HomeMy WebLinkAboutSA AG PKT 2015-03-09 #3 SUCCESSOR AGENCY TO THE CITY OF
SEAL BEACH REDEVELOPMENT AGENCY
AGENDA STAFF REPORT
DATE; March 9, 2015
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, 2015
THROUGH DECEMBER 31, 2015
SUMMARY OF REQUEST:
That the Board of Directors of the Successor Agency to the City of Seal Beach
Redevelopment Agency adopt Resolution No. SA15-01 approving the ROPS for
the six-month fiscal period commencing on July 1, 2015 through
December 31, 2015 (ROPS 15-16A).
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 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 15-16A is
March 3, 2015. 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
Agenda Item 3
submit a ROPS 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 the
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."
The Oversight Board met on February 26, 2015 and approved the Administrative
Budget and the ROPS 15-16A. All ROPS documents were submitted to the
Department of Finance and the County of Orange on February 27, 2015.
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 15-16A 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. SA15-01 approving the ROPS for
the six-month fiscal period commencing on July 1, 2015 through
December 31, 2015 (ROPS 15-16A).
SUBMITTED( "Y; NOTED AND APPROVED;
I :� ".(IQ � - q
,/, "Lk— 6\1( Je� K I
Victoria L. Beatley, iII . ingra „ Executi e ire6ter
Director of Finance
Attachments:
A. Resolution No. SA15-01
B. ROPS 15-16A
Page 2
RESOLUTION NUMBER SA15-01
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE CITY OF 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 JULY 1, 2015 AND
ENDING DECEMBER 31, 2015, AND TAKING CERTAIN
ACTIONS IN CONNECTION THEREWITH
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, 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 90 days before the next scheduled
Redevelopment Property Tax Trust Fund disbursement date in June 2015; and
(2) post a copy of the Oversight Board-approved ROPS 15-16A on the
Successor Agency's website.
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 SA15-01
PASSED, APPROVED AND ADOPTED b�r the Board of Directors of the
Successor Agency at a meeting held on the day of March, 2015.
AYES: Board Members:
NOES: Board Members:
ABSENT: Board Members:
ABSTAIN: Board Members:
Mayor/Chair
ATTEST:
City Clerk/Secretary
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF SEAL BEACH )
I, Tina Knapp, Secretary to the Successor Agency to the Seal Beach
Redevelopment Agency, hereby certify that the foregoing resolution is the
original copy of Resolution Number SA15-01 is on file in the office of the City
Clerk, passed, approved, and adopted by the Board of Directors of the
Successor Agency, held on the 9th day of March, 2015.
City Clerk/Secretary
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