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Home My WebLink About13-36 - Approving the recognized obligation payment schedule 13-14B for the six-month period of January 1, 2014 to June 30SUCCESSOR AGENCY RESOLUTION NO. 13-36 A RESOLUTION OF THE SUCCESSOR AGENCY TO THE COSTA MESA REDEVELOPMENT AGENCY APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE 13-14B FOR THE SIX-MONTH FISCAL PERIOD OF JANUARY 1, 2014 TO JUNE 30, 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 THE SUCCESSOR AGENCY TO THE COSTA MESA REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: 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 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 Resolution No. 13-36 Page 1 of 4 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 13-14B six-month fiscal period of January 1, 2014 to June 30, 2014 ("ROPS 13-1413") shall be submitted to the DOF by the successor agency, after approval by the oversight board, no later than October 1, 2013; 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 13-14B 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 the draft BOPS 13-14B 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 13-14B 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 Laws, the Successor Agency approves the ROPS 13-14B submitted herewith as Attachment 1, which schedule is incorporated herein by this reference; provided however, that the ROPS 13-14B is approved subject to the condition such ROPS 13-14B is to be transmitted to the Oversight Board for review and approval and a copy of such ROPS 13-14B shall concurrently Resolution No. 13-36 Page 2 of 4 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 13-14B 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 13-14B, on the Successor Agency website pursuant to the Dissolution Laws. Section 5. The Secretary of the Successor Agency shall certify to the adoption of this Resolution. APPROVED AND ADOPTED this 17th day of Righeimer, Chair Agency to the Costa Mesa ment Agency ATTEST: &ell (]r - Brenda Green, S cretary Successor Agency to the Costa Mesa Redevelopment Agency Resolution No. 13-36 Page 3 of 4 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 September 2013, and that it was so adopted by the following vote: AYES: BOARD MEMBERS: Genis, Leece, Mensinger, Monahan, 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 18'h day of September, 2013. & qy"4/�-- Brenda Green, S cretary Successor Agency to the Costa Mesa Redevelopment Agency Resolution No. 13-36 Page 4 of 4 ATTACHMENT Recognized Obligations Payment Schedule 13-14B for the Six -Month Fiscal Period January 1, 2014 to June 30, 2014 (attached) DO CSOC/1630462v 1 /200410-0000 Recognized Obligation Payment Schedule (ROPS 13-14B) - Summary Filed for the January 1, 2014 through June 30, 2014 Period Name of Successor Agency: Costa Mesa Name of County: Orange Current Period Requested Funding for Outstanding Debt or Obligation 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): F Nan -Administrative Costs (ROPS Detail) G Administrative Costs (ROPS Detail) H Current Period Enforceable Obligations (A+E): Successor Period RPTTF I Enforceable Obligations funded with RPTTF (E): J Less Prior Period Adjustment (Report of Prior Period Adjustments Column U) K Adjusted Current Period RPTTF Requested Funding (I -J) Six -Month Total 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. IS/ Name Signature Title Date _ Recognized Obligation Payment Schedule (BOPS) 13.148 - Report of Fund t3alances _ (Report Amounts In Whole Dollars) Pursuant to Health and Safety Code section 34177(1), Radeefropment Property Tax Trust Fund (RFTTF) may be listed as a source of payment on the ROPS, but only W the extent no other funding Source is available or when payment from property as revenues is required by an enforceable obli aeon. A 8 C O E F G H i d K Fund Sources Bond Proceeds Reserve Balance Other RPTTF Ravleu,ba1a.8s retained for Bonds i . . . d Bonds Issued appr..d RPTTF balances Rent, on or before ..ratter erearemble, retained far bond Grznts, Fund Balance Information ROPS P. ad 12/31/10 01101/19 obligations reserves iMeres[ Etc. Non -Main Admin Total G.amnoa s ROPS III Actuals 0f/01113.6/36f73 Beginning Available Fund Balance (Actual 01101113) - - - - -- Note that for the RPTTF, 1 +2 should 0e to columns L and Q in the 1 Re ort of Prior Period Adjustments (PPAs) 704,300 - S I➢$3➢D= �Revenueflnceme (Actual 06139113} Note that the RPTTF anti _ should lie to the I III distributions from the County Auditor- :,_ :...__.... 2 Controller 3911338 125.000 i$ i_IffW SY Expenditures for Ri III Enforaoable 0ldh, flan {Actual 06130113) Note that far the RPTTF, 3+4 should tie to columns N 3 and S In the Rzcrt of PPA= 367,443 125w0 $ Retention of Avellable Fund Balance tActual 06/36113) Note that _ the Non -Admin RP1 rr amount should only lueWl de the pati of 4 ..a,osf.,d.btuarde3P2mvad InIII , ROPS 1➢ RPTTF Prior Period Adjustment Nota that the nei Non- W a� __ - _= MEN'. t -- Admin and Admin RPTTF amounts should he to columns O and Tln _ _ _—__- - -�: - Wa e'hr_.. _-e==' 23,895 .c � .$ i24895`s POPS 13-14A Estlmate 07101/13 .12131113 ngA ', 4+S, F:nue/Incom(Estimate 12/31112)that the RPTTF amounts shuld tie th the ROP813-14Autions from Ne Coun Auditor-C.Uoller 361.689 125000 4 ;?4689 nditures for 13.14A Enforceable Obligations tNote�at mate 12/31/13 361689 125000 $ --;.11-1-1 89;:ntion of Ahble Funtl Balance (Estimate 12/31113)that the RPFfF amounts may include the retention of reservesbt rvice a roved in ROPS 13 14Ag Fs(ma{edAJallaie Fund Balance,]i.31b ,,, 'S -'S ..S0, Recognized Obligation Payment Schedule (ROPS) 13-14B - ROPS Detail January 1, 2014 through June 30, 2014 (Report Amounts In Whale Dollars) A B C D E F G H I J K L M N O p Fundin Source Non -Redevelopment Property Tax Trust Fund Nan-RPTTF RPTTF Contract/Agreement Contract/Agreement Total Outstanding Item # Project Name / Debt Obligation Obligation Type Execution Date Termination Data Payee Description/Project Scope Pro act Area Debt or Obll ation Retired Bond Proceeds Reserve Balance Other Funds Non -Admin Admin Six -Month Total $ 17,232,926 $ - $ - $ - $ 1,483,593 $ 125,000 $ 1,608,593 1 TAB Refundin 2003 9/25/2003 10Ii12017 Bank of New York Bonds issued for non-houen ro ects Downtown 2,805,175 N 55,888 $ 55,888 2 Contract for consulting services 9/25/2003 Bank of New York Fiscal Agent Servlces-Annual Downtown 3,000 N 3 Contract for consultln services 9/25/2003 Bank of New York Arbitrage Calculation- eve5 yrs Downtown N $ 4 Contract for consulting services 3/112011 Harrell & Company Advisor Prep Continuing Disclosure Report- Downtown 3,000 N 3,303 $ 3,000 LLC Annual 5 County Property Tax Admin Fee County of Orange Charge for Administering property tax Downtown N $ _ stem 6 Promissory Note Payable 9/30/1971 6/30/2024 City of Costa Mesa Original Loan to establish RDA Downtown 14 296,751 N 1 1,299,705 $ 1,299,705 7 Successor Agency Consulting 9/11/1991 Shading Yocca Carlson& Successor Agency Consulting Downtown N $ _ Routh 8 Not Provided 1/1/2005 Jones & Mayer Successor Agency Legal Consulting Downtown N $ 9 Not Provided 5/18/1992 Kayser Marston SuccessorA enc Coni Downtown N $ 10 Neighborhood Stabilization Program 6/2/2009 3/212054 Mercy Housing Affordable housing project compliance Downtown N $ w/Covenants 11 Project Costs -Consulting 5/18/1992 Keyser Marston Financial Consulting re: compliance Downtown N $ _ with covenants 12 Project Costs -Legal 9/11/1991 Stradling Yocca Carlson& Contract Attorney services Downtown N $ Routh reamliarcement of covenants 13 1901 Newport Housing Project 6114/2004 Fairfield Residential Assistance for low -mod housing Downtown N $ 0ject 14 Project Costs- Consulting 5/18/1992 Keyser Marston Financial Consulting as compliance Downtown N $ _ with covenants 15 Project Costs -Legal 9/11/1991 Stradling Yocca Carlson& Contract Attorney services Downtown N $ _ Routh re: enforcement of covenants 16 First Time Home Buyer Program Not provided Deferred loans to FTHB for purchase Downtown N $ _ FTHB of a home 17 Project Costs -Consulting 5/18/1992 Kayser Marston Financial Consulting re: compliance Downtown N $ _ with covenants 18 Project Costs. Legal 9/11/1991 Stradling Yocca Carlson& Contract Attorney services Downtown N $ _ Routh re:enforcement of covenants 19 Single Family Rehabilitation Not provided Deferred loans to homeowner for Downtown N $ _ Pro ram im rovements 20 Project Costs -Legal 9/11/1991 Stradling Yocca Carlson& Contract Attorney services Downtown N $ Routh re:enforcement of covenants 21 Civic Center Barrio 12/14/1995 10111/2050 Not provided 8 Units Multi-familyRental Pro ect Downtown N $ 22 Project Costs- Consulting 5/18/1992 Keyser Marston Financial Consulting re: compliance Downtown N $ with covenants 23 Project Costs -Legal 9111/1991 Shadling Yocca Carlson& Contract Attorney services Downtown N $ - Routh ns.rifarcement of covenants 24 St. John's Manor 6/21/2006 6/3012062 Not provided 36 Unit Senior Rental Pro act Downtown N $ 25 Project Costs -Consulting 5/_18/1992 Keyser Marston Financial Consulting re: compliance Downtown N $ _ with covenants 25 Project Costs -Legal 9/11/1991 Stradling Yocca Carlson& Contract Attorney services Downtown N $ _ Routh re:enforcement of covenants 27 Costa Mesa Villa e'SRO" 11116/1992 Not rovided 96 Unit Senior Rental Pro act Downtown N $ 28 Project Cosfs-Consulting 5118/1992 Keyser Marston Financial Consulting re: compliance Downtown N $ with on 29 Project Costs -Legal 9/11/1991 Strad ing Yocca Carlson& Contract Attorney services Downtown N $ Re uth m enforcement of covenants Recognized Obligation Payment Schedule (ROPS) 13-14B - ROPS Detail January 1, 2014 through June 30, 2014 (Report Amounts in Whale Dollars) A B C D E F G H I J K L M N O P Funding Source Non -Redevelopment Property Tax Trust Fund Nan-RPTTF RPTTF Contact/Agreement Contract/Agreement Total Outstanding Item# Project Name/Debt Obligation Collection Ta Execution Data Termination Date Pa ee Description/Project Scope Proect Area Debt or Obligation Retired Bond Proceeds Reserve Balance Other Funds Nan -Admin Admin Six -Month Total 30 Costa Mesa Family Village (Shapell) 1216/1983 12/1/2039 Not provided Ground Lease of 72 Unit Mull[ -family Downtown N $ - Rental Project 31 Project Costs- Consulting 5/18/1992 Keyser Marston Financial Consulting to: compliance Downtown N $ with covenants 32 Project Casts -Legal 9/11/1991 Slradling Yocca Carlson& Contract Attorney services Downtown N $ - Routh re: enforcement of covenants 33 Rental Rehabilitation Program Not provided Deferred loans to owner of multi -family Downtown N $ properties 34 Project Costs- Legal 9/11/1991 Blooding Yocca Carlson& Contract Anomay services Downtown N $ - Routh re: enforcement of covenants 35 Habitat for Humanit 5 units 5/21/2001 Not provided Underwrote land to Developer Downtown N $ 36 Project Casts, Legal 9/11/1991 Slradling Yocca Cadson& Contract Attorney services Downtown N $ Rmth nonenforcement of covenants 37 Administrative Cast Not provided Not 2rovided Downtown N $ 38 Successor Agency Personnel City of Costa Mea. City Staff Payroll Costs- Develop Svcs Downtown N $ Expenditures Dept & Finance Dept 39 Executive Secretary City of Costa Mesa Successor Agency Personnel Downtown N $ Expenditures 40 Management Analyst City of Costa Mesa Successor Agency Personnel Downtown N $ Expenditures 41 Management Analyst City of Costa Mesa Successor Agency Personnel Downtown N 27,574 $ 27,574 Expenditures 42 Accounting Supervisor City of Costa Mesa Successor Agency Personnel Downtown N 14,343 $ 14,343 Expenditures 43 Asst. Finance Director City of Costa Mesa Successor Agency Personnel Downtown N 24,406 $ 24,406 Ex enditures 44 Budget Analyst City of Costa Mesa Successor Agency Personnel Downtown N 6,902 $ 6,902 Expenditures 45 Administrative Cast -Auditing Exp 6/17/2012 While Nelson Diehl Evans Costa Mesa Housing Authority Annual Downtown N 3,000 $ 3,000 LLP Audit 46 Administallve Cost -Others Not provided Not provided Downtown N $ 47 Central Services City of Costa Mesa Central Services Downtown N 100 $ 100 48 Pasta a Charges Citv of Costa Mesa Postage Charges Downtown N 81 $ 81 49 Successor Agency Personnel City of Costa Mesa Successor Agency Personnel Downtown N 11,595 $ 11,595 Expenditure -CiClerk Expenditures 50 Successor Agency- Legal Services Stradling Yocca Carlson& Successor Agency Formation Legal Downtown N 30,06D $ 3D,000 Routh Service 51 Successor Agency -Consulting Keyser Marston Successor Agency Formation Downtown N 7,000 $ 7,000 Services Consulting Service 52 Litigation Against DOF & County of Enterprise Counsel Group Litigation against DOF & County of Downtown 125,000 N 125,000 $ 125,000 Orange Auditor Controller Orange Auditor Controller denying the RDA loan and action denying certain prior payments. $ $ $ $ Recognized Obligation payment Schedule (ROPS) 13-14B -Report of Prior Period Adjustments Reported for the ROPS III (January 1, 2013 thmugh June 30, 2013) Period Pursuant to Health and Safely Code (HSC) section 34186 (a) (Report Amounts in Whole Dollars) uccessorgency[SAJ Self-reported Pnor P tab SAsare required torepa e I erencesbetween their actual available tuning and their actual expenditures for the ROPS III (July through December 2013) period. The amount of Redevelopment Property Tax Trust Fund (RPTTF) appmved for the BOPS 13-14B (January through June 2014) period will he offset by the SA's self-reported ROPS III prior period ad'ustment. HSG 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 K L M N O P I Q 1 R 1 S T U RPTTF Expenditures Net SA No" -Admin Non -Admin Admin and Admin PPA Available Available Net Difference @ptFIF Difference 1 RPTTF Ddference (Anraunt Used to (BOPS ill distdhuted Net Lesser of hf M 5 less than N, (BOPS III disidbuled Net Lessor of (fr R Is less Than S, Offset BOPS 13-146 +all.111 available Authorized/ the difference is + all other avail able Autbortzedl the difference is Requested RPTTF nemn �Pmixct NamelDnht Ohliaafion Authorized asofilill3) Available Actual zero) Authorized as,rifIMl3) Available Actualzue) (O+T)) 1 TAB Refunding 2003 2 Contract for cansuliing services Fee W 16 1] 250 Recognized Obligation Payment Schedule (ROPS) 13-1413 - Report of Prior Period Adjustments Reported for the ROP5 III (January 1, 2013 through June 30, 2013) Period Pursuant to Health and Safety Code (HSC) section 34186 (a) (Rcport Amours In Whale Dollarl uccessor gency a -repo a rmr eno lus menAil Pursuant to HSU Section (a), bAs are recurred to repo a erencos a een elr ac ua avail a e un ing and meir actual expenditures for the ROPS III (July through December 2013) period. The amount of Redevelopment Property Tax Trust Fund (RPT -TF) approved for the HOPS 13-14B (Januarythrough June 2014) period will be offset by the SA's self-reported POPS III prior period adjustment HSC Section 34186 (a) also specifies that the prior period adjustments self-reported by SAs are subject to audit by the countyauditor-controller CAC and the State Controller, A e K L M N O P q R S T U RPTTF Expenditures Available Pepct Costs Le gal RPT `F 2,269 (ROPS 111 distributed Net Lesser of 1 all other available Author¢edr Authorized as of 1111131 Avaliable Available D'rf ntca 17F (If M Is less thin N, (BOPS 111 distributed Net Lesser of the difference is + all other available AuthorizedI Actual zero) Authorized as of V-11131 Available Not SA Non-Atlmin Pepct Costs Le gal and Admin PPA 2,269 2,269 $-?- Net Difference Difference (Amount Used to (If Rislessthan S, Offset ROPS13-148 the diRamnce is Requested RPTTF 29 Pepct Costs Le gal 2,269 2,269 $-?- 2:269- $ 2;269 $ - $ $ •'Z26g! Ga,,s Mo.a Family Village 30 (Shapali) $ �• '$ _ $ - S '- ,& 31 Pmlecf Caste- Consul0ng 500 500 $-' 500 $ "SOD- $ _$ _♦ $ SfN3. 32 Pmlect Casts -Legal 500 5 O $ '. 500r ,$ --300._ 33 Rental Reha1,911a1ion Program _ $ $ 5 34 Project ficsis-Legal 750 750 $ 750; 750-- $ '$ = 3 -- 750-: 35 Habil.( for HumanHy (5 units) 36 Pmjed Costs -Legal 2,600 2,600 $ 2,fi00' 1162-08a ,$ �$ -:; _-:2,488% 37 Adminlstmill Gast 125,000 j�: $ - SuccessarAgency Personnel 38 E.Parcltures 39 Executive Sersetary S - 29,560 29,580 4g ManagementAnal;51 $ $ . 23,124 23,124 S F $ 41 Management Analyst 42 Accounting Supervisor $ $ - 10,324 10,324 5 `r $ 43 Asst. Finance Director $` -. y __. 14076 1 14frm .., _ x _. 500 48 49 60