HomeMy WebLinkAboutItem 2 OVERSIGHT BOARD TO THE SUCCESSOR AGENCY
TO'THE SEAL BEACH REDEVELOPMENT AGENCY
AGENDA STAFF REPORT
DATE: January 30, 2017
TO: Oversight Board Members
FROM: Victoria L. Beatley, Staff Member
SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE
FOR JULY 1, 2017 THROUGH JUNE 30, 2018
SUMMARY OF REQUEST:
Staff recommends that the Oversight Board for the Successor Agency to the Seal
Beach Redevelopment Agency (the "Oversight Board") adopt Resolution No. OB
17-01 approving the Recognized Obligation Payment Schedule for the annual
period from July 1, 2017 through June 30, 2018 ("ROPS 17-18").
BACKGROUND AND ANALYSIS:
Pursuant to Section 34177 of the Health and Safety Code ("HSC"), in order to
make payments on enforceable obligations, the Successor Agency must prepare
a Recognized Obligation Payment Schedule ("ROPS") for specified fiscal
periods. Previously, each ROPS covered a six-month period (commencing
January 1 and July 1, respectively). SB 107, which was enacted in September
2015,. amended HSC Section 34177, to provide that, beginning with fiscal year
2016-17, the Successor Agency must prepare a ROPS annually (instead of twice
a year).
All ROPS must be approved by the Oversight Board. Furthermore, each
Oversight Board-approved ROPS must be submitted to the DOF for review.
HSC Section 34177 also requires the Successor Agency to submit an Oversight
Board-approved ROPS to the DOF and to the County Auditor-Controller no later
than February 1, 20.17. A copy of the Oversight Board-approved ROPS must be
posted on the Successor Agency's website.
The DOF may eliminate or modify any item 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 ROPS 17-18 no later than April 15, 2017. 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,
Agenda Item 2
but an untimely submission of ROPS 17-18 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 at least 60 days before disbursements from the Redevelopment
Property Tax Trust Fund ("RPTTF") are required to be made.
The County Auditor-Controller is required to make RPTTF disbursements to the
Successor Agency pursuant to the DOF-approved ROPS 17-18 on June 1, 2017
(to cover enforceable obligation payments from July 1, 2017 through December
31, 2017) and January 2, 2018 (to cover enforceable obligation payments from
January 1, 2018 through June 30, 2018).
Penalties for Failure to Make Timely Submission
If the Successor Agency does not submit an Oversight Board-approved ROPS
17-18 by February 1, 2017, the City of Seal Beach will be subject to, a civil
penalty.of$10,000 per day for every day that ROPS 17-18 is not submitted to the
DOF. The penalty will be paid to the County Auditor-Controller for distribution to
the taxing entities. If the Successor Agency does not timely submit ROPS 17-18,
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 ROPS
17-18 within 10 days Of the February 1, 2017 deadline, the Successor Agency's
maximum administrative cost 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 order
the County Auditor-Controller to withhold a scheduled. RPTTF disbursement to
the Successor Agency pending the DOF's review of the related 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." Possibly, it is referring to October 1 and April
1, the dates by which the County Auditor-Controller must prepare estimates for
the upcoming RPTTF disbursements on January 2 and June 1, respectively, and
provide the estimates to the DOF, the Successor Agency and the taxing entities.)
In conjunction with such a withholding, the DOF may order the County Auditor-
Controller to disburse to the taxing entities money from the RPTTF that the DOF
determines to be in excess of the amount needed for enforceable obligations.
Staff recommends that the Oversight Board adopt Resolution 0817-01 approving
ROPS 17-18'andtaking certain related actions.
Page 2
FISCAL IMPACT:
The preparation.and submittal of ROPS 17-18 is for the purpose of allowing the
Successor Agency to pay its enforceable obligations for the period from July 1,
2017 to June 30, 2018.
RECOMMENDATION:
It is recommended that the Oversight Board adopt Resolution No. 0817-01,
approving the ROPS 17-18 and taking related actions.
Attachments:
Resolution No. OB 17-01
Exhibit A - Recognized Obligation Payment Schedule for July 1, 2017 through
June 30, 2018
Page 3
RESOLUTION NUMBER OB17-01
A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR
AGENCY TO THE SEAL BEACH REDEVELOPMENT AGENCY
APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE
FOR THE FISCAL PERIOD FROM. JULY 1, 2017 THROUGH JUNE 30,
2018, PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177
AND TAKING CERTAIN RELATED ACTIONS
RECITALS:
A. Pursuant to Health and Safety Code Section 34177(o), the Successor
Agency to the Seal Beach Redevelopment Agency (the "Successor Agency") must
prepare a Recognized Obligation Payment Schedule listing the anticipated payments for
enforceable obligations to be made by the Successor Agency during the fiscal period
from July 1, 2017 through June 30, 2018 ("ROPS 17-18") and submit ROPS 17-18 to
the oversight board of the Successor Agency (the "Oversight Board") for approval.
B. Pursuant to Health and Safety Code Section 34177(I)(2)(C) and Section
34177(o)(1), the Successor Agency must: (i) submit the Oversight Board-approved
ROPS 17-18 to the DOF, the Office of the State Controller, and the County Auditor-
Controller no later than February 1, 2017, and (ii) post a copy of the Oversight Board-
approved BOPS 17-18 on the Successor Agency's website.
NOW, THEREFORE, THE OVERSIGHT BOARD OF THE SUCCESSOR
AGENCY TO THE 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 the proposed ROPS 17-18,
substantially in the form attached hereto as Exhibit A. Staff of the Successor:Agency is
hereby authorized and directed to: (i) submit a copy of Oversight Board-approved
ROPS 17-18 to the DOF, the Office of the State Controller, and the County Auditor-
Controller and (ii) post a copy of the Oversight Board-approved 17-18 on the Successor
Agency's Internet website (being a page on the Internet website of the City of Seal
Beach).
Section 3. 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 but not limited to requesting
additional review by the DOF and an opportunity to meet and confer on any disputed
items, and making adjustmentsto ROPS 17-18 pursuant to the DOF's instructions, and
any such actions previously taken are hereby ratified and confirmed.
Resolution Number 0817-01
PASSED, APPROVED AND ADOPTED by the Oversight Board at a meeting
held on the 30th day of January, 2017.
AYES: Board Members:
NOES: Board Members:
ABSENT: Board Members:
Chair, Oversight Board
ATTEST:
Secretary, Oversight Board
STATE OF CALIFORNIA
COUNTY OF ORANGE ) SS
CITY OF SEAL BEACH
I, Robin Roberts, Secretary to the Oversight Board, hereby certify that the foregoing
resolution was duly adopted at a meeting of the Oversight Board, held on the 30th day
of January, 2017.
Secretary, Oversight Board
EXHIBIT A
SUCCESSOR AGENCY TO THE.SEAL BEACH REDEVELOPMENT AGENCY
RECOGNIZED OBLIGATION PAYMENT SCHEDULE
(July 1, 2017 - June 30, 2018)
Seal Beach Recognized Obligation Payment Schedule(ROPS 17-18)-ROPS Detail
July 1,2017 through June 30,2018
(Report Amounts in Whole Dollars)
A 6 C D E F G It
I J K L M N O P O R S T 11 V W
17-18A(July-December) 17-18B(January-June)
Fund Sources Fund Sources
Contract/Agreement Contract/Agreement Total Outstanding ROPS 17-18 17-18A 17-18B
Item a Project Name/Oebt Oblgobon Obligation Type Execution Date Termination Oat. Payee Description/Project Scope Project Area Debt or Obligation Retires Total Bond Proceeds Reserve Balance Other Foods RPTTF Admm RPTTF Total Bond Proceeds Reserve Balance Other Funds RPTTF Admn RPTTF Total
$ 3 992 076 $ 1 173 920 S - S - $ - 5 984,800 $ 30 323 $ 1 014 931 S - S - $ - 9 126,344 $ 32 645 $ 158 9`9
1 2000 Tax Allocation Bond A -.ds Issued On or Before 12202000 12120/2 23 Bond Holders Via Bank of These bonds are due in annual 2 410 000 N S 658 272 608 653 608 653 49.619 49615
2 2000 Tax Alocabon Bond B Bonds Issued On or Before 12202000 12/202018 Bond Hoders Via Bank of These bonds are due in annual 115,000 N S 60,031 58,308 5 56306 1,725 $ 1,725
12/31/10 New York Instalments and rs payabte SCmr annually on September 1 and March 1
These bonds are coltateralued by a
lost pledge of the incremental tax
revenues to be recened by the project
area The bonds provided funds for the
acgoasdron and construction of the
peeled
3 2000 Tax Alocaoon Bond A Professional Services 12202000 12/202023 Bank of New York FY 17/18 estimated Trustee 1.823 N $ 1,823 S 1.623 $ 1 823
Fees/Arbitrage Analyst
4 2000 Tex A9ocabon Bond B Professional Services 1220/2000 12202018 Bank of New York FY 17H8 estimated Trustee 1,823 N S 1,823 1.823 $ 1 823 $ -
FeesArbi rage Analysis
52000 Tax Allocation Bond A Professional Services 12202000 12/20/2023 Widen Fnenoal Servre.. FY 17/18 estimated Trustee 1,161 N S 1,161 5 . 1.161 $ 1,i6,
Fees/kbrbege Analysis
6 2000 Tax d$o aoon Bond B Professional Services 12/202000 1220/2018 Widen FinaeIsa/Services FY 17/18 estimated Trustee 1,161 N S 1,181 $ . 13 61 $ 1,161
FeeJArbrtrege Analysis '
7 Mobile Home Park Revenue Bonds Bonds Issued On or Before &312 Union 6/312025 on Bank-Trustee. RDA issued bonds in 2000 to assist 540,000 N S - $ I$
(Seal Beach Mobile Home Park 12/31/10 Link Community Development
Project)Sens 2000A:Regulatory Corporation,a Non-Profs Corporation
Agreement dated December 1,2000
to purchase a mobile home park wNun
the project area The Regulatory
Agreement obligates the RDA to use
tax increment to pay a rental subsidy
not to exceed 5180,000 per year to
maintain affordable units
5 a man for Legg Semces Admm Costs 7112007 6/302026 R,cnard Watson 8 Gershon
Sege,services to Successor A.en_• 50000 N 3 50000 1= 25000 5 25000 25,002 3 25000
10 'between City/County Loan(Prior City of Beal Beech The sewer One Provides service to ..' N ,..0,-...-., - _ -
Y4kch the 0628111),Cash exchange -. property within the project area:the - . - - , •- .
RDA is OEbgeted to pay for the scoursied.costs are 51 200,000,By
aco0Rrtioe costs of a sewer tine resolution dared Jun 27,2011 Ore City
agreed to advance the money to the
RDA Pursuant to the Resolution,Iho
RDA is oblgated to pay 3 equal
xpstrakoerda tar prmpal and 8%aeerest
•
I0011I8110Y8010 81390 -_
15 Successor Agency Staff/Oversight Adam Costs 4,912011 6/3020/6 Successor Agency Admevstrabve Cost 7.000 N $ 7,000 I I 3 500 9 _Y.:4 3 500 5 3,500
board ss Siaff/Overscm board
18 Houarg Entry Admrnrstrelive Coal Mraceaaneous 21[82014 86342416 County of Orange Administr9eve costs for the Successor •50 000 N 5 150,000 75.000 $ 75.000 75,000 9 75,000
Allowance •re Housin•Aylho
19 N 5 B $
20 N 5 - 0 $
21 N S 5 S
22 N $ 5 5
-
23 N $ $ - $ -
24 N $
9 $ -
25 N 5 5 - $
26
N $ $ $ -
27 N $ $ . $ -
-
28 N $ $ 5
29 N $ S 6 -
30 N $ 5 9
31 N S $ $
32 N 5 5 $
33 N 5 S $
34
N 9 - 5 - $
35 N S $ - S -
as/
37 S - S
•
N S S - $
39
38 N $ 5 - $
40 N $ 5 - 5
41 N $ 5 - S
42 N 5 $ - 5 -
43 N $ $ - $ -
N $ 5
' S -
45 N $ S ' 5 -
-
N $ S - 9
-
47 N $
S - S -
48 N $ 5 S
-
49 N $ $ S
50 N 5 $ $ -
-
•
51 N 5 $ - S
52 N 5 S - $ -
53 N $ -
$ - 5 -
N 5 $ - 5
-
55 N S $ - $
-
N S 5 $
Recognized Obligation Payment Schedule (ROPS 17-18) - Summary
Filed for the July 1, 2017 through June 30, 2018 Period
Successor Agency: Seal Beach
County: Orange
17-18A Total 17-18B Total
Current Period Requested Funding for Enforceable Obligations(ROPS Detail) (July-December) (January-June) ROPS 17-18 Total
A Enforceable Obligations Funded as Follows(B+C+D): $ - $ - $ -
B Bond Proceeds - - -
C Reserve Balance - - -
D Other Funds - - -.
E Redevelopment Property Tax Trust Fund(RPTTF)(F+G): ,$. 1;014,931, $ 158;989 $' 1,173;920
F RPTTF 984;608. 126;344. 1,-110,952.
G Administrative RPTTF 30;323. 32,645 62$68..
H Current!Period Enforceable Obligations(A+E): $ 1,014;931 $ '158;989 $. 1,173;920
Certification of Oversight Board Chairman:
Pursuant to Section 34177 (o)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 successor
agency. /5/
Signature Date
Seal Beach Recognized Obligation Payment Schedule(ROPS 17-18)-Report of Cash Balances
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177(I),Redevelopment Property Tax Trust Fund(RPTTF)may be listed as a source of payment on the HOPS,but only to the extent no other funding source is available or
when .a ment from .ro.ert tax revenues is re.uired b an enforceable obli:ation. For ti.s on how to complete the Re rut of Cash Balances Form see Cash Balance This Sheet.
A B C D E F G H I
Fund Sources
,Bond Proceeds Reserve'.Balance` _...Other RPTTF'
Prior BOPS 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 12/31/10 or after 01/01/11 retained period(s) interest,etc. Admin Comments
_
ROPSF15-16B Actuals(01/01/16=06/30/16) _ -
1 Beginning Available Cash Balance(Actual 01/01/16)
667
2 Revenue/Income(Actual 06/30/16)
RPTTF amounts should.tie to the BOPS 15-16B distribution from the
County Auditor-Controller during January 2016
1 538,320
3' Ezpenditures.for ROPS 15-16B Enforceable Obligations(Actual
06/30/16)
532,441
4 Retention of Available Cash Balance.(Actual 06/30/16)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
Funding due to the City for Oversight Board
6,543 Activity was not transferred
5 ROPS 15-16B RPTTF Balances Remaining - _T. _` -•
No entry required - _
'6 _Ending Actual'Available Cash Balance
Cto.Ge(1.+'2-3-4),iH=(1'+.2-3-4-5)
'.E E E' - $• - E 1 $!. 3
Seal Beach Recognized Obligation Payment Schedule (ROPS 17-18) - Notes July 1, 2017 through June 30, 2018
Item# Notes/Comments
1