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HomeMy WebLinkAboutOB Reso No 2012-013RESOLUTION NO. OB- 2012 -013 F1A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE STADIUM INTERIM MANAGEMENT AGREEMENT DATED JANUARY 1, 2013 BETWEEN THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE AND THE LAKE ELSINORE STORM LP WHEREAS, the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ( "Oversight Board ") has been established to direct the Successor Agency to take certain actions to wind down the affairs of the former Redevelopment Agency of the City of Lake Elsinore in accordance with the California Health and Safety Code; and WHEREAS, pursuant to Health and Safety Code Section 34169 the Successor Agency prepared and adopted a "Recognized Obligation Payment Schedule" that lists all obligations of the former redevelopment agency that are enforceable within the meaning of subdivision (d) of Section 34167 for six month periods including January 2013 through June 2013 (the 'Third ROPS ") which listed, among other things, as enforceable obligations of the Successor Agency, the following obligations related to the Lake Elsinore Diamond Stadium (the "Stadium "): (i) Concession Agreement; (ii) License Agreement; (iii) Maintenance Agreement; and (iv) Stadium operations and maintenance obligations; and WHEREAS, by adoption of its Resolution No. OB 2012 -11 on August 28, 2012, the Oversight Board approved the Third ROPS and following such approval by the Oversight Board and the Successor Agency the Third ROPS was approved by the State Department of Finance ( "DOF "); and WHEREAS, consistent with the legislative authorization contained in AB 1484 allowing successor agencies to enter into enforceable obligations for the purpose of maintaining the assets of the former redevelopment agency, the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore seeks to provide for the continued, efficient and cost effective management, maintenance and operation of the Stadium and to retain the Storm to carry out such continuing obligations on an interim basis for calendar year 2013. NOW, THEREFORE, THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: SECTION 1. The Recitals set forth above are true and correct and incorporated herein by reference. F1SECTION 2. Based on the information presented in the staff report and testimony received, the Oversight Board finds (i) that the proposed Stadium Interim OVERSIGHT BOARD RESOLUTION NO. OB 2012 -013 Page 2 of 3 F1 Management Agreement is reasonable and necessary to satisfy the Successor Agency's enforceable obligations and to protect and maintain the assets of the former Redevelopment Agency, (ii) that Real Property Tax Trust Fund (RPTTF) revenues approved by the Third ROPS include funds necessary to meet the Successor Agency's enforceable obligations with respect to the Stadium, including the proposed Interim Management Agreement, and (iii) that the Interim Management Agreement is in the best interests of the taxing entities. Based on the above findings, the Oversight Board approves the Stadium Interim Management Agreement dated January 1, 2013 by and between the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore and the Lake Elsinore Storm LP in substantially the form attached and in such final form as approved by the Successor Agency. SECTION 3. If any provision of this Resolution or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this Resolution which can be given effect without the invalid provision or application, and to this end the provisions of this resolution are severable. The Oversight Board hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof. SECTION 4. This Resolution shall take effect from and after the date of its passage and adoption. F1 PASSED, APPROVED AND ADOPTED at a regular meeting of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, held this 11th day of December, 2012. F1 LON:... Chairperson, Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ' AGENDA ITEM 3 Page 6 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF LAKE ELSINORE ) I, Virginia J. Bloom, Clerk of the Oversight Board and City Clerk of the City of Lake Elsinore, California, hereby certify that Resolution No. OB- 2012 -013 was adopted by the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, California, at a regular meeting held on the 11th day of December 2012, and that the same was adopted by the following vote: AYES: Chairman Tisdale and Board Members Carlson, Oster, Kelley, Landon and Williams NOES: None ABSENT: Vice Chair Schultz ABSTAIN: None _ irginia J. om Clerk of the oard