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HomeMy WebLinkAboutSA Reso 2015-006 Stadium Interim Management Agreement Third AmendmentRESOLUTTON NO. SA-201 s-006 A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CIry OF LAKE ELSINORE, cALtFORN|A, APPROVTNG THE THTRD AMENDMENT (2016) TO THE STADIUM INTERIM MANAGEMENT AGREEMENT BETWEEN THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CIry OF LAKE ELSINORE AND THE LAKE ELSINORE STORM LP WHEREAS, the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ("Successor Agency") 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 lnterim 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 "lnterim Agreement") and following such approval by the Oversight Board and the Successor Agency, the lnterim 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 lnterim 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 lnterim Agreement was submitted to and reviewed by the State Department of Finance; and WHEREAS, in 2014, the Successor Agency and the Oversight Board approved the Second Amendment to Stadium lnterim Management Agreement dated January 1, 2015 by and between the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore and the Lake Elsinore Storm LP (the "Second Amendment") and following such approval by the Oversight Board and the Successor Agency, the lnterim Agreement was submitted to and reviewed by the State Department of Finance; and WHEREAS, the lnterim Agreement and the First and Second Amendments have been successfully implemented to provide for efficient and cost effective management, maintenance and operation of the Diamond Stadium but, absent a Third Amendment, the lnterim Agreement will expire on December 31 , 2015; 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 2016 in accordance with the proposed Third Amendment (2016) to the lnterim Agreement; and Successor Agency Resolution No. SA-2015-006 Page 2 of 3 WHEREAS, pursuant to Health and Safety Code Section 34'169 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 fot the six month period January 2016 - June 2016 (the 'ROPS 15-168) 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) License Agreement; (ii) Maintenance Agreement; (iii) Concession Agreement; (iv) Stadium operations and maintenance obligations, and (v) the lnterim Agreement (as amended by the proposed Third Amendment (2016)) has been prepared for approval by the Successor Agency and the Oversight Board on Septembet 22,2O15. 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 Third Amendment (2016) to the lnterim 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 15-168 include funds necessary to meet the Successor Agency's enforceable obligations with respect to the Stadium, including the proposed Third Amendment (2016) to the lnterim Agreement, and (iii) that the Third Amendment (2016) to the lnterim Agreement is in the best interests of the taxing entities. Based on the above findings, the Successor Agency approves the Third Amendment (20'16) to the Stadium lnterim 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. lf any provision of this Resolution or the application thereof to any person or circumstance is held invalid, such invalidity shall nol 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 hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof. Successor Agency Resolution No. SA-2015-006 Page 3 of 3 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 of the Successor Agency of the Redevelopment Agency of the City of Lake held this 22nd day of September, 2015. Chairperson, Agency of the City of Lake Elsinore , Successor Agency Counsel ir6n, Acting Secretary STATE OF CALIFORNIA COUNTY OF RIVERSIDE CIry OF LAKE ELSINORE l, Diana Gir6n, Acting Agency Secretary of the Board of the Successor Agency of the Redevelopment Agency for the City of Lake Elsinore, California, hereby certify that Resolution No. 5A-2015-006 was adopted by the Successor Agency, at a regular meeting held on the 22nd day of September 2015, and that the same was adopted by the following vote: ) ) ss. ) AYES: NOES: ABSENT: ABSTAIN: Agency Member Magee, Chair Agency Member Hickman None Vice Chair Tisdale None Manos, Agency Member Johnson, and