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HomeMy WebLinkAboutSA #5REPORT 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: SEPTEMBER 24, 2013 SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 13- 148) FOR JANUARY 1, 2014 THROUGH JUNE 305 2014 Recommendation It is recommended that the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore adopt Resolution No. SA- 2013 -04 A Resolution of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore Approving the Recognized Obligation Payment Schedule (ROPS 13 -14B) for January 2014 through June 2014. 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 ROPS for prior six -month periods. 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 ROPS for January 2014 through June 2014 be submitted to DOF and the State Controller's office, after approval by the Oversight Board, no later than October 1, 2013. The DOF has five (5) days after submittal to request a review and forty -five (45) days to review the ROPS if it decides to do so. If the ROPS is not submitted by the deadline, the City is subject to a $10,000 fine for every day AGENDA ITEM NO. SA5 Page 1 of 10 Approval of ROPS September 24, 2013 Page 2 the ROPS is late and the administrative cost allowance for the Successor Agency is reduced by 25% after 10 days. The attached ROPS 13 -14B for the period January 1, 2014 — June 30, 2014 follows the form prescribed by the DOF and incorporates all of the obligations identified in the previous ROPS. DOF has made some changes to the form, and certain items previously listed on the form have been updated. A few changes and additions are noteworthy • DOF has added a new page to the ROPS entitled "Report of Fund Balances." This page reports changes in fund balances and all historical data must agree to the Successor Agency's books and records. • ROPS Detail Schedule, Line 18 — DOF approved the amendment of the Successor Agency's obligation to reimburse the City pursuant to the Lake Elsinore Recreation Authority (LERA) Reimbursement Agreement in connection with the refunding of the LERA bonds. The refunding of the LERA bonds is scheduled to close on September 30, 2013. The amounts on line 18 have been updated to reflect the terms of the new, fixed payment schedule LERA bonds. • ROPS Detail Schedule, Line 33 — this line items references the Interim Stadium Management Agreement for Stadium management, operations and maintenance, as amended for the calendar year 2014 (January 1, 2014 — December 31, 2014) and incorporates the increases in costs and capital expenditures required to be made for the six month period covered by ROPS 13 -14B. The obligations disclosed in line items 29 - 32 for the six month period covered by ROPS 13 -14B are also incorporated into line 33 in accordance with the terms of the Interim Stadium Management Agreement. Prepared By: Barbara Leibold, City Attorney /Successor Agency Counsel James Riley, Director Administrative Services Approved By: Grant Yates, Executive Director Attachments: 1) Recognized Obligation Payment Schedule of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore for the period of January 11 2014 through June 30, 2014 (ROPS 13 -14B) Page 2 of 10 RESOLUTION NO. SA- 2013 -04 A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 13 -14B) FOR JANUARY 1, 2014 THROUGH JUNE 30, 2014 WHEREAS, the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore (the "Successor Agency ") is charged with implementing recognized enforceable obligations and winding down of the affairs of the former Redevelopment Agency of the City of Lake Elsinore (the "Agency ") in accordance with the California Health and Safety Code; and WHEREAS, Health and Safety Code Section 34169 requires the Successor Agency to prepare and adopt 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 2014 through June 2014; and WHEREAS, AB 1484 requires that the ROPS 13 -14B for the period January 1, 2014 through June 30, 2014 must be submitted to the Department of Finance and the State Controller's office, after approval by the Oversight Board, no later than October 1, 2013 or be subject to penalties; and WHEREAS, on September 24, 2013, the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore considered and approved the Recognized Obligation Payment Schedule 13 -14B for the period of January 1, 2014 through June 30, 2014; and WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. NOW, THEREFORE, 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. SECTION 2. The Successor Agency hereby approves the Schedule attached hereto as Exhibit A as the Recognized Obligation Payment Schedule 13 -14B for January 1, 2014 through June 30, 2014. Pursuant to Health & Safety Code Section 34173, the Successor Agency's liability, including, but not limited to, its liability for the obligations on the attached schedule, is limited to the total sum of property tax revenues it receives pursuant to Part 1.85 of AB X1 26. Page 3 of 10 SUCCESSOR AGENCY RESOLUTION NO, SA 2013 -004 Page 2 SECTION 3. Executive Director Yates, or his designee, is hereby authorized to submit the ROPS to such parties as may be required in accordance with the Health & Safety Code, and to take such other actions on behalf of the Successor Agency with respect to the ROPS as may be necessary in accordance with applicable law. SECTION 4. 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 Successor Agency hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof. SECTION 5. This Resolution shall take effect from and after the date of its passage and adoption in accordance with, and subject to, all applicable requirements of the Health & Safety Code. PASSED, APPROVED AND ADOPTED at a regular meeting of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, held this 24th day of September, 2013. Robert E. Magee Chairperson ATTEST: Virginia J. Bloom Secretary APPROVED AS TO FORM: Barbara Zeid Leibold Agency Counsel Page 4 of 10 ¢ E § « \} )\ /\ /\ Es \\ N ƒ LU \0 \k f » I- � \ s \ ) \ ) \ \ 0 \ 0 k ©`) $ - k $ \ CL + �{ / / \ / \ \ t / ) j ( * { ) _ & § 2 \ / \ \ ,00 + _ = £ - : ! ! ( 2 4 y 7 7 - ) } ) )) f : § ' < = e : w = o = � \ \ \ 0 ! {e � 7 §0 k 0. a. } \ 0 : LO ..� L CL \ \ §r \>0 \ E0 \ \k \ 0 /t)( \\ \\ ƒ /ff 3 f! Page ,« 10 % � \ s \ ) \ ) \ \ 0 \ 0 k ©`) $ - k $ LO ..� L CL \ \ §r \>0 \ E0 \ \k \ 0 /t)( \\ \\ ƒ /ff 3 f! Page ,« 10 % � ..� L CL \ \ §r \>0 \ E0 \ \k \ 0 /t)( \\ \\ ƒ /ff 3 f! Page ,« 10 % � \ \ §r \>0 \ E0 \ \k \ 0 /t)( \\ \\ ƒ /ff 3 f! Page ,« 10 % � §r \>0 \ E0 \ \k \ 0 /t)( \\ \\ ƒ /ff 3 f! 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