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HomeMy WebLinkAboutID# 15-773 R.O.P.S 15-16B 1-1-16 - 6-30-16OVERSIGHT BOARD OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: CHAIRMAN OSTER AND MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: SEPTEMBER 22, 2015 SUBJECT: Recommendation It is recommended that the Oversight Board approve and adopt: Resolution No. OB -2015- 005 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 15 -16B) FOR JANUARY 1, 2016 THROUGH JUNE 30, 2016 SUBJECT TO APPROVAL THEREOF BY THE SUCCESSOR AGENCY. 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 and the Oversight Board to approve 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 2016 through June 2016 be submitted to DOF and the State Controller's office, after approval by the Oversight Board, no later than October 5, 2015, 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 Approval of ROPS 15 -16B September 22, 2015 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 15 -16B for the period January 1, 2016 — June 30, 2016 follows the form prescribed by the DOF and incorporates all of the remaining obligations identified in the previous ROPS. Please note the following addition to the BOPS: Housing Entity Administrative Cost Allowance (HEACA) (RODS Detail Item 43) In February 2014, Governor Jerry Brown signed into law Assembly Bill 471, which made several changes to the redevelopment dissolution process, including the addition of a new "housing entity administrative cost allowance," which is defined as an amount of up to 1 percent of the property tax, but not less than $150,000, allocated to the Redevelopment Agency Retirement Fund on behalf of the successor agency for each applicable fiscal year. AB 471 provided that if a local housing authority assumed the functions of a former Redevelopment Agency, then the Successor Agency to the former Redevelopment Agency should list the HEACA on the Successor Agency's ROPS. While it is not clear that the City as Housing Successor qualifies for the HEACA, interpretation of the statute is being challenged and the Successor Agency desires to preserve its right to claim the HEACA in the event challenges to the statute are successful. The total amount of $300,000 included in item 43 consists of two years of HEACA: fiscal 2015 and fiscal 2016. Prepared By: Barbara Leibold, Successor Agency Counsel Attachments: Oversight Board Resolution No. OB- 2015 -005 Recognized Obligation Payment Schedule of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore for the period of January 1, 2016 through June 30, 2016 (ROPS 15 -16B) RESOLUTION NO. OB 2015 -005 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 15 -16B) FOR JANUARY 1, 2016 THROUGH JUNE 30, 2016 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, 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 2016 through June 2016; and WHEREAS, AB 1484 requires that the ROPS 15 -16B for the period January 1, 2016 through June 30, 2016 must be submitted to the Department of Finance and the State Controller's office, after approval by the Oversight Board, no later than October 5, 2015 or be subject to penalties; and WHEREAS, on September 22, 2015, the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore will consider approval of the Recognized Obligation Payment Schedule 15 -16B for the period of January 1, 2016 through June 30, 2016; and WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. NOW, THEREFORE, THE OVERSIGHT BOARD OF 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 Oversight Board hereby approves the Schedule submitted concurrently herewith as the Recognized Obligation Payment Schedule 15 -16B for January 1, 2016 through June 30, 2016 subject to the approval thereof by the Successor Agency. 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. OVERSIGHT BOARD RESOLUTION NO. OB 2015 -005 Page 2 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. 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 22nd day of September, 2015. 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