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HomeMy WebLinkAbout14-11 - Approving the recognized obligation payment schedule 14-15A for the six-month fiscal period of July 1, 2014 toSUCCESSOR AGENCY RESOLUTION NO. 14-11 A RESOLUTION OF THE SUCCESSOR AGENCY TO THE COSTA MESA REDEVELOPMENT AGENCY APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE 14-15A FOR THE SIX-MONTH FISCAL PERIOD OF JULY 1, 2014 TO DECEMBER 31, 2014, 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, AS AMENDED BY ASSEMBLY BILL 1484; AUTHORIZE 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, of 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 chaptered and effective on June 27, 2011 added Parts 1.8 and 1.85 to Division 24 of the California Health & 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 chaptered and effective on June 27, 2012 (together, the "Dissolution Laws"); and WHEREAS, as of February 1, 2012 the Agency was dissolved pursuant to the Dissolution Laws, 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 Laws; and WHEREAS, Sections 34177(m) 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, the Dissolution Laws, as amended by AB 1484, in particular Section 34177(m) requires that the ROPS for the 14-15A six-month fiscal period of July 1, 2014 to December 31, 2014 (`BOPS 14-15K) shall be submitted to the DOF by the successor agency, after approval by the oversight board, no later than March 1, 2014; and WHEREAS, pursuant to Sections 34179.6 and 34177(k)(2)(B) of the Dissolution Laws, the Successor Agency is required to submit a copy of the ROPS 14-15A 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 Resolution No. 14-11 Page 1 of 4 WHEREAS, the Successor Agency has reviewed the draft ROPS 14-15A and desires to approve such ROPS and to authorize the Successor Agency, 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 14-15A 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. Pursuant to the Dissolution Laws, the Successor Agency approves the ROPS 14-15A submitted herewith as Attachment 1, which schedule is incorporated herein by this reference; provided however, that the ROPS 14-15A is approved subject to the condition such ROPS 14-15A is to be transmitted to the Oversight Board for review and approval and a copy of such ROPS 14-15A 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. After approval by the Oversight Board, the Successor Agency authorizes transmittal of the approved ROPS 14-15A again to the CAC, SCO and DOF. The Assistant Finance Director of the Successor Agency or an authorized designee is directed to post this Resolution, including the ROPS 14-15A, on the Successor Agency website pursuant to the Dissolution Laws. The Secretary of the Successor Agency shall certify to the adoption of this Resolution. APPROVED AND ADOPTED this 18th day of Februpry 20 9CW.I i6heimer, Chair -,essor Agency to the Costa Mesa evelopment Agency ATTEST: &JMJ�1C/W--P-"U Brend Green, #ecretary Successor Agency to the Costa Mesa Redevelopment Agency Resolution No. 14-11 Page 2 of 4 7 L 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 18th day of February 2014, and that it was so adopted by the following vote: AYES: BOARD MEMBERS: Genis, Leece, Monahan, Mensinger and Righeimer NOES: BOARD MEMBERS: None ABSENT: BOARD MEMBERS: None IN WITNESS WHEREOF, I have hereby set my hand and affixed the seal of the City of Costa Mesa this 19th day of February, 2014. Brenda -.Green ._Secretary Successor Agency to the Costa Mesa Redevelopment Agency Resolution No. 14-11 Page 3 of 4 1 1 APPROVED AS TO FORM: OvAr-I Celeste ktahl Brady, cial Counsel Resolution No. 14-11 Page 4 of 4 FAR NANCEIACCOU NTING1Redevelopmpnt\SponsoringEntityLoanCalculatorAs Sponsoring Entity Loan Repayment Calculator ROPS II ROPS III July.thru Januarythru December June Base Year: " 2012 2013 Total For Base Year Total Residual Balance 113,589 1,825,816 1,939,405 ROPS 13-14A July thru December Comparison Year: 2013 1,334,242 Total Residual Balance ROPS 13-14B January thru June 2014 2,171,128 Total For Comparison Year 3,505,370 A Total Residual Balance for Comparison Year 3,505,370 B Total Residual Balance for Base Year 1,939,405 A -B Difference of Residual Balance 1,565,965. Divide Difference by two +2 Maximum Repayment Amount Authorized 782,983 Per Fiscal Year Note: This is a tool provided by Finance to assist successor agencies in determining the maximum repayment amount per. authorized fiscal year. Placing this amount on the ROPS does not automatically guarantee approval of the repayment amount. Input fields (amounts from County Auditor -Controller RPTTF Distribution Report) Formula fields, no input required. Recognized Obligation Payment Schedule (ROPS 14-15A) - Summary Filed for the July 1, 2014 through December 31, 2014 Period Name of Successor Agency: Costa Mesa Name of County: Orange 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): $ B Bond Proceeds Funding (ROPS Detail) _ C Reserve Balance Funding (ROPS Detail) - D Other Funding (ROPS Detail) - E Enforceable Obligations Funded with RPTTF Funding (F+G): $ 1,656,371 F Non -Administrative Costs (ROPS Detail) 1,531,371 G Administrative Costs (ROPS Detail) 125,000. H Current Period Enforceable Obligations (A+E): $ 1,656,371 Successor Agency Self -Reported Prior Period Adjustment to Current Period RPTTF Requested Funding I Enforceable Obligations funded with RPTTF (E): 1,656,371 J Less Prior Period Adjustment (Report of Prior Period Adjustments Column S) (6,549) K Adjusted Current Period RPTTF Requested Funding (W) $ 1,649,822 County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding Y.` ,. �tA Fk3. R , u` ,t'.. i3Yi t y u`4 1 - C 't y = t i.. k i_ EnforceablelObligat%res funded with RPTTF(E)n s I 1t 656f 371 .t � � �i i C. � � Yx'� 4 't ;� �i K.M •. �!l m.x.. �i�1S::F�,r �L �i �' {y%:? 1R .:'V,�,�Sd f[t-.J .L ..:� i. ..:ice .a � M A 6°". p� y�} F.4 � } .1«..:: t5 !4 ��®�M� � Less Prior Period Adjystmentx(Report-of PrloraPeriod Adjustments Column AA)�. >,t � � a h ��� ` � � - ; , 4 N Adfusted Cucent Periotl RPTTF Requestec(Funding (L M) }-: S) �#a .ma.a x. a.v - ss J �?s'�„g" f L F,.. =d 1,656,371 �.t,.�.`K, ..3.. ..� -� rt y.....�R, v .r..x_ K.i6..cros.-s?R'RR„ ..._.......• .�.�_...uc..n..dk®cm:.. o.. ...,,dna dS � ,�,.. ... M .......... ... ?� . ...... _ w ... r<..w:y x >.. ,.... x,a; , .. 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. /s/ Signature Date tion Payment Schedule (ROPS) 14-15A - ROPS Detail V 1, 2014 through December 31, 2014 (Report Amounts in Whole Dollars) G H I J K L M N O P tion/Pro'ect Scope Project Area Total Outstanding Debt or Obligation Funding Source Six -Month Total Non -Redevelopment Property Tax Trust Fund Non-RPTTF RPTTF Retired Bond Proceeds Reserve Balance Other Funds Non -Admin Admin $ 15,572,862 $ $ $ $ 1,531,371 $ 125,000 $ 1,656,371 for non-housina Droiects Downtown 2,749,28 N 645.88 645,888 ervices- Annual Downtown 2,50 N 2,500 $ 2,50 ulation- every 5 yrs Downtown N $ g Disclosure Report- Downtown N $ is"te 1r,— -, - :tax Dowritow ,esta"6iis KD, ©"o"wntovim ' 2=596;P ` N" ' - ? 782:989 ,. SLj98 ncy Consulting Downtown N $ ncv Le al Consultina Downtown N $ ncv Consulting Downtown N $ sing project compliance Downtown N $ irlting re: compliance Downtown N $ y services ofcovenants Downtown N $ w -mod housing Downtown N $ Iting re: compliance Downtown N $ Iservices f covenants Downtown N $ FTHB for purchase Downtown N $ tingre'complia ce Dow MIMM sery ..�cove�anIN= . y . * _ homeownerfor rDowntown N $ services f covenants N $ ly Rental Project N $ o Ire omp'liapae D`owrttown+ &N- . _ se s covenants Downtown ' ,- 4 , - �" rive ntal Project Downtown N $ ng re: compliance Downtown N $ services covenants Downtown N $ tal Project Downtown N $ bligation Payment Schedule (ROPS) 14-15A - ROPS Detail July 1, 2014 through December 31, 2014 (Report Amounts in Whole Dollars) G H I J K L M N O P Funding Source Non -Redevelopment Property Tax Trust Fund Non-RPTTF RPTTF Total Outstanding escri tioNProect Scope Project Area Debt or Obligation Refired Bond Proceeds Reserve Balance Other Funds Non -Admin Admin Six -Month Total ial Consulting re: compliance Downtown N $ variants r- Attorneyservices Downtown N $ roement of covenants Lease of 72 Unit Multi -family Downtown N $ Project al Consulting re: compliance Downtown N $ enants tAttomeyservices Downtown N $ -cement of covenants rd loans to owner of multi -family Downtown N $ Res t Attorney services Downtown N $ cement of covenants to land to Developer Downtown N $ t Aft may services Downtown N $ ment of covenants vided Downtown 125,000 N 125,000 $ 125,000 ff Payroll Costs- Develop Svcs Downtown N $ Finance Dept r Agency Personnel Downtown N $ itures or Agency Personnel Downtown N $ itures -Agency Personnel Downtown N $ itures -Agency Personnel Downtown N $ itures r Agency Personnel Downtown N $ itures or Agency Personnel Downtown N $ itures esa Housing Authority Annual Downtown N $ Ided Downtown N $ Services Downtown N $ Charges Downtown N $ r Agency Personnel Downtown N $ tures or Agency Formation Legal Downtown N $ or Agency Formation Downtown N $ nq Service against DOF & County of Downtown 100,000 N 100,000 $ 100,000 Auditor Controller denying the n and action denying certain flnents. $ Recognized Obligation Payment Schedule (ROPS) 14-15A - Report of Cash Balances Pursuant to Health and Safety Code section 34177(1), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation. A B C D E F G H I Fund Sources Bond Proceeds Reserve Balance Other RPTTF Prior ROPS -RPTTF Bonds Issued Bonds Issued Prior ROPS'period distributed as Rent, on or before on or after balances and DDR reserve for next Grants, Non -Admin and Cash Balance Information b ROPS Period 12/31/10 01/01/11 balances retained bond payment Interest, Etc. I Admin Comments ROPS .13-14A Actuals 07/01/13 -12131113 1 Beginning Available Cash Balance (Actual 07101/13) Note that for the RPTTF, 1 + 2 should tie to columns J and O in the Report of Prior Period Adjustments PPAs 704,300 2 Revenue/income (Actual 12/31113) Note that the RPTTF amounts should tie to the ROPS 13-14A distribution from the County Auditor -Controller during June 2013 486,689 3 Expenditures for ROPS 13-14A Enforceable Obligations. (Actual 12131/13) Note that for the RPTTF, 3 + 4 should tie to columns L and Q in the 481,821 4 Retention of Available Cash Balance (Actual 12131113) Note that the RPTTF amount should only include the retention of reserves for debt service approved in ROPS 13-14A 5 ROP13-14A RPTTF Prior Period ustment Shat tie 'S Note the RPTTF amount hou d to column S in the Report of P Afi i. PPAs. f �r r f `�s 3 k i 6,549 6 Ending Actual Available Cash Balance C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 - 5) $ $ _ $ S 704;300: `$. - $ 1,681 ROPS 13-14B Estimate 01/01/14 - 06/30/14 7 Beginning`Avallable Cash Balance (Actual 01101114) (C, 'D; E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6) $ - $ $ $ 704,300 $ - $ 4,868 8 Revenue/Income (Estimate 06/30/14) Note that the RPTTF amounts. should tie to the ROPS 13-14B distribution from the County Auditor -Controller during January 2014 9 Expenditures for 13-14B Enforceable Obligations (Estimate 06/30/14) 10 Retention of Available Cash Balance (Estimate 06/30114) Note that the RPTTF amounts may include the retention of reserves for debt service approved in ROPS 13-14B 11 Ending.Estlmated Available CashBalanoe (7 + 8 -9 -10) $ $ - $ $ 704,300 $ - $ 4,868 Recognized Obligation Payment Schedule (ROPS) 14-15A - Report of Prior Period Adjustments Reported for the ROPS 13-14A (July 1, 2013 through December 31, 2013) Period Pursuant to Health and Safety Code (HSC) section 34186 (a) (Report Amounts in Mole Dollars) ROPS 13-14A Successor Agency (SA) Self-reported Prior Period Adjustments (PPA): Pursuant to HSC Section 34186 (a), SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS 13-14A (July through December 2013) period. The amount of Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 14-15A (July through December 2014) period will be offset by the SA's self-reported ROPS 13-14A prior period adjustment. HSC Section 34186 (a) also specifies that the prior period adjustments self-reported by SAs are subject to audit by the county auditor-controller (CAC) and the State Controller. A B I J K L M N O F P O R S T RPTTF Expenditures ' Net SA Non-Admin and Admin PPA (Amount Used to Offset ROPS 14-15A Non-Admin Admin Requested RPTTF) Available Available Difference , RPTTF RPTTF (If total actual (ROPS 13-14A Difference (ROPS 13-14A exceeds total distributed + all other Net Lesser of (If K Is less than L, distributed + all other Net Lesser of authorized, the Project Name I available as of Authorized/ the difference is available as of Authorized / total difference Is Net Difference Hem # Debt Obligation Authorized 07/1/13) Available Actual zero) ' Authorized 07/1/13) Available Actual zero) (M+R) SA Comments $ 361.688$ 361,688 $ 361,688 $ 356,821 $ 6,548 $ 125,001 $ 125,001 $ 125,001 $ 125,000 $ 1 $ 6,549: 1 TAB Refunding 349,68i 349,688 349,688 349,688 $ $ 2 Contract for 3,000 3,000 $ 3'000 1,802 $ 1,198 $ 1,198. 3 Contract for 3,000 3,000 $ 3,000 3,000 $ $ _ consulting services 4 Contract for - $ $ $ consulting services 5 County Property - $ $ - $' _ Tex Admin Fee 6 Promissory Note $ $ $ _ Payable 7 Successor Agency - $ $ _ Consulting 8 Not Provided $ $ 9 Not Provided - $ 10 Neighborhood $ $ g _ Stabilization Proram 11 Project Costs- 250 250 $ 250 $ 250 $ 250 Consulting 12 Project Costs- Legal 250 250 $ 250 $ - 250 :$ 250 13 1901 Newport $ - $ $ _ Housing Pro'ect 14 Project Costs- 200 200 $ 200 $ 200 200' consultin 15 Project Costs-Legal 1,000 1,000 $ 1,000 $ 1,000 1 1,000 16 First Time Home $ $ $ _ Buyer Program FTHB 17 Project Costs- - $ $ -- $ _ Consulting' 18 Project Costs- Legal �- $ $ -$ _ 19 Single Family - $ $ $ _ Rehabilitation Program 20 Project Costs- Legal 250 250 $ 250 - $ 250 $ 21 Civic Center Barrio $ $ Recognized Obligation Payment Schedule (ROPS)14-15A - Report of Prior Period Adjustments Reported for the ROPS 13-14A (July 1, 2013 through December 31, 2013) Period Pursuant to Health and Safety Code (HSC) section 34186 (a) (Report Amounts in Whole Dollars) ROPS 13-14A Successor Agency (SA) Self-reported Prior Period Adjustments (PPA): Pursuant to HSC Section 34186 (a), SAS are required to report the differences between their actual available funding and their actual expenditures for the ROPS 13-14A (July through December 2013) period. The amount of Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 14-15A (July through December 2014) period will be offset by the SA's self-reported ROPS 13-14A prior period adjustment. HSC Section 34186 (a) also specifies that the prior period adjustments self-reported by SAS are subject to audit by the county auditor -controller (CAC) and the State Controller. A 8 I J K L F_ M N O P Q R S T RPTTF Expenditures Net SA Non -Admin and Admin PPA (Amount Used to Offset ROPS 1445A Non -Admin Admin Requested RPTTF) ' Available Available Difference RPTTF RPTTF (If total actual (ROPS 13-14A Difference (ROPS 13-14A exceeds total distributed +all other Not Lesser of (If K Is less than I., distdbuted + all other Net Lesser of authorized, the Project Name / available as of Authorized / the difference Is available as of Authorized / total difference Is Net Difference Item # Debt Obligation Authorized 07/1/13) Available Actual zero) Authorized 07/1/13) Available Actual zero) (M+R) SA Comments $ 381,688 $ 361,888 $ 381,888. $ 356,821 $ 8,548 $ 125,001 $ 125,001 $ 125,001. $ 125;000 $ 1 S. 6;549 22 Project Costs- '$ $ $ _ Consulting 23 Project Costs- Legal - $ $ $ 24 St. John's Manor 25 Project Costs- 1,000 1,000 $ 1,000 $ 1,000 $ 1,0.00 Consulting 26 Project Costs- Legal 250 250 $ 250 $ 250 $ 250. 27 Costa Mesa Village - $ $ $ _ 'SRO' 28 Project Costs- 400 400 $ - 400 1,050 $ $ _ Consulting 29 Project Costs. Legal 100 100 $ 100 $ 100 $ 100 30 Costa Mesa Family $ $ _ Village She ell 31 Project Costs- 1,400 1,400 .$ 1,400 $ 1,400$ '1,400 Consultin 32 Project Costs- Legal 400 400 $ 400 $ 400 :$ 400 33 Rental - $ $ $ _ Rehabilitation Program 34 Project Costs- Legal 250 250 $ 250 $ 250 $ - 250' 35 Habitat for - $ $ $ Humanity 5 units ' 36 Project Costs- Legal 250 250 $ 250 1,281 $ $ _ 37 Administrative Cost $ 125,001 38 Successor Agency $ $ $ Personnel Expenditures 39 Executive Secretary $ $ 20,653 $ - 40 Management $ $ - 17,335$ Analyst 41 Management - $-$ $ _ Analyst Recognized Obligation Payment Schedule (ROPS) 14-15A - Report of Prior Period Adjustments Reported for the ROPS 13-14A (July 1, 2013 through December 31, 2013) Period Pursuant to Health and Safety Code (HSC) section 34186 (a) (Report Amounts in Whole Dollars) ROPS 13-14A Successor Agency (SA) Self-reported Prior Period Adjustments (PPA): Pursuant to HSC Section 34186 (a), SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS 13-14A (July through December 2013) period. The amount of Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 14-15A (July through December 2014) period will be offset by the SA's self-reported ROPS 13-14A prior period adjustment. HSC Section 34186 (a) also specifies that the prior period adjustments self-reported by SAS are subject to audit by the county auditor -controller (CAC) and the State Controller. A B 1 J K L M N O P Q R S T RPTTF Exoenditures Personnel ' Expenditure -City Clerk Non -Admin Available 51 Successor Agency- Consultin Services $ 356,821 $ 6,648 $ 125,001 RPTTF 125;OC $ (ROPS 13-14A $ distributed + all other Not Lesser of Project Name I available as of Authorized I Item # Debt Obligation Authorized 07/1/13) Available ' $ 361,688 $ 361,688 $ 361,688 42 Accounting - $ Supervisor 43 Asst. Finance - $ _ Director 44 Budget Analyst $ 45 Administrative Cost- - $ _ Auditing Ex 46 Administrative Cost- - $ _ Others 47 Central Services $ 48 Postage Charges $' 49 Successor Agency $ Personnel ' Expenditure -City Clerk 50 Successor Agency- - Le al Services $ _ 51 Successor Agency- Consultin Services $ 356,821 $ 6,648 $ 125,001 $ 125;OC $ $ $ $ $ $ S _ Net SA Non -Admin and Admin PPA (Amount Used to Offset ROPS 14-15A Difference (If total actual " exceeds total 'authorized, the total difference Is Net Difference Actual zero) (M4R) 125,000 $ 1 .$ 6.5 33,623 15,974 8,136 SA Comments Admin Difference (If K Is less than L, the difference Is Actual zero) Authorized Available RPTTF (ROPS 13-14A distributed + all other - available as of 07/1/13) Net Lesser of Authorized / Available 356,821 $ 6,648 $ 125,001 $ 125,001 $ 125;OC $ $ $ $ $ Net SA Non -Admin and Admin PPA (Amount Used to Offset ROPS 14-15A Difference (If total actual " exceeds total 'authorized, the total difference Is Net Difference Actual zero) (M4R) 125,000 $ 1 .$ 6.5 33,623 15,974 8,136 SA Comments