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HomeMy WebLinkAboutSA Reso 2014-03 Stadium Interim Management Agreement (2015) Second AmendmentRESOLUTION NO. SA- 2014 -03 A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE SECOND AMENDMENT (2015) TO THE STADIUM INTERIM MANAGEMENT AGREEMENT BETWEEN THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE AND THE LAKE ELSINORE STORM LP WHEREAS, the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ( "Oversight Board ") has been established 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, in 2012, the Successor Agency and the Oversight Board approved 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 (the "Interim Agreement') and following such approval by the Oversight Board and the Successor Agency, the Interim Agreement was submitted to and reviewed by the State Department of Finance; and WHEREAS, in 2013, the Successor Agency and the Oversight Board approved the First Amendment to Stadium Interim Management Agreement dated January 1, 2014 by and between the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore and the Lake Elsinore Storm LP (the "First Amendment ") and following such approval by the Oversight Board and the Successor Agency, the Interim Agreement was submitted to and reviewed by the State Department of Finance; 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 July 2014 through December 2014 (the "ROPS 14 -15A ") 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; (iv) Stadium operations and maintenance obligations, and (v) the first Amendment; and WHEREAS, the Oversight Board approved the ROPS 14 -15A and following such approval by the Oversight Board and the Successor Agency the ROPS 14 -15A was approved by the State Department of Finance; and WHEREAS, the First Amendment has been successfully implemented during calendar year 2014 to provide for efficient and cost effective management, maintenance and operation of the Diamond Stadium but, absent an Amendment, the Interim Agreement will expire on December 31, 2014; and SUCCESSOR AGENCY RESOLUTION NO. SA 2014 -03 Page - 2 - 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 2015 in accordance with the proposed Second Amendment (2015) to the Interim Agreement; and WHEREAS, pursuant to Health and Safety Code Section 34169 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 the six month period January 2015 — June 2015 (the "ROPS 14 -156 ") which lists, 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; (iv) Stadium operations and maintenance obligations, and (v) the Interim Agreement (as amended by the proposed Second Amendment (2015)) has been prepared for approval by the Successor Agency and the Oversight Board on September 23, 2014. 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. Based on the information presented in the staff report and testimony received, the Successor Agency finds (i) that the proposed Second Amendment (2015) to the Interim 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 set forth in the ROPS 14 -15B include funds necessary to meet the Successor Agency's enforceable obligations with respect to the Stadium, including the proposed Second Amendment (2015) to the Interim Agreement, and (iii) that the Second Amendment (2015) to the Interim Agreement is in the best interests of the taxing entities. Based on the above findings, the Successor Agency approves the Second Amendment (2015) to the Stadium Interim Management Agreement 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 SUCCESSOR AGENCY RESOLUTION NO. SA 2014 -03 Page - 3 - Successor Agency 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 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 23rd day of September, 2014. n NataMia Johns n, C airperson, Successor Agen of the Redevelopment Agency of the City of Lake Elsinore AP OVED A O 7 dRM: rbara Leibold, Successor Agency Counsel STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF LAKE ELSINORE ) I, Virginia J. Bloom, Clerk of the Board of the Successor Agency of the Redevelopment Agency for the City of Lake Elsinore, California, hereby certify that Resolution No. SA 2014 -03 was adopted by the Successor Agency, at a regular meeting held on the 23rd day of September 2014, and that the same was adopted by the following vote: AYES: Agency Member Magee, Agency Member Tisdale, Agency Member Hickman, Vice Chair Manos and Chair Johnson NOES: None ABSENT: None f ABSTAIN: None Virgins . Blo , Clerk of the Board