HomeMy WebLinkAbout0005_1_Adoption of Amended ROPS 16-17B - SRPage 1 of 2
REPORT TO OVERSIGHT BOARD TO THE
SUCCESSOR AGENCY OF THE REDEVELOPMENT
AGENCY OF THE CITY OF LAKE ELSINORE
To:Chairperson Kelley and Members of the Oversight Board
From:Barbara Leibold, Successor Agency Counsel
Date:September 29, 2016
Subject:Amended Recognized Obligation Payment Schedule (ROPS 16–17B) for
the January 1, 2017 through June 30, 2017 Period
Recommendation
Adopt A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF
THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA
APPROVING THE AMENDED RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS
16-17B) FOR JANUARY 1, 2017 THROUGH JUNE 30, 2017 AND MAKING A FINDING
WITH RESPECT THERETO
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 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 34171 for each fiscal year. The Successor Agency has previously adopted
ROPS 16-17 for the current fiscal year. ROPS 16-17 was 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). SB 107, enacted in September 2016, provides for a
one-time amendment to ROPS 16-17 for the January through June 30, 2017 period.
Discussion
SB 107 changed the ROPS period from a six-month period to a twelve month period ending
each June 30, and permits a one-time amendment each year provided that (a) such
amendment is approved by the Oversight Board, (b) the Oversight Board makes a finding
with respect thereto, and (c) the amendment is submitted to the Department of Finance and
the State Controller’s office, after approval by the Oversight Board, by October 1 (October 3
in 2016 since October 1 is a Saturday). 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 the ROPS is
late and the administrative cost allowance for the Successor Agency is reduced by 25% after
10 days.
The attached Amended ROPS 16-17B for the period January 1, 2017 – June 30, 2017
follows the form prescribed by the DOF and incorporates all of the remaining obligations
identified in the previous ROPS. The following amendments are effected by ROPS 16-17B:
Approval of Amended ROPS 16-17B
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Summerly (ROPS Detail Items 12 & 13) are adjusted to reflect amounts due under
the DDA based upon actual and projected completion of development phases.
Interim Stadium Management Agreement (ROPS Detail Item 33) is adjusted to reflect
the financial provisions of the Fourth Amendment to the Stadium Management
Agreement.
Prepared By:Barbara Leibold, Successor Agency Counsel
Attachments:
Oversight Board Resolution No. OB-2016-___
Amended Recognized Obligation Payment Schedule of the Successor Agency of the
Redevelopment Agency of the City of Lake Elsinore for the period of January 1, 2017
through June 30, 2017 (ROPS 16-17B)