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Home My WebLink About14-60 - Approving the Recognized Obligation Payment Schedule 14-15B for the six-month Fiscal Period of January 1, 2015 toSUCCESSOR AGENCY RESOLUTION NO. 14-60 A RESOLUTION OF THE SUCCESSOR AGENCY TO THE COSTA MESA REDEVELOPMENT AGENCY APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE 14-15B FOR THE SIX-MONTH FISCAL PERIOD OF JANUARY 1, 2015 TO JUNE 30, 2015, 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; 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, 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 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 and other subsequent legislation (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) 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 Law, in particular Section 34177(m), requires that the ROPS for the 14-15B six-month fiscal period of January 1, 2015 to June 30, 2015 ("ROPS 14- 156") shall be submitted to the DOF by the successor agency, after approval by the oversight board, no later than October 1, 2014; 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 14-15B 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. 14-60 Page 1 of 3 1 1 WHEREAS, the Successor Agency has reviewed the draft ROPS 14-15B 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 14-15B 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 14-15B submitted herewith as Attachment 1, which schedule is incorporated herein by this reference; provided however, that the ROPS 14-15B is approved subject to the condition such ROPS 14-15B is to be transmitted to the Oversight Board for review and approval and a copy of such ROPS 14-15B 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 14-15B 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 14-15B, 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. r APPROVED AND ADOPTED }16,tk/�of September, 2014. James M. Righeimer, Chai Successor Agency to they Redevelopment Agenc ATTEST: &xk Qria/i/�— Brenda Green, Secretary Successor Agency to the Costa Mesa Redevelopment Agency APPROnCou S TO FORM: Celes. Stah Brady Soe al ns Resolution No. 14-60 Page 2 of 3 1 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 16th day of September 2014, and that it was so adopted by the following vote: AYES: BOARD MEMBER: Leece, Monahan, Mensinger, Righeimer NOES: BOARD MEMBER: None ABSENT: BOARD MEMBER: Genis Brenda Green, Secretary Successor Agency to the Costa Mesa Redevelopment Agency Resolution No. 14-60 Page 3 of 3 ATTACHMENT 1 to Successor Agency Resolution No. 14- RECOGNIZED OBLIGATION PAYMENT SCHEDULE 14-15B FOR PERIOD JANUARY 1, 2015 TO JUNE 30, 2015 (attached) DOCS OC/1675159v3/200410-0000 Recognized Obligation Payment Schedule (ROPS 14-15B) - Summary Filed for the'January 1, 2015 through June 30, 2015 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): $ 247,825 F Non -Administrative Costs (ROPS Detail) 122,825 G Administrative Costs (ROPS Detail) 125,000 H Current Period Enforceable Obligations (A+E): $ 247,825 Successor Agency Self -Reported Prior Period Adjustment to Current Period RPTTF Requested Funding I Enforceable Obligations funded with RPTTF (E) 247,825 J Less Prior Period Adjustment (Report of Prior Period Adjustments Column S) (48,752) K Adjusted Current Period RPTTF Requested Funding (I -J) $ 199,073 County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding L Enforceable Obligations funded with RPTTF (E): 247,825 M Less Prior Period Adjustment (Report of Prior Period Adjustments Column AA) - N Adjusted Current Period RPTTF Requested Funding (L -M) 247,825 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 Obligation Payment Schedule for the above named agency. /s! Name Signature Title Date Tent Schedule (ROPS 14-158) - ROPS Detail 2015 through June 30, 2015 rt Amounts In Whole DoHare) I FI I J K - L M _ N O P Total Outstanding Ict Scope Prn ect Area Debt or Obligation Retired Funding Source Non-Redevelopment Property Tax Trust Fund (Non-RMF Reserve Oond Proceeds Balance Other Funds RPTTF Non-Admin - Admin Six-Month Total $ 14,125,491 $ - $ - $ - $ 122,1325 $ — 125,000 $ 247,825 Housing-Pro••ecls - Downtown 2,103,400 t•1 44,B25 44,825 Annual Dovnitown 3,000 N 3,000 3,000 _ every 5 yrs Downtown 3,000 N _ sure Report- Downtown 3,D00 N _ n ro - D ntdvi zt--,- ,9p.. petiy.tex: otv O:r.:' v J -,'•tet,: '�•r Sy -.r •. IIshRDA Downtown 11,013,091 N Downtown 125,000 N 125,000 125,000 &County of Downtown 75,000 tier denying the enying certain — NT 75,000 75,000 N N N N - N — N N N N N N _ N _ — N N N _ N N N N N N N N N _ N N N N N N N N N . N N N Recognized Obligation Payment Schedule (ROPS 14-1513) - 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 BOPS, but only to the extent no other funding source is available o when payment from property tax revenues is required by an enforceable obligation. For tips on how to complete the Report of Cash Balances Form, sedittps://rad.dof.ca.gov/rad- sa/odf/Cash Balance Agency Tips Slleet.pdf. A B C D E 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 Grants, and Cash Balance Information by ROPS Period 12/31110 01/01/11 retained future period(s) Interest, Etc. Admin Comments ROPS 13-148 Actuals (01101/14 - 06/30/14)1 1 Beginning Available Cash Balance (Actual 01/01114) 704,300 300 30,444 2 Revenue/Income (Actual 06130114) RPTTF amounts should lie to the ROPS 13-148 distribution from the County Auditor -Controller during January 2014 13 284,992 3 Expenditures for ROPS 13-148 Enforceable Obligations (Actual 06130/14) RPTTF amounts, H3 plus H4 should equal total reported actual expenditures in the Report of PPA, Columns L and 0 260,135 4 Retention of Available Cash Balance (Actual 06130/14) RPTTF amount retained should only include the amounts distributed for debt service reserve(s) approved in ROPS 13-14B 5 ROPS 13-14B RPTTF Prior Period Adjustment RPTTF amount should tie to the self-reported ROPS 13-148 PPA in the No entry required Report of PPA, Column S 48,752 6 Ending Actual Available Cash Balance CtoG=(1+2-3-4),H=(1+2-3.4.5) 1 704,300 313 6,549 ROPS 14-15A Estimate (07/01/14 - 12131/14 7 Beginning Available Cash Balance (Actual 07101/14) (C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6) 704,300 313 55,301 8 Revenue/income (Estimate 12/31/14) AB 1484 requires 20% ($156,596.60) of any loan RPTTF amounts should tie to the ROPS 14-15A distribution from the repayment be deducted from loan repayment County Auditor -Controller during June 2014 amount ($782,983) and transferred to LMI Housing Assets Fund per HSC 34191.4(S)(2)(C) 1,649,822 9 Expenditures for ROPS 14-15A Enforceable Obligations (Estimate 12/31/14) 1,656,371 10 Retention of Available Cash Balance (Estimate 12/31/14) RPTTF amount retained should only include the amount distributed for debt service reserve(s) approved in ROPS 14-15A 11 Ending Estimated Available Cash Balance (7 +8 - 9 40) 704,300 313 48,752 Recognized Obligation Payment Schedule (ROPS 14-158) - Report of Prior Period Adjustments Reported for the ROPS 13-148 (January' 1, 2014 through June 30, 2014) Period Pursuant to Health and Safety Code (HSC) section 34186 (i (Report Amounts in Whole Dollars) ROPS 13-14B 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 13-14B (January Ihrou June 2014) period. The amount of Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 14-15B (January through June 2015) period will be offset by the SA's self-reported ROPS 13-148 prior period adjustment. HSC Section 34186 (a) also specifies Iha the prior period adjustments sell-reported by SAs are subject to audit by the county auditor-controller (CAC) and the Stale Controller. A B I J K L M N O P O R S T RPTTF Expenditures Net SA Non-Admin and Admin PPA (Amount Used to Offset ROPS 14-158 ._ Non-Admin Admin Requested RPTTF) Available Available Difference RPTTF RPTTF (If total actual (ROPS 13-14B Difference (ROPS 13-14B exceeds total distributed + all other Net Lesser of (If K is less than L, distributed + all other Net Lesser of authorized, the Project Name! Debt available as of Authorized I the difference is available as of Authorized I total difference is Net Difference Item p Obligation Authorized 01!1114) Available Actual zero) Authorized 01!1114) Available Actual zero) (M+R) SA Comments S 183,888 S 183,880 S 103,688 S 135,136 3 48,752 S 124,999 S 124,999 S 124,999 S 124,999 S - S 48,752 1 TAB Refunding 2003 55,888 55,808 55,888 55,888 2 Contract for consullin 3 Contract forconsulling services 4 Contract for consulting services 3,000 3,000 3,000 - 1,850 1,150 115 5 County Property Tax Admin Fee 6 Promissory Note Payable 7 Successor Agency Consulting 8 Not Provided 9 Not Provided 10 Neighborhood Stabilization Program 11 Project Costs- Consulting 12 Project Costs- Legal 13 1901 Newport Housing Project 14 Project Costs- Consulting - 15 Project Costs- Legal 16 First Time Home Buyer Program (FTHB) 17 Project Costs- Consulting - 18 Project Costs- Legal 19 Single Family Rehabilitation Program 20 Project Costs- Legal 21 Civic Center Barrio 22 Project Costs- Consulting 27 Project Costs- Legal 24 SI. John's Manor , 25 Project Costs- Consulting 26 Project Costs- Legal 27 Costa Mesa Villa e'SRO" 28 Project Costs- Consulting 29 Project Costs- Legal Recognized Obligation Payment Schedule (ROPS 14-15B) - Report of Prior Period Adjustments Reported for the ROPS 13-14B (January 1, 20'14 through June 30, 2014) Period Pursuant to Health and Safety Code (HSC) section 34186 (: (Report Amounts in Whole Dollars) ROPS 13-148 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 13-14B (January Ihrou June 2014) period. The amount of Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 14.158 (January through June 2015) period will be offset by the SA's self-reported ROPS 13-14B prior period adjustment. HSC Section 34186 (a) also specifies Iha the prior period adjustments self -reposed by SAs are subject to audit by Ilse county auditor -controller (CAC) and the Stale Controller. A B 1 J K L M N O P q R S T RPTTF Expenditures ' Non -Admin Admin Net SA Non -Admin and Admin PPA (Amount Used to Offset ROPS 14.158 Requested RPTTF) Project Name 1 Debt Item tt Obligation Available RPTTF (ROPS 13-14B Difference distributed + all other Net Lesser of (If K is less than L, available as of Authorized I the difference is Authorized 01/1/14) Available Actual zero) Available Difference RPTTF (If total actual (ROPS 13-14B exceeds total distributed + all other Net Lesser of authorized, the available as of Authorized / total difference is Authorized 01/1/14) Available Actual zero) Net Difference (M -R) SA Comments $ 183,888 S 183,688 $ 183,888 S 135,136 $ 48,752 S 124,999 $ 124,999 $ 124,999 $ 124,999 $ - $ 48,752 30 Costa Mesa Family Village (Shapell) 31 Project Costs- Consulting 32 Project Costs- Legal - 33 Rental Rehabilitation Program 34 Project Costs- Legal 35 Habitat for Humanity (5 units) 36 Project Costs- Legal - 37 Administrative Cost - 38 Successor Agency Personnel Expenditures 82,033 39 Executive Secretary 40 Management Analyst 41 Management Analyst 42 Accounting Supervisor 43 Asst. Finance Director - 44 Budget Analyst - 45 Administrative Cost - Auditing Exp - 46 Administrative Cost- Others 47 Central Services 48 Postage Charges 49 Successor Agency Personnel Expenditure -City Clerk 50 Successor Agency -Legal Services 42,966 51 Successor Agency - Consulting Services 52 Litigation Against DOF 8 County of Orange Auditor Controller 125,000 125,000 125,000 77,39811 47,602 47,60