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Home My WebLink About15-03 SARDA ResolutionRESOLUTION NO. SARDA 15 -03 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 JANUARY 1, 2016 THROUGH JUNE 30, 2016 PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177 AND TAKING CERTAIN ACTIONS IN CONNECTION THEREWITH THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE 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. 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. Pursuant to Health and Safety Code Section 34175(b) and the California Supreme Court's decision in California Redevelopment Association, et al. v. Ana SARDA Resos 15 -03 Matosantos, et al. (53 Cal.4th 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. Health and Safety Code Section 34177(1), as modified by the California Supreme Court, provides that by October 1, 2015, the Successor Agency must prepare a Recognized Obligation Payment Schedule for the enforceable obligations of the former Redevelopment Agency, in accordance with the requirements of paragraph (1). 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. E. Accordingly, the Board desires to adopt this Resolution approving the Recognized Obligation Payment Schedule for the period of January 1, 2016 through June 30, 2016 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 period of January 1, 2016 through June 30, 2016 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. Staff is hereby authorized and directed to post a copy of the Oversight Board - approved ROPS on the Successor Agency's Internet Website (being a page on the Internet website of the City of Temecula). 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 Recognized Obligation Payment Schedule 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. SARDA Resos 15 -03 2 PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Successor Agency to the Temecula Redevelopment Agency this 22nd day of September, 2015. Jeff Comerchero, SARDA Chair ATTEST: / L� Randi o - n, Secretary [SEAL] SARDA Resos 15 -03 3 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Randi Johl - Olson, Secretary of the Successor Agency to the Temecula Redevelopment Agency, do hereby certify that the foregoing Resolution No. SARDA 15 -03 was duly and regularly adopted by the Board Members of the Successor Agency to the Temecula Redevelopment Agency of the City of Temecula at a meeting thereof held on the 22nd day of September, 2015, by the following vote: AYES: 5 BOARD Edwards, McCracken, Naggar, Rahn, MEMBERS: Comerchero NOES: 0 BOARD MEMBERS: None ABSENT: 0 BOARD MEMBERS: None ABSTAIN: 0 BOARD MEMBERS: Non Randi - Ison, Secretary SARDA Resos 15 -03 4 EXHIBIT A Recognized Obligations Payment Schedule for the Period January 1, 2016 through June 30, 2016 (ROPS 15 -16B) 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): $ B Bond Proceeds Funding (ROPS Detail) C Reserve Balance Funding (ROPS Detail) 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 Total Current Period Enforceable Obligations (A +E): Successor Agency Self- Reported Prior Period Adjustment to Current Period RPTTF Requested Funding Enforceable Obligations funded with RPTTF (E): Less Prior Period Adjustment (Report of Prior Period Adjustments Column S) K Adjusted Current Period RPTTF Requested Funding (I -J) Countv Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding $ 4,003,631 3,878,631 125,000 $ 4,003,631 4,003,631 (345,930) $ 3,657,701 L Enforceable Obligations funded with RPTTF (E): 4,003,631 M Less Prior Period Adjustment (Report of Prior Period Adjustments Column AA) - N Adjusted Current Period RPTTF Requested Funding (L -M) 4,003,631 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 Name Title Obligation Payment Schedule for the above named agency. /s/ Signature Date (Report Amo_ Whole Dollars) C D E F H J K L M ation Type Contract/Agreement Execution Date Contract/Agreement Termination Date Payee Project Area Total Outstanding Debt or Obligation Retired Funding Source Non - Redevelopment Property Tax Trust Fund (Non -RPTTF Bond Proceeds Reserve Balance Other Funds $ 168.308.185 $ - $ - $ - $ 412412002 6130/2015 US Bank as Trustee for No 1 -1988 21.500 N DA/Constructi 2112/2002 2/12/2021 Abbott Vascular No 1 -1988 750,000 N DA/Constructi 2/12/2002 2112/2021 Abbott Vascular No 1 -1988 1,663,973 N - /ERAF 5110/2011 5/10/2016 Low -Mod Housing Fund No 1 -1988 5,250,954 N DA/Constructi 7/1/1998 711/2027 Temecula Gardens L.P No 1 -1988 3,350,000 N Issued On or 12/31 /10 4/24/2002 7/28/2032 US Bank as Trustee for Bondholders No 1 -1988 37,405,131 N Issued On or 12131110 1211/2006 7/30/2036 US Bank as Trustee for Bondholders No 1 -1988 26,579.929 N Issued On or 12131110 12/1/2006 7/3012036 US Bank as Trustee for Bondholders No 1 -1988 4,584 495 N Issued On or 12131110 1011712007 7/30/2037 US Bank as Trustee for Bondholders No 1 -1988 25,218,777 N Issued On or 12/31110 2/24/2010 7131/2040 US Bank as Trustee for Bondholders No 1 -1988 27,307,649 N Issued After 10 3/1 /2011 7/31/2041 US Bank as Trustee for Bondholders No 1 -1988 35,024,556 N DA/Constmcti 7/24/2007 7/29/2016 Forrest City No 1 -1988 20,000 N Costs 7/1/2012 6/30/2016 Multiple Payees No 1 -1988 250,000 N ,unty Loans 3efore 6127111 3/12 /1996 12/3112016 City of Temecula No 1.1988 73.292 N Issued On or 12131110 412412002 7/28/2036 US Bank as Trustee for Bondholders No 1.1988 464,781 N Issued On or 12/31/10 12/1/2006 7130/2036 US Bank as Trustee for Bondholders No 1.1988 180.000 N Issued After 10 3/1/2011 7/31/2036 US Bank as T -ustee tu, Bondholders No 1 -1988 10,000 N aional �s 3/22/2011 613012016 Environmental Science Associates No 1 -1988 114,070 N ;tonal �s 3/22/2011 6130/2016 Inland Planning B Design No 1 -1988 13,520 N DA/Constructi 2/12/2002 211212021 Abbott Vascular No 1 -1988 25.558 N N N N N ty Code secti 7 (1), Redevelopment Property Tax Trust Fund (RPTTF)EW listed as a source of payment on the ROPS, but only xtent no othe erty tax revenues is required by an enforceable obligation. For tips on how to complete the Report of Cash Balances Form, see Cash Balance Tips Sheet B C D E I F G H + F4 + F6, and H = 5 + 6) Fund Sources 8,579,588 Bond Proceeds Reserve Balance Other RPTTF 06/30/15) Prior ROPS Prior ROPS to the ROPS 14 -15B distribution from the period balances RPTTF Turing January 2015 242 Bonds Issued on and DDR RPTTF distributed as Rent, Non - Admin 4-15B Enforceable Obligations (Actual or before Bonds Issued on balances reserve for future Grants, and 14 should equal total reported actual ce Information by ROPS Period 12/31/10 or after 01/01/11 retained period(s) Interest, Etc Admin of PPA, Columns L and O 15 - 06130/15) n Balance (Actual 01101115) + F4 + F6, and H = 5 + 6) 7,986,730 8,579,588 $ - $ 310,000 3,134 (204,241) 06/30/15) to the ROPS 14 -15B distribution from the Turing January 2015 242 363 161,433 2,912,525 4-15B Enforceable Obligations (Actual 14 should equal total reported actual of PPA, Columns L and O ; t 168 2,566,595 ish Balance (Actual 06/30/15) could only include the amounts distributed as 310,000 )r Period Adjustment to the self- reported ROPS 14 -15B PPA in the No entry required 345.930 Cash Balance (1 + 2 - 3 - 4 - 5) $ 7,986,901 $ 8,579,783 $ $ $ 164,567 $ 514,241 115 - 12/31115) h Balance (Actual 07101/15) + F4 + F6, and H = 5 + 6) $ 7,986,901 $ 8,579,783 $ - $ 310,000 $ 164,567 $ 168,311 to 12/31/15) to the ROPS 15 -16A distribution from the luring June 2015 3,734,003 5 -16A Enforceable Obligations (Estimate ish Balance (Estimate 12/31/15) could only include the amounts distributed as • � ��•. issaasaaaaaaaaassaa