HomeMy WebLinkAboutOB Reso No 2014-005RESOLUTION NO. OB- 2014 -005
A RESOLUTION OF THE OVERSIGHT BOARD TO 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 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, by adoption of its Resolution No. OB 2012 -013 on December 11,
2012, 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, by adoption of its Resolution No. OB 2013 -007 on September 24,
2013, 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 First Amendment 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 1, 2014
through December 31, 2014 (the 'BOPS 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 Interim Agreement; and
WHEREAS, by adoption of its Resolution No. OB 2014 -002 on February 25,
2014, 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
OVERSIGHT BOARD RESOLUTION NO. OB 2014 -005
Page 2
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 First
Amendment will expire on December 31, 2013; 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 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 -1513") 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 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.
SECTION 2. Based on the information presented in the staff report and
testimony received, the Oversight Board 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 Oversight Board 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.
OVERSIGHT BOARD RESOLUTION NO. OB 2014 -005
Page 3
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 in accordance with applicable law.
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 23rd day of September, 2014 by the following vote:
Q
Wie Kelley, Vice'CWairpersor
oversight Board to the Succ or
Agency of the Redevelopmdfit
Agency of the City of Lake Elsinore
Board Secretary
APPO �V,L�D �S TO FORM:
Oversight Board Counsel
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Virginia J. Bloom, Clerk of the Oversight Board of the City of Lake Elsinore, California,
hereby certify that Resolution No. OB- 2014 -005 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 231d day of September 2014, and that the
same was adopted by the following vote:
AYES: Board Members P.Williams,
Kelley
NOES: None
ABSENT: Board Member Landon and
ABSTAIN: None
Tisdale, Lassey, M.Williams, and Vice -Chair
rman Oster
the Board