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HomeMy WebLinkAbout14-01 OB SARDA ResolutionRESOLUTION NO. OB SARDA 14 -01 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 PERIODS OF JULY 1, 2014 THROUGH DECEMBER 31, 2014 PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177 AND TAKING CERTAIN ACTIONS IN CONNECTION THEREWITH THE BOARD OF DIRECTORS OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: Section 1. Recitals. The Board of Directors of 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. 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. Accordingly, the Board desires to adopt this Resolution approving the Recognized Obligation Payment Schedule for the periods of July 1, 2014 through December 31, 2014 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 July 1, 2014 through December 31, 2014 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. 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 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 Board of Directors of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency this 26th day of February, 2014. ATTEST: Gwyn K. IVres, dMC Acting City Clerk/Board Secretary STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Gwyn R. Flores, CMC, Acting Board Secretary of the Successor Agency to the Temecula Redevelopment Agency, do hereby certify that the foregoing Resolution No. OB SARDA 14 -02 was duly and regularly adopted by the Board Members of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency of the City of Temecula at a meeting thereof held on the 26th day of February, 2014 by the following vote: AYES: 5 BOARD MEMBERS: Meyer, Gonzalez, Turner, Ordway -Peck, Kelliher NOES: 0 BOARD MEMBERS: ABSENT: 2 BOARD MEMBERS ABSTAIN: 0 BOARD MEMBERS: Sparkman, Thornhill V i I I" ) 4W�-� V A Gwyn R. Flores, CMC Acting City Clerk/Board Secretary Exhibit A Recognized Obligation Payment Schedule for the period of July 1, 2014 through December 31, 2014 (ROPS 14 -15A) Recognized Obligation Payment Schedule (ROPS 14 -15A) - Summary Filed for the July 1, 2014 through December 31, 2014 Period Name of Successor Agency: Temecula Name of County: Riverside Current Period Requested Funding for Outstanding Debt or Obligation Six -Month Total Enforceable Obligations Funded with Non - Redevelopment Property Tax Trust Fund ( RPTTF) Funding A Sources(B +C +D): $ 901,993 B Bond Proceeds Funding (ROPS Detail) - C Reserve Balance Funding (ROPS Detail) 901,993 D Other Funding (ROPS Detail) E Enforceable Obligations Funded with RPTTF Funding (F +G): F Non - Administrative Costs (ROPS Detail) G Administrative Costs (ROPS Detail) H Current Period Enforceable Obligations (A +E): $ 4,027,574 3,902,574 125,000 $ 4,929,587 Successor Agency Self- Reported Prior Period Adjustment to Current Period RPTTF Requested Funding I Enforceable Obligations funded with RPTTF (E): 4,027,574 J Less Prior Period Adjustment (Report of Prior Period Adjustments Column S) K Adjusted Current Period RPTTF Requested Funding (W) S 4,027,574 County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding L Enforceable Obligations funded with RPTTF (E): 4,027,574 M Less Prior Period Adjustment (Report of Prior Period Adjustments Column AA) N Adjusted Current Period RPTTF Requested Funding (L -M) 4,027,574 Certification of Oversight Board Chairman Pursuant to Section 34177(m) of the Health and Safety code, I hereby certify that the above is a true and accurate Recognized Obligation Name Title Payment Schedule for the above named agency. /s/ Signature Date Recognized Obligation Payment Schedule (ROPE) 14-15A - ROPS Detail July 1, 2014 through December 31, 2014 (Report Amounts in Whole Dollars) A B C D E F G N I J K L 1A N O P Fund,nQ Source Non - Redevelopment Properly Tex Trust Fund Non -RPTTF RPTTF Bond Proceeds Reserve Balance Other Funds Non -Adman Admin Item e Project Name / Debt Obligation Obh bon T Contracti regiment Execution Date ContraW reennera Termination Date Pa Desciplion/project Scope Protect Area Total Outstanding Dabs or Obligation Retires Su -Month Total 179.636.518 1 $ 901 993 $ 3 902,574 S 125 000 4929 567 1 Trustee A min Fees Fees V241=2 GrJM13 Twitive or Trustee Fees for TAB Bond Issues 1-IM 16000 N 2 Abbott OPA OPAIDDA/Constructi 2/1212002 211212021 Abbott Vascular Property Tax Reimbwamenl No 1-1986 1.830,397 N 180,611 S 180,811 on 3 Abbott OPA OPA/DDA/Consiructi 211212002 2/12021 Abbott Vascular Reimbursement far Development No 1 -1988 750,000 N S On Improvements 4 SERAF Payment Raimbvemere SERAF/ERAF 51,702071 511012018 Low -Mod Housing Fund Loan of Low Mod to Radon. Fund for No 1 -1988 5,250.954 N S SERAF 5 Temecula Gardens LP Loan Agreement OPA(DDAIConsvucd an 7/1/1998 7112027 Temecula Gardens LP Loan for Affordable Housing No 1 -1988 4,270.000 N 305,000 S 305.000 612002 TAB FY 2012113 Debt Service Bonds Issued On or 424r2002 7282005 US Bank as Trustee or Bonds Issues to Fund Redevelopment No 1- 1988 40,424,140 N 901,993 274,580 S 1.178,553 as Before 12/31/10 Bondholders Activities 712008 TAB Series A FY 2012/13 Debt Bonds Issued On or 12/72008 713012005 US Bank as Trustee for Bonds Issues to Fund Redevelopment No 1 -1988 28.234.284 N 852.118 $ 852,178 Service 80 Before 12/31110 Bondholders Activities 812008 TAB Saba B FY 2012113 Debt Bonds Issued On or 1217/2008 7/302005 US Bank as Trustee for Bonds Issues to Fund Redevelopment No 1 -1988 4,914.916 N 129,344 S 129.344 Service Before 12/31/10 Bondholders Acbvue 912007 TAB FY 2012113 Debt Service Bonds Issued On or 1017/2007 7/302005 US Bank as Trustee for Bonds Issues to Fund Redevelopment No 1 -1988 27,012.304 N 697,624 S 897.624 Before 12/31 /10 Bondholders Activities 10 2010 Housing TAB Serbs A 8 B FY Bonds Issued On or 2/24/2010 7/31/2008 US Bank as Trustee for Bonds Issues to Fund Affordable No 1 -1888 29.268.181 N 766,347 S 766.347 2012113 Debt Servioe as Before 12/31/10 Bondholders Housing 11 2011 Houaing TAB Fiscal Year Bonds Issued After 3/12011 7/312005 US Barer as Trustee for Bonds Issues to Fund Affordable No 1 -1888 30,483.159 N 758,047 S 756,047 2012113 Debt Service s t 12/31/10 Bondholders Itousi 13 Old Town Infrastructure Protects Improvemenulnfi ulr 7/72007 7/292011 RBF / Pardell / LH Old Town Infrastructure Improvements No 1.1988 Y $ ucture Eloneenng, Edge 14 Promenade Parking Garage OPA OPArDDA/Construcll on 72412007 712812005 Forrest City Loan for Public Parking Garage NO 1.1988 20,000 N $ 15 Professional Services Agreement Professional 3122/2011 813012014 Environmental Science Jefferson Corridor Specific Plan EIR No 1 -1988 43.577 N S Services Associates i6 Profsuionel Services Agreement Pfotch sronal 3222011 8/302014 Irltend Planning 8 Desgn Jefferson Corridor Specific Plan NO 1.1986 4.520 N S Services 17 0SUSM Campus Funding Sualneae Incentive 1124/2009 112412019 Cal State San Marcos Satellite Campus Development No 1 -1988 97,704 N 97. I1i4 S 97.704 Agreement re rnisms 18 Summerhouu Housing Associates, OPA4JDA/Conetructl 9/22/2008 922/2064 Summerhouse Housmg Loan for Affordable Housing No 1 -1986 Y i L.P.. OPA on Assodstas L.P 20 Agency Administration Admin Cate 7/ 12012 0/302013 MuWple Payees Agency Staff Compsns~ I Agency No 1 -1988 125.Wl N 1 125,000 $ 125,000 Adm. 22 Unfunded Obligations Bonds Issued On or 424/7002 72812005 US Bank as Trustee for Bonds Issues b Fund Redevelopetenl No 7.1988 500,000 N 35,219 S 35.219 Before 12/31/10 Bondholders ActiNBss 23 Unfunded Obligations Bonds Issued On or 12112008 7/30/2005 US Bank es 7rueles for Bonds Issues to Fund Redevelopment No 1 -1986 180,000 N S Before 12/3V10 Sondndders ActMdes 24 Unfunded Obligations Bonds Issued After 3112011 7/312005 US Bank as Trustee for Bonds Issues to Fund Redevelopment No 1 -1966 10,000 N $ 12/31 /10 Bondholders Activities 25 Unfunded Obligations Professional Y2712011 &302014 Environmental Science Jefferson Corridor Specific Plan FIR No 1 -1988 114,070 N S Services Associates 26 Unfunded Obligations Professional 3222011 613V414 Inland Planning 6 Design Jefferson Corridor Specific Plan No 1 -1988 13,520 N S Services s Recognized Obligation Payment Schedule (ROPS) 14 -15A - Report of Cash Balances (Reoort Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177(1), 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 payment from property tax revenues is required by an enforceable obligation A B C D E F G H I Fund Sources Bond Proceeds Reserve Balance Other RPTTF Prior ROPS RPTTF Bonds Issued Bonds Issued Prior ROPS period distributed as Rent, on or before on or after balances and DDR reserve for next Grants, Non - Admin and Cash Balance Information by ROPS Period 1 12/31/10 01/01/11 balances retained bond payment Interest, Etc. Admin Comments ROPE 13 -14A Actuate 07/01/13 - 12131/13 1 Beginning Available Cash Balance (Actual 07101/13) Note that for the RPTTF, 1 + 2 should tie to columns J and O in the Report of Prior Period Ad'ustments (PPAs ) 3,980,457 12,578,256 680,000 870,708 481,777 2 Revenuellncome (Actual 12131113) Note that the RPTTF amounts should lie to the ROPS 13.14A distribution from the County Auditor - Controller during June 2013 4,000,262 675 - 8,786 4,152,364 3 Expenditures for ROPS 13 -14A Enforceable Obligations (Actual 12131113) Note that for the RPTTF, 3 + 4 should tie to columns L and Q in the Report 288 4,000,000 680 000 1 4,1102 t ,1 4 Retention of Available Cash Balance (Actual 12131113) Note that the RPTTF amount should only include the retention of reserves for debt service approved in ROPS 13 -14A 5 ROPS 13-14A RPTTF Prior Period Adjustment Note that the RPTTF amount should tie to column S in the Report of PPAs. No entry required 6 Ending Actual Available Cash Balance C to G ■ (1 + 2 - 3 -4), H - (1 + 2 - 3 - 4 - 5) $ 7,986,431 $ 8,578,931 S $ S 879,494 $ 331 584 ROPS 13-148 Estimate 01101114 - 06/30/14 7 Beginning Available Cash Balance (Actual 01101/14) (C, D, E, G - 4 + 6, F - H4 + F4 + F6, end H - 5 + 6) S 7,966,431 S 8,578,931 $ S $ 879,494 S 331,564 8 Revenuellncome (Estimate 06/30114) Note that the RPTTF amounts should tie to the ROPS 13 -14B distribution from the County Auditor - Controller during January 2014 2,726,543 9 Expenditures for 13-14B Enforceable Obligations ( Estlmate 06/30114) ?.703,739 10 Retention of Available Cash Balance (Estimate 06/30114) Note that the RPTTF amounts may include the retention of reserves for debt service approved in ROPS 13 -14B 11 Ending Estimated Available Cash Balance (7 + 8 - 9 -10) $ 7,988,431 S 8,576,931 t $ f S 879,494 $ 308,760 s ©ae e a aaa OEM r".., Recognized Obligation Payment Schedule 14 -15A - Notes July 1, 2014 through December 31, 2014 Rem # Notes /Comments Per conversations with DOF staff I am providing you a summary of how we ended up with a negative balance on our ROPS. I apologize in advance for its length but it is a complicated issue and want to make sure that I paint as clear a picture as possible for you regarding the situation. (Please remember to scroll down to the bottom of the note section to read full explanation) ROP III: On the ROPS III, Line Item #6, we requested $1,118,543 of which $500,000 was to be held over as a reserve to make a debt service payment in the ROPS 13 -14A period. In addition we did the same thing for Line Item #7, where we requested $537,818 of which $180,000 was to be held over as a reserve for a debt service payment in the ROPS 13 -14A time period Summary of ROPS III Line Item #6: RPTTF requested $1,118,543 Amount to be held as reserve for ROPS 13 -14A: $500,000 Line Item #7 RPTTF requested $537,818 Amount to be held as reserve for ROPS 13 -14A $180,000 ROPS 13 -14A: During the ROPS 13 -14A period the reserve amounts held over from the ROPS III period were expended in accordance with the respective bond debt service schedules Summary of ROPS 13 -14A Line Item #6: Reserve amount carried over from ROPS III expended during ROPS 13 -14A Period $500,000 Line Item #6: Reserve amount carried over from ROPS III expended during ROPS 13 -14A Period $180,000 27 ROPS 13 -14B: On the Prior Period Adjustment Form that details actual expenditures from the ROPS III period, the reserve expenditures ($500,000 & $180,000) for Line Item #6 & #7 were not reported in the proper column. The reserve expenditures should have been reported in Column H. Additionally, under Column K, the authorized amounts for Line Item #6 & #7 was reported as the entire payment without breaking out which portion of the payment was authorized as reserves. The reporting errors resulted In the amount of the reserve that should have been accounted for in Column H, flowing to Column U thus Instructing the County Auditor - Controller to reduce our next RPTTF distribution by $680,000 ($500,000 + $180,000). All of this has resulted in a negative cash balance on our ROPS 14 -15A Summary of ROPS 13.148 What was reported for Line Item #6 Column G & H. Nothing reported Column K: $1,118,543 Column U $500,000 (swept up as a result of reporting error) What should have been reported for Line Item #6 Recognized Obligation Payment Schedule 14 -15A - Notes July 1, 2014 through December 31 2014 Item # Notes/Comments Column G $500,000 Column H $500,000 Column K: $618,543 Column U: $0 What was reported for Llne Item #7: Column G & H: Nothing reported Column K: $537,818 Column U: $180,000 (swept up as a result of reporting error) What should have been reported for Line Item #7 Column G $180,000 Column H: $180,000 Column K: $357,818 Column U: So 28 Refer to notes for Line Item 27 29 Refer to notes for Line Item 27