HomeMy WebLinkAboutSA AG PKT 2012-07-23 #2 SUCCESSOR AGENCY TO THE
SEAL BEACH REDEVELOPMENT AGENCY
AGENDA STAFF REPORT
DATE: July 23, 2012
TO: Honorable Chair and Board Members
THRU: Jill R. Ingram, Executive Director
FROM: Shally Lin, Interim Director of Finance
SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE
(ROPS) FOR THE PERIOD OF JANUARY 1, 2013
THRU JUNE 30, 2013
SUMMARY OF REQUEST:
Staff recommends that the Governing Board of the Successor Agency to the Seal
Beach Redevelopment Agency adopt Resolution No. SA12-12 approving the
ROPS for sixth month fiscal period commencing on January 1, 2013 — June
30,013.
BACKGROUND AND ANALYSIS:
Upon dissolution of the Seal Beach Redevelopment Agency on February 1, 2012
pursuant to AB X1 26, the Successor Agency to the Seal Beach Redevelopment
Agency was constituted and is governed by a board of directors consisting of the
members of the City Council.
Pursuant to Health and Safety Code Section 34177, successor agencies are
required to prepare Recognized Obligation Payment Schedules ("ROPS") prior to
each six-month fiscal period. The Successor Agency previously prepared a
ROPS for the six-month fiscal period commencing on July 1, 2012 and ending on
December 31, 2012. At this time, a ROPS must be prepared for the next six-
month fiscal period commencing on January 1, 2013 and ending on June 30,
2013.
In addition, AB 1484 has added additional time to allow for the Department of
Finance to review Successor Agency submittals, one of the additional future
processes is requiring the Successor Agency to provide the Department of
Finance with an Oversight Board-approved ROPS covering the January 1, 2013
through June 30, 2013 period by September 1, 2012.
Agenda Item 2
ENVIRONMENTAL IMPACT:
There will be no new environmental impact associated with adoption of the
attached Resolution.
LEGAL ANALYSIS:
General Counsel has reviewed and approved as to form.
FINANCIAL IMPACT:
Preparation of the third ROPS is in furtherance of allowing the Successor Agency
to pay enforceable obligations of the former redevelopment agency.
RECOMMENDATION:
Staff recommends that the Board of Directors of the Successor Agency to the
Seal Beach Redevelopment Agency adopt Resolution No. SA12-12, approving
the Recognized Obligation Payment Schedule (ROPS) for the six-month fiscal
period commencing on January 1, 2013 and ending on June 30, 2013.
SUBMITTED BY: NOTED AND APPROVED:
Shally
Lin .. Ingram, E cj tive Director
Interim Di ctor of Finance
Attachment:
A. Resolution No. SA12-12
Page 2
RESOLUTION NUMBER SA1 2-12
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE SEAL BEACH
REDEVELOPMENT AGENCY APPROVING A RECOGNIZED
OBLIGATION PAYMENT SCHEDULE (ROPS) PURSUANT TO
HEALTH AND SAFETY CODE SECTION 34177 FOR THE SIX-
MONTH FISCAL PERIOD COMMENCING JANUARY 1, 2013
AND ENDING JUNE 30, 2013, AND TAKING CERTAIN ACTIONS
IN CONNECTION THEREWITH
RECITALS:
A. Health and Safety Code Section 34177 provides that before each
six-month fiscal period, successor agencies to former redevelopment agencies
must prepare a Recognized Obligation Payment Schedule ("ROPS") for the
enforceable obligations of the former redevelopment agency in accordance with
the requirements of Section 34177. The next six-month fiscal period for which a
ROPS is required is the period that commences on January 1, 2013 and ends on
June 30, 2013.
B. Accordingly, the Board of Directors of the Successor Agency to the
Seal Beach Redevelopment Agency desires to adopt this Resolution approving a
ROPS in accordance with Health and Safety Code Section 34177 for the six-
month fiscal period that commences on January 1, 2013 and ends on June 30,
2013.
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE SUCCESSOR
AGENCY TO THE SEAL BEACH REDEVELOPMENT AGENCY("SUCCESSOR
AGENCY"), HEREBY FINDS, DETERMINES, RESOLVES, AND ORDERS AS
FOLLOWS:
Section 1. The above recitals are true and correct and are a substantive part
of this Resolution.
Section 2. This Resolution is adopted pursuant to Health and Safety Code
Section 34177.
Section 3. The Board hereby approves the ROPS substantially in the form
attached as Exhibit A to this Resolution and incorporated herein by reference.
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 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, but not
limited to, submitting the ROPS to the oversight board for approval, and any such
actions previously taken by such officers and staff are hereby ratified and
confirmed.
(Intentionally Left blank) •
Resolution Number SA 12-12
PASSED, APPROVED and ADOPTED by the Successor Agency to the Seal
Beach Redevelopment Agency at a regular meeting held on the 23rd day
of July ,2012 by the following vote:
AYES: Board Members
NOES: Board Members
ABSENT: Board Members
ABSTAIN: Board Members
Chair/Mayor
ATTEST:
Secretary/City Clerk
STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS
CITY OF SEAL BEACH }
I, Linda Devine, Secretary of the Successor Agency to the Seal Beach
Redevelopment Agency, do hereby certify that the foregoing resolution is the
original copy of Resolution Number SA 12-12 on file in the office of the City Clerk
of the City of Seal Beach, passed, approved, and adopted by the Successor
Agency to the Seal Beach Redevelopment Agency at a regular meeting held on
the 23rd day of July , 2012.
Secretary/City Clerk
City of Seal Beach Successor Agency to the Seal Beach Redevelopment Agency
Project Area(s)Riverfront Project Area
Approved by Resolution No. SA12-12
Recognized Obligation Payment Schedule
Fiscal Period Commencing Jan 1, 2013 and ending June 30, 2013
(Adopted July 23, 2012)
Per AB 26 - Section 34177(I)(1) and 34177 (I)(3)
Payments by Month*
**
Total Due
During Fiscal
Project Name / Debt ObligationProject AreaPayeeDescriptionFunding SourceJan 2013Feb 2013Mar 2013April 2013May 2013Jun 2013Total
Year
Tax Allocation Bonds and Other Bonds:
These bonds are due in annual installments and is payable semi
-annually on September 1 and March 1. These bonds are
collateralized by a first pledge of the incremental tax revenues
Bond Holders Via Bank of New to be received by the project area. The bonds provided funds for Redevelopment Property
1)2000 Tax Allocation Bond ARiverfrontYorkthe acquisition and construction of the project.Tax Trust Fund673,885.00111,838.00$ 111,838.00
These bonds are due in annual installments and is payable semi
-annually on September 1 and March 1. These bonds are
collateraized by a first pledge of the incremental tax revenues to
Bond Holders Via Bank of New be received by the project area. The bonds provided funds for Redevelopment Property
2)2000 Tax Allocation Bond BRiverfrontYorkthe acquisition and construction of the project.Tax Trust Fund58,975.008,913.00$ 8,913.00
Redevelopment Property
3)2000 Tax Allocation Bond ARiverfrontBank of New YorkFY 12/13 estimated Trustee Fees/Arbitrage AnalysisTax Trust Fund2,089.00 2,089.00$ 2,089.00
Redevelopment Property
4)2000 Tax Allocation Bond BRiverfrontBank of New YorkFY 12/13 estimated Trustee Fees/Arbitrage AnalysisTax Trust Fund2,089.00 2,089.00 $ 2,089.00
Redevelopment Property
5)2000 Tax Allocation Bond ARiverfrontWildan Financial ServicesFY 12/13 estimated Trustee Fees/Arbitrage AnalysisTax Trust Fund2,000.002,000.00$ 2,000.00
Redevelopment Property
6)2000 Tax Allocation Bond BRiverfrontWildan Financial ServicesFY 12/13 estimated Trustee Fees/Arbitrage AnalysisTax Trust Fund2,000.002,000.00$ 2,000.00
RDA issued bonds in 2000 to assist Link Community
Development Corporation, a Non-Profit Corporation to purchase
MobileHome Park Revenue Bonds (Seal a mobile home park within the project area. The Regulatory
Beach Mobile Home Park Project) Agreement obligates the RDA to use tax increment to pay a
Series 2000A; Regulatory Agreement rental subsidy not to exceed $180,000 per year, to maintain Redevelopment Property
dated December 1, 2000RiverfrontUnion Bank-Trusteeaffordable units.Tax Trust Fund180,000.00 180,000.00
7)$ 180,000.00
Other Projects and Programs:
Legal Costs:
Preparation of legal documents and other legal services
Agreement for Legal Services dated July incurred in connection with a park and residential project in Redevelopment Property
8)1, 2007Riverfront/DWPRichard Watson & GershonProject Area.Tax Trust Fund180,000.00 15,000.00 15,000.00 15,000.00 15,000.00 15,000.00 15,000.00 $ 90,000.00
Agreement for Legal Services dated July Redevelopment Property
1, 2007Riverfront/DWPRichard Watson & GershonLegal services to Successor Agency in winding down RDA.Tax Trust Fund60,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00
9)$ 30,000.00
Other Outstanding Enforceable Obligations of the Former Redevelopment Agency:
The sewer line provides service to property within the project
area; the acquisition costs are $1,200,000; By resolution dated
March 16, 2011 Agreement between June 27,2011 the City agreed to advance the money to the
Developer and RDA under which the RDA. Pursuant to the Resolution, the RDA is obligated to pay 3
RDA is obligated to pay for the equal installments of principal and 6% interest until the advance Redevelopment Property
10)acquisition costs of a sewer lineRiverfront/DWPCity of Seal Beach is paid.Tax Trust Fund448,932.00 448,932.00 $ 448,932.00
Riverfront/DWP/Trailer Expenditures required for annual audit related to the Successor Redevelopment Property
11)Contract for audit servicesParkLance Soll & LunghardAgency to the Redevelopment Agency of Seal BeachTax Trust Fund9,600.00 5,000.00$ 5,000.00
Expenditures required for audit related to the Regulatory Redevelopment Property
12)Contract for audit servicesTrailer ParkRosenow Spevacek Group Inc.Agreement with Trailer Park.Tax Trust Fund4,000.00 4,000.00 $ 4,000.00
Lenders documentation compliance Contract Service per Regulatory Agreement -Third Party Redevelopment Property
13)reviewTrailer ParkCivic StoneAdministrationTax Trust Fund10,000.00 2,000.00 2,000.00 4,000.00 $ 8,000.00
Sucessor Agency Redevelopment Property
14)Sucessor Agency Staff/Oversight boardRiverfrontStaff/Oversight boardAdministrative costsTax Trust Fund196,920.00 16,410.00 16,410.00 16,410.00 16,410.00 16,410.00 16,410.00 $ 98,460.00
Redevelopment Property
15)OverheadRiverfront City of Seal Beach Overhead costTax Trust Fund86,370.00 7,197.50 7,197.50 7,197.50 7,197.50 7,197.50 7,197.50 $ 43,185.00
$ 1,916,860.00$ 680,628.50$ 47,696.50$ 157,445.50 $ 54,520.50$ 47,607.50 $ 48,607.50$ 1,036,506.00
* All totals due during fiscal year and payment amounts are projected.
RPTTF - Redevelopment Property Tax FundACA - Successor Agency Administrative Cost Allowance