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Home My WebLink About2022-05 SARDA ResolutionRESOLUTION NO. SARDA 2022-05 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE PERIOD OF JULY 1, 2023, THROUGH JUNE 30, 2024 PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177 AND TAKING CERTAIN ACTIONS IN CONNECTION THEREWITH 1�a��• ._: � • � :•�C•7:h�•7�Ma�YiLK��Y.Y•):�:ZeJ��[�'�C•��J TEMECULA REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: Section 1. Recitals. The Board of Directors of the Successor Agency to the Temecula Redevelopment Agency does hereby find, determine and declare that: A. The Redevelopment Agency of the City of Temecula was a redevelopment agency in the City of Temecula, duly created pursuant to the Community Redevelopment Law, Part 1, commencing with Section 33000, of Division 24 of the California Health and Safety Code (hereafter the "Temecula Redevelopment Agency"). On June 12, 1988, the Board of Supervisors of the County of Riverside adopted Ordinance No. 658 adopting and approving the "Redevelopment Plan for Riverside County Redevelopment Project No. 1988-1." On December 1, 1989, the City of Temecula was incorporated. The boundaries of the Project Area described in the Plan are entirely within the boundaries of the City of Temecula. On April 9, 1991, the City Council of the City of Temecula adopted Ordinances Nos. 91-08, 91-11, 91-14, and 91-15 establishing the Redevelopment Agency of the City of Temecula and transferring jurisdiction over the Plan from the County to the City. Pursuant to Ordinance Nos. 91-11 and 91-15, the City of Temecula and the Redevelopment Agency of the City of Temecula assumed jurisdiction over the Plan as of July 1, 1991. The Plan has been amended by Ordinance Nos. 94-33, 06-11 and 07- 20 adopted by the City Council. B. The City Council of the City of Temecula adopted Resolution No. 12-02 January 10, 2012, pursuant to Health and Safety Code Section 34173 and applicable law electing for the City to serve as the Successor Agency for the Temecula Redevelopment Agency upon the dissolution of the Redevelopment Agency of the City of Temecula. The City Council of the City of Temecula, acting as the Governing Body for the Successor Agency to the Temecula Redevelopment Agency, adopted Resolution No. 12-01 on February 28, 2012 declaring the Successor Agency to the Temecula Redevelopment Agency duly constituted pursuant to law and establishing rules and regulations for the operation of the Successor Agency to the Temecula Redevelopment Agency ("Successor Agency"). C. Pursuant to Health and Safety Code Section 34175(b) and the California Supreme Court's decision in California Redevelopment Association, et al. v. Ana Matosantos, et al. (53 CalAth 231(2011)), on February 1, 2012, all assets, properties, contracts, leases, books and records, buildings, and equipment of the former Temecula Redevelopment Agency transferred to the control of the Successor Agency by operation of law. D. Pursuant to Health and Safety Code Section 34177(o), the Successor Agency must prepare a Recognized Obligation Payment Schedule listing the anticipated payments for enforceable obligations to be made by the Successor Agency during the fiscal period from July 1, 2023 through June 30, 2024 (ROPS 23-24) and submit ROPS 23-24 to the Riverside County Oversight Board of the Successor Agency (the "Oversight Board") for approval. E. Accordingly, the Board desires to adopt this Resolution approving the ROPS 23- 24. Section 2. This Resolution is adopted pursuant to Health and Safety Code Section 34177. Section 3. The Board hereby approves ROPS 23-24 substantially in the form attached as Exhibit A to this Resolution and incorporated herein by reference (the "ROPS"). The Executive Director of the Successor Agency, in consultation with the Successor Agency's legal counsel, may modify the ROPS 23-24 as the Executive Director or the Successor Agency's legal counsel deems necessary or advisable. Section 4. The Board hereby designates the Finance Director as the official to whom the DOF may make requests for review in connection with the ROPS 23-24 and who shall provide the DOF with the telephone number and e-mail contact information for the purpose of communicating with the DOF. Section 5. Staff is hereby authorized and directed to post a copy of the Oversight Board -approved ROPS 23-24 on the Successor Agency's website. Section 6. The officers and staff of the Successor Agency are hereby authorized and directed, jointly and severally, to do any and all things which they may deem necessary or advisable to effectuate this Resolution, including submitting the ROPS 23-24 to the oversight board for approval and requesting additional review by the DOF and an opportunity to meet and confer on any disputed items, and any such actions previously taken by such officers are hereby ratified and confirmed. Section 7. The Secretary shall certify to the adoption of this Resolution. 1 PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Successor Agency to the Temecula Redevelopment Agency this 13Ih day of December, 2022. ATTE Randi Johl, Secretary [SEAL] 1 1 Matt Rahn, Chair 1 1 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Randi Johl, Secretary of the Successor Agency to the Temecula Redevelopment Agency, do hereby certify that the foregoing Resolution No. SARDA 2022-05 was duly and regularly adopted by the Board of Directors of the Successor Agency to the Temecula Redevelopment Agency at a meeting thereof held on the 13t' day of December, 2022, by the following vote: AYES: 5 BOARD MEMBERS: Alexander, Edwards, Rahn, Schwank, Stewart None None None Randi Johl, Secretary a 1 1 J EXHIBIT A Recognized Obligations Payment Schedule (ROPS) for the period July 1, 2023 through June 30, 2024 (ROPS 23-24) ® Redevelopment Agency Dissolution System (RAD-SA) Temecula ROPS 2023-24 Annual Home Contacts Status Instructions Reports Ci Summary Detail Cash Balances Submission Requested Funding for Obligations A Obligations Funded as Follows (B+c+D) B Bond Proceeds C Reserve Balance D Other Funds E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) F RPTTF G Administrative RPTTF H Current Period Obligations (A.O httpsV/esd,dofc .g-/rad/F/rops/annual/summary 23-24A Total 23-24B Total ROPS Total 0 0 0 0 0 0 0 0 0 0 0 0 3,705,191 3,410,622 7,115,813 3,580,191 3,285,622 6,865,813 125,000 125,000 250,000 3,705,191 3,410,622 7,115,813 r Temecula ROPS 2023-24 Annual Agreement Agreement lotal Iota Execution Termination Outstanding Requested Item q Obligation Name Obligation Type Date Date Payee Description Obligation Funding Notes US Bank as Trustee for Trustee Fees for TAB Bond 1 Trustee Admin Fees Fees 4/24/2002 6/30/2036 Bondholders Issues 3,500 3,500 2 jAbbott OPA OPA/DDA/Construction 2/12/2002 2/12/2021 Abbott Vascular Property Tax Reimbursement - Reimbursement for 3 Abbott OPA OPA/DDA/Construction 2/12/2002 2/12/2030 Abbott Vascular Development Improvements 750,000 - Loan of Low Mod to Redeve. 4 SERAF Payment Reimbursment SERAF/ERAF 5/10/2011 5/10/2025 Low -Mod Housing Fund Fund for SERAF 1,313,613 900,000 Temecula Gardens L.P Loan 5 jAgreement OPA/DDA/Construction 7/1/1998 7/1/2027 Temecula Gardens L.P. Loan for Affordable Housing 1,475,000 295,000 Promenade Parking Garage Loan for Public Parking 14 OPA OPA/DDA/Construction 7/24/2007 7/29/2016 Forrest City Garage Agency Staff Compensation / 20 Agency Administration Admin Costs 7/1/2012 6/30/2016 Multiple Payees Agency Admin 250,000 250,000 Loan for acquisition of City/County Loan (Prior 06/28/11), property for public parking 21 16th Street Promissory Note Property transaction 3/12/1996 12/31/2016 City of Temecula lot US Bank as Trustee for Bonds Issues to Fund 22 Unfunded Obligations Bonds Issued On or Before 12/31/10 4/24/2002 7/28/2036 Bondholders Redevelopment Activities US Bank as Trustee for Bonds Issues to Fund 23 Unfunded Obligations Bonds Issued On or Before 12/31/10 12/1/2006 7/30/2036 Bondholders Redevelopment Activities Tax Allocation Refunding Bonds Refunding Bonds Issued After US Bank as Trustee for Bonds Issues to Fund 31 Series 2017A 6/27/12 12/14/2017 12/15/2038 Bondholders Redevelopment Activities 56,308,625 3,566,375 Tax Allocation Refunding Bonds Refunding Bonds Issued After US Bank as Trustee for Bonds Issues to Fund 32 Series 2017B 6/27/12 12/14/2017 12/15/2039 lBondholders Redevelopment Activities 1 36,722,872 2,100,938 A B C D E F G H Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF ROPS 22-23 Cash Balances Prior ROPS RPTTF (7/1/20 - 6/30/21) Bonds Issued on and Reserve Comments Bonds issued on or Rent, grants, Non-Admin and or before Balances retained 12/31/10 after0l/O1/11 forfuture interest, etc. Admin period(s) Beginning Available Cash Balance (Actual 7/1/20) RPTTF amount should exclude "A" period distribution 1 amount. 0 13,135,054 0 0 (866,289) Revenue/Income (Actual 6/30/21) RPTTF amount should tie to the ROPS 19-20 total 2 distribution from the County Auditor -Controller 4,836 2,954 5,390,713 Expenditures for ROPS 19-20 Enforceable Obligations 3 (Actual 6/30/21) 0 2,954 6,135,433 Retention of Available Cash Balance (Actual 6/30/21) RPTTF amount retained should only include the amounts 4 distributed as reserve for future period(s) 0 ROPS 20-21 RPTTF Prior Period Adjustment RPTTF amount should tie to the Agency's ROPS 20-21 PPA No entry required 5 Form submitted to the CAC 20,095 Ending Actual Available Cash Balance (6/30/21) 6 C to F = (1+2-3-4), G = (1+2-3-4-5) $0 $13,139,890 $0 $0 ($1,631,104)