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Home My WebLink About17-05 - Approving the recognized obligation payment schedule 17-18 A-B for the annual Fiscal Period of July 1, 2017 toSUCCESSOR AGENCY RESOLUTION NO. 17-05 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 ("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 (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 (`BOPS 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 Successor Agency Resolution No. 17-05 Page 1 of 3 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.00v) 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 Succe sor A ency to the Costa Mesa RedevetGoentAgency ATTEST: &�,OJA Brenda Green, Secretary Successor Agency to the Costa Mesa Redevelopment Agency Successor Agency Resolution No. 17-05 Page 2 of 3 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: COUNCIL MEMBERS: FOLEY, GENTS, MANSOOR, RIGHEIMER, STEPHENS NOES: COUNCIL MEMBERS: NONE ABSENT: COUNCIL MEMBERS: NONE IN WITNESS WHEREOF, I have hereby set my hand and affixed the seal of the City of Costa Mesa this 18th day of January, 2017. aff&t &4� Brenda Green, ecretary Successor Agency to the Costa Mesa Redevelopment Agency AS TO FORM: Successor Agency Resolution No. 17-05 Page 3 of 3 ATTACHMENT to Successor Agency Resolution No. 17-05 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 1748) - Summary Filed for the July 1. 2017 through June 30, 2018 Period Successor Agency: Costa Mesa county: Orange 17.18A Total 17.100 Total Current Period Requested Funding for Enforceable Obligations (ROPS Dotal l) (July -December) (January - June) ROPE 17A8 Total A Enforceable Obligations Funded as Follows (B+C+D): e Bond Proceeds C Resolve Balance D Omer Funds E Redevelopment Property Tax Trust Fund (RPTTF)(F+G): F RPTTF G Administrative RPTTF H Current Period Enforceable Obligations (A+E): Certs loadon of Oversight Board Chairman: Pursuant to Section 34177 (o) of the Health and Safely code, I hereby cedtfy, that the above Is a I" and accurate Recognized Obligallon Payment Schedule for the above named successor agency. $ 828,562 $ 11211,000 It 956,662 705,062 3,000 706,662 126,000 126,000 260,000 $ 826,862 $ f2a,aaa $ 956,682 Slgnkure I — ate Costa Mesa Recognlzetl Obligation Payment Schedule (ROPS 17-10) • ROPS Detail July 1, 2017 through June 30, 2010 (Re ort AMoUnta In Whole Dollars e N J K L M N O P Q R 8 T U V W A R C D E F 17.18A (July•December) 17-18B(January -June Fund Sources Fund Sources ConlracVAgreemenl OonlrecuA9rerment Project Total Outdandlne BOPS 17.15 bond Rwarve Other Admin 17-13A Bond Rwarvo 01her Admin 17-188 Item it Pro act N.M./Dahl Obll a0on Obligation TYRO Execution Dote TsrmMMI.n Dale Faye, De1mi Ilon/PMI.a Baepa Area Debt crObllaa9an Retired Total Proceeds Belence Funtls RPTTF RPTTF Total Preceade Balance Funtla RPTTF RPTTF Total $ 10,077,125 060 592 $ - $ - S 703,662 125000 $28,682 E - S a $ 3,000 11 125.000 E 12B O00 1TAB Rqfqrdlan 2003 n sued afore 003 3/29/2003 g/ 2 1] 10(112017 E k e Bank of New York de Isco fa-houein t 704.33 5 FlscalA 3NServlce,-Annual Downtown 2 600 N - $ 2,500 2,60 3 S - 2,500 $ 2 Contract for coneWfIng, services 3 Contract far cannuitla aanrl., Fees Face 3252003 122112016 Dank of New Yark Arbiva aCeloula0on-ave 5 ra Dowetown 5000 N 0000 5000 S 5.000 S - 4 0cwrea1 far wnauak,, cervica, Faea sl1/20f1 12/31)2010 Harrell. Oompany Prap Contlnulrg Olacbeare Repa1- Downtown 9,a00 N $ 3,000 S 3,000 $ alarm Advi,or LLG Annual s a,lnCk,Pra y'Faw,$dmkpsa� eaa; ': 762012 9lOaRA24 fat�ld-CdA;(anlre 4rov4aYtek: N�.: Cep3rllXdf�O!farlQa :?. t .. d'[gm BPromie,ory Nate Payable CitylCmnty Loma On or 91301971 3130)2024 on of Co.(. Mea. Original Loan to a,tablleh RDA Downrown 9,112200 N $ 398062 890,082 S 606,052 b 37 AOmiolelrallve Co.( Before 8127111 Admin Coals 111/2012 31302024 Nnl rovltletl Not orevided Oownlcvm 250.000 N $ 260,000 123 000 a 125,000 125,000 $ 126,000 52 Lilgalbn Against DOFA County of Litigation 711/2013 61302018 Enterptl.e Counsel Group O ,.,,Ban ogt n OONmlleCdenyl' Ittha Downtown N $ $ x Orange Auditor Centralia, RDA teen and action denying certain prior p tymente. -53 N9u;in0 AuthNlty AdmlO;Cask G16u§In3.n Y(ugdidCd4 '- 7!1/29'18. _. "101 .pit—, 4ee C4ela_a 'c .. " sa 6e/A oarnSA5MIYAAIR -.. _ Author .. . C:wrAllowarxM . E 54 N N a S 8 $ 55 N S 3 36 N S S $ 67 N S 3 58 N S 5 S 59 N i 80 N S S 61 N S $ 62 N$ $ 63 NIt $ S 64 1 N S a 6 661 N It $ e8 N S 8 b e7 a s E 681 N $ $ x 69 1 N 8 ]0 N $ $. 71 N S x 73 N $ s 73 N $ 8 74 N $ S S 75 N $ 76 $ $ 7] N $ $ 3 N s E 9 N 9 $ 9 60 N $ E at, N $ 62 N E $ $ 6 N S $ S 64 N $ $ 06 N g6 N $ $ 99 NS $ 86 N $ $ as N E $ N S S $ 91 N s S S 92 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 (BOPS 17-18) - Notes July 1, 2017 through June 30, 2018 Item 9 NotoslCommemis 6 The outstanding loan balance of $9,112,269.89 Is comprised of $8,427,874.85 in principal and $684.416.04 In unpaid accumulated 3% simple interest from 08/01/2014 to 08/30/2017 pursuant to HBC 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 li $ Budget Analyst $ Accounting Supervisor $ Asst Fin Director $ Other Administrative Expenditures for period 07101/2017-0613012018 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 Annual Costs 07/01/2017 - Annual S.A. 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 $ 260,000.00 Annual Costs Annual S.A. Percentto 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 $ 106,551.86 $ 106,651.85 Total Aunnual Administrative Budget $ 260,000.00