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HomeMy WebLinkAbout121113 OB SARDA Agenda In compliance with the Americans with Disabilities Act, if you need special assistance to participate in this meeting, please contact the office of the City Clerk (951) 694-6444. Notification 48 hours prior to a meeting will enable the City to make reasonable arrangements to ensure accessibility to that meeting [28 CFR 35.102.35.104 ADA Title II]. MEETING NOTICE/AGENDA OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY REGULAR MEETING COUNCIL CHAMBERS 41000 MAIN STREET DECEMBER 11, 2013 —6:30 PM Next in Order: Resolution: 13-07 CALL TO ORDER: John Meyer, Chairperson Roll Call: Meyer, Thornhill, Gonzalez, Kelliher, Ordway-Peck, Sparkman, Turner PUBLIC COMMENTS _.A total of 15 minutes is provided so members of the public may address the Board on items that are not listed on the Agenda. Speakers are limited to three minutes each. If you desire to speak to the Board about an item not on the Agenda, a salmon colored "Request to Speak" form should be filled out and filed with the Board Secretary. When you are called to speak, please come forward and state your name for the record. For all other agenda items a "Request to Speak" form must be filed with the Board Secretary prior to the Board addressing that item. There is a three-minute time limit for individual speakers. NOTICE TO THE PUBLIC All matters listed under Consent Calendar are considered to be routine and all will be enacted by one roll call vote. There will be no discussion of these items unless Members of the Oversight Board request specific items be removed from the Consent Calendar for separate action. CONSENT CALENDAR 1 Minutes RECOMMENDATION: 1.1 Approve the Minutes of June 12, 2013 1.2 Approve the Minutes of September 25, 2013 1 BOARD BUSINESS 2 Extension of the 6th Street Promissory Note between the City of Temecula and the Successor Agency to the Temecula Redevelopment Agency. RECOMMENDATION: 2.1 Approve the Minutes of September 25, 2013 RESOLUTION NO. OB SARDA13-07 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY APPROVING THE EXTENSION OF THE 6TH STREET PROMISSORY NOTE ADJOURNMENT Next regular meeting: Wednesday, January 15, 2014, 6:30 PM, Council Chambers, 41000 Main Street, Temecula, California. �13J�3 Date usan . Jones, MC B ecretary NOTICE TO THE PUBLIC The Agenda will be available for viewing, prior to the meeting, at the Main Reception at City Hall—41000 Main Street, Temecula, 8:00 — 5:00 PM as well as on the City's website — www.cityoftemecula.org. Any staff report/written material pertaining to this meeting will be available, prior to the meeting, for public review at the Main Reception and at the respective meeting. Any Supplemental Material distributed to a majority of the Committee Members regarding any item on the Agenda, after the posting of the Agenda, will be available for public review at the Main Reception. In addition, such material will be made available for review at the respective meeting. If you have any questions regarding any item of business on the Agenda for this meeting, please contact City Hall— 951-694-6444. 2 ITEb1 1 ACTION MINUTES OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY REGULAR MEETING COUNCIL CHAMBERS 41000 MAIN STREET JUNE 12, 2013— 6:30 PM Next in Order: Resolution: 13-03 CALL TO ORDER: John Meyer, Chairperson Roll Call: Meyer, Thornhill, Gonzalez, Kelliher PUBLIC COMMENTS NO SPEAKERS NOTICE TO THE PUBLIC All matters listed under Consent Calendar are considered to be routine and all will be enacted by one roll call vote. There will be no discussion of these items unless Members of the Oversight Board request specific items be removed from the Consent Calendar for separate action. CONSENT CALENDAR 1 Minutes RECOMMENDATION: 1.1 Approve the Minutes of February 27, 2013 APPROVED BY A 4-0 VOTE. VOTE REFLECTED UNANIMOUS APPROVAL. BOARD BUSINESS 2 Election of Chair Person and Vice Chair Person 2.1 Entertain motions from the Board of Directors to appoint the Chair Person, effective June 13, 2013, to preside until June 13, 2014. 2.2 Entertain motions from the Board of Directors to appoint the Vice Chair Person, effective June 13, 2013, who will assume the duties of the Chair Person in the Chair Person's absence, and hold this office until June 13, 2014. BOARD MEMBER MEYER WAS NOMINATED TO SERVE AS CHAIR PERSON. BOARD MEMBER THORNHILL WAS NOMINATED TO SERVE AS VICE CHAIR PERSON. APPROVED BY A 4-0 VOTE. VOTE REFLECTED UNANIMOUS APPROVAL. 1 3 Adopt Proposed Administrative Budgets for the Successor Agency to the Temecula Redevelopment Agency Pursuant to Health and Safety Code Section 34177 APPROVED BY A 4-0 VOTE. VOTE REFLECTED UNANIMOUS APPROVAL. RECOMMENDATION: 3.1 Adopt a resolution entitled: OB SARDA RESOLUTION NO. 13-03 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY APPROVING PROPOSED ADMINISTRATIVE BUDGETS PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177 AND TAKING CERTAIN ACTIONS IN CONNECTION THEREWITH ADJOURNMENT Next regular meeting: Wednesday, October 9, 2013, 6:30 PM, in the Council Chambers, 41000 Main Street, Temecula, California. John Meyer Vice Chairperson Aaron Adams Executive Director ATTEST: Susan W. Jones, MMC Agency Secretary/City Clerk 2 ACTION MINUTES OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY REGULAR MEETING COUNCIL CHAMBERS 41000 MAIN STREET SEPTEMBER 25, 2013— 6:30 PM Next in Order: Resolution: 13-04 CALL TO ORDER: Gary Thornhill, Vice Chairperson Roll Call: Thornhill, Gonzalez, Kelliher, Ordway-Peck, Sparkman PUBLIC COMMENTS NO SPEAKERS NOTICE TO THE PUBLIC All matters listed under Consent Calendar are considered to be routine and all will be enacted by one roll call vote. There will be no discussion of these items unless Members of the Oversight Board request specific items be removed from the Consent Calendar for separate action. CONSENT CALENDAR 1 Minutes RECOMMENDATION: 1.1 Approve the Minutes of June 12, 2013. ITEM WAS CONTINUED TO NEXT MEETING DUE TO INSUFFICIENT QUORUM FROM MEETING OF JUNE 12, 2013. BOARD BUSINESS 2 Make a Finding that the 6`h Street Promissory Note between the City of Temecula and the former Temecula Redevelopment Agency was for legitimate Redevelopment purposes. APPROVED BY A 5-0 VOTE. VOTE REFLECTED UNANIMOUS APPROVAL. RECOMMENDATION: 2.1 Adopt a resolution entitled: 1 RESOLUTION NO. OB SARDA13-04 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY MAKING A FINDING, PURSUANT TO HEALTH AND SAFETY CODE 34191.4 (B) (1), THAT THE PROMISSORY NOTE BETWEEN THE CITY OF TEMECULA AND THE FORMER TEMECULA REDEVELOPMENT AGENCY WAS FOR LEGITIMATE REDEVELOPEMENT PURPOSES. 3 Adopt Recognized Obligation Payment Schedules for the period of July 1, 2013 through December 31, 2013. (ROPS 13-14A) APPROVED BY A 5-0 VOTE. VOTE REFLECTED UNANIMOUS APPROVAL. RECOMMENDATION: 3.1 Adopt a resolution entitled: RESOLUTION NO. OB SARDA 13-06 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE PERIOD OF JULY 1, 2013 THROUGH DECEMBER 31, 2013 PURSUANT TO HEALTH AND SAFETY CODE. SECTION 34177 AND TAKING CERTAIN ACTIONS IN CONNECTION THEREWITH 4 Adopt the Long Range Property Management Plan and transmittal of the Long Range Property Management Plan on Accordance with Health and Safety Code 34191.5 APPROVED BY A 5-0 VOTE. VOTE REFLECTED UNANIMOUS APPROVAL. RECOMMENDATION: 4.1 Adopt a resolution entitled: RESOLUTION NO. OB SARDA 13-05 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY APPROVING THE LONG RANGE PROPERTY MANAGEMENT PLAN PREPARED BY THE SUCCESSOR AGENCY PURSUANT TO HEALTH AND SAFETY CODE SECTION 34191.5, DETERMINING THAT APPROVAL OF THE LONG RANGE PROPERTY MANAGEMENT PLAN IS EXEMPT FROM THE CALIFORNIA ENVIRONMENTAL QUALITY ACT, AND TAKING CERTAIN ACTIONS IN CONNECTION THEREWITH 2 ADJOURNMENT Next regular meeting: Wednesday, October 9, 2013, 6:30 PM, in the Council Chambers, 41000 Main Street, Temecula, California. Gary Thornhill Vice Chairperson Aaron Adams Executive Director ATTEST: Susan W. Jones, MMC Agency Secretary/City Clerk 3 ITEM 2 OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVLEOPMENT AGENCY AGENDA REPORT TO: Executive Director/Board Members Patrick Richardson, Director of Community Development for the Successor FROM: Agency to the Temecula Redevelopment Agency DATE: December 11, 2013 SUBJECT: Extension of the 6th Street Promissory Note between the City of Temecula and the Successor Agency to the Temecula Redevelopment Agency. PREPARED BY: Luke Watson, Senior Planner for the Successor Agency to the Temecula Redevelopment Agency RECOMMENDATION: Adopt a resolution entitled: RESOLUTION NO. OB SARDA 13- A RESOLUTION OF THE BOARD OF DIRECTORS OF THE OVERSIGHT BORAD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY APPROVING THE EXTENSION OF THE 6TH STREET PROMISSORY NOTE BACKGROUND: On December 10, 1991, the City Council authorized the purchase of a 1.4 acre site located at the northeast corner of Old Town Front Street and 6th Street in Old Town. The total acquisition cost of the site was $918,171. On March 12, 1996, the property was conveyed from the City to the former Temecula Redevelopment Agency in consideration of a Promissory Note (Note) in the amount equal to the acquisition cost of$918,171. Upon taking ownership of the site, the former Redevelopment Agency developed the easterly portion of the site as a public parking lot. The western portion of the site was leased and developed as a restaurant and Greyhound bus transit center. The Note was extended by the City and former Redevelopment Agency on April 23, 2002 and again on December 16, 2008. The current note is set to expire December 16, 2013. Due to the passage of ABX1 26 and AB 1484, the Temecula Redevelopment Agency was dissolved and the Successor Agency to the Temecula Redevelopment Agency (SARDA) was created to manage the ongoing obligations of the former Redevelopment Agency. Provisions of ABX1 26 and AB 1484 prohibited SARDA from making the payments required by the Note. ABX1 26 and AB 1484 mandated that the SARDA meet certain obligations before the Note could be placed on the Recognized Obligation Payment Schedule (ROPS) for repayment. These obligations included completing the Due Diligence Review and receiving a Finding of Completion. SARDA has fulfilled those obligations and received authorization from the California State Department of Finance (DOF) to place the Note onto the ROPS for repayment. Staff is recommending a five year extension of the Note. FISCAL IMPACT: The original terms of the Note included a simple interest rate of 5% annually. ABX1 26 and AB 1484 mandated that the interest rate of loans between former Redevelopment Agencies and their sponsoring entities be recalculated based on the interest rate of return being offered by the State of California's Local Agency Investment Fund (LAIF) over the time period that loans were in effect. Since the Note was entered into in 1996, staff has recalculated the accrued interest based on the quarterly interest rate of return offered by LAIF from the third quarter of 1996 up to the current date. Based on this recalculation of accrued interest, the total outstanding balance of the Note is now $723,118. In the absence of the requirement to recalculate the accrued interest, the total outstanding balance of the Note to date would have been $1,287,713. The recalculation represents a $564,595 reduction in the balance of the Note. Further requirements of ABX1 26 and AB 1484 stipulate that before any repayment of the Note can be made by the former Redevelopment Agency to the City, the Successor Agency must first apply Note payments to repay the balance of the Special Education Revenue Augmentation Fund (SERAF) loan made by the Affordable Housing Fund. The total amount of the loan made by the Affordable Housing Fund for the SERAF payment is $5,250,954. Therefore, because the SERAF loan balance exceeds the outstanding balance of the Note, all funds received by SARDA for the Note via the property tax trust fund will be used to pay back the Affordable Housing Fund. ATTACHMENTS: 1. Resolution Exhibit A— Promissory Note 2. California State Department of Finance Finding of Completion Letter dated April 26, 2013 RESOLUTION NO. OB SARDA 13-07 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY APPROVING THE EXTENSION OF THE 6TH STREET PROMISSORY NOTE THE BOARD OF DIRECTORS OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: Section 1. The Board of Directors hereby finds determines and declares as follows: 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. The Agency duly adopted its Implementation Plan for 2010-2014 on December 8, 2009 in accordance with Health and Safety Code Section 33490. 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. 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. 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. F. The City acquired the property generally located at 6th Street and Front Street, APN 922-023-021 (the "Property") and conveyed the property to the former Temecula Redevelopment Agency. G. The former Temecula Redevelopment Agency approved a five-year Promissory Note on March 12, 1996. H. The former Temecula Redevelopment Agency approved a five-year extension of the Promissory Note on April 23, 2002. I. The former Temecula Redevelopment Agency approved a five-year extension of the Promissory Note on December 16, 2008. J. The Successor Agency to the Temecula Redevelopment Agency approved a five-year extension of the Promissory Note on November 12, 2013. K. The Property has been developed for redevelopment purposes. L. The Successor Agency received a Finding of Completion from the California State Department of Finance on April 26, 2013. M. The 6th Street Promissory Note has been placed on the Recognized Obligation Schedule for the period of January 1, 2014 through June 30, 2014. N. Accordingly, the Board desires to adopt this Resolution approving the extension of the 6th Street Promissory Note. Section 2. This Resolution is adopted pursuant to Health and Safety Code Section 34191. Section 3. The Board hereby approves the 6th Street Promissory Note originally dated March 12, 1996 and approves the revised Promissory Note in the form attached hereto as Exhibit A, extending the Note to December 16, 2018. Section 4. The Board Secretary shall certify the adoption of this Resolution. PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency this 11th day of December, 2013. John Meyer, Chairperson ATTEST: Susan W. Jones, MMC Board Secretary [SEAL] STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Susan W. Jones, MMC, Board Secretary of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency, do hereby certify that the foregoing Resolution No. OB SARDA 13-07 was duly and regularly adopted by the Board of Directors of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency at a meeting thereof held on the 11th day of December, 2013, by the following vote: AYES: BOARD MEMBERS: NOES: BOARD MEMBERS: ABSENT: BOARD MEMBERS: ABSTAIN: BOARD MEMBERS: Susan W. Jones, MMC Board Secretary EXHIBIT A Promissory Note PROMISSORY NOTE The Redevelopment Agency of the City of Temecula originally executed this Promissory Note on April 23, 2002 and used the funds for redevelopment purposes. This term of this Promissory Note has been extended by the parties through December 16, 2013. The parties have agreed to: (1) further extend the Promissory Note through December 16, 2018, (2) make revisions to the terms as required by the provisions of ABX1 26 and AB 1484, including Health and Safety Code Section 34191.4; and (3) recognize that the Successor Agency to the Temecula Redevelopment Agency has assumed the Promissory Note by operation of law. Therefore, the Promissory Note is hereby amended and restated to read as follows: "The Successor Agency to the Temecula Redevelopment Agency ("Agency") hereby promises, for consideration revived, to pay the City of Temecula ("City") the sum of Seven Hundred Twenty Three Thousand One Hundred Eighteen Dollars and No/100 ($723,118) bearing interest at the average rate offered by the California Local Agency's Investment fund in each corresponding quarter during the term of the Promissory Note. This Note and all accrued interest from March 12, 1996 shall be due and payable December 16, 2018 as extended by mutual written agreement of the City and the Agency. The Agency may make partial payments or repay the amount of the Note in full prior to the due date without penalty." This amended and restated Promissory Note is made as of November 12, 2013 at Temecula California. SUCCESSOR AGENCY TO THE T�IEMECCUMUL_A REDEVELOPMENT AGENCY W"Av l0, Michael S. Naggar Chairperson ATTEST: Susan . Jones, MMC - Secretary/City C rk Peter M. Thorson Agency Counsel PROMISSORY NOTE The Redevelopment Agency of the City of Temecula ("Agency") hereby promises, for consideration received, to pay the City of Temecula ("City") the sum of Nine Hundred Eighteen Thousand One Hundred Seventy One Dollars and N01100 ($ 918,171.00) bearing simple interest at the rate of the prime interest rate charged by First Interstate Bank of California as of the date this Note. This Note and all accrued interest shall be due and payable five (5) years from the date of this Note unless extended by mutual written agreement of the City and Agency without interim payments by the Agency during the term of the Note, provided that the Agency may make partial payments or repay the amount of the Note in full prior to the due date without penalty. This Note is and will be subordinate to all existing debt of the Agency and such additional debt as the Agency may incur during the term of this Note and no funds of the Agency are pledged to its repayment. In the event of a default by the Agency, the City shall have all legal and equitable remedies available to it to enforce the terms of the Note. This Note is made as of March 12, 1996 at Temecula, California. REDEVELOPMENT AGENCY OF THE Cl OF TEMECULA a UQ". Patricia H. Birdsall Chairperson ATTEST: ur S. Greek, CMC Secretary/City Clerk APPROVED AS TO FORM: j Peter M. Thorson General Counsel PeaW96a0.exh PROMISSORY NOTE The Redevelopment Agency of the City of Temecula("Agency")hereby promises,for consideration received,to pay the City of Temecula("City")the sum of One Million Three Hundred Fifty Seven Thousand Five Hundred Dollars and NO/100 ($1,357,500.00)bearing simple interest at the rate of the prime interest rated charged by Union Bank as of the date of this Note. This Note and all accrued interest from March 12, 1996 shall be due and payable May 1,2007 unless extended by mutual written agreement of the City and the Agency without interim payments by the Agency during the term of the Note,provided that the Agency may make partial payments or repay the amount of the Note in full prior to the due date without penalty. This Note is and will be subordinate to all existing debt of the Agency and such additional debt as the Agency may incur during the term of this Note and no funds of the Agency are pledged to its repayment. In the event of a default by the Agency,the City shall have all legal and equitable remedies available to it to enforce the terms of the Note. This Note is made as of April 23,2002 at Temecula California. REDEVELOP AGENCY OF THE ITy P TEM LA 71 J mercher0 irperson ATTEST: Susan M.Jones,CMC City Cl -k Peter M.Thorson General Counsel R:\Otdtownl.Sixth Streeffromissorynote.doc PROMISSORY NOTE The Redevelopment Agency of the City of Temecula("Agency")hereby promises,for consideration received,to pay the City of Temecula("City")the sum of One Million Nine:Hundred Thousand Dollars and N01100($1,903,333.00)bearing simple interest at the rate of 5%annually. This Note and all accrued interest from March 12, 1996 shall be due and payable December 16, 2013 as extended by mutual written agreement of the City and the Agency without interim payments by the Agency during the term of the Note,provided that the Agency may make partial payments or repay the amount of the Note in full prior to the due date without penalty. This Note is and will be subordinate to all existing debt of the Agency and such additional-debt as the Agency may incur during the term of this Note and no funds of the Agency are pledged to its repayment. In the event of a default by the Agency,the City shall have all legal and equitable remedies available to it to enforce the terms of the Note. This Note is made as of December 16,2008 at Temecula California. REDE) � PMENT A ENCY THE CIT FTE E A Ron Roberts Chairperson ATTEST: Susan . Jones, MMCIA ncy Secretary City Cl Peter M. Thorson Agency Counsel ZAoldtownlSixth 8UW\PromissorynoteDcc1608.doc IM a z W Illl a o fi DEPARTMENT OF EDMUND G. BROWN JR. GOVERNOR cQCiaDRN1P F I ISI A ISI G E 91 5 L STREET■ aACRAMENTO OA ■ 9561 4`3706 ■ WWW.DOF.CA.GOV April 26, 2013 Mr. Luke Watson, Senior Planner City of Temecula 41000 Main Street Temecula, CA 92589 Dear Mr. Watson: Subject: Request for a Finding of Completion The California Department of Finance (Finance) has completed the Finding of Completion for the City of Temecula Successor Agency. Finance has completed its review of your documentation, which may have included reviewing supporting documentation submitted to substantiate payment or obtaining confirmation from the county auditor- controller. Pursuant to Health and Safety Code (HSC)section 34179.7, we are pleased to inform you that Finance has verified that the Agency has made full payment of the amounts determined under HSC section 34179.6, subdivisions (d) or (e)and HSC section 34183.5. This letter serves as notification that a Finding of Completion has been granted. The Agency may now do the following: • Place loan agreements between the former redevelopment agency and sponsoring entity on the ROPS, as an enforceable obligation, provided the oversight board makes a finding that the loan was for legitimate redevelopment purposes per HSC section 34191.4 (b) (1). Loan repayments will be governed by criteria in HSC section 34191.4(a) (2). Utilize proceeds derived from bonds issued prior to January 1, 2011 in a manner consistent with the original bond covenants per HSC section 34191.4(c). Additionally, the Agency is required to submit a Long-Range Property Management Plan to Finance for review and approval, per HSC section 34191.5 (b), within six months from the date of this letter. Please direct inquiries to Andrea Scharffer, Staff Finance Budget Analyst, or Chris Hill, Principal Program Budget Analyst, at(916)445-1546. Sincerely, ZSTEE SZALAY Local Government Consultant cc: Mr. Rudy Graciano, Revenue Manager, City of Temecula Ms. Pam Elias, Chief Accountant Property Tax Division, Riverside County Auditor-Controller California State Controller's Office