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HomeMy WebLinkAbout08 - NB-2 - ROPS for Fiscal 01/01/13-06/30/13 - 8/21/2012New Business Item 2 SUCCESSOR AGENCY TO THE COSTA MESA REDEVELOPMENT AGENCY AGENDA REPORT MEETING DATE: August 21, 2012 ITEM NUMBER: 2 SUBJECT: REVIEW AND APPROVAL OF THIRD RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS) FOR THE FISCAL PERIOD JANUARY 1, 2013 TO JUNE 30, 2013 DATE: August 21, 2012 FROM: FINANCE DEPARTMENT PRESENTATION BY: BOBBY YOUNG, FINANCE & I.T. DIRECTOR CONTACT: COLLEEN O'DONOGHUE, ASSISTANT FINANCE DIRECTOR (714) 754-5219 RECOMMENDED ACTION Adopt Successor Agency Resolution No. 12- Approving the third Recognized Obligation Payment Schedule ("ROPS"), subject to submittal to and review by the Oversight Board and then by the DOF, and if modification of ROPS is required by DOF, the Assistant Finance Director and her designees shall be authorized to make augmentations, modifications, additions or revisions as may be necessary. BACKGROUND AND DISCUSSION The Successor Agency to the Costa Mesa Redevelopment Agency is performing its functions under the Dissolution Act, Parts 1.8 and 1.85 of the Health and Safety Code, as amended by Assembly Bill 1484 chaptered June 27, 2012, 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 prior meetings of the Successor Agency, pursuant to the Dissolution Act the first two Recognized Obligation Payment Schedules ("ROPS") were approved and thereafter submitted to the DOF, and ultimately approved with modifications. Pursuant to Section 34171(g) of Part 1.85, a "Recognized Obligation Payment Schedule" means the document setting forth the minimum payment amounts and due dates of payments required by enforceable obligations for each six-month fiscal period as provided in subdivision (m) of Section 34177. Under the dates in the Dissolution Act as amended by AB 1484, the D 0 CS OC/1575673v3/200410-0000 Agenda Report August 21, 2012 Meeting Successor Agency is required to consider and adopt its third ROPS on or before September 1, 2012. Section 34177(1) of Part 1.85 requires the Successor Agency to take actions with regard to the Recognized Obligation Payment Schedule ("ROPS") as follows: "(1)(1) Before each six-month fiscal period, prepare a Recognized Obligation Payment Schedule in accordance with the requirements of this paragraph. 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. (2) A Recognized Obligation Payment Schedule shall not be deemed valid unless all of the following conditions have been met: (A) A Recognized Obligation Payment Schedule is prepared by the successor agency for the enforceable obligations of the former redevelopment agency.... (B) The Recognized Obligation Payment Schedule is submitted to and duly approved by the oversight board. The successor agency shall submit a copy of the Recognized Obligation Payment Schedule to the county administrative officer, the county auditor -controller, and the Department of Finance at the same time that the successor agency submits the Recognized Obligation Payment Schedule to the oversight board for approval. (C) A copy of the approved Recognized Obligation Payment Schedule is submitted to the county auditor -controller and both the Controller' s office and the Department of Finance and be posted on the successor agency's Internet Web site. (3) The Recognized Obligation Payment Schedule shall be forward looking to the next six months...." The draft third ROPS is included as Attachment 1. to this agenda report and includes comparable listings of Enforceable Obligations in the DOF-approved first and second ROPS. During the presentation of this agenda item, Successor Agency staff will explain the ROPS and update the Successor Agency about its communications with the DOF and CAC in implementation of the Dissolution Act, including AB 1484. Staff recommends that the Successor Agency adopt the attached Resolution approving the draft third ROPS and authorize the Successor Agency's Assistant Finance Director and her DOC SO C/1575673v3/200410-0000 Agenda Report August 21, 2012 Meeting authorized designee(s) to transmit to the Oversight Board for its review and approval, and pursuant to new requirements in AB 1484 to concurrently send a copy of the draft third ROPS to the State Department of Finance ("DOF"), the County Auditor -Controller ("CAC"), the County Administrative Officer ("CAO"), and State Controller's Office ("SCO"). In the event the ROPS is directed to be changed by the DOF, then the Assistant Finance Director and her designees are authorized to augment, modify, add or revise the schedules as may be necessary, and/or as directed or required by the DOF so long as any changes are reported back to the Successor Agency and the Oversight Board. Further, as recently added to the Dissolution Act by AB 1484, the Successor Agency staff will transmit again the third ROPS after it is approved by the Oversight Board to the SCO, CAC, and DOF. In addition, the Successor Agency is informed that AB 1484 changed the time that DOF has to review and approve/disapprove each ROPS; to wit: Section 34177(m) states that for each ROPS submitted to the DOF, the DOF shall make its determination of the enforceable obligations and the amounts and funding sources of the enforceable obligations on each ROPS submitted no later than 45 days after submittal. FISCAL AND LEGAL REVIEW The Finance Department and Development Services Department staffs have worked with the Successor Agency's economic/financial consultant, Keyser Marston & Associates, and with special counsel Stradling Yocca Carlson & Rauth in preparation of this third ROPS pursuant to the Dissolution Act. CONCLUSION Staff recommends adoption of the attached resolution approving the Successor Agency's proposed third ROPS for the period January 1, 2013 to June 30, 2013. f Chief Executive Officer A Colleen O'Donoghue Assistant Finance Director Bobby Young Finance & I.T. Director Attachments: 1. Draft Third Recognized Obligations Payment Schedule for the period January 1, 2013 to June 30, 2013 2. Successor Agency Resolution Adopting Third ROPS DOC SOC/1575673v3/200410-0000 ATTACHMENT Draft Third Recognized Obligations Payment Schedule for the period January 1, 2013 to June 30, 2013 (attached) DOCSO C/1575673v3/200410-0000 Successor Agency Contact Information Name of Successor Agency: County: Primary Contact Name: Primary Contact Title: Address Contact Phone Number: Contact E -Mail Address: Secondary Contact Name: Secondary Contact Title: Secondary Contact Phone Number: Secondary Contact E -Mail Address: Costa Mesa Redevelopment Agency Orange County Colleen O'Donoghue Assistant Finance Director 77 Fair Drive, Costa Mesa, CA 92626 714-754-5219 colleen.odonoahueCaicostamesaca.acv Bobby Young Finance & I.T. Director 714-754-5243 bobby.vounana costamesaca.gov SUMMARY OF RECOGNIZED OBLIGATION PAYMENT SCHEDULE Filed for the January 1, 2013 to June 30, 2013 Period Name of Successor Agency: Costa Mesa. Redevelopment Agency Certification of Oversight Board Chairman: Jim Righeimer Chair Pursuant to Section 34177(m) of the Health and Safety code, Name Title I hereby certify that the above is a true and accurate Recognized Obligation Payment Schedule for the above named agency. Total Outstanding Debt or Obligation Outstanding Debt or Obligation $ 21,081,991' Current Period Outstanding Debt or Obligation Six -Month Total A B C D Available Revenues Other Than Anticipated RPTTF Funding Enforceable Obligations Funded with RPTTF Administrative Allowance Funded with RPTTF Total RPTTF Funded B + C = D q 458,338 125,000 583,338 E F Total Current Period Outstanding Debt or Obligation (A + B + C = E) Should be same amount as ROPS form six-month total Enter Total Six -Month Anticipated RPTTF Funding Variance (D - E = F) Maximum RPTTF Allowable should not exceed Total Anticipated RPTTF Funding $ 583,338) 583,338 Prior Period (January 1, 2012 through June 30, 2012) Estimated vs. Actual Payments (as required in HSC section 34186 (a)) G H 1 J Enter Estimated Obligations Funded by RPTTF (Should be the same amount as RPTTF approved by Finance, including admin allowance) Enter Actual Obligations Paid with RPTTF Enter Actual Administrative Expenses Paid with RPTTF Adjustment to Redevelopment Obligation Retirement Fund G - H + I = J 649,794 600,738 250,000 944; K Adjustment to RPTTF $ 584,282.00'> Certification of Oversight Board Chairman: Jim Righeimer Chair Pursuant to Section 34177(m) of the Health and Safety code, Name Title I hereby certify that the above is a true and accurate Recognized Obligation Payment Schedule for the above named agency. Name of Successor Agency: .COSTA MESA REDEVELOPMENT AGENCY County: DOWNTOWN PROJECT AREA RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS III) J 1 2013 h Oversight Board Approval Date: August 23, 2012 anuary t rough June 30, 2013 Total Total Due Funding Source ContractlAgreement Contract/Agreement VAgn Outstanding During Item Project Name /Debt obligation Execution Date Termination Date Date Pa Debt or Fiscal Year Bond Reserve Admin ' Grand Total -" - ea Descri tion/Pro act Sco a Project Area Obli ation 2012-13 LMIHF Proceeds Balance Allowance RPT Other Six -Month Total 7 TAB Refuntlin 2003 : Se tember 25, 2003 Octobers 2017 -; Bank of New York Bonds issued for non-heusin 'acts Downtown $ 21,081.991, 4127,638.00 $ 3344(959: $ - 690.275.00 $- - $ i s $ :':125,000 $ 458338 $ - $ 583;338 Contract for services Se tember 25, 2003 On gin Bankof New York Fiscal ant Serviws-Annual Downtown 3,000.00 1082.00 349,688 349(688 Contract for Consultin services camconsultm September 25 2003 Required Every 5 yrs Bank of New York g Itre a Cakulatico- eve 5 Downtown 5,000.00 4 000.00 4,000 Contract for consulting services March 1, 2011 On of Harrell&Co an Advisor LLC Pre Condouin Disclosure Report -Annual Downtown 2,000.00 2000.00 2,000 4A09: '::2;000, 2 Count' Prone Tan Atlmin Fee RevolvingRevolving Coun of Oran a Che a far Administeri roe tax s stem Downtown 40 000.00 40 000.00 20,000 ppb: 3 Promisso Nola Payable September 30, 1971 June 30, 2024 Cil of Costa Mesa Oriinal Loan toestaNish RDA Downtown 15,596,45fi.00 1,299 705.00 pp 4 Successor an Consultin September 11, 1991 On goingStrafing Y.. Cadson8 Raulh Successor en Consulgn Downtown 48.000.001 48,000.00 24,000 January 1, 2005 On going Jones &Mayer SuccessorAgency Legal consultingDowntown 10,000.001 10,000.00 5000 .:24,000`: May 18, 1992 On going Kayser Marston Successor Ati.r, C.naaffinp Downtown 36,000.001 36,000.00 1800018 5;0170' 5 Neighborhood Stabilization Program June 2, 2009 On goingMercyHousingAffordable housingpro act compliance w/covenants Downtown ➢00, Project Costs-Consultin May 78,1992 On oin Ke er Marston Financial Consulting re: com liance with covenants Downtown 500.00 500.00 Protect Costs -Legal September 11, 1991 On polar Shading Yocca Carlson& Routh Contract Attorney services re:enforcement of covenants Downtown 500.00 500.00 250 259' 6 1901 Newport Housing Proecl June 14, 2004 On oin Fairfield Residential Assistance for low -mod housing project Downtown 892 500.00 892,500.00 250 -<>250: Project Loss, Consulting May 18, 1992 On going KeysrMarshon Financial Consulting re: compliance vnth covenants Downtown 2,660.00 2,660.00 Project Costs -Legal September 11, 1991 On goingSnedrm Yocca Carson& Routh Contract Attorneyservices re:enforoement of covenants Downtown 3,335.00 3,335.00 1,330 1330: Timm 7 First e Hoe Buyer Program FTHB) Various 5/2/99-2/5/09 On going Deferred loans to FTHB for purchase of a home Downtown 1668 , r'Y660` Proecl Costs -Consulting May 18, 1992 On going Ke er Marston Financial Consulting to: compliance with covenants Downtown 1,500.00 1,500.00 750 Proecl Costs -Le al Se tember 11, 1991 On goingSlradling Yowa Carlson& Raulh Contract Attome services res -enforcement of covenants Downlown 5000.00 5000.00 2,500 21500:: 8 Sin le Fami Rehabilitatlon Pr ram Various 12/24/08-7/9/09 On going Defamed loans to homeowner for Improvements Downtown Pric act Costs -Legal Setember 11, 1991 On oin Slradling Yocca Carlson& Reath Contract Attome services re:enforcement of covenants Downtown 4910.00 4910.00 9 CivCenter Barco December 14, 1995 On going8 Units MUN-family Rental Project Downtown 2,455 2.g5y, Project Costs- Consulting May 18, 1992 On going Keser Marston Financial Consulting re: compliance with covenants Downtown 13,515.00 13,515.00 6,758 Protects Legal September 11, 1991 On goingStmdtin Yocca Carlson& Routh Contract Attome services re:enforcement of covenants Downtown 11,887.00 11,887.00 6;758 Man 10 SL John's Manor June 21, 2006 On going 36 Unit Senior Rental Project Downtown 5,944 5944. Project Costs -Legal 11n8 Ma 18,7992 On going Keyser Marston Financial Consultingre: compliance with covenants Downtown 8,993.00 8993.00 4,496 Project Costs -Legal Setember 11, 1991 On going Stradling Yocca Carson& Reath Contract Attorney services re -enforcement of covenants Downtown 500.00500.00 11 Costa Mesa Vllage'SRO' November 16, 1992 On going96 Unit Senior Rental Project Downtown 250 x. .250" Project Costs. Consultin May 18, 1992 On goingKayser N aston Financial Consultingre: com lance with covenants Downtown 4,760.00 4 760.00 2,380 Proecl Costs- Legal September 11, 1991 On goingStree ling Vocca Carson& Rauth Contract Attome services re:enforcement of covenants Downtown 4,537.00 4,537.00 2,380 12 Costa Mesa Famil Miller. (Shapeli December 6, 7983 On goingGround Lease of 72 Unit Multi -fora Rentel Project Downtown 2,269 2.268: Project Costs.Consultin May 18, 1992 On going Ka ser Marston Financial Consultingre: compliance with covenants Downtown 1000.00 1000.00 Project Costs. Legal September 11, 1991 On goingStradling Yocca Carson& Raub Contract Attorney services re:enfomemem of covenants Downtown 1000.00 1,000.00 500 500' 13 Rental Rehabllitalioo Pr ram Various 6/8/94$/9/99 On going Deferred loans to owner of mu18-famil ro dies Downtown 500 -'S00 Pmject Costs -Legal September 11, 1991 On goingStradlin Yocca Carlson& Reath Contract Attome services nexmirroement of covenants Downtown 1500.00 1500.00 14 Habitm for Humans 5 units) M5 May 21, 2001 On goingUnderwrote land to Develo r Downtown 750 75P. <- - -05 Project Cos.-a al September 11, 1997 On oin shooting Yocca Carlson& Routh Contract Attome services re:enforcement of covenants Downtown 5,300.00 5,300.00 15 Administrative Cost On in 2,600 2,600" Downtown 250,000.00 250,000.00 successor a Personnel EmeMiNres On going Ci of Costa Mesa ON Staff Payroll Costs- Develop Svcs Dept & Finance Dept Downtown Erecutire sersau On going Cily of Costa Mesa Sa ssa,,rAqerw Parsmmel aonres Downtown 29,580 Nana emem anal On going CI of Costa Mesa me suasor a Personnel EVeMiWres Downtown 23 124 _29580`: Manaement Mal t On goingCI of Costa Mesa Succesear Peas rrlE mbaaes Downtown 36,247 23 126 Ascaunnn Supemsor On going City of Costa Mesa Suaessor, n a rsa Pennal Expenditures Downtown 36244- Me1.Rnanca0'reoror On Costa Mesa 10,324 10[324:- 1024: Bedetmal t goingCi On goingCi of of Costa Mesa Suaaessor aPeraonn.1E nditurea spcceasor tinrsoc Penre Exaererwae Downtown Downtown 14,076 5,828 - Administrative Cos[-Auditin Ex June 17, 2012 June 17, 2013 White Nelson Diehl Evans LLP Costa Mesa Housing Authority Annual Audit Downtown 5,828 Admini.meive Cost -Others 5,000 ;-- 5,000 On goingDowntown eano-lservices On going Citv of Costa Mesa cental services Downtown 500 Posra Dena ea On going Costa Mesa Pnala oChar ea Downtown 321 500 76 321. 17 18 19 Name of Successor Agency: COSTA MESA REDEVELOPMENT AGENCY County: DOWNTOWN PROJECT AREA. Pursuant to Health and Safety Code section 34186 (a) PRIOR PERIOD ESTIMATED OBLIGATIONS vs. ACTUAL PAYMENTS RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 1) January 1. 2012 through June 30. 2012 Pa a/Farm Line Pro ect Name / Debt Obll alion Pa tie Descri tion/Project Scope LMIHF Bond Proceeds Reserve Balance Admin Allowance RPTTF Other Prolect Area Estimate Actual Estimate Actual Estimate Actual Estimate Actual Estimate Actual Estimate Actual Grand Total $ F - $ - „ $ .:$250.0011 $1252,330 $ ...:599,794 S - '600,738- P 1 ROP 1 TAB Refunding2003 Bank of New York Bonds Issued for non-housingproects Downtown 78,088 78,088 Contract for consultingservices Bank of New York Fiscal Agent Services -Annual Downtown Contact for consulting services Bank of New York Arbitrage Calodation. eve 5 Downtown Corbett for consulting services Hamill& Company Advisor LLC Pre ContinuingDisclosure Report -Annual Downtown 2,000 1,875 2 Coun ProTar Admin Fee Coun of Oran a Cha a for Administerin taxs stem Downtown 20,000 20,000 3 Contract for Consultin Services Maer, Hoffman, McCann Annual Audit Services Downtown 2,134 2,134 4 Promissory Note Pe able CI of Costa Mesa Ori inal Loan to establish RDA Downtown FRROP 6i (-sastaMesa CB®G-Fund Remiaanseat+en6M-avenu DowMewa aaklmin-6 rater Ad eM Downiewn a fi Loan from CDBG Funtl CI of Costa Mesa-CDBG Funtl Loan from CDBG for housin o ecl'SRO" Downtown 7 Davis Field Lighting Project Design West Design work on Davis Field Pro ect Downtown 2,700 2,700 Construction contract R & M Electrical ConnectingElectrical work to install lighting Downtown 19,460 20,259 P 1 ROP 1 8 Successor Agent Formation Consulting Sbadling Yocca Carlson& Routh Successor A n Formation Legal ConsultingDowntown 50,300 62,703 Jones & Mayer Successor A enc Formation Legal ConsultingDowntown 8,168 Keyser Marston Successor A en Formation ConsultingDowntown 31,300 18,674 P 1 ROP 1 9 Neighborhood Stabilization Program Mer Housing/ Cit of Fullerton Affordable housingproject compliance w/ covenants Downtown 321,316 314,200 Admin Costs-Consultin Kayser Marston Financial Consultingre: compliance with covenants Downtown 16,040 26,250 Admin Costs - Le al Stradling Yocca Carlson& Routh Contract Attorney services re:enforcement of covenants Downtown 21,200 24,619 Pal ROP 1 10 1901N rt Housing Project Fairfield Residential Assistance for low -mod housingproject Downtown Admin Costs -Consulting Kayser Marston Financial Consultin to: compliance with covenants Downtown 1,330 2,380 Admin Costs - L al Strolling Yocca Cadson& Raulh Contract Attorney services re:enforcement of covenants Downtown 1,668 10,081 P 1 ROP 1 11 First Time Home Buyer Program FTHB Deferred loans to FTHB for purchase of a home Downtown 79 Admin Costs - Le al Stadling Yocca Cadson& Routh Contact Attorney services re:enforcement of covenants Downtown 1,852 P 1 ROP 1 12 Single FamilyRehabilitation Program Deferred loans to homeowner for improvements Downtown 736 Admin Coeds. Consulting Keyser Marston Financial Consultingre: compliance with covenants Downtown 355 Admin Costs -Legal StealingYocca Cadson& Routh Contact Attorney services re:enforcement of Covenants Downtown 3,455 Pat ROP 1 13 Civic Center Banta 8 Units Multi-famll Rental Project Downtown Admin Cosls-Consultin Keyser Marston Financial Consultingre: compliance with covenants Downtown 6,757 7,280 Admin Costs- Legal SterlingYocca Caflson& Rauth Contract Attorney services re:enforcement of covenants Downtown 5,944 1,798 Pal ROP I 14 St. John's Manor 36 Unit Senior Rental Project Downtown - Admin Costs- Consulting Keyser Marston Financial Consultingre: compliance with covenants Downtown 4497 Admin Costs -Le al Stradlin Yotoa Cadson& Routh Contact Attorney services re:enforcement of covenants Downtown 250 15 Costa Mesa Viliage'SRO" 96 Unit Senior Rental Pro ect Downtown Admin Costs- Consultin KeyserMarston Financial Consultin re: coin liance with covenants Downtown 2,380 540 rRROP Admin Costs -Legal shellin Yocca Carlson& Routh ConlmctAftome services re:enforcement of covenants Downtown 2,768 8 16 Costa Mesa Family Village Shapell Ground Lease of 72 Unit Multi-famil Rental Pro ect Downtown 300 Armin Costs-Consultng Keyser Marston Financial Consultin re: com liance with covenants DowntownAdmin Costs -Legal Stradlin Yocca Cadson& Routh Contact Attorne services re:enforcement of covenants Downtown 17 Rental Rehabilitation Program Deferred loans to owner of inufti-fiannify properties Downtown Admin Costs- Legal Stradling Yocca Cadson& Routh Contact Attorney services re:enforcement of Covenants Downtown 750 P 1 ROP 1 1 18 Habitat for Humanity 5 units Underwrote land to Developer Downtown Admin Costs -Legal IShadling Yocca Cadson& Routh I Contact Attorney services re:enforeement of covenants Downtown 2,650 Page/Form Line Project Name / Debt Obligation Payee Description/Project Scope Project Area LMIHF Bond Proceeds Reserve Balance Admin Allowance RP17F Other Estimate Actual Estimate Actual Estimate Actual Estimate Actual Estimate Actual Estimate Actual P 3 ROP 1 1 Admin Costs Payroll and Other Admin Costs Downtown SuocessorA en Personnel Expenditures CI of Costa Mesa 189,056 196,604 Dev Service. Director CI of Costa Mesa SucceesorAen Peaonnel Exendltums Downtown ExewW.Secreta Ci of Costa Mesa Successor Personnel Exencksms Downtown Nel h.lm rmement Manager City of Costa Mesa SumessorAgency Personnel Ex endltures Downtown Man. am.MMal M City of Costa Masa Successor Ageno, Personnel Expenditures Downtown Mena ement Mall City of Costa Masa Successor AganW Personnel Ex endituas Downtown Mona emenl Ma el City of Costa Mesa Successor Agency Personnel Ex endbras Downtown ERROP 2 ON.,m,ainialadve Ex entlltures City of Costa Mesa 60,944 53,592 Ac ,ndn Services City of Costa Mesa A...Unq S.ry a Downtown Ir Services City of Costa Masa ITServicas Downtown Lanal S.Moes City of Costa Mesa La el services Downtown Coneullin s."I.. City of Costa Mesa Consullln Services Downtown Cental Ser s City of Costa Mesa Central Services Downtown Posla a Cha es City of Costa Mesa Posta a Cha es Downtown a This line Isnot en enforceable obll .tion as defined b HSC sec1lon 341]1 d . Nota meed by DOF as nmste BOPS ex endiMe. ATTACHMENT Successor Agency Resolution No. 12-_ Adopting Draft Third Recognized Obligations Payment Schedule for the period January 1, 2013 to June 30, 2013 (attached) DOCS OC/1575673v3/200410-0000 the State Department of Finance ("DOF) at the same time that the Successor Agency submits such draft ROPS to the Oversight Board for review; and WHEREAS, the Successor Agency has reviewed the draft third ROPS and desires to approve the draft third ROPS and to authorize the Successor Agency, to transmit the draft third ROPS to the Oversight Board and to also transmit a copy of such draft third ROPS to the cause posting of such ROPS on the Successor Agency website, and desires to direct transmittal of the third ROPS to the CAO, CAC, SCO, and DOF. 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 Act, the Successor Agency approves the third ROPS submitted herewith as Attachment 1, which schedule is incorporated herein by this reference; provided however, that the third ROPS is approved subject to the condition such ROPS is to be transmitted to the Oversight Board for review and approval and a copy of such draft third ROPS also concurrently be sent to the CAO, CAC, SCO, and DOF. Section 3. After approval by the Oversight Board, the Successor Agency authorizes transmittal of the third ROPS 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 third BOPS, on the Successor Agency website pursuant to the Dissolution Act. Section 5. The City Clerk/Secretary of the Successor Agency shall certify to the adoption of this Resolution. APPROVED AND ADOPTED this 215t day of August 2012. Eric Bever, Chair Successor Agency to the Costa Mesa Redevelopment Agency (SEAL) FAT Brenda Green, City Clerk/Secretary Successor Agency to the Costa Mesa Redevelopment Agency DOC SO C/1575673v3/200410-0000 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss. CITY OF COSTA MESA ) I, Brenda Green, City Clerk/Secretary of Redevelopment Agency, hereby certify that the the Successor Agency at a regular meeting held was so adopted by the following vote: AYES: NOES: ABSENT: (SEAL) DOC SOC/1575673v3/200410-0000 the Successor Agency to the Costa Mesa foregoing resolution was duly adopted by on the 21St day of August 2012, and that it Brenda Green, City Clerk/Secretary Successor Agency to the Costa Mesa Redevelopment Agency ATTACHMENT to Successor Agency Resolution No. 12-_ DRAFT THIRD RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR PERIOD JANUARY 1, 2013 TO JUNE 30, 2013 (attached) D OCSO C/1575673v3/200410-0000 Successor Agency Contact Information Name of Successor Agency: Costa Mesa Redevelopment Agency County: Orange County Primary Contact Name: Primary Contact Title: Address Contact Phone Number: Contact E -Mail Address: Colleen O'Donoghue Assistant Finance Director 77 Fair Drive, Costa Mesa, CA 92626 714-754-5219 colleen.odonoahueCa)costamesaca.aov Secondary Contact Name: Bobby Young Secondary Contact Title: Finance & I.T. Director Secondary Contact Phone Number: 714-754-5243 Secondary Contact E -Mail Address: bobbv.young(a costamesaca.aov SUMMARY OF RECOGNIZED OBLIGATION PAYMENT SCHEDULE Filed for the January 1, 2013 to June 30, 2013 Period Name of Successor Agency: Costa Mesa' Redevelopmeitit:Agan4y Certification of Oversight Board Chairman: Jim Righeimer Chair Pursuant to Section 34177(m) of the Health and Safety code, Name Title I hereby certify that the above is a true and accurate Recognized Obligation Payment Schedule for the above named agency. Signature Date Total Outstanding Debt or Obli ation Outstanding Debtor Obligation g 21089 gg Current Period Outstanding Debt or Obligation Six -Month Total A B C D Available Revenues Other Than Anticipated RPTTF Funding Enforceable Obligations Funded with RPTTF Administrative Allowance Funded with RPTTF Total RPTTF Funded B + C = Dg3g q 120bb E F Total Current Period Outstanding Debt or Obligation (A + B + C = E) Should be same amount as ROPS toren six-month total Enter Total Six -Month Anticipated RPTTF Funding Variance (D - E = F) Maximum RPTTF Allowable should not exceed Total Anticipated RPTTF Funding ,$-93,33$': Prior Period (January 1, 2012 through June 30, 2012) Estimated vs. Actual Payments (as required in HSC section 34186 (a)) G H 1 J Enter Estimated Obligations Funded by RPTTF (Should be the same amount as RPTTF approved by Finance, including admin allowance) Enter Actual Obligations Paid with RPTTF Enter Actual Administrative Expenses Paid with RPTTF Adjustment to Redevelopment Obligation Retirement Fund G - H + I = J 849,794 600,738 250,000 9i- K Adjustment to RPTTF $" 584,282 0p Certification of Oversight Board Chairman: Jim Righeimer Chair Pursuant to Section 34177(m) of the Health and Safety code, Name Title I hereby certify that the above is a true and accurate Recognized Obligation Payment Schedule for the above named agency. Signature Date Name of Successor Agency: COSTA MESA 'REDEVELOPMENT AGENCY County: DOWNTOWN PROJECTAREA RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS III) .lanuary 9 9nT1IHm mH L,en 9A 9M9 Oversight Board Approval Date: August 23, 2012 Total Total Due FundingSource Outstanding During ContrecUAgreemen[ Contract/Agreement Debt or Fiscal Year Bond Reserve Admin Item Name /Debt Obll atlon Execution Date Termination Date Pa ee Descri tion/Proect Scope Project Area Obligation 2012-13 LMIHF Proceeds Balance Allowance RPTTF Other Six -Month Total Grand Grand z; i - $ 21081,991. $ 3344,959-. `$ $, - $ $ ..'125,000 $ 4581338 RReTOhl 1 TARRefunding Se tember 25, 2003 October 1, 2017 Bank of Newyork Bonds Issued far non-housin rpects DowntownA15596456,00 00 690,275.00 349688 349,688- far consu Contraciforconsultin services Se tember 25, 2003 On oin Bank of New York Fiscal enl Servlcas-Annual Downtown00 1,082.00 Contract for Consultin services September 25, 2003 Required Eve 5 Bank of New York Arbitra eCalculatlon-eve 5 Downtown00 4,000.00 4,000 Centred for conaultin services March 1, 2011 On oin Homel]&Co an Advisor LLC Pre Continuln Disclosure Report- Annual Downtown00 2pW.00 2,000 ..4000': 2 Count' Pro a Tax Atlmin Fee Revolvin Revolving Count of Oran a Cher afar AtlmiMslern m e laxs tem Downtown.00 40,000.00 20,000 2000. 3 Promissory Note Payable SB tember30, 1971 June 30, 2024 Cil of Costa Mesa Original Loan to establish RDA Downtown .00 7,299,705.00 2000172 4 Successor en ConsultingSeptember 11, 1991 On oin Slradling Yocca Carson& Routh SuccessorA en Consultin Downtown00 48,000.00 24,00024000? Janus 1, 2005 On oin Jones 8 Ma er SuccessorA enc Le al Consultin Downtown.00 10,000.00 5,000 5000Ma 18,7992 On oin Keyser Marston Successor enc ConsuNO Downtown.00 36,000.00 18,000 8,000 5 Neighborhood Stabilization Program On goingMe HousingAffordable housingproject compliance w/covenants Downtown Pro'ed Costs-Consultin MJune ay 1992 Ma 18,1992 On going Keyear Marston Financial Consulti re: compliance with covenants Downtown 500.00 500.00 260 Project Costs -Legal September 17, 1991 On of Seedlin Yocca Carson&Routh Contract Attome services m:enforcement of covenants Downtown 500.00 500.00 250 2g0i: 2001 6 1901 Newport Housing Project June 14, 2004 On oin Fairfield Residential Assistance for low -mod housing project Downtown 892,500.00 892 500.00 Project Costs -Consulting May 18,1992 On goingKayser Marston Financial Consultingre: compliance with covenants Downtown 2,660.00 2,660.00 1.330 Project Costa- Legal September 11, 1991 On goingStmdlin Yocca Carson&Reath Contract Attome semimsr87enforwmentofcov.nants Downtown 3335.00 3,335.00 1,668 7 Fire] Time Nome Buyer Program FTHB) Various 5/2/99-2/5/09 On going Deferred loans to FTHB for purchase of a home Downtown 7rs0g' Project Costs -Consulting May 18, 1992 On going Keyser Marston Financial Consulting re: compliance with covenants Downtown 1,500.00 1500.00 750 Pra (Costs -La al September i 1. 1991 On oin Slmdlin Vocca CarsonB RauhContract Attome services re:enforcement of covenants Downtown 5,000.00 5,000.00 2,500 760:'. 12,5061 8 Single Family Rehabilitation Program Various 12/24/08-7/9/09 On coding Oontratl loanstohomeowner Porimprovements Downtown Pr Cot Costs -Legal September 11, 1991 On goingSvadling Yocca GadsonB Routh Contract Attorney services of covenants Downtown 4,910.00 4,910.00 2,455 9 Civic Cements December 1995 On going atMomement &Unlis Mul6famil Rental Pro act Downtown 2455: -Co Project Costa Cbnsultirg May814, May T8�1992 On goin Ke ser Manton v '.- Financial Consultin re: com (iance with cgvananh Downtown 13,515.00 13,515.00 - 6,758 - Pro act Costs -La al September 11, 1991 On oin sho lin Yocca Carson& Routh Contract Attome services ra:enforcement of covenants Downtown 11,887.00R1,000.00 5944 6758: 10 St. John's Manor June 21, 2006 On going36 Unit Senior Rental Project Downtown -..514A4 Project Cmda-Consulti May 18, 1992 On of Keyser Memnon Financial Consultingre: com iance with covenants Downtown 8,993.00 4.496 Legal Psta September 11, 1991 On goingSlratlling Yocca Carlson&Raulh Contract Attome services re:enforcement of covenants Downtown 500.00 250 4,498' MCostsll 11 Costa Mesa Village 'SRO' November 16, 1992 On oin 96 Unit Senior Rental Project Downtown ,250¢. Project Costs. Consulting May 18, 1992 On goingKeyser Manston Financial Consultingre: compliance with covenants Downtown 4,760.00 2,380 Project Costs - Le al September 11 1991 On coke Sanding Yocca Carson&Routh Contract Attorney services ne:enforcement of covenants Downtown 4,537.00 2,269 23301 12 Costa Mesa Family Village (Sha el0 December 6, 1983 On oin Ground Lease of 72 Unit MulM1famll Rental Naiad Downtown Project Costs -Consulting May 18,1992 On goingKeyser Marston Financial Consultingre: compliance with covenants Downtown 1,000.00 500 Proect Costs -Legal September 17 1991 On goingSlradling Yocca Carson& Rauh Contract Attorney services re:enforcarmt of covenants Downtown 1,000.00 500 13 Rental Rehabilitation Program Various 6/8/94-8/9/99 On goingDefamed loans W owner a muil4femll ro etlies Downtown 500: •... Project Costs -Legal September 11, 1991 On going Shading Yocca Can eon&Penn Contract Attorney services re:enfomement of covenants Downtown 1,500.00 1500.00 750 14 Habilal for HumanitysuntLs) Ma 21. 2001 On going Underwrote land to Developer Downtown 7804 -:-�- PmactCosts-Le al September 11, 1991 On of Stedting Yocca Godson& Routh Contract Attorney services re:enforcement of covenants Downtown 5300.00 5,300.00 2,600 15 Administrative Cost On goingDowntown 250,000.00 250,000.00 2,000; succv e ency Pemcnnel EpsndNms On going City of Costa Mesa City Staff Payroll Costs- Develop Svcs Dept & Finance Dept Downtown Executive secroor, On going City of Cosh Mesa Su..r on P..---- ExpendiAues Downtown 29,560 29,580-: Mane anon Ane" t On oin Ci of Cosh Mesa Succesver Pem nrsl Emondkums Downtown 26.247 3,124 23124' Mona emeS t On goingCi of Costa Mesa Successor a PamonnetE yarwmves Downtown 36,247 36;247': Ac p,mvx Sui.0, On goingCi of Costa Mesa Successor c Personnel manures Downtown 10,324 1Fim asst Finance onect« On goingCi of Costa Mesa Successor Personnel E ondeums Downtown 14,076 ..10,324 14,076- aur et nnal t On goingCI of Costa Mesa saccesmr enc Personnel endnures Downtown 5,828 Administrative Cost- Auditing Ex June 17, 2012 June 17, 2013 White Nelson Diehl Evans LLP Costa Mesa Housing Authority Annual Audit Downtown 5,000 5,828' Administrative Cost -Others On going Downtown -.:-5,000: canal Seances On going City of Costa Mese cancel ser.ices Downtown 500 Posta eenar es On oin Ci of Costa Mesa PosmeCha es Downtown 321 gpp: 16 321 17 18 19 Name of Successor Agency: COSTA MESA REDEVELOPMENT AGENCY County: DOWNTOWN PROJECT AREA Pursuant to Health and Safety Code section 34166 (a) PRIOR PERIOD ESTIMATED OBLIGATIONS vs. ACTUAL PAYMENTS RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 1) .lanuam 1. 2012 fhrmrah June 30. 2012 Pa a/Foran Line Pro le Name / Debt Obli anon Payee Descri tion/Pro'ect Sco a Pro act Area LMIHF Bond Proceeds Reserve Balance Admin Allowance Estimate Actual Estimate Actual Estimate Actual Estimate Actual RPTTF Estimate Actual Other Estimate Actual Grand Total o: _ $'%+. $ - ;: $ -': $; - $ =' $ - $250,000 $x:252,330 $ .599,794 $ : 600T38 P 1 ROP I 1 i TAB Refunding 2003 Bank of New York Bonds issued for non -housing ro ecfs Downtown 78,088 78,088 Contract for consulting services Bank of New York Fiscal Agent Services -Annual Downtown Contract for consulting services Bank of New York Arbitrage Calculation- eve5 yrs Downtown Contract for consulting services .Harrell& Company Advisor LLC Prep Continuing Disclosure Report- Annual Downtown 2,000 1,875 2 CountyProps Tex Admin Fee Countyof Orange Charge for Administering tax s tem Downtown 20,000 20,000 3 Contract for Consulting Services Ma r, Hoffman, McCann Annual Audit Services Downtown 2,134 2,134 4 Promisso Note Pa able CI of Costa Mesa Oriinal Loan to establish RDA Downtown fRROP RanhafRever� NaA7esa-CBB6€uad �eaua4aAAsMuW�fam Downlewa aKeysecMarsten Adm.. Dew»ttswn a 6 Loan from CDBG Fund CI of Costa Masa-CDBG Fund Loan from CDBG for housin ecc"SRO" Downtown 7 Davis Field Lighting Prefect Design West Design work on Davis Field Project Downtown 2,700 2,700 Construction contract R & M Electrical Contracting Electrical work to install lighting Downtown 19,460 20,259 Pfil ROP 1 8 Successor Agency Fornallon Consulting Shading Yams Cadson& Rauth Successor Agency Formation Legal Consulting Downtown 50,300 62,703 Jones&Mayer Successor Agency Formation Legal Consulting Downtown 8,168 Keyser Marston Successor Agency Formation Consulting Downtown 31,300 18,674 P 1 ROP 1 9 Neighborhood Stabilization Program MercyHousing/ Cit of Fullerton Affordable housingproject compliance wl covenants Downtown 321,316 314,200 Admin Costs -Consulting Keyser Marston Financial Consulting re: compliance with covenants Downtown 1 16,040 26,250 Admin Costs. Legal Stradling Yams Cadson& Routh Contract Attorney services re:enforcement of covenants Downtown 1 21,200 24,619 P 1 ROP 1 10 1901 Newport Housing Project Fairfield Residential Assistance for low -mod housing project Downtown - AdminCosts- Consultin Keyser Marston Financial Consulting re: comliance with covenants Downtown 1,330 2,380 Admin Costs- Legal Stradling Yocm Cadson& Routh Contract Attorney services m:erlforcenlent of covenants Downtown 1,668 10,081 Pill ROP I 11 First Time Home Buyer Program (FTHB) Deferred loans to FTHB for purchase of a home Downtown 79 Admin Costs -Leal Stradling Yocca Cadson&Rauch Contract Attorney services re:enforcement of covenants Downtown 1,952 Flit ROP 1 12 Single Family Rehabilitation Program Defered bans to homeowner for improvements Downtown 736 Admin Costs. Consulting Keyser Marston Financial Consulting re: compliance with covenants Downtown 355 Admin Costs -Leal Stradling Yo. Cadson& Routh Contract Attorney services rwenforcement of covenants Downtown 3,455 P 1 ROP 1 13 Civic Center Ballo 8 Units Multi-familyRental Project Downtown Admin Costs -Consulting Keyser Marston Financial Consultin re: compliance with covenants Downtown 6,757 7A01 Admin Costs. Legal Stradling Yocca Cadson& Rauth Contract Attorney services re:enforcement of covenants Downtown 5,944 1,798 Pill ROP 1 14 SL John's Manor 36 Unit Senior Rental Project Downtown - Admin Costs -Consulting Kayser Marston Financial Consulting re: compliance with covenants Downtown 4,497 Admin Costs. Legal Snorting Yams Cadson& Rauth Contract Attorney services re:enforcement of covenants Downtown 250 P l ROP 1 15 Costa Mesa Vlllage'SRO" 96 Unit Senior Rental Project Downtown Admin Costs. Consulting Keyser Manton Financial Consulting re: compliance with covenants Downtown 2,380 540 Admin Cash- Legal Steeling Yocca Cadson& Routh Contract Attorney services re:enforcement of covenants Downtown 2.768 8 Pill ROP 1 16 Costa Mesa Family Village Shapeli) Ground Lease of 72 Unit Multi-familyRental Project Downtown 300 Admin Costs- Consulting Keyser Marston Financial Consulting re: compliance with covenants Downtown 250 Admin Costs. Legal Stradling Yocca Carlson& Rauth Contract Attorney services re:enfomelnent of covenants Downtown 250 Pal ROP 1 17 Rental Rehabilitation Program Defered loans to owner of multi-familyproperties Downtown Admin Casts - Le al Shading Yocca Cadson& Rauth Contract Attorneyservices m:enfomement of covenants Downtown 750 P 1 ROP I 18 Habitat for Humanity5 units Underwrote land to Develops Downtown Admin Costs- Legal Stradling Yocca Cadson& Routh lContract Attorney services re:enforcement of covenants Downtown 2,650 Page/Form Line Project Name / Debt Obligation Payee Description/Project Scope Pro ecl Area LMIHF Bond Proceeds Reserve Balance Admin Allowance RPTfF Other Estimate Actual Estimate Actual Estimate Actual Estimate Actual Estimate Actual Estimate Actual P 3 ROP 1 1 Admin Costs Payroll and Other Admin Costs Downtown Successor AgenPemonnel Ex endltums City of Costs Mesa 189,056 196,604 Dev Semicee Director City of Costa Mesa SuccaswrA an Personnel Expenditures Downtown Ex..W. S.a.Wq City of Costa Mesa Successor AganPersonnei Ex endltums Downtown Nel h.lm mvement Mene er City of Costa Mesa Suxessor Agency Personnel Expenditures Downtown Mena errant Ana st CRY of Costa Mesa Sua wor AgenW Personal Expenditures Downtown Mena ement A..Wt City of Costa Mesa SuccaesorA en Personnel Ex enditums Downtown Mene ement Anal M City of Costa Mesa Successor Agency Personnel Ex ndilums Downtown P 3 ROP 1 2 OlherAdminlsl G. Expenditures Ci of Costa Mesa 60,944 53,592 A—n.fin Services Ci of Costa Mesa A ounflng SeMms Downtown IT SeMms City of Costa Mesa m Services Downtown L al S.Mrss City of Costa Mesa Le al Services Downtown ConguI ng ServRee City of Costa Mesa Consuiling SeMms Downtown Central Servkea City of Costa Mesa Cenbel Services Downtown Postage Cha es City of Costa Mesa Post., Ch.,.S Downtown a This line Is not an enforceable obll ationas defined by NSC section 341]1 tl . Not appmved by DOF as le timate ROPS ex enditum.