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Home My WebLink About18-01 SARDA Resolution RESOLUTION NO. SARDA 18-01 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, 2018 THROUGH JUNE 30, 2019 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. 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 Cal.4th 231(2011)), on February 1, 2012, all assets, properties, SARDA Resos 18-01 1 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, 2018 through June 30, 2019 (ROPS 18-19) and submit ROPS 18-19 to the Oversight Board of the Successor Agency (the "Oversight Board") for approval. E. Accordingly, the Board desires to adopt this Resolution approving the ROPS 18-19. Section 2. This Resolution is adopted pursuant to Health and Safety Code Section 34177. Section 3. The Board hereby approves ROPS 18-19 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 18-19 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 18-19 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 18-19 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 ROPS 18- 19 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 18-01 2 PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Successor I Agency to the Temecula Redevelopment Agency this 23rd day of January, 2018. Matt Rahn, air ATTEST: ii:r Randi Johl, Secretary [SEAL] I • I SARDA Resos 18-01 3 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 18-01 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 23rd day of January, 2018, by the following vote: AYES: 4 BOARD MEMBERS: Comerchero, Edwards, Naggar, Rahn NOES: 0 BOARD MEMBERS: None ABSTAIN: 0 BOARD MEMBERS: None ABSENT: 1 BOARD MEMBERS: Stewart get Randi Johl, Secretary I SARDA Resos 18-01 4 IIIII 111111 Recognized Obligation Payment Schedule(ROPS 15-19)-Summary Filed for the July 1,2018 through June 30.2019 Period Successor Agency: Temecula County: Riverside 18-19A Total 18-198'Total Current Period Requested Funding for Enforceable Obligations CROPS Detail) (July-December) (January-June) ROPS 18.19 Total A Enforceable Obligations Funded as Follows(B+C+D): $ 14,020,990 $ - $ 14,020,990 B Bond Proceeds 12.893.588 - 12,693,588 C Reserve Balance 1,327,402 - 1.327.402 D Other Funds - - . E Redevelopment Property Tax Trust Fund(RPTTF1(F+G): $ 3,746,661 $ 3,677,764 $ 7,924,688 F RPTTF 3.821.881 3,752,784 7,374,885 G Administrative RPTTF 125,000 125,000 250.000 H Current Period Enforceable Obligations(A+E): $ 17,767,671 $ 3,677,764 S 21,646,655 Certification of Oversight Board Chairman Pursuant to Section 34177 lo)of the Fleahh and Safety code,i hereby certify that the above is a true and accurate Recognized Obligation Name Title Payment Schedule for the above named successor agency. is/ Signature Date I 1 1 A 1 1 K- 1 1 ".-- &In III 1 q i I 7 - ; i 4! I NI i i 4 v _ c : co ,,- • - il - , i-,41 A A I E : I A a !!!7-8 9 9 V 7 -: 9 9 ,., - g A • iiv V — a a . 8 99 — 1 2,...‘, .. -I; - v I 1 $ § 9 A 011 4- . TA I A RI g i PAIN e:- & - - v ge - „— . j„ ----r— s x : ipM I 1 FT 2 4 t E 1 9 A I i F I : I - IV I ! 1 a ni i A i § i Mill A " III III A A Ao S. 12fi 22 ,2 i fAri i 2/ '1 ii ; 4 iii / ,, 1111 , . 1111 1 i ilimmillil In Midi I . 1 !fa 2 . 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JUR 2 1 R ill R "15 141 ri I j a a .• 4 Igi id 1;1; PRI iiii:1 ;, 11 i 1 1111141 !II ?, ,IgilAIIA ivii A N A A ti 2 X SIRt,R912 • a 11 Temecula Recognized Obligation Payment Schedule(ROPS 18-19)•Report of Cash Balances July 1,2015 through June 30,2016 (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177 p),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. For tips on how to complete the Report of Cash Balances Form,see Cash Balance Tips Sheet A B C 0 E F 0 H I Fund Sources Bond Proceeds Reserve Balance 011161 IIPTTR Pnor POPS period balances pm.ROPS and RPTTF Bonds issued on Bonds issued on DDR RPTTF distributed es Rent. Non-Admin Cash Balance Information for ROPS 16-16 Actuals or before or after balances reserve for future grants and (07101116-06130118) 12/31/10 01/01/11 retained penod(s) interest.etc. Admi Comments 1 Beginning Available Cash Balance(Actual 07101115) 7.986,901 8.579,783 310.000 164.567 (168,311) 2 Revenue/Income(Actual 06130116) RPTTF amounts should tie to the ROPS 15-16 total distn0uhon from the County Auditor-Controller during June 2015 and January 2016 321 5.402 163.504 6.805.872 3 Expenditures for ROPS 1616 Enforceable Obligations(Actual 06/30/16) 4 Retention of Available Cash Balance(Actual 06130111) -RPTTF amount retailed should only inckxle the amounts dtstnbuteo as reserve for future penod(si 5 HOPS 15-16 RPTTF Balances Remaining 'do entn -r_ 6 Ending Actual Available Cash Balance(06130116) CtoGe(1+2-3-4),H-(1+2-3-4+6) S 7.987,222 S 8,686,186 f - f - $ 161,398 f (68,603) Temecula Recognized Obligation Payment Schedule(ROPS 18-19)-Notes July 1,2018 through June 30,2019 Item# Notes/Comments TAB 2017 Refunding approved by SARDA Board Reso 017-05 on September 5.2017.Approved by Oversight Board Resat 17-03 on September 13,2017. Approved 31,32 by Department of Finance.Approval Letter Dated 10/31/17. (Row 31,Column M)Reserve Balance of$1,327,402 la the amount remaining from the 2017-18 ROPS payment.obligated for Debt Service far the bonds which were 31 refunded per the above Resolutions. (Row 31,Column 0)RPTTF request for$1.118,173 represents the amount needed to pay the December 2018 Debt Service Payment on the Tax Allocation Refunding 31 Bonds,Series 2017A.alter utilizing tine Reserve Balance amount of$1,327.402. (Row 32,Column 0)RPTTF request for$1,511,418 represents the amount needed to pay the December 2018 Debt Service Payment on the Tax Atiocabon Refunding 32 Bonds.Series 20178 (Row 31,Column U)RPTTF request for$1,782.675 represents 50%of the Principal payment due December 2019(8892,500),plus Interest due June 2019 31 ($1,090,175),per Section 5.01.1.of the Indenture dated December 1,2017. (Row 32,Cabst U)RPTTF request for$1.035,518 represents 50%of the Principal payment due December 2019($492,500),plus Interest due June 2019($543,018), 32 per Section 5.011 of the Indenture dated December 1,2017. Agreement approved by City Reso 017-54 and SARDA Board Rao#17-03 on September 5.2017. Approved by Oversight Board Reece 17-05 on September 13, 33 2017. Approved by Department of Finance,Approval Letter Dated 10/27117. Agreement approved by City Reso e17-53 and SAROA Board Reso#17-04 on September 5,2017.Approved by Oversight Board Resod 17-04 on September 13, 34 2017. Approved by Department of Finance Approval Letter Dated 10/27/17,