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Home My WebLink AboutItem #4 AttachmentRecognized Obligation Payment Schedule (ROPS 13 -148) - Summary Filed for the January 1, 2014 through June 30, 2014 Period Name of Successor Agency: Lake Elsinore Name of County: Riverside Current Period Requested Funding for Outstanding Debt or Obligation Six -Month Total Enforceable Obligations Funded with Non - Redevelopment Property Tax Trust Fund ( RPTTF) Funding A Sources (B +C +D): $ 261,563 B Bond Proceeds Funding (ROPS Detail) C Reserve Balance Funding (ROPS Detail) D Other Funding (ROPS Detail) 261,563 E Enforceable Obligations Funded with RPTTF Funding (F+G): $ 59287,572 F Non - Administrative Costs (ROPS Detail) 51133,566 G Administrative Costs (ROPS Detail) 1541006 H Current Period Enforceable Obligations (A +E): $ 5,5497135 Successor Agency Self- Reported Prior Period Adjustment to Current Period RPTTF Requested Funding I Enforceable Obligations funded with RPTTF (E): J Less Prior Period Adjustment (Report of Prior Period Adjustments Column U) K Adjusted Current Period RPTTF Requested Funding (I-J) County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Fundi Certification of Oversight Board Chairman: Pursuant to Section 34177(m) of the Health and Safety code, I hereby certify that the above is a true and accurate Recognized Obligation Payment Schedule for the above named agency, Phil Williams �a 51287,572 (0) $ 532873572 5,287,572 5,287,572 Chair Title /s/ September 24, 2013 Signature M Recognized Obligation Payment Schedule (ROPS) 13 -14B - Report of Fund Balances (Report Amounts in Whole Dollars) Pursuant to Health and Safety Cade section 34177(f), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation. A B c D E F J G H I j K Fund Sources Bond Proceeds Reserve Balance Other RPTTF Review balances retained for Bondslssued Bondslssued approved RPTTF balances Rent, on or before on or after enforceable retained for bond Grants, Fund Balance Information by ROPS Period 12/31/10 01/01/11 obligations reserves Interest, Etc. Non -Admin Admin Total Comments ROPS III Actuals 01/01/13 - 6/30/13 Beginning Available Fund Balance (Actual 01/01/13) Note that for the RPTTF, 1 + 2 should tie to columns L and Q in the 1 2 Report of Prior Period Adjustments (PPAs) Revenue /Income (Actual 06/30/13) Note that the RPTTF amounts should tie to the ROPS III distributions from the County Auditor- Controller 61707,922 111,852 10,229,319 25,667 252,474 299,670 5,203,617 - $ 17,2361911 $ 5,593,610 Column E Line 2 reflects the accrual of the Item 8 obligation previously 9 P Y and included in the DDR fund balance. Expenditures for ROPS III Enforceable Obligations (Actual 06/30113) Note that for the RPTTF, 3 + 4 should tie to columns N 3 land S in the Report of PPAs Retention of Available Fund Balance (Actual 06/30113) Note that 700,142 252,474 5,208,847 $ 6,161,463 the Non -Admin RPTTF amount should only include the retention of 4 reserves for debt service approved in ROPS III 6,119,632 10,254,986 $ 16,374,618 ROPS III RPTTF Prior Period Adjustment Note that the net Non - Admin and Admin RPTTF amounts should tie to columns O and T No entry required 5 in the Report of PPAs. 1 0 $ 0 6 Ending Actual Available Fund Balance (1 + 2 - 3 - 4 - 5) $ $ 1 $ 0 $ 0 $ $ 294,440 $ $ 294,440 ROPS 13 -14A Estimate 07/01/13 - 12/31/13 Beginning Available Fund Balance (Actual 07/01113) (C, D, E, G, 7 and I = 4 + 6, F = H4 + F6, and H = 5 + 6) Revenue /Income (Estimate 12131/13) $ $ $ 61119,632 $ 10,254,986 $ $ ` 294,440 $ $ 16,6691058 Note that the RPTTF amounts should tie to the ROPS 13 -14A 8 distributions from the County Auditor - Controller 51286,756 193,223 $ 5,479,979 Expenditures for 13 -14A Enforceable Obligations 9 (Estimate 12/31/13) 51581,196 193,223 $ 51774,419 Retention of Available Fund Balance (Estimate 12131/13) Note that the RPTTF amounts may include the retention of reserves 10 for debt service approved in ROPS 13 -14A 6,119,632 10,254,986 $ 16,3743618 11 Ending Estimated Available Fund Balance (7 + 8 -9 -10) $ $ $ (0) $ 0 $ $ $ $ 0 Recognized Obligation Payment Schedule (ROPS) 13 -14B - ROPS Detail January 1, 2014 through June 30, 2014 (Report Amounts in Whole Dollars) A B C D E F G H 1 J K L M N O P Fundin Source Non - Redevelopment Property Tax Trust Fund Non - RPTTF ) RPTTF Contract/Agreement Contract/Agreement Total Outstanding Item # Project Name / Debt Obligation Obligation Type Execution Date Termination Date Payee Description/Project Scope Project Area Debt or Obligation Retired Bond Proceeds Reserve Balance Other Funds Non - Admin Admin Six -Month Total - $ 193,315,475 $ - $ - $ 261,563 $ 5,133,566 $ 154.006 $ 5,549,135 1 Tax Allocation Revenue Bonds, Bands Issued On or 211/2010 9/1/2033 Union Bank, N.A. Bond issue to fund housing & non- All 23,697,825 N 2010 Series A Before 12 /31/10 housing projects 494,991 $ 494,991 2 Tax Allocation Revenue Bonds, Bonds Issued On or 5/1/2010 9/112025 Union Bank, N.A. Bond issue to fund housing projects Housing 11,249,313 N 2010 Series B Before 12/31/10 467,700 $ 467,700 3 Tax Allocation Revenue Bonds, Bonds Issued On or 11/1/2010 911/2030 Union Bank, N.A. Bond issue to fund non - housing Project I and II 37,741,671 N 2010 Series C Before 12/31110 projects 1,110,557 $ 1,110,557 4 Tax Allocation Revenue Bonds, Bonds Issued On or 1/1/2011 91112021 Union Bank, N. A. Bond issue to fund non - housing Project 1 5,924,613 N `370,894 2011 Series A Before 12 /31110 projects 370,894 $ 5 Local Agency Revenue Bonds, 2011 Bonds Issued On or 4/1/2011 911/2038 Union Bank, N.A. Bond issue to fund non - housing Project II and III 9,102,585 N Series Before 12/31/10 meets 213,879 $ ' .273,879 6 Fiscal Agent Fees Fees 2/1/2010 911/2038 Union Bank, N.A. Annual fiscal agent fees for bonds All 374,135 N 18,440 $ 18,gg0 issues 7 Bond Disclosure Services Fees 1012312007 2115/2038 HdL Coren & Cone Annual continuing disclosure for bond All 105,500 N 6,500 $ 5,500. issues 8 MG /Chelsea Outlet OPA OPA/DDA/Constructi 12/26/1989 71712015 MG /Chelsea Property tax revenue reimbursement Project I 1,995,791 N 113,669 $ - 113,669 on 9 Walmart DDA OPA/DDA/Constructi 311211993 6/30/2012 Wal -Mart Stores Property tax revenue reimbursement Project II - Y _ $ on - 10 Oakgroves DDA OPA/DDA/Constructi 3/12/1993 1/30/2016 Oak Grove Equities Property tax revenue reimbursement Project 11 2,605,758 N 75,217 $ 75,217 on 11 EVMWD -Amber Ridge OPA/DDA/Constructi 3/18/1993 711/2014 EVMWD Property lax revenue reimbursement Project lll 61,085 N 61,085 $ 61,085 an 12 Summerly DDA OPA/DDA/Constructi 3/11/2011 9/8/2038 McMillin Summerly LLC and DDA pledges a portion of property tax Project II and III 9,828,251 N on Civic Partners - Elsinore LLC revenues through 2038. Total 237,372 $ 237,372 outstanding debt or obligation is _ estimated based on projections of tax revenue growth at 2% per annum. If property values and corresponding revenues grow at a higher or lower rate than 2% per annum, the total obligation will similarly increase or decreased. DDA pledges a portion of tax increment for so long as the Agency receives tax increment 13 Summerly DDA Extraordinary OPA/DDA/Constructi 3/11/2011 9/8/2038 Mc Millin Summerly LLC DDA pledges a portion of property tax Project II and III 2,636,572 N Infrastructure Fund on revenues through 2038. Total _ $ outstanding debt or obligation is estimated based on projections of tax revenue growth at 2% per annum. If - property values and corresponding revenues grow at a higher or lower rate than 2% per annum, the total obligation will similarly increase or decreased. - DDA pledges a portion of tax increment for so long as the Agency receives tax increment 14 Summer) DDA Special Counsel Le al 11/5/2009 3/29/2010 Fulbri ht & Jaworski L.L.P.. Le al Services Project II and III N $ 15 Summer) DDA Annual Report iFees 10123/2007 1 9/812038 HdL Coren & Cone IFiscal Reportirm Services Project II and 111 - N 16 Stadium Agreement OPA/DDA/Constructi 7/15/2007 12/3112012 Diamond Stadium Group Annual Capital Contribution All Y _ $ _ Ion _ $ Recognized Obligation Payment Schedule (ROPS) 13 -14B - ROPS Detail January 1, 2014 through June 30, 2014 (Report Amounts in Whole Dollars) A B C D E F G H I J K L M N O p Fundin Source Non - Redevelopment Property Tax Trust Fund Non -RPTTF RPTTF Contract/Agreement Contract/Agreement Total Outstanding Item # Project Name / Debt Obligation Obligation Type Execution Date Termination Date Payee Description/Project Scope Project Area Debt or Obligation Retired Bond Proceeds Reserve Balance Other Funds Non -Admin Admin Six -Month Total 17 Seismic Retrofit Project Property 4/12/2011 9/2712012 FEMA \City of Lake Elsinore Seismic Retrofit Project Project I y Maintenance $ - 18 City Reimbursement LERA Bonds Issued After 7/1/2000 2/1/2032 City of Lake Elsinore City Reimbursement LERA - Debt All 21,083,131 N 12131/10 Service 760,281 $ 760,281 19 Housing Fund Loan SERAF /ERAF 5/1/2010 9/8/2038 Housing Fund Repayment of SERAF All _ N 20 Housing Fund Loan Third -Party Loans 1211/1995 9/8/2038 Housing Fund Payments on principal and interest on All 25,669,492 N $ loan of bond proceeds from the 657,015 $ 657,015 housing fund. Payments made in any given fiscal year are calculated and disbursed based on available property tax revenue funds after deductions for payment of all other debts and obligations of the Agency. 21 City Bond Debt Service Bonds Issued On or 7/1/2000 1/2/2013 City of Lake Elsinore The 1997 Lease Advances and the All y Requirements Before 12131/10 Additional Advances shall be repayable $ from all available surplus revenues of the Agency after payment of scheduled debt services on outstanding bonded debt of the Agency. 22 Legal Services Fees 9127/2005 6/30/2015 Leibold McClendon & Mann Legal services for projects, bonds & All 146,330 N DDA/Stadium Agreement compliance. 60,000 $ 60,Og0 23 Consultant Fees Fees 10/23/2007 918/2038 HdL Caren & Cone Tax Projections for bond & DDA All 26,490 N compliance 7,500 $.. (7,500 -- - 24 Tax Sharing Calculations Fees 7/24/2009 6/30/2012 HdL Coren & Cone Annual tax sharing calculations All y updates $ 25 Contract for Auditing Services Dissolution Audits 4128/2010 1/7/2013 Diehl, Evans & Co., LLP Bond disclosure compliance All _ y 26 Employee Costs Admin Costs 2/1/2012 9/8/2038 City of Lake Elsinore City Staff Support reimbursement All y $ 27 Other Administrative Costs Admin Costs 211/2012 9/812038 City of Lake Elsinore Other Administrative Costs All y $ 28 Estimated Admin Cost Admin Costs 2/1/2012 9/8/2038 City of Lake Elsinore City Staff Support/other admin All - N $ reimbursement 144,006 $ 144,006. - 29 Stadium License Agreement Miscellaneous 3/15/2001 12/31/2016 Lake Elsinore Storm, LP License to use stadium for baseball Project III 506,195 N $ games 30 Stadium Maintenance Agreement Property 3/15/2001 12/31/2016 Lake Elsinore Storm, LP Agreement to maintain baseball field Project III 805,301 N Maintenance and facilities F�102,000 $ 31 Stadium Concession Agreement Miscellaneous 1/30/2002 12/31/2016 Golden State Concessions Provision of concessions for baseball Project ft N and Catering games $ " 32 Stadium Operation and Maintenance Property 111/2013 9/8/2038 Various Operation and maintenance of the Project If 30,421,862 N Maintenance baseball stadium $ 33 Interim Stadium Management Agmt. Miscellaneous 1/1/2013 12/31/2014 Lake Elsinore Storm, LP Stadium Maintenance and Project III 1,128,734 N Management 261,563 468,467 $ 730,030 34 Riverside County Flood Control City /County Loans 12/26/1989 7/18/2034 None None Project I and 11 4,387,841 IN District On or Before 6127111 $ 35 Administrative Reimbursement Prior Period RPTTF 2/1/2012 918/2038 City of Lake Elsinore Repayment for City Staff Support/other All N Shortfall $ - 36 Housing Fund Loan SERAF /ERAF 5/1/2010 9/8/2038 Housing Fund Repayment of SERAF All 3750000 N 37 Oversight Board Legal Counsel Fees 6/1/2013 5/31/2014 Phillip Bar Greer Legal services All 15 000 N $ 38 Contract for Auditing Services Professional 6125/2013 6/2512018 TRS Bond disclosure compliance All 50,000 N 10,000 $ 10 000 Services 10,000 $ 10,000 Recognized Obligation Payment Schedule (ROPS) 13-148 - Report of Prior Period Adjustments AOrtemer] Reported for the ROPS III (January 1. 2013 through June 30, 2013) Period Pursuant to Hearth and Safely Code (HSC) section 34186 (a) IRepM Amain in Wife, Bodied ROPS III Successor Agency IBA) Sett- repoded Prior Period Adjustments IPPA): Pursuant to HSC Section 34186 (a) SAS are required ID open the differences between then actual arelabie funding and there actual expenditures for the ROPS III (July tNOugil December 2013) period. The amount of Redevelopment Properly Tax Trust Fund (RPTTF) 109.929 a ervedforMe ROPS13 -1413 Jamua hiffiromb June 20141 Period win beottsetb the SA56en -re odetl ROPS III rot ahead a amended. HSC Section 34186 a also s specifies that the prior erbdaaudn crisis n -re odetlb SAS are sub'ecl to auddb the coup autlhar- conbofler CAC and the Slate Controller. I 5 ROPS III CAC PPA: TD ba wm kl¢d the CACU on submdial ollhe ROP&W466 the SAto Frenciand the CAC 5 A B L 0 E F G N J X re N O P p R 4 T U $ V W % Y Z pq AB - 5 Non -RPTTF Expenditures RPTTF Ex entlitures SIMIUMOnamntUeemenl LAINF Reserve Balance 17.000 17.000 q _ $ 5 Ilndutles Omered Net SA NOn.AdMn Net CAD Non - evewhDRIIndarebailne ReRevrtODR re tinetlbMaeces $antl Proceeds DDR refined bMances between OIM1m Funds Non -0dmin ptlMn Adesn and Adi 5 - and Atlmin PPq Nm.ptllMGigL Aside CAC PPA S - S 32 Msnlenurce 56p46 56.446 299.321 268,946 5 289.946 2a9946 g 0 5 5 Nlenm 51a4ium Mana3emenl Available AvallaWe Net Declines - 5 gpT)F Difference RPTTF DXeence (Artquid used) gflmww N 1pol an ce CROPS IIIdsObuted Nelteaserol (IrM is less man N, IgOP$ III JSti butea Net to of IfIR -s less man $, OtlSelflOP51Yld6 pMem (Ann own Project Nam l Debt �Nl Doer aaalNla Au1M1mIxN IM1e dllhrencels •eNOUer table Adulrhetl/ -s NfLesnrof ny (tlY le¢N OIk IROP613d9B flemtl Doug aVon Aumorlx<d Actual AuNmlxed Actual Authorized Actual Authorized A<Nal Authorized nor 011131 Available Actual Authorized ar t/111]I medflneMe Neyuested RPiiF .Aad1o11uE /' the d�q ryyW' ptm il[<d( Z, tls d915lence AequmAedAPIIFI zero) & Avolladed Actual erol in Amiable, As were) AveNWe ACNnI ROI a And 5 - 5 - 5 - 5 - $ - 5 5 252ID4 $ 2514]4 S 5,29049] 5 5,203,61) $ 5203.61] 5 5,20884] 5 0 $ 16].500 3 - 5 - 5 - 5 - 9 0 9 Tax Moncton Revenue Bonds $ - 3 - 5 - 5 s - 5 Sq COmmenla 1 20103818517 999,)16 9B4]Ifi 5 494.]16 494]16 5 $ TMAIM11i Revenue Bonds $ 3 S $ 3 2 2010 Sweet B 966.625 966.625 $ 466,625 468825 5 - S 6 Test Nlleon Revenue Bonds S 3 2010 BeleeC 1,109.]0% 09,]0% 13]1,356 5 1.109]0% 1,100]0% 5 S Tat Alocac on Revenue B ends S S 1,S 1.5 - 5 4 20115edesA 3]t ]56 Is 371,356 371.356 3 5 Laws! solely Revenue Bonds, $ - g S 5 2011 Since 213,516 21 ?51fi S 21 ?51fi 213$16 5 $ 6 news Anent Fees vote 5,765 S Slow Sms 3 5 g - 5 S : 3 : S - S flon6 pulowre 3erv¢es 5,250 5,250 5 Si50 5,250 5 g s ., 5 ;,. 4 _ 5 S - 5 „$ Amt In sot AUPetixed Amt tags addodWROPS 1. This This voted V the meal atve Weni en WevtwalYmpmved approved S MOIChe15ea0utlet OPA 109,513 109,513 5 108.613 111 852 5 5 5 amd I1 and -ine, lnPe DDR Nntl 0 Wa'mMODA 5 - 6 5 - 5 •: b - S :. j 3 10 OakprwesppA 66610 66,610 5 66.610 89.327 $ $ Amt nevc 11 Augnlxed Amt 3 S ad,w:ROPSDmRSt52717I, 11 EVMWD -Artder Ridpe 6074D 60740 5 60140 60914 S s ei AM. 'n etceii of AUtllgixed Amt c. S 3 { 5 S - 4 edtleeo RCPS 13d9am5P Mis henewaseve evuy owns 95.P6 O$))fi '"Bator, PrevwGy appmeed 12 Summedy WA $ 05 %]6 95.]]6 3 3 and edutled In We One fund Su=edyOUR scamtlmay 3 g $ S - 5 bMance. 13 IAmAUCWm Funtl - 5 - 3 $ - SUWWIR OA Become 5 - 3 ! 5 14 counsel S nenu0 d0 b Servme Wren 196089 146069 < uenen ue nea a 30 AOrtemer] 109.929 109,929 5 5 $ - 5 31 SIMIUMOnamntUeemenl 17.000 17.000 q _ $ 5 $Utlum OpnaOOn altl 5 - 5 5 S - S 32 Msnlenurce 56p46 56.446 299.321 268,946 5 289.946 2a9946 g 0 5 5 Nlenm 51a4ium Mana3emenl - 5 Recognized Obligation Payment Schedule 13 -14B - Notes January 1, 2014 through June 30, 2014 Item # I Notes /Comments ROPS Detail Page Contract /Agreement Information 33 The Amendment to the Intermin Stadium Management Agreement was approved on September 24, 2013. ROPS Detail ROPS Requested Amounts 1 The Successor Agency anticipates the RPTTF revenues available for the ROPS 13 -14B period will be approximately 50% of property tax revenues generated with the Project Areas for Tax Year 2013 -14. The Agency request 50% of their debt service requirement for the 2014 Bond Year. 2 The Successor Agency anticipates the RPTTF revenues available for the ROPS 13 -14B period will be approximately 50% of property tax revenues generated with the Project Areas for Tax Year 2013 -14. The Agency request 50% of their debt service requirement for the 2014 Bond Year. 3 The Successor Agency anticipates the RPTTF revenues available for the ROPS 13 -14B period will be approximately 50% of property tax revenues generated with the Project Areas for Tax Year 2013 -14. The Agency request 50% of their debt service requirement for the 2014 Bond Year. 4 The Successor Agency anticipates the RPTTF revenues available for the ROPS 13 -14B period will be approximately 50% of property tax revenues generated with the Project Areas for Tax Year 2013 -14. The Agency request 50% of their debt service requirement for the 2014 Bond Year. 5 The Successor Agency anticipates the RPTTF revenues available for the ROPS 13 -14B period will be approximately 50% of property tax revenues generated with the Project Areas for Tax Year 2013 -14. The Agency request 50% of their debt service requirement for the 2014 Bond Year. 8 Amt. in excess of Authorized Amt. added to ROPS 13 -14B ($2.339). This reflects the accrual of the obligation previously approved and included in the DDR fund balance. 10 Amt. in excess of Authorized Amt. added to ROPS 13 -14B ($2,717). 11 Amt. in excess of Authorized Amt. added to ROPS 13 -14B ($174). 12 This reflects the accrual of the obligation previously approved and included in the DDR fund balance. 18 Original 2000 bonds were refunded in September 2013 after approval by DOF. 19 Duplication - see Line 36 29 -32 The obligations for line items 29 -32 for the six month period covered by ROPS 13 -14B are incorporated into line 33 in accordance with the terms of the Interim Stadium Management Agreement. 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 by the agreement for the six month period covered by ROPS 13 -14B. The obligations in line items 29 -32 for the six month period covered by ROPS 13 -14B are incorporated into line 33 in accordance with the terms of the Interim Stadium Management Agreement.