HomeMy WebLinkAboutSA Agenda Item No. 4 Lake Elsinore_ROPS_15-16A Dv5Name of Successor Agency:Lake Elsinore
Name of County:Riverside
Current Period Requested Funding for Outstanding Debt or Obligation
A 1,658,247$
B -
C 1,413,500
D 244,747
E 6,363,237$
F 6,177,900
G 185,337
H Current Period Enforceable Obligations (A+E):8,021,484$
Successor Agency Self-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
I Enforceable Obligations funded with RPTTF (E):6,363,237
J (446,702)
K 5,916,535$
County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
L Enforceable Obligations funded with RPTTF (E):6,363,237
M -
N 6,363,237
Name Title
/s/
Signature Date
Administrative Costs (ROPS Detail)
Less Prior Period Adjustment (Report of Prior Period Adjustments Column S)
Adjusted Current Period RPTTF Requested Funding (I-J)
Less Prior Period Adjustment (Report of Prior Period Adjustments Column AA)
Adjusted Current Period RPTTF Requested Funding (L-M)
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.
Recognized Obligation Payment Schedule (ROPS 15-16A) - Summary
Filed for the July 1, 2015 through December 31, 2015 Period
Enforceable Obligations Funded with Non-Redevelopment Property Tax Trust Fund (RPTTF) Funding
Sources (B+C+D):
Non-Administrative Costs (ROPS Detail)
Enforceable Obligations Funded with RPTTF Funding (F+G):
Bond Proceeds Funding (ROPS Detail)
Reserve Balance Funding (ROPS Detail)
Other Funding (ROPS Detail)
Six-Month Total
A B C D E F G H I J K L M N O P
Bond Proceeds Reserve Balance Other Funds Non-Admin Admin
196,315,685$ -$ 1,413,500$ 244,747$ 6,177,900$ 185,337$ 8,021,484$
1 Tax Allocation Revenue Bonds, Bonds Issued On or 2/1/2010 9/1/2033 Union Bank, N.A.Bond issue to fund housing & non-All 22,707,844 N 165,000 492,616 $ 657,616
2 Tax Allocation Revenue Bonds,
2010 Series B
Bonds Issued On or
Before 12/31/10
5/1/2010 9/1/2025 Union Bank, N.A.Bond issue to fund housing projects Housing 10,313,913 N 305,000 468,850 $ 773,850
3 Tax Allocation Revenue Bonds,
2010 Series C
Bonds Issued On or
Before 12/31/10
11/1/2010 9/1/2030 Union Bank, N.A.Bond issue to fund non-housing
projects
Project I and II 35,520,558 N 607,500 1,111,157 $ 1,718,657
4 Tax Allocation Revenue Bonds,
2011 Series A
Bonds Issued On or
Before 12/31/10
1/1/2011 9/1/2021 Union Bank, N. A.Bond issue to fund non-housing
projects
Project I 5,182,825 N 252,500 370,588 $ 623,088
5 Local Agency Revenue Bonds, 2011
Series A
Bonds Issued On or
Before 12/31/10
4/1/2011 9/1/2038 Union Bank, N.A.Bond issue to fund non-housing
projects
Project II and III 8,674,828 N 50,000 211,329 $ 261,329
6 Fiscal Agent Fees Fees 2/1/2010 9/1/2038 Union Bank, N.A.Annual fiscal agent fees for bonds
issues
All 321,410 N 31,250 $ 31,250
7 Bond Disclosure Services Fees 10/23/2007 2/15/2038 HdL Coren & Cone Annual continuing disclosure for bond
issues
All 92,500 Y - $ -
8 MG/Chelsea Outlet OPA OPA/DDA/Constructi
on
12/26/1989 7/7/2015 MG/Chelsea Property tax revenue reimbursement Project I - Y $ -
10 Oakgroves DDA OPA/DDA/Constructi
on
3/12/1993 1/30/2016 Oak Grove Equities Property tax revenue reimbursement Project II 3,004,973 N 98,170 $ 98,170
12 Summerly DDA OPA/DDA/Constructi
on
3/11/2011 9/8/2038 McMillin Summerly LLC and
Civic Partners-Elsinore LLC
DDA pledges a portion of property tax
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
Project II and III 13,142,259 N 33,500 240,882 $ 274,382
13 Summerly DDA Extraordinary
Infrastructure Fund
OPA/DDA/Constructi
on
3/11/2011 9/8/2038 Mc Millin Summerly LLC DDA pledges a portion of property tax
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
Project II and III 3,588,521 N 12,544 $ 12,544
14 Summerly DDA Special Counsel Legal 11/5/2009 3/29/2010 Fulbright & Jaworski L.L.P..Legal Services Project II and III - N $ -
15 Summerly DDA Annual Report Fees 10/23/2007 9/8/2038 HdL Coren & Cone Fiscal Reporting Services Project II and III - N $ -
18 City Reimbursement LERA Bonds Issued After
12/31/10
7/1/2000 2/1/2032 City of Lake Elsinore City Reimbursement LERA - Debt
Service
All 19,193,800 N 563,550 $ 563,550
19 Housing Fund Loan SERAF/ERAF 5/1/2010 9/8/2038 Housing Fund Repayment of SERAF All 3,503,744 N 562,125 $ 562,125
Recognized Obligation Payment Schedule (ROPS 15-16A) - ROPS Detail
July 1, 2015 through December 31, 2015
(Report Amounts in Whole Dollars)
Item #Payee Description/Project Scope Project Area
Total Outstanding
Debt or Obligation Retired
Funding Source
Six-Month TotalProject Name / Debt Obligation Obligation Type
Contract/Agreement
Execution Date
RPTTF
Non-Redevelopment Property Tax Trust Fund
(Non-RPTTF)
Contract/Agreement
Termination Date
A B C D E F G H I J K L M N O P
Bond Proceeds Reserve Balance Other Funds Non-Admin Admin
Recognized Obligation Payment Schedule (ROPS 15-16A) - ROPS Detail
July 1, 2015 through December 31, 2015
(Report Amounts in Whole Dollars)
Item #Payee Description/Project Scope Project Area
Total Outstanding
Debt or Obligation Retired
Funding Source
Six-Month TotalProject Name / Debt Obligation Obligation Type
Contract/Agreement
Execution Date
RPTTF
Non-Redevelopment Property Tax Trust Fund
(Non-RPTTF)
Contract/Agreement
Termination Date
20 Housing Fund Loan Third-Party Loans 12/1/1995 9/8/2038 Housing Fund Payments on principal and interest on
loan of bond proceeds from the
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.
All 25,686,551 N 502,425 $ 502,425
22 Legal Services Fees 9/27/2005 6/30/2015 Leibold McClendon & Mann Legal services for projects, bonds &
DDA/Stadium Agreement compliance.
All 120,000 N 60,000 $ 60,000
23 Consultant Fees Fees 10/23/2007 9/8/2038 HdL Coren & Cone Tax Projections for bond & DDA
compliance
All 16,280 N 8,140 $ 8,140
28 Estimated Admin Cost Admin Costs 2/1/2012 9/8/2038 City of Lake Elsinore City Staff Support/other admin
reimbursement
All 5,717,933 N 185,337 $ 185,337
29 Stadium License Agreement Miscellaneous 3/15/2001 12/31/2016 Lake Elsinore Storm, LP License to use stadium for baseball
games
Project III 1,487,378 N $ -
30 Stadium Maintenance Agreement Property
Maintenance
3/15/2001 12/31/2016 Lake Elsinore Storm, LP Agreement to maintain baseball field
and facilities
Project III 695,032 N $ -
31 Stadium Concession Agreement Miscellaneous 1/30/2002 12/31/2016 Golden State Concessions
and Catering
Provision of concessions for baseball
games
Project III 102,000 N $ -
32 Stadium Operation and Maintenance Property
Maintenance
1/1/2013 9/8/2038 Various Operation and maintenance of the
baseball stadium
Project III 30,421,862 N $ -
33 Interim Stadium Management Agmt.Miscellaneous 1/1/2013 12/31/2015 Lake Elsinore Storm, LP Stadium Maintenance and
Management
Project III 3,022,034 N 244,747 1,441,774 $ 1,686,521
34 Riverside County Flood Control
District
Improvement/Infrastr
ucture
12/26/1989 7/18/2034 None None Project I and II 3,687,840 N $ -
35 Administrative Reimbursement RPTTF Shortfall 2/1/2012 9/8/2038 City of Lake Elsinore Repayment for City Staff Support/other All - N $ -
37 Oversight Board Legal Counsel Admin Costs 6/1/2013 5/31/2014 Phillip Barry Greer Legal services All - Y $ -
38 Contract for Auditing Services Fees 6/25/2013 6/25/2018 TRS Bond disclosure compliance All - N $ -
39 Bond Disclosure Services Fees 1/28/2015 2/15/2038 Urban Futures Bond disclosure compliance All 111,600 N 2,500 $ 2,500
40 N $ -
41 N $ -
42 N $ -
43 N $ -
44 N $ -
45 N $ -
46 N $ -
47 N $ -
48 N $ -
49 N $ -
50 N $ -
51 N $ -
52 N $ -
53 N $ -
54 N $ -
55 N $ -
56 N $ -
57 N $ -
58 N $ -
A B C D E F G H I
Other RPTTF
Bonds Issued on
or before
12/31/10
Bonds Issued on
or after 01/01/11
Prior ROPS
period balances
and DDR RPTTF
balances
retained
Prior ROPS
RPTTF
distributed as
reserve for future
period(s)
Rent,
Grants,
Interest, Etc.
Non-Admin
and
Admin
ROPS 14-15A Actuals (07/01/14 - 12/31/14)
1 Beginning Available Cash Balance (Actual 07/01/14)
7,001,201 1,345,000 - 101,431
2 Revenue/Income (Actual 12/31/14)
RPTTF amounts should tie to the ROPS 14-15A distribution from the
County Auditor-Controller during June 2014 261,563 5,612,561
3 Expenditures for ROPS 14-15A Enforceable Obligations (Actual
12/31/14)
RPTTF amounts, H3 plus H4 should equal total reported actual
expenditures in the Report of PPA, Columns L and Q 2,619,639 1,345,000 261,563 5,341,826
4 Retention of Available Cash Balance (Actual 12/31/14)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
287,799
Item # 18 includes $282,500 reserved for debt
service due during the ROPS 14-15B Period.
Item #12 reflects $5,299 as calculated in
accordance with DDA
5 ROPS 14-15A RPTTF Prior Period Adjustment
RPTTF amount should tie to the self-reported ROPS 14-15A PPA in the
Report of PPA, Column S No entry required
446,702
6 Ending Actual Available Cash Balance
C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 - 5) -$ -$ 4,381,562$ -$ -$ (362,335)$
ROPS 14-15B Estimate (01/01/15 - 06/30/15)
7 Beginning Available Cash Balance (Actual 01/01/15)
(C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6)-$ -$ 4,381,562$ 287,799$ -$ 84,367$
8 Revenue/Income (Estimate 06/30/15)
RPTTF amounts should tie to the ROPS 14-15B distribution from the
County Auditor-Controller during January 2015 5,299 244,747 4,683,066
Amount shown in Column E Line 8 reflects
transfer from Column F Line 9
9 Expenditures for ROPS 14-15B Enforceable Obligations (Estimate
06/30/15)
3,822,803 287,799 244,747 4,702,835
Amount shown in Column F Line 9 reflects the
debt service payment for Item #18 and transfer of
$5,299 to Column E Line 8 for Item #12.
10 Retention of Available Cash Balance (Estimate 06/30/15)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
1,519,068
Item # 1 through 5 includes a total of $1,380,000
reserved for debt service due during the ROPS
15-16A Period.
Item #12 reflects $139,068 as calculated in
accordance with DDA
11 Ending Estimated Available Cash Balance (7 + 8 - 9 -10)-$ -$ 564,058$ -$ -$ (1,454,470)$
Recognized Obligation Payment Schedule (ROPS 15-16A) - Report of Cash Balances
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 (l), 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. For tips on how to complete the Report of Cash Balances Form, see https://rad.dof.ca.gov/rad-
sa/pdf/Cash_Balance_Agency_Tips_Sheet.pdf.
Fund Sources
Comments
Bond Proceeds Reserve Balance
Cash Balance Information by ROPS Period
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z AA AB
Net SA Non-Admin
and Admin PPA
(Amount Used to
Offset ROPS 15-16A
Requested RPTTF)
Net CAC Non-
Admin and Admin
PPA
(Amount Used to
Offset ROPS 15-16A
Requested RPTTF)
Authorized Actual Authorized Actual Authorized Actual Authorized
Available
RPTTF
(ROPS 14-15A
distributed + all other
available as of
07/1/14)
Net Lesser of
Authorized /
Available Actual
Difference
(If K is less than L,
the difference is
zero) Authorized
Available
RPTTF
(ROPS 14-15A
distributed + all other
available as of
07/1/14)
Net Lesser of
Authorized /
Available Actual
Difference
(If total actual
exceeds total
authorized, the
total difference is
zero)
Net Difference
(M+R)
Net Lesser of
Authorized /
Available Actual Difference
Net Lesser of
Authorized /
Available Actual Difference Net Difference
-$ -$ 3,964,634$ 3,964,639$ 261,563$ 261,563$ 5,533,450$ 5,533,450$ 5,533,450$ 5,175,822$ 446,702$ 166,004$ 166,004$ $ 166,004 166,004$ -$ 446,702$ -$ -$ -$
1 Tax Allocation
Revenue Bonds,
- 162,500 162,500 - 494,991 494,991 $ 494,991 494,991 $ - $ -
2 Tax Allocation
Revenue Bonds,
- 295,000 295,000 - 467,700 467,700 $ 467,700 467,700 $ - $ -
3 Tax Allocation
Revenue Bonds,
2010 Series C
- 595,000 595,000 - 1,110,557 1,110,557 $ 1,110,557 1,110,557 $ - $ -
4 Tax Allocation
Revenue Bonds,
2011 Series A
- 242,500 242,500 - 370,894 370,894 $ 370,894 370,894 $ - $ -
5 Local Agency
Revenue Bonds,
2011 Series A
- 50,000 50,000 - 213,879 213,879 $ 213,879 213,879 $ - $ -
6 Fiscal Agent Fees - - - 13,250 13,250 $ 13,250 6,656 $ 6,594 $ 6,594
7 Bond Disclosure
Services
- - - - - $ - $ - $ -
8 MG/Chelsea Outlet
OPA
- 1,832,741 1,832,741 - 43,557 43,557 $ 43,557 43,557 $ - $ -
10 Oakgroves DDA - - - 3,200 3,200 $ 3,200 78,170 $ - $ - Reflects payment of amounts owed
during the 14-15A period and to be paid
during the 14-15B period as calculated
in accordance with DDA
11 EVMWD - Amber
Ridge
- - - - - $ - $ - $ -
12 Summerly DDA - - - 5,299 5,299 $ 5,299 5,299 $ - $ -
13 Summerly DDA
Extraordinary
Infrastructure Fund
- - - 403,082 403,082 $ 403,082 - $ 403,082 $ 403,082
14 Summerly DDA
Special Counsel
- - - - - $ - $ - $ -
15 Summerly DDA
Annual Report
- - - - - $ - $ - $ -
18 City
Reimbursement
LERA
- - - 564,252 564,252 $ 564,252 564,252 $ - $ -
19 Housing Fund Loan - - - 246,256 246,256 $ 246,256 246,256 $ - $ -
20 Housing Fund Loan - 86,893 86,898 - 868,766 868,766 $ 868,766 868,766 $ - $ -
22 Legal Services - - - 60,000 60,000 $ 60,000 23,156 $ 36,844 $ 36,844
23 Consultant Fees - - - 7,500 7,500 $ 7,500 7,318 $ 182 $ 182
28 Estimated Admin
Cost
- - - - - $ - $ - $ -
29 Stadium License
Agreement
- - - - - $ - $ - $ -
30 Stadium
Maintenance
Agreement
- - - - - $ - $ - $ -
31 Stadium
Concession
Agreement
- - - - - $ - $ - $ -
32 Stadium Operation
and Maintenance
- - - - - $ - $ - $ -
33 Interim Stadium
Management Agmt.
- - 261,563 261,563 660,267 660,267 $ 660,267 674,371 $ - $ - Necessary expenditure for a
emergency capital repair to the sump
pump posing a health and safety risk.
34 Riverside County
Flood Control
District
- 700,000 700,000 - - - $ - $ - $ -
35 Administrative
Reimbursement
- - - - - $ - $ - $ -
36 Housing Fund Loan - - - - - $ - $ - $ -
37 Oversight Board
Legal Counsel
- - - - - $ - $ - $ -
38 Contract for
Auditing Services
- - - - - $ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
CAC Comments SA Comments
Recognized Obligation Payment Schedule (ROPS 15-16A) - Report of Prior Period Adjustments
Reported for the ROPS 14-15A (July 1, 2014 through December 31, 2014) Period Pursuant to Health and Safety Code (HSC) section 34186 (a)
(Report Amounts in Whole Dollars)
ROPS 14-15A Successor Agency (SA) Self-reported Prior Period Adjustments (PPA): Pursuant to HSC Section 34186 (a), SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS 14-15A (July through December 2014) period. The amount of
Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 15-16A (July through December 2015) period will be offset by the SA’s self-reported ROPS 14-15A prior period adjustment. HSC Section 34186 (a) also specifies that the prior period adjustments self-reported by SAs are subject to audit by the
county auditor-controller (CAC) and the State Controller.
Item #
Project Name /
Debt Obligation
Non-RPTTF Expenditures
Non-Admin Non-Admin CAC Admin CACAdminBond Proceeds Reserve Balance Other Funds
RPTTF ExpendituresRPTTF Expenditures
ROPS 14-15A CAC PPA: To be completed by the CAC upon submittal of the ROPS 15-16A by the SA to Finance and the
CAC. Note that CACs will need to enter their own formulas at the line item level pursuant to the manner in which they
calculate the PPA. Also note that the Admin amounts do not need to be listed at the line item level and may be entered as
a lump sum.
Item #Notes/Comments
Recognized Obligation Payment Schedule (ROPS) 15-16A - ROPS Detail
1 Amount shown includes $165,000 reserved for debt service on ROPS 14-15B
2 Amount shown includes $305,000 reserved for debt service on ROPS 14-15B
3 Amount shown includes $607,500 reserved for debt service on ROPS 14-15B
4 Amount shown includes $252,500 reserved for debt service on ROPS 14-15B
5 Amount shown includes $50,000 reserved for debt service on ROPS 14-15B
6
7
8
10 Amt. in excess of ROPS 14-15A Authorized Amt. added to ROPS 15-16A
11
12
13
14
15
18 Amount shown includes $190,000 reserved for debt service due during the ROPS 15-16B Period
19
20 The Lake Elsinore Sucessor Agency disagrees with the Department of Finance's denial. The Successor Agency will continue to list this obligation as enforceable, in
anticipation of a court judgment or reversal of policy by the Department sustaining the Successor Agency's position.
22
23
28
29-32 The obligations for line items 29 -32 for the six month period covered by ROPS 14-15A 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
2015 (January 1, 2015 - December 31, 2015) and incorporates the increases in costs and capital expenditures required to be made by the agreement for the six month
period covered by ROPS 15-16A. The obligations in line items 29 -32 for the six month period covered by ROPS 15-16A are incorporated into line 33 in accordance
with the terms of the Interim Stadium Management Agreement. Amt. in excess of ROPS 14-15A Authorized Amt. added to ROPS 15-16A.
34
35
36 Duplication - see Line 19
37 In accordance to DOF this obligation is included within the Administriative Allowance,
38 In accordance to DOF this obligation is included within the Administriative Allowance,
39 Reflects payment of services performed during ROPS 14-15B.
Recognized Obligation Payment Schedule (ROPS 15-16A) - Notes
July 1, 2015 through December 31, 2015