Loading...
HomeMy WebLinkAbout3 - ROPS 15-16A for July to December 2015 OVERSIGHT BOARD TO THE SUCCESSOR AGENCY TO THE SEAL BEACH REDEVELOPMENT AGENCY AGENDA STAFF REPORT DATE: February 26, 2015 TO: Oversight Board Members FROM: Victoria L. Beatley, Staff Member SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS) FOR JULY 11 2015 THROUGH DECEMBER 31, 2016 SUMMARY OF REQUEST: Staff recommends that the Oversight Board for the Successor Agency to the City of Seal Beach Redevelopment Agency adopt Resolution No. 0615-02, approving the Recognized Obligation Payment Schedule for the six-month fiscal period from July 1, 2015 through December 31, 2015 and taking certain related actions. 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. Deadlines for ROPS Submission and Review The Redevelopment Dissolution Law does not specify a deadline for the Successor Agency to submit the ROPS for July 1, 2015 through December 31, 2015 (ROPS 15-16A) to the Oversight Board for approval. However, the Successor Agency must submit an Oversight Board-approved ROPS 15-16A to the State Department of Finance ("DOF"), State Controller and the County Auditor-Controller no later than 90 days before the next scheduled date on which the County Auditor-Controller is to make a Redevelopment Property Tax Trust Fund ("RPTTF") disbursement to the Successor Agency. The next RPTTF disbursement date is in early June 2015. Therefore, the deadline for submitting the Oversight Board-approved ROPS 15-16A to DOF is Agenda Item 3 March 3, 2015. The Successor Agency must submit the ROPS to the DOF electronically in the manner of DOF's choosing. A copy of the Oversight Board- approved ROPS must be posted on the Successor Agency's website. The DOF may eliminate or modify any items on the ROPS before approving the ROPS. The DOF must make its determination regarding the enforceable obligations and the amount and funding source for each enforceable obligation listed on a ROPS no later than 45 days after the ROPS is submitted. Within five business days of the DOF's determination, the Successor Agency may request to "meet and confer" with the DOF on disputed items. The meet and confer period may vary, but an untimely submission of ROPS 15-16A may result in a meet and confer period of less than 30 days. The County Auditor-Controller may object to the inclusion of any item on the ROPS that is not demonstrated to be an enforceable obligation and may object to the funding source proposed for any item. The County Auditor-Controller must provide notice of its objections to the DOF, the Successor Agency and the Oversight Board by April 1, 20154 Penalties for Failure to Make TimeiV Submission If the Successor Agency does not submit an Oversight Board-approved ROPS by March 3, 2015, 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 within 10 days of March 3rd, the Successor Agency's administrative cost allowance for that period will be reduced by 25 percent. 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." FISCAL IMPACT: The preparation and submittal of ROPS 15-16A is for the purpose of allowing the Successor Agency to pay its enforceable obligations for the period from July 1, 2015 to December 31, 2015. Page 2 RECOMMENDATION It is recommended that the Oversight Board for the Successor Agency to the City of Seal Beach Redevelopment Agency adopt Resolution No. OB 15-02, approving the Recognized Obligation Payment Schedule for the six-month -fiscal period from July 1, 2015 through December 31, 2015 and taking certain related actions. Attachments: Resolution No. OB15-02 Seal Beach Form 15-16A Page 3 RESOLUTION NUMBER OBIS-02 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, 2015 THROUGH DECEMBER 31, 2015, AND TAKING CERTAIN RELATED ACTIONS 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(1)(2)(C) and (m), the Successor Agency must(1)submit the Oversight Board-approved ROPS for the six-month fiscal period from July 1, 2015 through December 31, 2015 ("ROPS 15-16A!'), to the DOF, the Office of the State Controller, and the County Auditor-Controller no later than March 3, 2015; and (2) post a copy of the Oversight Board-approved BOPS 15-16A 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 15-16A, 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 15-16A to the DOF, the Office of the State Controller, and the County Auditor-Controller and to post a copy of the Oversight Board-approved BOPS 15-16A 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) Resolution Number OB15-0 PASSED,APPROVED AND ADOPTED by the Oversight Board otomeeting held on the 26°day of.Feb[ua y. 2O15. AYES: Board Members: NOES: Board Members: ABSENT: Board Members: 88SENT� Board Members: Chair, Oversight Board ATTEST: Secretary, Oversight Board STATE OF CALIFORNIA. ) COUNTY DFORANGE ) QS CITY{}F SEAL BEACH ) |. Tina Knapp, Secretary bu the Oversight Board, hereby certify that the foregoing resolution was duly adopted at a needing of the Oversight Boord, held on the o 26mdoyufFeblua!y.2O15. Secretary, Oversight Board Recognized Obligation Payment Schedule(RODS 1SASA)-Summary Filed for the July 1,2015 through December 31,2015 Period Name of Successor Agency: Seal Beach Name of County: Orange Current Period Requested Funding for Outstanding Debt or Obligation Six-Month Total Enforceable Obligations Funded with Non-Redevelopment Property Tax Trust Fund(RPTTF)Funding A Sources(B+C+D): $ B Bond Proceeds Funding(ROPS Detail) - C Reserve Balance Funding(ROPS Detain - D Other Funding(ROPS Detail) E Enforceable Obligations Funded with RPTTF Funding(F+O): $ 1,019,882 F Non-Administrative Costs(ROPS Detail) 958,262 G Administrative Costs(ROPS Detail) 61,620 H Current Period Enforceable Obligations(A+E): $ 1,019,882 Successor Agency Self-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding I Enforceable Obligations funded with RPTTF(E): 1;01.9,882 J Less Prior Period Adjustment(Report of Prior Period Adjustments Column S) (21,486) K Adjusted Current Period RPTTF Requested Funding(I-J) $ 998;398 County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding L .Enforceable Obligations funded with RPTTF(E): 1,019,882 M Less Prior Period Adjustment(Report of Prior Period Adjustments Column AA) - N Adjusted Current Period RPTTF Requested Funding(L-M) 1,019,882. Certification of Oversight Board Chairman: Pursuant to Section 34177(m)of the Health and Safety code,I hereby certify that the above is a true and accurate Recognized Name Title Obligation Payment Schedule for the above named agency. Js/ Signature Date Recognized Obligation Payment Schedule(ROPE 15-16AI•ROPS Detail July 1,2016 through December 01,2015 (Raped A n--In Whole DOlmrl A a E 4 B H I K N O P Fund Npn-RViteveloNnen:%epenY Tax TruJ Yu J-rt f or-RPRP7 RPTTF ComracBAgreemeni Carlr,WAgn—nit Tbtel ormdedm0 It¢ma Pm'ad Namel p¢bt Cbli¢arvn Gb'a or-T a Execution Bale Termination❑:Le i Pa ee Dncri-oNPru ed sm a Pr act Nea Dab'.n OL�.adon Retired Hard Flcveaads Raaarve 6aYance Cixr Fonds Nm-Aemin PMin S�x�Nonll Tetei I i..-_ ........_..._... 4r?3,9?A„... 3 - 8 - °_ - 3 95A 271 8 61624 t.Ois.Ef)2! 12449 Tax A!II'Mon BOrmA Bonds lssuetl Onor 1220 UOU Di0^3 !0v HOltle VI rffink of These bonds®e d-h annual RxrtrcN -33r2 cx G8d 2181 2 itllcco`ion BOmJ6 '&:IV:I•,wretl Cnor i2J29— 122Ma'A 'Eia:A Haldmc Via Bank ei Thaw bandr.are due in aonual art?ord 22U,G36 N 55rs,326 56,325', 'Beld•e t2f3tH] 'New Yak in-Inn nts and is payebm nn.1,oa Beplember i and-.1, 1.m"-”Wnds are m�lateraliaed E,'a inst pledne o'the marameatal lax u¢5to be re.ived by se P-an. at =a' ,The bet prasdsd r-1 ire di lion and c.XUV'�rwoo of me Won.. 22tlG}Tax ARexion BOntlA Protessinnai "—a. t2 042CT Bank o"New Yafk FY 1511E¢stimaMd Trustee Rt W.c N $ 5¢h':ce3 Fers.'A�tih a A-sis 4 2�'iB Tax Alm®don�antl6 -Pro?essicrrai ':12�,— i224e m —1 d'Irfw Yark FY 15(16 esdn aced Trustee .—I 1.623 N 1,823 L 1,823 ' iS¢n:ces F¢�1R!tM aAna! ' ncial Services FY iti""s eetfmatstl Tnstae Rtverf—d N ! $ 0<`OCa Tat r+.(NCatmn Bond -Pia`essi9rul !1220�]0J 12204K23 Npiitla F -, 6ery-:ea FcaNArbitr oA,el'xis 62S]Tax FJkzcetloi s Prafessisnal 1220c41k3 12202Cd8 Wnidan Fioarwlal SUrvicvs PS'1211's ee6maled Trwtee Rivedro-ll N $ Seeress 'FEeslNbin eAml is .. .......... .. i..._..... fi Mobile Hama Park Revenue Bantls 81 issued On ar 81312645 6(!11^]'e5 U!,ICn[Bnk-TN Ye RBA keue-!e Din2000 to e53151 RIVeMO.tt N $ inoel6) M20 Hame Park 0alora 12+31110 uv ty BeP.MCeni Agnes Seru+s'lOrR1A.: terImry :In nn.alion,a Nan-Froth Cdr-.11h 2000 eni Dated DBbember 1: "purchaser 7h,hems park wi[tin 23M 1Aq project area.The U c RDA to "I 1111 enl obligates Ne RDA to use lax m¢I¢me d vpay a rental subsidy not to exp¢ed$180,099......r m amroin allordablo cols, 9 nt far LE el 5ery ces Ad.(,,Costs 7112007 61302025 Richard 1Nat xrn 3 Go—!e al sari oes to Susessor A—o, Rwer'ra n c"ow N so owl S 54 U04' 1 Mreb 18,2411 Agrz—,:rt GIIYI—ry Lon 3(152011 3r.I12916 CIty of Seal Beam Tnesawer Ane provides serv',e m River:roni 962,199 N <?'-',694 5 242,649 beMreen D¢v¢IOperaM RDA antl¢!On or ,Belora a peopenY'ailhin the project area;the wnluh the RDAkoblisoled m pay W7MI anpolslflon casts ate$t 2ob,d90;Bp tar Ina acqulsllidn cosm of a sew¢r resolution date]June]7,2011 Vz City IIne agreed io advanw ike'."to the RDA.Pursoar-Ifte Reseioban,IRE RDA is pbligeted b PeY 3 equal ' wtc-1 ras dprincipal N s9E tarest udn:ne ad,anpe is paid. 15 SUCCe3sar Agencq 6'athOWrslgtt Tw'min Casts 4520'1 6t3!71N'E Sucxs6a Pgenny Adnun inor r Cos: Rivedrort $','37N --- -- B,T6T�5 .9,TS'f board SdifL'Ovarsi^id bead 18 HarsirO Enfi:Y Administrative Cost Mscdm:iesus 2t18PA14 4!80,2016 Cowry ur Cranna A.3—.3 —iceAoth-he$ti."aC.�'Wr 76,000 N 75.400 3 -_--_-75,0011 Allowance POanay F:essnAUtharr 19 N 9 20 N 5 1 N 22 N 23 N 5 24 h! 15 5 N 5 S N 5 21 N s _- 28 N 5 30 N S 30 N 3 3f N $ 5 35 N 36 N 3 38 N S 3s N 5 _.... N _-. 41 42 N ........_.. ..._._._..._... e _ 4A 45 N F 46 I I I N Recognized Obligation Payment Schedule(ROPS 15.16A)-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. For tips on how to complete the Report of Cash Balances Form,see https://rad.dof.ca.gov/rad- sa/pdf/Cash Balance Agency Tips Sheet.pdf. A B C D E F Fund Sources Bond Proceeds Reserve Balance Other RPTTF Prior ROPS Prior BOPS period balances RPTTF Bonds Issued on and DDR RPTTF distributed as Rent, Non-Admin or before Bonds Issued on balances reserve for future Grants, and Cash Balance Information by ROPS Period 12131/10 or after 01/01/11 retained period(s) Interest,Etc. Admin Comments ROPS 14-15A Actuals 07/01/14-12131114 1 Beginning Available Cash Balance(Actual 07101/14) 23,985 2 Revenue/Income(Actual 12131/14) RPTTF amounts should lie to the ROPS 14-15A distribution from the Payment from County was$33,933 short as County Auditor-Controller during June 2014 excess in County was not suffucient to repay the 333 941,738 full loan amount 3 Expenditures for ROPS 14-15A Enforceable Obligations(Actual 12131114) RPTTF amounts,H3 plus H4 should equal total reported actual expenditures in the Report of PPA,Columns L and Q 944,237 4 Retention of Available Cash Balance(Actual 12/31114) RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 5 ROPS 14-15A RPTTF Prior Period Adjustment RPTTF amount should lie to the self-reported ROPS 14-15A PPA in the No entry required Report of PPA,Column S _ 21,486 6 Ending'Actual Available Cash Balance CtoG=(1+2.3-4),H=(1+2-3-4.5) $ - $ $ - $ - $ 333 $ ROPS 14-15B Estimate 01/01/15-06/30/15 7 Beginning Available Cash Balance(Actual 01/01/15) (C,D,E,G=4+6,F=H4+F4+F6,and H=5+6) $ $ $ $ $ 333 $ 21,486 6 Revenue/Income(Estimate 06130115) RPTTF amounts should tie to the ROPS 14-15B distribution from the County Auditor-Controller during January 2015 419,751 9 Expenditures for ROPS 14-15B Enforceable Obligations(Estimate 06/30115)_ 454,786 10 Retention of Available Cash Balance(Estimate 06/30115) RPTTF amount retained should only include the amounts distributed as reserve for future pedod(s) 11 Ending Estimated Available Cash Balance(7+8-9-10) $ _ $ - $ - $ - $ 333 $ 13,549 -T ------------------T 77 ........... .......................... ........... ma . . ............... .............. .......... ........... ............................... .............. .......... ........................ ........... ............ ...................... ............- ....................... .......................... .............. ... ....... .............. ............... - - ---- - - ..................... ............ ............... ........... ............ 7777:=--� ................... -—-----------— - ............. ............ ..........A- Recognized Obligation Payment Schedule(ROPS 15-16A)-Notes July 1,2015 through December 30,2015 Item# Notes/Comments .................... ............ ............- ............. .................... .................... .......... ................... .............. .................. . .................. ............... .................... ................... .................. ............ ..........