ - $ 633
$ 1,480,066
$ 125,000 $
1,606,501
$ $ . $ -. $ 19,750 §- 125,000
g
144750
1 TAB Refunding 2003 Bonds Issued On of Before
12/31/10
012512003
1011/2017 Bank of Nov,, York
Bonds Issued for naro-houslpg projects DowNown 1,371,125
N
$ 634,375
667,625
$
667,626
16,750
$
16,]50
2 Contract for consulting servicas Fees
812512003
101112017 Bank of New York
Fiscal Agent Services- Annual Oawnlawn 2,500
N
$ 2,500 633
1,867
$
2,500
g
3ConVacl for consulting services Fees
9125/2003
12/3112018 Bank of New York
Arbitrage Calculation. every 5yrs Downtown 3,000
N
$
$
§
4 Contract for consulting services Fees
3/112011
12/3112018 8
Prep Continuing Disclosure Report- Downime 3,000
Annual
N
$ 3,000
$
3,000
$
3,Oo0
Cour, 'lope axal'iae Fees:'^-=� -'f: -i7702irsk
� ,+r'-ry, .P tIY�' rrlA `P.�
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8/30/2024';% C n1 ,A[Q2}ige �i Cfiaiefor minis(arfn pm rtylan r -+'a"-"<-
®^,r➢ ..r Ie.YU" .-::.u?k s.?� a ]tam ...� R� � 'f -x -
-
-
6PmmissoryNotepayable Clly/County Loans On Or
Before W27I11
813011071
6/3012024 Cay, of Costa Mesa
Oil Loan to establish RDA Downtown 9,870,830
N
8 811,376
811,376
$
811,376
-
37 Adminishativa Cast Admin Casts
1/1/2012
613012024 Not provided
Not provided Downtown 250,000
N
$ 250,000
126,000 $
125,000
125,000.
—!$-----J-25
$
125000
52 Litlgation Against DOF&County of Litigation
Orange Auditor Controller
7192013
6130/2018 EnlsPnse Counsel Group
Llligation against DOF&County of Dawnlown
Orange Auditor Controller denying the
RDA loan and action denying certain
pdorpaymente.
N
$
$
$
-
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58
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Costa Mesa Recognized Obligation Payment Schedule (ROPS 16-17) - Report of Cash Balances
IRenort Amounts in Winnie (hila rcl
Pursuant to Health and Safety Code section 34177 (I), Redevelopment Property Tax Trust Fund (RPTTF) maybe listed as a source of payment on the REPS, 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 CASH BALANCE TIPS SHEET
A
B
C
D
E
F
G
H
I
Fund Sources
Bond Proceeds
Reserve Balance
Other
RPTTF
Prior BOPS
Prior ROPS
period balances
RPTTF
Bonds issued
Bonds issued
and DDR RPTTF
distributed as
Rent,
Non -Admin
on or before
on or after
balances
reserve for future
grants,
and
Cash Balance Information LV ROPS Period
12/31/10
01/01/11
retained
period(s)
Interest, etc.
Admin
Comments
ROPS 15-16A Actuals (07101/15 - 12/31/15
1
Beginning Available Cash Balance (Actual (17101115)
$60,62614450 Excess Cash -will apply to ROPS 15-16B
$63,97013-14A Excess Cash- applied to ROPS 15-16A.
The amount had been deducted from ROPS15-16A RPTTF
distributed in June 2015.
$111,505 Other funding Source reported on prior ROPS,
applied to ROPS 15-16A. The amount had deducted from
ROPS 15-1 GA RPTTF distributed in June 2015
704,335
264,393
2
Revenue/Income (Actual 12/31/15)
AB 1464 requires 20% ($71,935) of any loan
RPTTF amounts should tie to the ROES 15-1 GA distribution from the
repayment be deducted from loan repayment
County Aedl(or-Controller during June 2015
amount ($359,675) and transferred to LMI
633
1,021,435
Houslr Assets Fund per FISC 34191.4(s)(2)(c)
3
Expenditures for ROPS 15-16A Enforceable Obligations (Actual
12131/15)
633
1,215,746
4
Retention of Available Cash Balance (Actual 12131/15)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
5
ROPS 15-16A 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)
ROP. 14758 excess Cash- win appy to ROPS 15-168 ($60,029)
$ 704,335
$
$
$ -
$ -
$ 70,062
ROP. 164610 Excass Cash -will appy to ROPS 16-17 ($621)
ROPS 15-16B Estimate 01/01/16-06/30116)
Available Cash Balance (Actual 01101/16)
(C, D, E,G-4+6,F=H4+F4+F6, and H=5+6)
$ 704,335
$ -
$ -
$ -
$ -
$ 70,062
Revenue/Income (Estimate 06/30116)
RPTTF amounts should tie to the ROPE 15-16B distribution from the
]Beginning
County Auditor -Controller during January 2016
91 797
Expenditures for ROPS 15-16B Enforceable Obligations (Estimate
OG130/16)GO,G2S
Retention of Available Cash Balance (Estimate 0613011 6)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
11
Ending Estimated Available Cash Balance (7+ 8 -9 -10)
$ 704,335
$
$
$ -
$ -
$ 1,254
Costa Mesa Recognized Obligation Payment Schedule (ROPS 16-17) - Notes July 1, 2016 through June 30, 2017
Item_# Notes/Comments _
6 The outstanding loan balance of $9,670,930 is comprised of $9,239,251 in principal and $431,579 in unpaid accumulated 3% simple interest from 08/01/2014 to
06/30/2016 pursuant to HSC section 34191.4 subsection (b)(3). — —
----------
----------
SUCCESSOR AGENCY ADMINISTRATIVE BUDGET
07/0112016-06/3012017
Personnel Expenditures
Other Administrative Expenditures for period 07/0112016-06/30/2017
Department
Activity
Finance
Annual Wages
Percent to
Department
Position
Lawsuit Legal - Enterprise Counsel Group
Benefits. etc. `
S.A. Admin
Development Services
Management Analyst (JR)
$
128,824.00
25%
CEO
City Clerk (BG)
$
185,668.00
20%
CEO
Deputy City Clerk (JM)
$
101,382.00
5%
Finance
Accounting Specialist II (RD)
$
100,090.00
5%
Finance
Budget Analyst (AB)
$
136,134.00
10%
Finance
Accounting Supervisor (CT)
$
153,412.00
20%
Finance
Asst Fin Director (CO)
$
203,329.00
25%
Other Administrative Expenditures for period 07/0112016-06/30/2017
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 2015
Total Personnel Expenditures
$ 174,541.25
Annual S.A.
Admin Costs
07/01/2016 -
06/30/2017
$
32,206.00
$
37,133.60
$
5,069.10
$
5,004.50
$
13,613.40
$
30,682.40
$
50,832.25
$ 174,541.25
Total Aunnual Administrative Budget $ 250,000.00
Annual Costs
Annual S.A.
Percent to
07/01/2016 -
Admin Costs
S.A. Admin
06/30/2017
$
7,500.00
100%
$
7,500.00
$
47,500.00
100%
$
47,500.00
$
20,000.00
100%
$
20,000.00
$
400.00
100%
$
400.00
$
58.75
100%
$
58.75
$
75,458.75
$
75,458.75
Total Aunnual Administrative Budget $ 250,000.00