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Home My WebLink About18-01 OB SARDA Resolution RESOLUTION NO. OB SARDA 18-01 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 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 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 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. 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 CalAth 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. Pursuant to Health and Safety Code Section 34177(0), 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. PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency this 24th day of January, 2018. John Kelliher, Chair ATTE Randi Johl, City Clerk/Board/Secretary [SEAL] STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Randi Johl, City Clerk/Board Secretary of the Successor Agency to the Temecula Redevelopment Agency, do hereby certify that the foregoing Resolution No. OB SARDA 18-01 was duly and regularly adopted by the Board Members of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency at a meeting thereof held on the 24th day of January, 2018, by the following vote: AYES: 5 BOARD MEMBERS: Gonzalez, Meyer, Ordway-Peck, Thornhill, Venable NOES: 0 BOARD MEMBERS: None ABSTAIN: 0 BOARD MEMBERS: None ABSENT: 2 BOARD MEMBERS: Kelliher, Turner Randi Johl City Clerk/Board Secretary EXHIBIT A Recognized Obligations Payment Schedule (ROPS) for the period July 1, 2018 through June 30, 2019 (ROPS 18-19) Recognized Obligation Payment Schedule(ROPS 18-19)-Summary Filed for the July 1,2018 through June 30,2019 Period Successor Agency: Temecula County: Riverside 18-19A Total 18-19B Total Current Period Requested Funding for Enforceable Obligations(ROPS 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 12,693,588 12,693,588 C Reserve Balance 1,327,402 1,327,402 D Other Funds - - E Redevelopment Property Tax Trust Fund(RPTTF)(F+G): $ 3,746,881 $ 3,877,784 $ 7,624,665 F RPTTF 3,621,881 3,752,784 7,374,665 G Administrative RPTTF 125,000 125,000 250,000 H Current Period Enforceable Obligations(A+E): $ 17,767,871 $ 3,877,784 $ 21,645,655 Certification of Oversight Board Chairman: '�' am;v Pursuant to Section 34177(o)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 successor agency. /—Z —,O /s/ /lqG ature Date Temecula Recognind Obligation Payment Schedule(ROPE 18-19)-ROPS Detail July 1,2018 through Jure 30,2019 (Report Amounts In Whole Dollars A B c D E F O H I J K L M N O P D R S T I U v W 18-1920 Jul -December 18-198(January-June Fund Sources Fund Sources CwI,cMgreement ConexVAono rt TOW OuhWndM RODS/619 BaW Reserve OOar Admin 18-19A Bontl Reeave Otlw 16198 IbmB Propci NamaDebl Cdtgabol bon Type E.ecueon Dab Tenn--Dab Peyw D...pborvPrgxt Scope Prgxt Ane Debts Odpaeon Retired Total Proceeds Belewn Fund. Rlo T RPTTF TOW Proustla Babnoe Funds RPTTF Admin RPTTF TOW f 144,185,955 f 21,845,855 $12,693,588 51327,402 $ - $3.621,881 f 125.000 $17,78],8]1 $ - 5 - f 3.752.754 f 125,000 $3877784 I Trusbe Admin Fees Fees 4/2M2002 6130/2016 US Beak as Trusba for Truabe Fee.for TAB Bwdlsaws Not-1988 18000 N 16,000 18000 10,000 2 Abbo"OPA OPAIDDA/Cmabuwto 2/12/2002 2/12/2021 Abbon V.". Pr Tax RNmd-- No 1-1988 430,000N $ 100,000 100.000 $ 100,000 $ 3Abbo6 DPA OPAIDOWCw.auc5m 2/1212(102 Vl VM21 Abbott Vas Reknda—t b Davebpnant No 1-1988 750000 N $ S $ Imwaverrono 4 SERAFPeyrwnt Rebbuamsot SERAFIERAF 5110/2011 w1wMia LavMadH ang Furd Lan d Lav Mod b Redsve.Furl for No.1-1988 5250.954 N $ 800,000 500,000 $ 500,000 300,000 $ 300000 SERAF 5 T.—le Gardens L Leen OPAII)MCon.buctIon 71111898 7/112027 Tamxub Gadens L P. Lwn bar AB."IAa HousMp No.1-1988 3 050,000 N f 305.000 305.000 $ 305,000 $ Ag-- 6 M12 TAB FY 2012/13 Debt Service Bonds lae—I On w Before 4/2412002 7/28/2032 US BeM es Trustee bar Bwda I.sws b Fud Redevelopment No.1-1968 Y $ $ $ (r) 12/31/10 Bordboders A-..7 2008 TAB Sabs A FY 2012113 Bond,I.—On w Babe 12/11MM 7/30/2036 US Bark as Trudee for Bond.Iswe.b Furl Redevelopment No.1-1988 Y $ $ $ Debt Sarviw(ea) 12/31/10 Bw /,older. Acbvies. 8 200awa 8 TAB SB FY 2012113 Bond;Issued On w Before 12/1120M 7/30/2038 US Be.es Trusbe bar Bade I-b Fwd Retlevebml t No.1-1988 Y $ $ $ Debi Service 12/31/10 Bwdeddas A-.. 9 2007 TAB FY 2012/13 Ded Service Bondslaewd On w Babe 10/17/200] 71!0/2037 US Be.es T.—bar Bade hews b Fund Radavebpmeni No.1-1988Y $ $ $ - .1/10 Borldbdas Acevibee 10 2010 Fbuutg TAB Serie¢A 8 B FY Bad¢Issued d1 w Babe 2/2412010 7/311MQ US Be.as Trustee for Bods I—lo FuM ABodada No.1 1988 Y $ $ 2012/13 Dad Sarviw(u) 12/31/10 Bandiclders Hwn9 11 2011 Hv oup Fiec TAB al Year Bods laved Alter 12!!1110 L112011 7!31/2041 US Be.es Trustee bar Bbrda haws b Fud ABodede No.1-1998 Y $ $ $ - 2012I13Dolt Sm—-) Ba1lNpdas Hauaap 14 Prorw,ad," - 20 G. OPA OPAIDDAIc—arut— ]/2412007 71MD19 Farren Lo en for PulAoP Gan No.1-198820,000 N $ $ $ MAgencv�diMii.Bafon Admin Cosh 71112012 8130/2016 M.%*Payws Ag ySta6Compenaabon/Agency No1-1998 mow N $ 250,000 125,000$ 125,000 125,000 $ 125000 Admin 21 ftStreet Peormnc Note C"Cooty Loen(Prebr 3/12/1996 12/312018 C11yeTemeade Lwn for ec-eiBon M-p—o' No 1-1988 73.292 N 73292 73,292 73292 06!28111),Property puck rlo,fol section 22 Urdunded OBlpeeons Bonds lsswd Onw Be/ore 012412002 712812036 US BeM es Trustee for B-,41.suesb Fund Retlevelopment Na 1-1988 4S4 781 N d6a]Bt 464781 464,78t 12'31/10 Bcndladers AceviWs 23 Uedunded ODl4leeans Bolls Isswd On or Before 12/112006 71302036 US BeM es Trustee for Bonds Issues to Fwd Redevelopment No 1-19M N 1231110 Bondloldn Activities 24 Urduded Obl,Wbons Bonds Issued ARer 12']1/10 311:2011 7131/2038 US BeM es Trvstee for Bonds Issues b Full Ratlevebpment No 1-1988 N Bwdloalders A—— 25 Unfunded Obl,wbn Pro/assbn.1 Service. 31221M11 &302018 Enwonmantel Scarce bllersan CSpank Pian PR No 11988 N As oc 20 Urft dad aviors P.%.-w S 322/2011 18 W d ate _ 8 Gondar Pan No,1-1998 N _ 27 Unloaded Od eons OPAIODAICwsbucibn 2/12/2002 2/12/2021 Ab It V.s Pr Tez Rambusmenl No.t-1998 25,558 N S 25.558 f 25.558 25,SM 28 Unbdod Obkpaeons Bods laved On or Bebe 424/2002 7/2812036 US BeM es Trustee for Bad.Is b Fud Redeveblxwnt No 1-1998 144 2S1 N $ 1",254 $ 144.254 .4e 2S1 12/31/10 BoMlpda. Acbvitws 29 Urfu Oblp_. Bard¢1.ewd On w Bebe 12/1/2006 7/30/20M US BeM es Trustee for Bonds I.tws b Full Retlevelopnlent No.1-1998 N f $ - $ 12/31/10 Boridboldas Acedeas M Prob.eiwal Service¢ Unfunded Lwdleaa 3122/2011 0/30/2018 EnwwmenbI Scarce Jeff—COM.Sped!Plan EIR No 1-IM N $ - $ - E A—.. 31 Tex Alboatbn Refund!,Balls Refurdng Bonds Issued 12/142017 12115MM US Be*es Trustee for Burd.I-cora b Fud Rev edalo--t No 1-1998 73.872.675 N $ 4,226,250 1,327.402 1,116,173 $2.443.575 1,782.675 $1,782,875 S.w,2017A Afar 8127112 Bord.r. AN.. 32 T..AH—b-Refundirp Bod. Refunding Boew nds hed 12114201] 1 211 5 20 39 US Belles Trustee bar Bond,!saes b Full Redevelopnwnt No.1-1988 47,0" 586 ,853 N $ 2, .932 1,511 410 $ 1,511,418 1,035,510 $1,035,516 aws S .17B Ailey 6127112 8wd1bdens A—de. 33 Hwdrp Bad Prxeeds F.r M Boyd Fulled Prgect- 10/272017 12/312039 Housing S_ insofar to No,"Succe¢¢or f. No 1-1988 12.483.880 N $ 12483880 12 483 880 $12.483.880 $ AQ_ Hwarp Hou P 342007 Bad Prooeetla F—IM Bad Fulled Prgect-Para 101272017 2/12/2021 C.,of Ten—da Elpb4 prOgomalwgaot,wehw No 1-1w 209,7011 N $ 209.708 209.708 $ 209708 $ A9earrw9 2011 Prcgecl arse 35 N $ $ $ W N $ f $ 37 N $ $ $ 38 N f $ $ 39 N f I I f 1 1 $ ,itIl I N $ I j f L 1 $ 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(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. For tips on how to complete the Report of Cash Balances Form,see A B C D E I F G H I Fund Sources Bond Proceeds Reserve Balance Other RPTTF Prior ROPS period balances Prior ROPS and RPTTF Bonds issued on Bonds issued on DDR RPTTFdistributed as Rent, Non-Admin Cash Balance Information for ROPS 15-16 Actuals or before or after balances reserve for future grants, and 07/01115.06/30116 12/31/10 01/01/11 1 retained period(s) I interest,etc. Admin I Comments 1 Beginning Available Cash Balance(Actual 07101/15) 7,986,901 8,579,783 310,000 164,567 168,311 2 Revenue/income(Actual 06/30/16) RPTTF amounts should tie to the ROPS 15-16 total distribution from the County Auditor-Controller during June 2015 and January 2016. 321 5,402 163,504 6,805,872 3 Expenditures for ROPS 15-16 Enforceable Obligations(Actual 06/30/16) 310,000 166.673 6.706,164 4 Retention of Available Cash Balance(Actual 06/30/16) RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 5 ROPS 15-16 RPTTF Balances Remaining No entry required 6 Ending Actual Available Cash Balance(06/30116) CtoG=(1+2-3-4),H=(1+2-3-4+5) $ 7,987,222 $ 8,585,185 $ - $ - $ 161,398 E 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#17-05 on September 5,2017. Approved by Oversight Board Reso#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 is the amount remaining from the 2017-18 ROPS payment,obligated for Debt Service for the bonds which were 31 'refunded per the above Resolutions. 1 (Row 31,Column O)RPTTF request for$1,116,173 represents the amount needed to pay the December 2018 Debt Service Payment on the Tax Allocation Refunding 31 Bonds,Series 2017A,after utilizing the Reserve Balance amount of$1,327,402 (Row 32,Column O)RPTTF request for$1,511,416 represents the amount needed to pay the December 2018 Debt Service Payment on the Tax Allocation Refunding 32 Bonds,Series 2017B (Row 31,Column U)RPTTF request for$1,782,675 represents 50%of the Principal payment due December 2019($692,500),plus Interest due June 2019 31 ($1,090,175),per Section 5.01.1.of the Indenture dated December 1,2017. (Row 32,Column U)RPTTF request for$1,035,516 represents 50%of the Principal payment due December 2019($492,500),plus Interest due June 2019($543,016), 32 per Section 5 01 of the Indenture dated December 1,2017. -- — -- Agreement approved by City Reso#17-54 and SARDA Board Reso#17-03 on September 5,2017. Approved by Oversight Board Reso#17-05 on September 13, 33 1,2017. Approved by Department of Finance,Approval Letter Dated 10/27/17. Agreement approved by City Reso#17-53 and SARDA Board Reso#17-04 on September 5,2017. Approved by Oversight Board Reso#17-04 on September 13, 34 2017. Approved by Department of Finance,Approval Letter Dated 10/27/17.