HomeMy WebLinkAboutOB Res 14-04 2014-02-26 RESOLUTION NUMBER OB14-04
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE
SUCCESSOR AGENCY TO THE CITY OF SEAL BEACH
REDEVELOPMENT AGENCY APPROVING A RECOGNIZED
OBLIGATION PAYMENT SCHEDULE FOR THE SIX-MONTH
FISCAL PERIOD FROM JULY 1, 2014 THROUGH DECEMBER
31,2014,AND TAKING CERTAIN RELATED ACTIONS
..r RECITALS:
A. Pursuant to Health and Safety Code Section 34177(1), the
Successor Agency to the City of Seal Beach Redevelopment Agency (the
"Successor Agency") must prepare a proposed Recognized Obligation Payment
Schedule ("ROPS") before each six-month fiscal period (commencing each
January 1 and July 1) and submit each proposed ROPS to the Oversight Board
for the Successor Agency(the"Oversight Board")for approval.
B. Pursuant to Health and Safety Code Section 34177(I)(2)(C) and
(m),the Successor Agency must(1)submit the Oversight Board-approved ROPS
for the six-month fiscal period from July 1, 2014 through December 31, 2014
("ROPS 14-15A"), to the DOF, the Office of the State Controller, and the County
Auditor-Controller no later than March 3, 2014; and (2) post a copy of the
Oversight Board-approved ROPS 14-15A on the Successor Agency's website.
NOW, THEREFORE, THE OVERSIGHT BOARD FOR THE SUCCESSOR
AGENCY TO THE CITY OF SEAL BEACH REDEVELOPMENT 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. The Oversight Board hereby approves proposed ROPS 14-15A,
substantially in the form attached hereto as Exhibit A. Staff of the Successor
Agency is hereby authorized and directed to submit a copy of Oversight Board-
approved ROPS 14-15A to the DOF, the Office of the State Controller, and the
County Auditor-Controller and to post a copy of the Oversight Board-approved
ROPS 14-15A on the Successor Agency's Internet website (being a page on the
Internet website of the City of Seal Beach).
Section 3. The officers of the Oversight Board and the 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 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 and staff are hereby ratified and confirmed.
(Intentionally Left Blank)
Raooudon Number OD14-04
PASSED,APPROVED AND ADOPTED by the Oversight Board edemeeting
held on the 26th day of_1 February__. 2O14.
/P/ES: BoardW1embors(
NOES: Board Members:
ABSENT: Board Members:
ABSENT: Board Members:
Chair, Oversight Bogr—d
ATTEST:
S�'dreta_ry, Oversight Board
STATE OF CALIFORNIA )
COUNTY OFORANGE )S3
CITY OF SEAL BEACH )
|. Linda Devine. Secretary to the Oversight Bomnd, hereby certify that the
foregoing resolution was duly adopted at o meeting of the Oversight Boand, held
on the_2GUldoy of February 2014. ]
Oversight Board
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Recognized Obligation Payment Schedule(ROPS)14-15A-ROPS Detail
July 1,2014 through December 31,2014
(Report Amounts in Whole Dollars)
A B C D E F G H I J K L M N O P
Funding Source
Non-Redevelopment Property Tax Trust Fund
(Non-RPTTF) RPTTF
Contract/Agreement Contract/Agreement Total Outstanding
Item# Project Name/Debt Obligation Obligation Type Execution Date Termination Date Payee Description/Project Scope Project Area Debt or Obligation Retired Bond Proceeds Reserve Balance Other Funds Non-Admin Admin Six-Month Total
$ 5,696,391 $ - $ - $ - $ 934,649 $ 65,007 $ 999,656
1 2000 Tax Allocation Bond A Bonds Issued On or 12/20/2000 12/20/2023 Bond Holders Via Bank of These bonds are due in annual Riverfront 3,895,000 N 571,037 $ 571,037
2 2000 Tax Allocation Bond B Bonds Issued On or 12/20/2000 12/20/2018 Bond Holders Via Bank of These bonds are due in annual Riverfront 265,000 N 52,619 $ 52,619
Before 12/31/10 New York 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 to be received by the project
area.The bonds provided funds for the
acquisition and construction of the
project.
3 2000 Tax Allocation Bond A Professional 12/20/2000 12/20/2023 Bank of New York FY 12/13 estimated Trustee Riverfront 1,825 N 1,825 $ 1,825
Services Fees/Arbitrage Analysis
4 2000 Tax Allocation Bond B Professional 12/20/2000 12/20/2018 Bank of New York FY 12/13 estimated Trustee Riverfront 1,825 N 1,825 $ 1,825
Services Fees/Arbitrage Analysis
5 2000 Tax Allocation Bond A Professional 12/20/2000 12/20/2023 Wildan Financial Services FY 12/13 estimated Trustee Riverfront - N $ -
Services Fees/Arbitrage Analysis
6 2000 Tax Allocation Bond B Professional 12/20/2000 12/20/2018 Wildan Financial Services FY 12/13 estimated Trustee Riverfront - N $ -
Services Fees/Arbitrage Analysis
7 Mobile Home Park Revenue Bonds Bonds Issued On or 8/31/2005 8/31/2025 Union Bank-Trustee RDA issued bonds in 2000 to assist Riverfront - N $ -
(Seal Beach Mobile Home Park Before 12/31/10 Link Community Development
Project)Series 2000A;Regulatory Corporation,a Non-Profit Corporation
Agreement dated December 1,2000 to purchase a mobile home park within
the project area.The Regulatory
Agreement obligates the RDA to use
tax increment to pay a rental subsidy
not to exceed$180,000 per year,to
maintain affordable units.
9 Agreement for Legal Services Admin Costs 7/1/2007 6/30/2026 Richard Watson&Gershon Legal services to Successor Agency. Riverfront 30,000 N 30,000 $ 30,000
10 March 16,2011 Agreement between Improvement/Infrastr 3/16/2011 3/31/2015 City of Seal Beach The sewer line provides service to Riverfront 1,321,384 N 285,993 285,993
Developer and RDA under which the ucture property within the project area;the
RDA is obligated to pay for the acquisition costs are$1,200,000;By
acquisition costs of a sewer line resolution dated June 27,2011 the City
agreed to advance the money to the
RDA.Pursuant to the Resolution,the
RDA is obligated to pay 3 equal
installments of principal and 6%
interest until the advance is paid.
12 Contract for audit services Professional 6/27/2011 6/30/2013 Rosenow Spevacek Group Expenditures required for audit related Riverfront Y
Services Inc. to the Regulatory Agreement with
Trailer Park.
15 Successor Agency Staff/Oversight Admin Costs 4/9/2011 6/30/2016 Successor Agency Administrative Cost Riverfront 31,357 N 31,357 $ 31,357
board Staff/Oversight board
16 Trailer Park Third-Party Loans 7/1/2010 6/30/2014 Rita Brenner/Eric Wilkinson Loan Agreement Riverfront Y
17 Marina Drive Storm Drain Project Improvement/Infrastr 7/1/2008 12/31/2013 Bubalo,Casulas,Asociated Marina Drive Storm Drain Project N
ucture Soils,AKM
18 Housing Entity Administrative Cost Miscellaneous 2/18/2014 6/30/2016 County of Orange Administrative costs for the Successor 150,000 N 25,000 $ 25,000
Allowance Agency Housing Authority
$ -
Recognized Obligation Payment Schedule (ROPS) 14-15A-Report of Cash Balances
(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.
A B C D E F G H I
Fund Sources
Bond Proceeds Reserve Balance Other RPTTF
Prior ROPS
RPTTF
Bonds Issued Bonds Issued Prior ROPS period distributed as Rent,
on or before on or after balances and DDR reserve for next Grants, Non-Admin and
Cash Balance Information by ROPS Period 12/31/10 01/01/11 balances retained bond payment Interest, Etc. Admin Comments
ROPS 13-14A Actuals(07/01/13-12/31/13)
1 Beginning Available Cash Balance(Actual 07/01/13)
Note that for the RPTTF, 1 +2 should tie to columns J and O in the
Report of Prior Period Adjustments(PPAs) 374
2 Revenue/Income(Actual 12/31/13)
Note that the RPTTF amounts should tie to the ROPS 13-14A distribution
from the County Auditor-Controller during June 2013 774,587
3 Expenditures for ROPS 13-14A Enforceable Obligations(Actual
12/31/13)
Note that for the RPTTF,3+4 should tie to columns L and Q in the 750,602
M---.4--C nn n
4 Retention of Available Cash Balance(Actual 12/31/13)
Note that the RPTTF amount should only include the retention of reserves
for debt service approved in ROPS 13-14A
5 ROPS 13-14A RPTTF Prior Period Adjustment
Note that the RPTTF amount should tie to column S in the Report of No entry required
PPAs. 23,985
6 Ending Actual Available Cash Balance
CtoG=(1 +2-3-4),H=(1 +2-3-4-5) $ _ $ _ $ _ $ _ $ 374 $ -
ROPS 13-14B Estimate(01/01/14-06/30/14)
7 Beginning Available Cash Balance(Actual 01/01/14)
(C,D,E,G=4+69 F=H4+F4+F6,and H=5+6) $ _ $ _ $ _ $ _ $ 374 $ 23,985
8 Revenue/Income(Estimate 06/30/14)
Note that the RPTTF amounts should tie to the ROPS 13-14B distribution
from the County Auditor-Controller during January 2014 280,687
9 Expenditures for 13-14B Enforceable Obligations(Estimate 06/30/14)
280,687
10 Retention of Available Cash Balance(Estimate 06/30/14)
Note that the RPTTF amounts may include the retention of reserves for
debt service approved in ROPS 13-14B
11 Ending Estimated Available Cash Balance(7+8-9-10) $ _ $ _ $ _ $ _ $ 374 $ 235985
Recognized Obligation Payment Schedule(ROPS)14-15A-Report of Prior Period Adjustments
Reported for the ROPS 13-14A(July 1,2013 through December 31,2013)Period Pursuant to Health and Safety Code(HSC)section 34186(a)
(Report Amounts in Whole Dollars)
ROPS 13-14A CAC PPA:To be completed by the CAC upon submittal of the ROPS 14-15A by the SA to Finance and the
ROPS 13-14A Successor Agency(SA)Self-reported Prior Period Adjustments(PPA):Pursuant to HSC Section 34186(a),SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS 13-14A(July through December 2013)period.The amount of CAC.Note that CACs will need to enter their own formulas at the line item level pursuant to the manner in which they
Redevelopment Property Tax Trust Fund(RPTTF)approved for the ROPS 14-15A(July through December 2014)period will be offset by the SA's self-reported ROPS 13-14A prior period adjustment.HSC Section 34186(a)also specifies that the prior period adjustments self-reported by SAs are subject to audit by the calculate the PPA.Also note that the admin amounts do not need to be listed at the line item level and may be entered as
county auditor-controller(CAC)and the State Controller. a lump sum.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z AA AB
Non-RPTTF Expenditures RPTTF Expenditures RPTTF Expenditures
Net CAC Non-
Net SA Non-Admin Admin and Admin
and Admin PPA PPA
(Amount Used to (Amount Used to
Offset ROPS 14-15A Offset ROPS 14-15A
Bond Proceeds Reserve Balance Other Funds Non-Admin Admin Requested RPTTF) Non-Admin CAC Admin CAC Requested RPTTF)
Available Available Difference
RPTTF RPTTF (If total actual
(ROPS 13-14A Difference (ROPS 13-14A exceeds total
distributed+all other Net Lesser of (If K is less than L, distributed+all other Net Lesser of authorized,the Net Lesser of Net Lesser of
Project Name/ available as of Authorized/ the difference is available as of Authorized/ total difference is Net Difference Authorized/ Authorized/
Item# Debt Obligation Authorized Actual Authorized Actual Authorized Actual Authorized 07/1/13) Available Actual zero) Authorized 07/1/13) Available Actual zero) (M+R) SA Comments Available Actual Difference Available Actual Difference Net Difference CAC Comments
$ $ $ $ $ $ $ 615,751 $ 615,751 $ 615,751 $ 615,712 $ 39 $ 158,836 $ 158,836 $ 158,836 $ 134,890 $ 23,946 $ 23,985 $ $ $
1 2000 Tax Allocation 561,838 561,838 $ 561,838 561,803 $ 35 $ 35
2 2000 Tax Allocation 53,913 53,913 $ 53,913 53.909 $ 4 $ 4
3 2000 Tax Allocation - $ - $ - $ -
Bond A
4 2000 Tax Allocation $ $ 1,824 $
Bond B
5 2000 Tax Allocation $ $ $
Bond A
6 2000 Tax Allocation $ $ $
Bond B
7 Mobile Home Park $ $ $
Revenue Bonds
(Seal Beach Mobile
Home Park Project)
Series 2000A;
Regulatory
Agreement dated
December 1,2000
8 Agreement for Legal $ $ $
Services
9 Agreement for Legal $ $ 82,823 $
Services
10 March 16,2011 $ $ $
Agreement between
Developer and RDA
under which the
RDA is obligated to
pay for the
acquisition costs of a
sewer line
11 Contract for audit $ $ 2,249 $
services
12 Contract for audit $ $ $
services
13 Lenders $ $ $
documentation
compliance review
14 Successor Agency $ $ $
Staff/Oversight
board
15 Successor Agency $ $ 47,994 $
Staff/Oversight
board
16 Trailer Park $ $ $
17 Marina Drive Storm $ $ $
Drain Protect
$ $ $
$ $ $
$ $ $