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Home My WebLink AboutSA Agenda Item #3 Attachment 2Name 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): $ 4,222,781 B Bond Proceeds Funding (ROPS Detail) - C Reserve Balance Funding (ROPS Detail) 35974,132 D Other Funding (ROPS Detail) 248,649 E Enforceable Obligations Funded with RPTTF Funding (F +G): $ 6,630,849 F Non - Administrative Costs (ROPS Detail) 6,437,717 G Administrative Costs (ROPS Detail) 193,132 H Total Current Period Enforceable Obligations (A +E): $ 10,8531630 Successor Agency Self- Reported Prior Period Adjustment to Current Period RPTTF Requested Funding I 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 (W) 0 6,630,849 6,630,849 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/ Name Signature 6,630,849 Title Date Lake Elsinore Recognized Obligation Payment Schedule (ROPS 15 -1613) - ROPS Detail January 1, 2016 through June 30, 2016 (Report Amounts in Whole 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 Descri tionlPro ect 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 housing & non- All 21,722,613 N 495,991 $ 495,991 2 Tax Allocation Revenue Bonds, Bonds Issued On or 5/1/2010 9/1/2025 Wilmington Trust Bond issue to fund housing projects Housing 9,376,213 N 469,700 $ 469,700 2010 Series B Before 12131110 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 12/31110 projects 4 Tax Allocation Revenue Bonds, Bonds Issued On or 1/112011 911/2021 Union Bank, N. A. Bond issue to fund non - housing Project I - Y $ _ 2011 Series A Before 12/31110 ro ects 5 Local Agency Revenue Bonds, 2011 Bonds Issued On or 4/112011 9/1/2038 Union Bank, N.A. Bond issue to fund non - housing Project II and III - Y $ Series A Before 12/31110 projects 6 Fiscal Agent Fees Fees 2/112010 9/1/2038 Union Bank, N.A. Annual fiscal agent fees for bonds All 5,997 Y 5,997 $ 5,997 issues 10 Oakgroves DDA 0 PAID DAIConstructi 3/1211993 1/3012016 Oak Grove Equities Property tax revenue reimbursement Project II 2,993,971 N 20,000 $ 20,000 _ on 12 Summerly DDA OPAIDDAIConstructi 3/11/2011 9/8!2038 McMillin Summerly LLC 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 LLC 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 13 Summerly DDA Extraordinary OPAIDDA1Constructi 3111/2011 9/812038 Mc Millin Summerly LLC DDA pledges a portion of property tax Project II and III 3,590,420 N 40,000 75 875 $ 115,875 Infrastructure Fund on 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 14 Summerly DDA Special Counsel Legal 1115/2009 3/2912010 Fulbri ht & Jaworski L.LP.. Legal Services Project II and III N $ 15 Summerly DDA Annual Report Fees 1012312007 9/8/2038 HdL Goren & 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 12/31110 Service 19 Housing Fund Loan SERAF /ERAF 5/1/2010 9/812038 Housing Fund Repayment of SERAF All 3,503,744 N 562,125 $ 562,125 20 Housing Fund Loan Third -Party Loans 121111995 91812038 Housing Fund Payments on principal and interest on A'll 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 -168) - ROPS Detail January 1, 2016 through June 30, 2016 (Report Amounts in Whole 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 / 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 22 Legal Services Fees 9/27/2005 6/30/2015 Leibold McClendon & Mann Legal services for projects, bonds & All 120,000 N 60,000 $ 60,000 DDA /StadiumAgreement com fiance. 23 Consultant Fees Fees 10/23/2007 9/8/2038 HdL Coren & Cone Tax Projections for bond & DDA All 16,280 N 8,140 $ 8 140 compliance 28 Estimated Admin Cost Admin Costs 2/1/2012 9/8/2038 City of Lake Elsinore City Staff Support/other admin All 5,717,933 N 193,132 $ 193,132 reimbursement 29 Stadium License Agreement Miscellaneous 3/15/2001 12/31/2016 Lake Elsinore Storm, LP License to use stadium for baseball Project III 1,487,378 N $ - ames 30 Stadium Maintenance Agreement Property 3/1512001 12/3112016 Lake Elsinore Storm, LP Agreement to maintain baseball field Project III 695,032 N $ -1 Maintenance and facilities 31 Stadium Concession Agreement Miscellaneous 1/3012002 12/31/2016 Golden State Concessions Provision of concessions for baseball Project III 102,000 N $ - and Caterin ames 32 Stadium Operation and Maintenance Property 1/1/2013 9/8/2038 Various Operation and maintenance of the Project III 30,421,862 N $ - Maintenance baseball stadium 33 Interim Stadium Management Agmt Miscellaneous 1/1/2013 12/31/2016 Lake Elsinore Storm, LP Stadium Maintenance and Project 111 31022,034 N 248,649 1,914 788 $ 2,163,437 Management 34 Riverside County Flood Control ImprovemenU nfrastr 12126/1989 7118/2034 None None Project I and II 3,625,457 N 3,625,457 $ 3,625,457 District ucture 35 Administrative Reimbursement RPTTF Shortfall 2/112012 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 1128/2015 2/15/2038 Urban Futures Bond disclosure compliance All 108,100 N 11,300 $ 11,300 40 Property Maintenance Property 9113/2009 6/30/2014 Various Maintenance cost on Agency property Project III 13,842 Y 13,842 $ 13,842 Maintenance 41 Subordinated Tax Allocation Bonds Issued After 8/25/2015 9/1/2038 Wilmington Trust Bond issue to refund Tax Allocation All 10,232,300 N 483,272 $ 483,272 Refunding Bonds, Series 2015 12/31/10 Revenue Bonds, 2011 Series A and Local Agency Revenue Bonds, 2011 Series A 42 Fiscal Agent Fees Fees 8/1/2015 9/1/2038 Wilmington Trust Annual fiscal agent fees for bonds All 122,400 N - $ I ssues 43 Housing Authority Admin. Cost Admin Costs 2/18/2014 12/31/2018 Lake Elsinore Housing Administrative Cost All 300,000 N 300,000 $ 300,000 Successor 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 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 F G H I Fund Sources Bond Proceeds Reserve Balance Other RPTTF Prior ROPS Prior BOPS 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 BOPS Period 12/31/10 or after 01/01/11 retained period(s) Interest, Etc. Admin Comments ROPS 14 -16B Actuals 01/01/15 - 06130115 1 Beginning Available Cash Balance (Actual 01101115) - 3,981,351 779,573 466,471 2 Revenuelincome (Actual 06130115) RPTTF amounts should tie to the ROPE 14-15B distribution from the County Auditor - Controller during January 2015 323,502 4,683,066 3 Expenditures for ROPS 14 -15B Enforceable Obligations (Actual 06130/15) 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 ROPS 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 2,353,912 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 - 12/31/15 7 Beginning Available Cash Balance (Actual 07101115) (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 Revenuellncome (Estimate 12131115) RPTTF amounts should tie to the ROPS 15 -16A distribution from the County Auditor - Controller during June 2015 9,321,389 244,74.7 5,387,810 9 Expenditures for ROPS 15 -16A Enforceable Obligations (Estimate 12/31/15) 9,321,389 41,661 2,211,433 244,747 5,291,086 10 Retention of Available Cash Balance (Estimate 12131/15) 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 1 11 3,867,926 1 409,100 1 543,426 1 accordance with DDA 11 Ending Estimated Available Cash Balance (7 + 8 - 9 -10) $ - $ - I $ - I $ - I $ 76,762 Is 125,223 Lake Elsinore Recognized Obligation Payment Schedule (ROPS 15 -15@) - Report of Prior Period Adjustments Reported for the ROPS 14 -158 (January 1, 2015 through June 30, 2016) . Period Pursuant to health and Safety Code (HSC) section 34186 (a) (Report Amounts in Whole Dollars ROPE 14 -158 CAC PPA: To be completed by the CAC upon subminat of the ROPS 15-16B by the SA to Finance and the ROPE 14 -158 Successor Agency (SA) Sell- reported Prior Period Adjustments ( PPA): Pulsuanl to HSC Section 34186 (a). SAs are required to report the differences behveen their actual available funding and their actual axpendituras for the RCPS 14 -16B (January through June 2015) period. The amount of CAC. Note that CACs will need to enter their own formulas at the lure ltem level pursuant to the manner in which they Redmelopment Properly Tax Trust Fund (RPTTF) approved for the ROPE 15 -16B (January through June 2016) period will be offset by the SA's sell - reported ROPS 14-158 prior period adjustment. HSC Section 34186 (a) also specifies that the pd., period adjustments self - reported by SAs are subject to audit by the county calculate the PPA. Also note that the Adndri amounts do not need to be listed at the Iine Hem level and may be entered as a auditor- controller CAC and the Stale Controller. cUrnp sum. A a C p E F G H I J K L M N O p O R E T U 4 w x Y 7 A0. All Non -RPTTF Expenditures RPTTF Ex endrtures RPTTF Expenditures • Net CAC Non - Nel SA Non -Adman Ade In ead Admin and Admin PPA PPA W.Ounl to IA-al IAnl Used le 011-11 ROPS 15.188 CONN 44UPS 15.1611 Bond Proceeds Reserve balance other Funds N -Admin Admin Requested RPTTF) Non -Admin CAC Adman GAG Requested RPTTFI Avellabk Available Difference RPTTF RMTF In total actual (R0 PS14 -IG8 pinereFlCe (BOPS 14 -150 e.ceodS Met dlslribuled +ail allrer Net Lesser of III K Is less than L, distributed ♦all other Net Leaser of aulhodzed, the NN Leeaer M Nei Lesser of Pro]ect Namel ewileble nor Aathanzedl thedlNerence is evailableas of AalhonzedI local dlffemnca l6 Net Difference AI1tNaiyzAdf Authadzedf IIdm4 Debt oblitanan Aulhonzed Actual Authorized Actual AalhUreed Actual AuthudzW DuIf15) Available Actual aro} Authorized 01nn5) Available Actual zero) (M -R) SA Comments A.rallable Pet ual Dlflerence Avallabk Actual 01111 se I Net DMerence CAG C,'omments S $ E 3822= 5 554,716 S 244,747 E 246740 S 4585860 S 4565,060 $ 4,565,860 S 4,697 $ S 136,975 5 136,975 $ 136976 5 136,975 S S $ 0 5 1 Tac PJIt tian - 492,616 492,616 492,616 492616 5 S 2 TaxAdm,tian 466850 466650 4688S0 4681150 3 Tax Allocate., - 1. 111,157 1,111,157 E 1,111,157 1,111,157 Revenue Soft on, 2010 ties c 4 Tec Allocatkn - 370,566 370,568 S 370,580 370,550 E E - Relenue S.M. 2011 Series A 5 Local Agency - 211329 211,329 S 211,329 ?11.329 S f - _ _ - - - - -- Rewnua 6-1s, 2911 Senn A 6 Fiscal AaeMI'M 5,190 5,190 § 5,190 11,187 S - S - Aml. an emessol ROPS1415B Authorized Amt. edded la ROM 15 lcrI 7 Bond Olecloaure 6,2:0 6,250 5 _ - s.- a lhwl lsea outlet 13PA 10 Oft- DDA - S - 90,734 S - E - Aml in ecesn of ROPE 14-15B Authorized Amt was app-d by DOF far ROps 15134 11 EVMWO - Amber Ria 12 6ummer) DDA 1134163 240106 12.105 149105 4 149,105 149.105 13 Summerly DDA - 12,967 lZ967 E 12467 13,967 § $ _ P W emd -rry IMrash-twe Fund 14 Summerly DOA - - § § § - Special Counsel 15 5- reedy DDA - - - - § - S - Annudt R. "a _ 18 4Y - 262.227 - 564.798 se4,79N S 564.796 554.798 S § - 11C.L.reemeM L €RA 19 1 Hausim Furid Loan - S $ 20 1 Housi Furl Loan s $ 22 to .i s-ces - 60.000 5D ODD S WOW 6e aor S $ Zi Goreuft url Fees 9140 8.140 1 S 8.140 8.140 E 28 Eshmnfed Admin - - - § E S Cast 29 61.adi- Lldense - - - $ - S § Agrae... - 30 6ladium - - § - § § - - Marr4ecence reemem Cm moo 32 Sledium O;snefian - - - $ S § and Neimenauce 33 Inknm Stadium 244,747 248,740 1,104,a7D 1,104,570 § 1,104870 1,104.1170 Afd enl ml. 34 Riverside Caunly 3,687$40 52,363 - - $ - S S Flood Cardrol District 35 Adminixlmlise - - It § § Rsimburstmem 36 H-im Fund LOan - S E 37 o,erei9hl aoam - - § § § Lesar Counsel 38 Ccntracl fis Audit) Serwaea 39 Bond Diselosure - S - 6,650 S $ - Amt dneaees air RCPS 1415B - _ - Sennces Authorized Amt. added to ROP615 b6 40 ProPedy - § 13,842 E § eecess of ROP67415B - Maumenance Ar4Mriratl Amt added b ROP615- Ise vy Lake Elsinore Recognized Obligation Payment Schedule (ROPS 15 -16B) - Notes January 1, 2016 through June 30, 2016 Item # i Notes /Comments 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. -1 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. 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 -1513 Authorized Amt. added to ROPS 15 -16B 8 - 10 11 12 - 13 14 15 - 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. -1 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.