HomeMy WebLinkAboutCC AG PKT 2014-02-24 #SA-3 SUCCESSOR AGENCY TO THE CITY OF
SEAL BEACH REDEVELOPMENT AGENCY
AGENDA STAFF REPORT
DATE: February 24, 2014
TO: Honorable Chair and Board Members
THRU: Jill R. Ingram, Executive Director
FROM: Victoria L. Beatley, Director of Finance
SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE
(ROPS) FOR THE PERIOD OF JULY 1, 2014
THROUGH DECEMBER 31, 2014
SUMMARY OF REQUEST:
That the Governing Board of the Successor Agency to The City of Seal Beach
Redevelopment Agency adopt Resolution No. SA14-01 approving the ROPS for
six-month fiscal period commencing on July 1, 2014 through December 31, 2014
(ROPS 14-15A).
BACKGROUND AND ANALYSIS:
Pursuant to Part 1.85 of Division 24 of the California Health and Safety Code (the
Redevelopment Dissolution Law), the Successor Agency must prepare a
Recognized Obligation Payment Schedule (ROPS) for each six-month fiscal
period (commencing each January 1 and July 1), listing the payments to be
made by the Successor Agency during such period. All ROPS must be approved
by the Oversight Board. Furthermore, each Oversight Board-approved ROPS
must be submitted to the State Department of Finance (DOF)for review.
The statutory deadline to submit the Oversight-approved ROPS 14-15A is March
3, 2014, If the Successor Agency does not submit an Oversight Board-approved
ROPS by the statutory deadline, the City of Seal Beach will be subject to a civil
penalty of $10,000 per day for every day that the ROPS is not submitted to the
DOF. The penalty is to be paid to the County Auditor-Controller for distribution to
the taxing entities. If the Successor Agency does not timely submit a ROPS,
creditors of the successor agency, the DOF, and affected taxing entities may
request a writ of mandate to require the Successor Agency to immediately
perform this duty. Additionally, if the Successor Agency does not submit a ROPS
Agenda Item — 3
within 10 days of the statutory deadline, the Successor Agency's administrative
cost allowance for that period will be reduced by 25%.
If the Successor Agency fails to submit an Oversight Board-approved ROPS to
the DOF within five business days of "the date upon which the ROPS is to be
used to determine the amount of property tax allocations," the DOF may
determine whether the County Auditor-Controller should distribute any of
property tax revenues to the taxing entities, or whether any amount should be
withheld for enforceable obligations pending approval of the ROPS. It is not
clear what is "the date upon which the ROPS is to be used to determine the
amount of property tax allocations."
ENVIRONMENTAL IMPACT:
There is no 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 ROPS 14-15A will facilitate the receipt of funding required for
the Successor Agency to pay enforceable obligations of the former
redevelopment agency.
RECOMMENDATION:
That the Board of Directors of the Successor Agency to the City of Seal Beach
Redevelopment Agency adopt Resolution No. SA14-01 approving the
Recognized Obligation Payment Schedule (ROPS) for the six-month fiscal period
commencing on July 1, 2014 and ending on December3l, 2014.
SUBMITTE NOTED AND APPROVED:
Victoria L. Beatley, Ji R Ingram, Ex'66cufive)Director
Director of Finance
Attachment:
A. Resolution No. SA14-01
Page 2
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