HomeMy WebLinkAbout12-04 OB SARDA Resolution RESOLUTION NO. OB SARDA 12-04
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE TEMECULA
REDEVELOPMENT AGENCY APPROVING A
RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR
' THE PERIOD OF JANUARY 1, 2012 THROUGH JUNE 30,
2012 PURSUANT TO HEALTH AND SAFETY CODE
SECTION 34177 AND TAKING CERTAIN ACTIONS IN
CONNECTION THEREWITH
THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE
TEMECULA REDEVELOPMENT AGENCY, DOES RESOLVES AS FOLLOWS:
Section 1. Recitals. The Oversight Board 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. 1,988-1." 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. The
Agency duly adopted its Implementation Plan for 2010-2014 on December 8, 2009 in
accordance with Health and Safety Code Section 33490.
B. ABX1 26 and ABX1 27 were signed by the Governor of California on June
29, 2011, making certain changes to the Redevelopment Law, including adding Part 1.8
(commencing with Section 34161) and Part 1.85 (commencing with Section 34170)
("Part 1.85") to Division 24 of the California Health and Safety Code ("Health and Safety �
Code").
C. The California Redevelopment Association and League of California Cities
filed a lawsuit in the Supreme Court of California (California Redevelopment
Association, et al. v. Matosantos, et al. (Case No. S194861)) alleging that ABX1 26 and
ABX1 27 were unconstitutional.
D. On December 29, 2011, " the Supreme Court issued its opinion in the
Matosantos case largely upholding ABX1 26, invalidating ABX1 27, and holding that
ABX1 26 may be severed from ABX1 27 and enforced independently.
E. The Supreme Court generally revised the effective dates and deadlines for
performance of obligations in Part 1.85 arising before May 1, 2012 to take effect four
months later.
F. As a result of the Supreme Court's decision, on February 1, 2012, all
redevelopment agencies, including the Temecula Redevelopment Agency, were
dissolved and replaced by successor agencies established pursuant to Health and
Safety Code Section 34173.
G. The City Council of the City of Temecula (the "City") adopted Resolution
No. 12-02 January 10, 2012, pursuant to Part 1.85 electing for the City to serve as the
successor agency for the Temecula Redevelopment Agency upon the Agency's
dissolution.
H. 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"). ,
I. Health and Safety Code Section 34177(I), as modified by the California
Supreme Court, provides that by March 1, 2012, the Successor Agency must prepare a
draft initial Recognized Obligation Payment Schedule for the enforceable obligations of
the fiormer Redevelopment Agency, in accordance with the requirements of paragraph
(I). The draft schedule must be reviewed and certified, as to its accuracy, by an external
auditor designated at the county auditor-controller's direction pursuant to Health and
Safety Code Section 34182. The certified Recognized Obligation Payment Schedule
must be submitted to and approved by the oversight board. Finally, after approval by
the oversight board, a copy of the approved Recognized Obligation Payment Schedule
must be submitted to the county auditor-controller, the State Controller and the State
Department of Finance ("DOF"), and be posted on the Successor Agency's web site.
The first Recognized Obligation Payment Schedule submitted to the State Controller
and the DOF will be for payments for the period of January 1, 2012 to June 30, 2012,
inclusive.
J. Accordingly, the Board desires to adopt this Resolution approving the
Recognized Obligation Payment Schedule for the periods of January 1, 2012 through
June 30, 2012 in accordance with Part 1.85.
Section 2. This Resolution is adopted pursuant to Health and Safety Code
Section 34177.
Section 3. The Board hereby approves the Recognized Obligation Payment
Schedule for the periods of January 1, 2012 through June 30, 2012 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 as the Executive Director or
the Successor Agency's legal. counsel deems necessary or advisable and is subject to
approval by the Oversight Board. �
Section 4. The Board hereby designates the Finance Director as the official to
whom the DOF inay make requests for review in connection with the ROPS 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. 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
certified Recognized Obligation Payment Schedule to the oversight board for approval,
and any such actions previously taken by such officers are hereby ratified and
confirmed.
Section 6. The Secretary shall certify to the adoption of this Resolution.
PASSED, APPROVED, AND ADOPTED by the Oversight Board of the Successor
Agency of the Temecula Redevelopment Agency this 28�" day of March, 2012.
John Mey , Chairperson
ATTEST:
Susan W. Jones� MMC
E' lerk/Board 5ecre ry
[SEAL]
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, MMC, City Clerk/Board Secretary of the Oversight Board of the
Successor Agency to the Temecula Redevelopment Agency, do hereby certify that the
foregoing Resolution No. SARDA 12- 04 was duly and regularly adopted by the Board
Members of the Oversight Board to the Successor Agency of the Temecula
Redevelopment Agency of the City of Temecula at a meeting thereof held on the 28 day
of March, 2012, by the following vote:
AYES: 5 BOARD MEMBERS: Meyer, Thornhill, Gonzalez, Ordway-Peck, Turner
NOES: p BOARD MEMBERS:
ABSENT: 2 BOARD MEMBERS: Kelliher., Vacant
ABSTAIN: 0 BOARD MEMBERS:
(�(,Jr
Susan . Jones, MMC
Board Secretary
EXHIBIT A
RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE PERIODS OF
JANUARY 1, 2012 THROUGH JUNE 30, 2012
Name of Redevelopment Agency: Temecula Redevelopment Agency
Page 1 of 2 Pages
ProlectAree(s) AIl . �
RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Total Outsianding Total Dua Dunrg Payments b monih"
Pro ec� Name / Debt Obli ation Pa ee Desui tian FuMi Source Debt or Obli ation Flscal Vear Jan Feb Mar A Ma June Total
1 CSUSM Cam us Fundin A reement Cal State San Marcos Satelllte Cam us Develo menl Reurves a7�,62a 288,584 288.58a 288,5Ba
2 Abbon OPA Abboti Vauular Pro rt Ta.t Reimbursmenl Redevelo mem Trust FurM 1,910,000 159.000 i59.000 159,000
3 Pa roll-A enc Adminisiration A enc Siall A enc Stalf Com nution Admin Cos� Allowance 812,966 812.966 66.545 66.545 93,804 66.545 66,545 66.Sa5 426.529
4 Promisso Noie Cii of Temecula 6lh Slreet Parkin Lot Fedevelo ment Trust Fund 1,903.333 439.622 a39,622 439b22
5 Protassional Services A reemenl Brown Bonz 8 Coddi ton Communit Devel mem Blxk Gram Entitlement LMMF / Retl. Trust Fund 29,000 29,000 3,625 3,625 3.fi25 3.625 3,625 3.625 21.750
6 ProlessionalSenkesA reement KeserMarstonASSOCiales RealEslatelECOnomicAnal is LMMF/Fed.7rusiFUnd 75.000 75.DD0 6,878 6,818 6.818 6,Bt8 6,818 6.818 a0,900
7 Jefferson Cortidor Mulli Juristliclional StuO Cal Trans In-KirW Conlnbutiuon br Cal-Trans Grant LMMF / Red. Trust Fund 7,850 7.850 1,570 1.570 �.570 1.570 ' 1,570 7,850
8 Prolessional Services A reement Lance Soll & Lu artl A enc Auditin Services Redevelo ment Trust Furrd 13,930 13.930 6,965 6,965
9 Professional Services A reement Environmenlal Science Associates Jefferson Corridor S ecilic Plan EIR LMIHF / Red. Trust Fund t89,220 /89220 31,537 3t,537 3t,537 31.537 3t.537 31,537 189,222
10 ProfessionalServicesA reement InlandPlannin &�esi n JeffersonCorridorS ecilicPlan Redevelo entTrustFund 8�,t23 81.123 10.140 t0,t40 10,140 10.140 10.1a0 10,740 60,Ba0
11 Professional Services A reement Richards, W alson 8 Gershon A nec L� al Services LMIHF / Retl. Trus� Fund 135,000 135,000 12273 t2,273 72,273 12273 12,273 12,2)3 73,630
12 NonPersonnelA enc Adminisiration Mulli lePa ees On oin A enc Adminisiration LMMF/Retl.TrustWnd 375,242 375242 34,113 � 34,113 34,113 34,113 34,113 34,f13 204,678
13 Pro e Tax Atlmin Fee Riverside Coun Tax Assessor Count Atlminstration Fee Retlevelo ment Trust FurM 233,000 233,000 233,000 p33,000
14) Trus�ee Admin Fees US Bank as Trustee for Bondholders Trustea Fees lor TAB Bond Issues - Redevelopment Trust Fund 18,760 18.760 2,375 2,375 '
� 5) 2002 TAB FV 20t 1/12 US Bank as Trustee for Bondholtlers Bonds Issues to Fund Affordable Housin Redevelopment Trust Fund 44,590,491 1,776,064 63�,35fi 630,356
�6) 2006 TAB Series A FV 20� t/i2 US Bank as Trustee lor Bondholtlers Bonds Issuos io Fund Attordable Housin Redevelopment Trust Fun� 30,588,675 991,836 3fi3,318 363,3�8
i 7) 2006 TAB Series 8 FV 2017/12 US Bank as Trustee for Bontlholtlers Bonds Issues io Fund Afbrdable Housing Redevelopment Trust FunO 5,5� 1,857 199.606 71,753 71,753
18) 2007 TAB FY 20t 1/t2 US Bank as Truslee for Bondholders Bonds Issues �o Funtl AFtortlable Housing Radevelopment Trust Fund 30281,825 1,092.364 410.668 a10,668
19) 2010 Housin TAB Series A 8 B FV 2011/12 US Bank as Truslee br Bondholders Bontls Issuas to Fund AI(ordable Housing Redevelopment Trust Fund 32,285,618 1,250.095 502.797 � 502,797
20) 2011 Housing TAB Fival Vear 2011/12 US 8ank as Truslee for Bondholders Bonds Issucs to Fund Allordable Housing Retlevelopment Trust Fund 39.649,294 1,010,061 555,997 555,997
21) Fron� St. Plaza Pariners, Inc. OPA Front Street Plaza PaMers Iric. Granl br const�uction ol Alfordable Housin Bond Procee0s 4,000.000 4,000,000 4,000,000 4,000,000
22) AMCAL Pu'ol Fund LP. OPA AMCAL Pu ol Fund LP. Grant br construqion ol Affordable Housi Bond Proceeds 5.579.021 � 5,579,021 1,200,000 t3�,933 131,933 131,933 131.933 13�,933 1,859,665
23 Summerhouse Housin Associatas. L.P.. OPA Summerhousa Housin Associates, L.P. Loan for AHortlable Housin Redavelo merrt Trust Fund 1,080,262 1.080.262 1,0802fi2 1,080,262
2a Temecula Gartlans LP Loan A re ment Temecula Gartlens L.P. Loan for AffoNable Housin Redevelo meM Trust Wnd 4,880,000 305,000 305.000 305,000
25 Old Town INrasnucWre Pro'ects e RBF / Pardall / LH En Irre n/ Etl e Old Town Inirasiructure Im ovemenis Bond Proceeds 246,131 246,137 2a6,131 2a6,131
26 Promenade Parkin Gara e OPA Forrest Ci Loan br PuWic Parkin Gara e Bond Prxaeds 20,000 20,000 20,000 20,000
27 Oltl Town Sound S stem Westem Audio Visual Public Sound S tem Redevelo ment Trust Fund 85,77a 85.774 60,808 gp,gpg
28 Debl Service Reimbursement Cit of Temecula Advance Irom GF to cover Debt Service Redevelo ment Trust FurM 810.000 810.000 810,000 810.000
29 SERAF Pa ment Reimbursment Low-MOd Housin Fund Loan ol Low Mod �o Redeve. Fund lor SERAF Redevelo ment Trust Fund 5250,954 5250.954 0
30 Abbott OPA Abbolt Vascular Reibursement for Deveb mem Im rovemenis Redevelo ment Trust FurM 750.000 750.000 0
Totals-Pagei � 271,873,950 27.313.a65 2220.539 3,161.022 48a.813 298.554 298,554 6,608.234 t3,071.776
Totals-Page2 ' 10,559.000 10,559.000 5279.500 0 0 0 5279.500 0 t0.559,000
GrarMlotal-AIIPa es 222,432.950 37,872,a65 7,500,039 3.161,022 484.813 298.554 5.578.054 6.608.234 23,630,716
"Pa ents are esttmatetl entl me re resent car over from EOPS scheEUb considerin thet some obll etlons do �wf have s Illc ent tlates