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Home My WebLink AboutSA Agenda Item #3 AttachmentName of Successor Agency: Name of County: Recognized Obligation Payment Schedule (ROPS 15 -16B) - Summary Filed for the January 1, 2016 through June 30, 2016 Period Lake Elsinore Riverside Current Period Requested Funding for Outstanding Debt or Obligation Six -Month Total Enforceable Obligations Funded with Non - Redevelopment Property Tax Trust Fund (RPTTF) Funding A Sources (B +C +D): $ 412225781 B Bond Proceeds Funding (ROPS Detail) - C Reserve Balance Funding (ROPS Detail) 319745132 D Other Funding (ROPS Detail) 248,649 E Enforceable Obligations Funded with RPTTF Funding (F +G): $ 61630,849 F Non - Administrative Costs (ROPS Detail) 614375717 G Administrative Costs (ROPS Detail) 193,132 H Total Current Period Enforceable Obligations (A +E): $ 10,853,630 Successor Agency Self- Reported Prior Period Adjustment to Current Period RPTTF Requested Funding Enforceable Obligations funded with RPTTF (E): J Less Prior Period Adjustment (Report of Prior Period Adjustments Column S) K Adjusted Current Period RPTTF Requested Funding (I -J) 6,630,849 $ 65630,849 County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding L Enforceable Obligations funded with RPTTF (E): 61630,849 M Less Prior Period Adjustment (Report of Prior Period Adjustments Column AA) N 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. /s/ 01) Signature 6,630,849 Title Date Lake Elsinore Recognized Obligation Payment Schedule (RAPS 15 -16B) - ROPS Detail January 1, 2016 through June 30, 2016 (Report Amounts in Whale Dollars) A B c D E F G H I J K L M N O P Funding Source Non - Redevelopment Property Tax Trust Fund Non - RPTTF RPTTF Contract/Agreement Contract /Agreement Total Outstanding Item # Project Name 1 Debt Obligation Obligation Type Execution Date Termination Date Payee Description/Project Scope Project Area Debt or Obligation Retired Bond Proceeds Reserve Balance Other Funds Non - Admin Admin Six -Month Total $ 186,500,306 $ $ 3,974 132 $ 248,649 $ 6,437,717 $ 193,132 $ 10,853,630 1 Tax Allocation Revenue Bonds Bonds Issued On or 21112010 9/1/2033 Wilmington Trust Bond issue to fund housinq & non- All 21,722,613 N 495,991 $ 496,991 2 Tax Allocation Revenue Bonds, Bonds Issued On or 511/2010 9/112025 Wilmington Trust Bond issue to fund housing projects Housing 9,376,213 N 469,700 $ 469,700 2010 Series B Before 12/31110 3 Tax Allocation Revenue Bonds, Bonds Issued On or 1111!2010 9/112030 Wilmington Trust Bond issue to fund non - housing Project I and II 33,298,244 N 1,110,748 $ 1,110,748 2010 Series C Before 12131/10 projects 4 Tax Allocation Revenue Bonds, Bonds Issued On or 11112011 911/2021 Union Bank, N. A. Bond issue to fund non - housing Project I - Y $ - 2011 Series A Before 12/31110 projects 5 Local Agency Revenue Bonds, 2011 Bonds Issued On or 411/2011 911/2038 Union Bank, N.A. Bond issue to fund non - housing Project II and III - Y $ Series A Before 1213111 D projects 6 Fiscal Agent Fees Fees 2/1/2010 911!2038 Union Bank, N.A. Annual fiscal agent fees for bonds All 5,997 Y 5,997 $ 5,997 Issues 10 Oakgroves DDA OPAIDDAIConstructi 3/1211993 113012016 Oak Grove Equities Property tax revenue reimbursement Project A 2,993,971 N 20,000 $ 20,000 on 12 Summerly DDA OPAIDDAIConstructi 311112011 918/2038 McMillin Summerly Li and DDA pledges a portion of property tax Project II and III 13,032,215 N 308,675 342,389 $ 651,064 on Civic Partners- Elsinore Li revenues through 2038. Total outstanding debt or obligation is estimated based on projections of tax revenue growth at 2 %m 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 13 Summerly DDA Extraordinary OPAIDDAIConstructi 3/11/2011 9!812038 Mc Millin Summerly LLC DDA pledges a portion of property tax Project II and III 3,590.420 N 40,000 75 €375 y; 115,875 Infrastructure Fund on revenues through 2038. Total outstanding debt or obligation is estimated based on projections of tax revenue growth at 2 %4 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 14[Summerly DDA Special Counsel Legal 1115/2009 3/29/2010 Fulbri ht & Jaworski L Legal Services Project II and III N $ 1 51Summerly DDA Annual Report Fees 10123/2007 91812038 1 Coren & Cone Fiscal Reporting Services Project II and III N $ 18 City Reimbursement LERA Bonds Issued After 7/112000 211!2032 City of Lake Elsinore City Reimbursement LERA - Debt All 18,920,250 N 563,550 $ 563,550 12131110 Service 19 Housing Fund Loan SERAFlERAF 51112010 918!2038 Housing Fund Repayment of SERAF All 3,503,744 N 562,125 $ 562,125 20 Housing Fund Loan Third -Party Loans 1211/1995 91812038 Housing Fund Payments on principal and interest on All 24,072.021 N $ - 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. Lake Elsinore Recognized Obligation Payment Schedule (ROPS 15 -16B) - ROPS Detail January 1, 2016 through June 30, 2016 (Report Amounts in Whole Dollars) A B c D E F G H 1 J K L M N O P Item # Project Name / Debt Obligation Obligation Type Contract /Agreement Execution Date Contract /Agreement Termination Date Payee Description/Project Scope Project Area Total Outstanding Debt or Obligation Retired Funding Source - Six -Month Total Non - Redevelopment Property Tax Trust Fund Non- RPTTF) RPTTF Bond Proceeds Reserve Balance Other Funds Non -Admin Admin 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 918/2038 HdL Conan & Cone Tax Projections for bond & DDA compliance All 16,280 N 8,140 $ 8,140 28 Estimated Admin Cost Admin Costs 211/2012 9/8/2038 City of Lake Elsinore City Staff Supportlother admin reimbursement All 5,717 933 N 193,132 $ 193,132 29 Stadium License Agreement Miscellaneous 3/15/2001 12131/2016 Lake Elsinore Storm, LP License to use stadium for baseball ames 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 113012002 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 111 30,421,862 N $ - 33 Interim Stadium Management Agml. Miscellaneous 1/1/2013 12/3112016 Lake Elsinore Storm, LP Stadium Maintenance and Management Project III 3,022,034 N 248,649 1,914,788 $ 2,163,437 34 Riverside County Flood Control District Improvement /Infrastr ucture 12/26/1989 7118/2034 None None Project I and II 3,625,457 N 3,625,457 $ 3,625,457 35 Administrative Reimbursement RPTTF Shortfall 2/1/2012 9/8/2038 City of Lake Elsinore Repayment for City Staff Support/other All - N $ - 38 Contract for Auditing Services Fees 6/25/2013 6/2512018 TRS Bond disclosure compliance All N $ 39 Bond Disclosure Services Fees 1/28/2015 2/15/2038 Urban Futures Bond disclosure compliance All 108,100 N 11,300 $ 11,300 40 Property Maintenance Property Maintenance 9/1312009 6/30/2014 Various Maintenance cost on Agency property Project III 13,842 Y 13,842 $ 13,842 41 Subordinated Tax Allocation Refunding Bonds, Series 2015 Bonds Issued After 12/31110 8/25/2015 9/112038 Wilmington Trust Bond issue to refund Tax Allocation Revenue Bonds, 2011 Series A and Local Agency Revenue Bonds, 2011 Series A All 10,232,300 N 483,272 $ 483,272 42 Fiscal Agent Fees Fees 8/1/2015 911/2038 Wilmington Trust Annual fiscal agent fees for bonds issues All 122,400 N - $ - 43 Housing Authority Admin. Cost Admin Costs 2118/2014 12/31/2018 Lake Elsinore Housing Successor Administrative Cost All 300,000 N 300,000 $ 300,000 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 $ - 59 N $ 60 1 N $ - 61 N $ - 62 N $ Lake Elsinore Recognized Obligation Payment Schedule (BOPS 15 -16B) - Report of Cash Balances (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177 (1), 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 Cash Balance Tips Sheet A B C D E I F G H I Fund Sources Bond Proceeds Reserve Balance Other RPTTF Prior ROPE Prior ROPS period balances RPTTF Bonds Issued on and DDR RPTTF distributed as Rent, Non -Admin or before Bonds Issued on balances reserve for future Grants, and Cash Balance Information by RODS Period 12/31/10 or after 01/01/11 retained period(s) Interest, Etc. Admin Comments RODS 14 -15B Actuals 01/01/15 - 06/30/15 1 Beginning Available Cash Balance (Actual 01101115) - 3,981,351 779,573 466,471 2 Revenuellncome (Actual 06130115) RPTTF amounts should tie to the BOPS 14 -15B distribution from the County Auditor - Controller during January 2015 323,502 4,683,066 3 Expenditures for ROPS 14 -158 Enforceable Obligations (Actual 06130115) RPTTF amounts, H3 plus H4 should equal total reported actual expenditures in the Report of PPA, Columns L and Q 71,764 512,952 246,740 2,474,146 4 Retention of Available Cash Balance (Actual 06130115) Item #1 through 5 includes a total of $1,380,000 RPTTF amount retained should only include the amounts distributed as reserved for debt service due during the ROPE reserve for future period(s) 15 -16A Period. Item #12 reflects $162,072 as calucated in accordance with DDA. Item #22 ($17,236) and Item # 33 ($764,604) reflects maintenance and 3,909,587 266,621 2,353,9. 12 repairs currently in process. 5 ROPS 14 -15B RPTTF Prior Period Adjustment RPTTF amount should tie to the self - reported ROPS 14 -15B PPA in the No entry required Report of PPA, Column S 6 Ending Actual Available Cash Balance CtoG= (1+2- 3- 4),H= (1+2- 3 -4 -5) $ $ $ - $ - $ 76,762 $ 321,479 ROPS 15 -16A Estimate 07/01115 - 12131/15 7 Beginning Available Cash Balance (Actual 07101/15) (C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6) $ $ _ $ 3,909,587 $ 2,620,533 $ 76,762 $ 321,479 8 Revenue/income (Estimate 12131115) RPTTF amounts should tie to the RODS 15 -16A distribution from the County Auditor - Controller during June 2015 9,321,389 244,747 5,387,810 9 Expenditures for ROPS 15 -16A Enforceable Obligations (Estimate 12131115) 9,321,389 41,661 2,211,433 244,747 5,291,086 10 Retention of Available Cash Balance (Estimate 12131115) Item #10 includes $290,000 reserved for debt RPTTF amount retained should only include the amounts distributed as service due during the ROPS 15 -16B Period. reserve for future period(s) Item #12 reflects $253,426 as calucated in 3,867,926 409,100 543,426 1 accordance with DDA 11 Ending Estimated Available Cash Balance (7 + 8 - 9 -10) $ - $ - $ - $ - $ 76,762 $ 125,223) Lake Llsinore Recognized Obligation Payment Schedule (RAPS 15 -168) - Report of Prior Period Adjustments Reported for the ROPE 14 -15B (January 1, 2015 through June 30, 2015) Period Pursuant to Health and Safety Code (HSC) section 34185 (a) Report Amounts in Whole Dollars ROPS 14 -156 CAC PPA: To becompleted by the CAC upon submittal of the ROPS 15-169 by the SA to Fiinallce and the ROPE 14 -158 successor Agency (SA) Self- reported Prior Period Adjustments (PPA): to HSC Section 34156 a SAs are required to r J ( ) {) equir epod The differences between their actual available funding and their actual expenditures for the ROPS 14 -15B (January through June 2015) period. The amount of CAC. Nate that CACs will need to enter their own formulas at the Ina item level pursuant to the manner in vklich they Redevelopment Property Tax Trust Fund (RPTTF) approved for the BOPS 15-966 (January through June 2016) period wit be ofisef by the SA's self - reported ROPE 14 -15B poor period adjustment. HSC Section 54186 (a) also specifies that the pd., period adjushnents self-repomal by Me are subject to audit by the county calculate the PPA. Also note that the Admen amounts do not need to be fisted M the One dery level and may be entered as a auditor - controller CAC) and the State Controller _F lump sum. A B e D E F G H I J K L M N O P 4 R 5 T U 5/ w x Y Z AA AB Non -RPTTF Ex endituras RPTTF Expenditures RPTTF Exinsidliftures Net CAC Nan. Net BA Nen-Admin Admin antl Admtn and Ad In PPA PPA (Amount Used lo IAmount Used to I, ' Orlsat ROP515-168 Onset ROPS 15.1eB Bond Proceeds Reserve Blanca Other Funds Na ,Admin Admin Requested RPM) Non -Adi CAC Ad.In CAC Requested RPTT r Available Available DlNerence RKTF RPTTF (If Solar actual DROPS 14 -158 Difference (ROPS 14-15B exceeds [oral dishibuld +all other Net Lesser o1 01 K Is less than L, disldhuted +all clhar Net Lesser of authorized, the NN Lessor al NRI LMHrU P.Jael Name I aweDleble es of Authorized I the difference Is ..liable as of Authorized f total diff —ree la Nall olrfarenee Aulhodz¢d 1 Aulbori4ad) Ilene Debt Obll4ellon Authenzd Actual Authorized Actual Authorized Actual Authorized wwl5) Available Actual em) Authonzed 01f1115) Available Actual zero) (M•Rl SA COnar -1. AvallabM Actual oPferenca Available Actual U1.Nexence Net OlRererlce CAC Comments $ - $ - $ 3922,803 $ 584716 S 244,747 $ 246.740 $ 4.565.660 ; 4,565.560 S 4,565,860 5 4,691.083 S - S 136.975 E 136,975 $ 136,975 S 136375 $ - s 5 S S 1 Tas: Allocation 492616 492,616 S 492.616 492616 _ $ 2 Tax Allocation 4013 a5U 46a.650 $ 455.550 466550 $ $ 3 Tex Allocation _ 1,111,157 1,111157 ; 1,111,157 1,111,157 $ Revenue sonde., 2010 Series C 4 Tax Nloealion 370,568 37C.58a s 370,555 770,558 $ $ Revenue Benda. - 2011 Series A 5 meal Agency - - 211,324 211.329 $ 211.329 211,329 E Revenue Bands, 2011 Series A 6 Fiscal Age. Fees 5,190 5,190 $ 5.190 11,187 $ 5 - Aml Ina. — of HOPS 14 -158 Authorised A.l. added to ROPS 15. 16B 7 Bond Disclosure 6,250 6;250 $ 6,250 6,2511 $ 5 Sii b 8 MGlChelaea Outlet - - - $ - $ - $ - OPA 10 Oah9roves DDA - - - $ - 46.734 j $ - Aml. in arcessol ROPS 14155 A.ueror.ad Amt. was spprov d by DOF for ROPE 15-ICA 11 EVMWD - Amber ; $ - $ - Ridge 12 Summarl oDA 134.963 240106 149105 143105 1 149105 149rod $ $ 13 Summerly DDA 12,967 12,967 $ 12,967 12,9137 $ Edracrdi y InIazI c—Fund 14 Summerly ODA - - _ $ _ $ _ § -- 80w 1 Counsel 15 Summerly ODA - - - $ - Annual R.Inod 1B Coy 262,27E 564.798 564798...$ 564.798 564.798 $ Reimbursement LERA 19 Haisilno Fund Lev+ - E E s 20 Hurn.a Fund Loan 22 Legal Services 60,000 60050 50,000 60.000 $ - 23 Coneullanl Fees 8140 a_ 140 8.140 8,140 $ 28 Estimated Ad— - - ; $ - Cost - 29 Stadia. Liseme - - $ $ 5 enl 3o stwi $ $ - c A.M. .. enI 31 Sdoi . s E - - Cen —icn enl 32 Stadi m opalenon - b $ - 5 .and Maintenance 33 Interim Stadium 244,747 246,740 1,104970 1.104,876 $ 1.104,670 1104,870 S S - - Marw e..M Arinit . 34 Rdvenide Courny 3,687.840 82,383 - -E - - $ It Flood Cenlrol ❑ialriet 35 Administrative - - $ E _ 11 - - Reimbutwmenl I I 36 Floe n Fund LOin $ $ 37 Oversrhl Board - - $ ; _ $ - - - L al Counsel 38 Canitacl for - - ; - $ s - Auddi 5emces _ 39 Bond Disalosue $ - 6,650 $ $ - Aml in axneebal ROPS 14155 Sarvioes Ar4ilcrized Amt, added to ROPS 1& 168 40 Propeny - S - 13,842 S _ $ - Amt. In --e.1 ROPS 14156 Mai.enance Adfireded At added to ROPS 15- 168 Ok Lake Elsinore Recognized Obligation Payment Schedule (ROPS 15 -16B) - Notes January 1, 2016 through June 30, 2016 Item # I Notes /Comments ipation of a court iudqment or reversal of policv by the Department sustaining the Successor 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 Manaqement Agreement. Amt. in excess of ROPS 14 -15A Authorized Amt. added to ROPS 15 -16A. Recognized Obligation Payment Schedule (ROPS) 15 -16A - ROPS Detail 1 Amount shown includes $165,000 reserved for debt service due during the ROPS 16 -17A Period 2 Amount shown includes $305,000 reserved for debt service due during the ROPS 16 -17A Period 3 Amount shown includes $607,500 reserved for debt service due during the ROPS 16 -17A Period 4 Amount shown includes $252,500 reserved for debt service due during the ROPS 16 -17A Period 5 Amount shown includes $50,000 reserved for debt service due during the ROPS 16 -17A Period 6 Amt. in excess of ROPS 14 -15B Authorized Amt. added to ROPS 15 -16B 7 8 10 11 12 13 14 15 18 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 ipation of a court iudqment or reversal of policv by the Department sustaining the Successor 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 Manaqement Agreement. Amt. in excess of ROPS 14 -15A Authorized Amt. added to ROPS 15 -16A.