Loading...
HomeMy WebLinkAbout Item No. SA3REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE MAYOR AND MEMBERS OF THE SUCCESSOR AGENCY FROM: GRANT YATES, EXECUTIVE DIRECTOR DATE: FEBRUARY 26, 2013 SUBJECT: ADOPTION OF RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 13 -14A) FOR JULY 1, 2013 — DECEMBER 31, 2013 Recommendation It is recommended that the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore adopt the Recognized Obligation Payment Schedule (ROPS 13- 14A) for July 2013 through December 2013 and authorize Executive Director Yates, or his designee, to take all necessary actions with respect thereto on behalf of the Successor Agency. Background As part of the dissolution of the former Redevelopment Agency, Health and Safety Code Section 34177 (added by AB 1X 26 and amended by AB 1484) requires the Successor Agency to adopt a Recognized Obligation Payment Schedule (ROPS) that lists all obligations of the former redevelopment agency that are enforceable within the meaning of subdivision (d) of Section 34167 for each six month period of each fiscal year. The Successor Agency has previously adopted a ROPS for the period January — June 2012 (ROPS 1), July — December 2012 (ROPS II) and January — June 2013 (ROPS III). The previous ROPS have been approved by the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore and the State Department of Finance (DOF). Discussion AB 1484 requires that the July 1, 2013 — December 31, 2013 ROPS must be submitted to DOF and the State Controller's office, after approval by the Oversight Board, no later than March 4, 2013 (the DOF website requires submittal by March 1, 2013). The DOF has five (5) days after submittal to request a review and forty -five (45) days to review the ROPS. If the ROPS is not submitted in the required AGENDA ITEM NO. SA3 Page 1 of 9 Approval of ROPS February 26, 2013 Page 2 timeframe, the City is subject to a $10,000 fine for every day the ROPS is late and the administrative cost allowance for the Successor Agency is reduced by 25% after 10 days. The attached ROPS 13 -14A for the period July 1, 2013 — December 31, 2013 follows the form prescribed by the DOF and incorporates all of the obligations identified in the previous ROPS. A few changes and additions are noteworthy Line 18 — The obligation to reimburse the City for debt service payments on the Lake Elsinore Recreation Authority (LERA) bonds has been modified to reflect the Successor Agency's best estimate based on the projected refinancing of this obligation to a fixed rate. Line 33 — The Interim Stadium Management Agreement for Stadium management, operations and maintenance for the calendar year 2013 (January 1, 2013 — December 31, 2013) incorporates the obligations in line items 29 -32 for the six month period covered by ROPS 13 -14A. Line 34 — This Administrative Reimbursement covers unfunded administrative expenses based upon the allocation of Real Property Tax Trust Funds (RPTTF) for the period January — June 2013 and is authorized pursuant to the Reimbursement Agreement entered into by and between the City and the Successor Agency in April 2012. Line 36 — This item reflects the estimated cost of Special Legal Counsel to the Oversight Board. Prepared By: Barbara Leibold, City Attorney /Successor Agency Counsel James Riley, Director Administrative Services Approved By: Grant Yates, Executive Director -Y Attachments: 1) Recognized Obligation Payment Schedule of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore for the period of July 1, 2013 through December 31, 2013 (ROPS 13 -14A) Page 2 of 9 SUCCESSOR AGENCY CONTACT INFORMATION Successor Agency ID: 232 County: Riverside Successor Agency: Lake Elsinore Primary Contact Honorific (Ms, Mr, Mrs) First Name Last Name Title Address Mr. James Riley Director of Administrative Services 130 South Main Str City State Zip Phone Number Email Address Lake Elsinore CA 92530 951-674-3124 ext. 212 jriley@Lake--Eismore.o Secondary Contact Honorific (Ms, Mr, Mrs) First Name Last Name Title Phone Number Email Address Mr. Grant Yates Executive Director 951-674-3124 ext. 361 gyates@Lake-Elisnore.org Page 3 of 9 a `a a m ti O N r1 m `w E E W U a p O m 'i O N ti a a Y O N p K s c 0 z_ Y \1 m C a O u a E Z M M O a O lD @ � O e9 r VF t @ O C r � C � o � @ m m -y n O O `o O � c a � v O p m m � O � « p N H W j O O p _ 9 m °- c o y c c J J O u n N N V V V N 1O N n W N N VF G a a O' L L 3 3 v -o a � c O c LL li u O V } C C m O @ m O v m a v � C O > LL a L @ u d � � K C w ¢ F N V N N t0 W �/1 ry n O n N N OG vi C y O p C 6 LL 3 0 k k -a n a � a � C Q L c � 0 X p r O a r C v S. w > a m u p w LL 0 w ti a M C O V a V N_ C_ V a D a @ J Q 'O a E w M EE u 0 N J v `a a O n o o m to n m vi a n m n pl N � r O Y 1 V J c a a E K a L , 3 � a c k @ o 6 v m 3 a a a a E Y d > d C N O p a H > m � o n ¢ o a g a j j C C Q Q N E w a a E @ Z H H w 'c o u UV W C wa @ �n a C (O @ C S y @ U N 'O O - O @ > v O E O J n @ a m V L U m � O o y a Q N Z T C C a o L � U d s O a J m c m Page 4 of 9 S b s "a :03 jSk �i Page 5 of 9 opo 6° }i t L Y s ya �60 f„ y�o 0 0 0 o a °evaee o oaoo ope e o oevoo i r vS° uko S SB, N y S m ��ae�`Y o 0000�q� o � Seeoo 03? a fr E _ _ '`' �'6�EOt •.`�.y �e -C�a`' Z�S ?K - Ce Z� Y °vegi`s� °9yb `�£ Ciox- �EkE ib c ��uC. E^ 7� n5 Page 5 of 9 a a Page 6 of 9 Bill Bill 11111 11 11 11 Milli 111111 illilill 111111111 IN 111 1111111 Page 6 of 9 () ({ ( ) ( Page 7J9 l ff~}E i !J ! ,} \ ƒ !,- \ \� %) |. - [ /©Q ; ! HIM ! mill, !R§ e ) \ \ } )] MIME , eeHnb.lund ! Od Page 7J9 LAKE ELSINORE (RIVERSIDE) RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 13 14A) -- Notes (Optional) July 1, 2013 through December 31, 2013 Item# Project Name/ Debt Obligation Notes /Comments 1 Tax Allocation Revenue Bonds, 2010 Series The Successor Agency anticipates the RPTTF revenges available for ROPS 13 -14A period will be approximately SO% of property tax revenues generated with the A Project Areas for Tax Year 2012 -13. The Agency received 50% of their debt service requirement for the 2013 Bond Year in the ROPS 3 distribution, therefore, the amount shown reflects the remaining SO %of their Debt Service Requirement for the 2013 Bond Year. 2 Tax Allocation Revenue Bonds, 2010 Series See line 8 3 Tax Allocation Revenue Bonds, 2010 Series See line C 4 Tax Allocation Revenue Bonds, 2011 Series See line A 5 local Agency Revenue Bonds, 2011 Series See line 6 Fiscal Agent Fees ] Band Disclosure Services 8 MG /Chelsea Outlet OPA 9 Walmart DDA SO Oakgroves DDA 11 WMWD -Another Ridge 12 Summerly DDA 13 Summerly DDA Extraordinary Infrastructure Dexdptlon /Project Scope - See Item 12. Fund 14 Summerly DDASpe<al CO n I _ 15 Annual Report Summerly DDA Ann p 16 Stadium Agreement See lines 29_d2 _ 17 Seismic Retrofit Project 18 City Reimbursement LERA _ The bank has provided notice that it will withdraw the Letter of Credit related to this variable rate financing. The revised numbers reflect the Successor Agency's best estimate of the obligation refinanced at a fixed rate. 19 using Fund Loan 20 . Housing Fund Loan In the event the RPTTF newhoo, am higher or lower, this payment amount will be adjusted accordingly in order to first satisfy all other obligations. 21 City Bond Debt Service Requirements 22 Legal Services 23 Consul[an[Fees 24 Tax Sharing Calculations 25 Contract for Auditing Services 26 Employee EOZls 27 Other Administrative Costs 28 Estimated Armin Cost - - - - -- _ - - -- -- _ -� —__ 29 Stadium License Agreement Effective December 2012, the existing tenant, Diamond Stadium Group, has exercised its right to terminate the Stadium Agreement referenced in line 16 of page 1 of the ROPS. The Stadium Agreement required that certain other agreements entered into before the date of the Stadium Agreement be tolled during the term of the Stadium Agreement. Those agreements (the Stadium License Agreement, Stadium Maintenance Agreement and Stadium Concession Agreement - collectively the "New Stadium Agreements "I spring back into operation by their terms upon the expiration or earlier termination of the Stadium Agreement. The New Stadium Agreements are listed in lines 29, 30, and 31 of page l of the COPS. In addition, the Agency will incur additional costs to operate and maintain the stadium as a result of the termination of the Stadium Agreement, such as utilities, materials, grounds maintenance, staff and stadium administration. The ongoing operation and maintenance of the Stadium is necessary for the Agency to fulfill its obligations under the New Stadium Agreements. The additional Agency costs to operate and maintain the stadium are listed online 32 of the COPS. The new Stadium License Agreement requires that the licensee pay a license fee to the Agency for its use of the stadium for baseball games and certain other events, and the new Stadium Concession Agreement requires payment to the Agency of a percentage of concession revenue. The Agency will use the proceeds of such fees to pay certain costs associated with the Stadium. The casts paid with the fees are reflected In the column entitled "Funding Source - Other." The casts to operate and maintain the stadium in excess of the fee income are reflected in the column entitled "Funding Source- RPTTF." On line 32 of page 1 of the ROPS, in the column entitled "Total Outstanding Debt or Obligation," the Agency has estimated such amount through 2016 based on 2% nuai increases through 2016. The actual Costs will vary based on how long the Agency owns the stadium, how much costs to operate and regularly maintain the stadium increase or decrease overtime, and what kind of capital outlay is required over time to maintain the stadium in its current condition. Capital expenses over time could be substantial and cannot be estimated at this time. 30 Stadium Maintenance Agreement See line 29 31 Stadium Concession Agreement See line 29 32 Stadium Operation and Maintenance See line 29 33 Interim Stadium Management Agent. Successor Agency entered into Interim Management Agreement for Stadium management, operations and maintenance for calendar year 2013. This Agreement incorporates the obligations in line items 29 -32. 34 Riverside COUnry Flood Control District Accured pass - through payments for expenditures to made in accordance to the tax sharing agreements. 35 Administrative Reimbursement repayment for adminizhative expenses not funded In prior ROPS. _ 36 Housing Fund loan This obligation reflects the total outstanding debt to the Housing Fund for repayment of the SEMF. Sea item 19. 37 Oversight Board Legal Counsel Turbid ONStand ift Debt a, Obligation ng Debtor OLD ligation as of February 28, 2012. -Does not reflect all payments anticipated to be pad in Fiscal Year ,201213 -- „Orator Total Due OUrng Fiscal Year 201314 Reflects payments to be made from July 2013 thrulune 2014. Based on the remaining the tarcyearrevenuesfrom 2012-13 (June 1, 2013) and first allocation of 2013 -14 tax year revenues (Jan 2, 2014), Page 8 of 9 LAKE ELSINORE (RIVERSIDE( RECOGNIZED OBLIGATION PAYMENT SCHEDULE CROPS 13 -14A( -- Notes (Optional( Page 9 of 9