HomeMy WebLinkAbout0003_3_ROPs - Exhibit BSuccessor Agency:Lake Elsinore
County:Riverside
Current Period Requested Funding for Enforceable Obligations (ROPS Detail)
17-18A Total
(July - December)
17-18B Total
(January - June) ROPS 17-18 Total
A 2,462,365$ 1,871,237$ 4,333,602$
B - - -
C 1,502,500 1,610,000 3,112,500
D 959,865 261,237 1,221,102
E 5,173,541$ 5,385,285$ 10,558,826$
F 5,002,321 5,225,520 10,227,841
G 171,220 159,765 330,985
H Current Period Enforceable Obligations (A+E):7,635,906$ 7,256,522$ 14,892,428$
Name Title
/s/
Signature Date
Administrative RPTTF
Certification of Oversight Board Chairman:
Pursuant to Section 34177 (o) 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 successor
agency.
Recognized Obligation Payment Schedule (ROPS 17-18) - Summary
Filed for the July 1, 2017 through June 30, 2018 Period
Enforceable Obligations Funded as Follows (B+C+D):
RPTTF
Redevelopment Property Tax Trust Fund (RPTTF) (F+G):
Bond Proceeds
Reserve Balance
Other Funds
A B C D E F G H I J K L M N O P Q R S T U V W
Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF
$ 197,353,992 $ 14,892,428 $ - $ 1,502,500 $ 959,865 $ 5,002,321 $ 171,220 $ 7,635,906 $ - $ 1,610,000 $ 261,237 $ 5,225,520 $ 159,765 $ 7,256,522
1 Tax Allocation Revenue Bonds, 2010 Bonds Issued On or Before 2/1/2010 9/1/2033 Wilmington Trust Bond issue to fund housing & non-All 20,730,631 N $ 1,163,444 175,000 493,316 $ 668,316 495,128 $ 495,128
2 Tax Allocation Revenue Bonds, 2010
Series B
Bonds Issued On or Before
12/31/10
5/1/2010 9/1/2025 Wilmington Trust Bond issue to fund housing projects Housing 8,436,813 N $ 1,260,019 322,500 467,750 $ 790,250 469,769 $ 469,769
3 Tax Allocation Revenue Bonds, 2010
Series C
Bonds Issued On or Before
12/31/10
11/1/2010 9/1/2030 Wilmington Trust Bond issue to fund non-housing
projects
Project Area I & II 31,076,749 N $ 2,856,446 635,000 1,110,248 $ 1,745,248 1,111,198 $ 1,111,198
6 Fiscal Agent Fees Fees 2/1/2010 9/1/2038 Union Bank, N.A.Annual fiscal agent fees for bonds
issues
All Y $ - $ - $ -
10 Oakgroves DDA OPA/DDA/Construction 3/12/1993 1/30/2016 Oak Grove Equities Property tax revenue reimbursement Project II Y $ - $ - $ -
12 Summerly DDA OPA/DDA/Construction 3/11/2011 9/8/2038 McMillin Summerly LLC and
Civic Partners-Elsinore LLC
DDA pledges a portion of property tax
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
Project II and III 29,529,485 N $ 2,136,062 473,218 $ 473,218 1,100,000 562,844 $ 1,662,844
13 Summerly DDA Extraordinary
Infrastructure Fund
OPA/DDA/Construction 3/11/2011 9/8/2038 Mc Millin Summerly LLC DDA pledges a portion of property tax
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
Project II and III 7,467,288 N $ 378,582 5,000 77,496 $ 82,496 200,000 96,086 $ 296,086
18 City Reimbursement LERA Bonds Issued After 12/31/10 7/1/2000 2/1/2032 City of Lake Elsinore City Reimbursement LERA - Debt
Service
All 16,937,000 N $ 1,441,700 565,850 $ 565,850 310,000 565,850 $ 875,850
19 Housing Fund Loan SERAF/ERAF 5/1/2010 9/8/2038 Housing Fund Repayment of SERAF All 2,395,746 N $ 331,958 331,958 $ 331,958 $ -
20 Housing Fund Loan Third-Party Loans 12/1/1995 9/8/2038 Housing Fund Payments on principal and interest on
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.
All 26,699,792 N
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 $ 120,000 60,000 $ 60,000 60,000 $ 60,000
23 Consultant Fees Fees 10/23/2007 9/8/2038 HdL Coren & Cone Tax Projections for bond & DDA
compliance
All 16,280 N $ 16,280 8,140 $ 8,140 8,140 $ 8,140
28 Estimated Admin Cost Admin Costs 2/1/2012 9/8/2038 City of Lake Elsinore City Staff Support/other admin
reimbursement
All 5,748,175 N $ 330,985 171,220 $ 171,220 159,765 $ 159,765
29 Stadium License Agreement Miscellaneous 3/15/2001 12/31/2026 Lake Elsinore Storm, LP License to use stadium for baseball
games
Project III 5,393,782 N $ 516,102 254,865 $ 254,865 261,237 $ 261,237
30 Stadium Maintenance Agreement Property Maintenance 3/15/2001 12/31/2026 Lake Elsinore Storm, LP Agreement to maintain baseball field
and facilities
Project III 2,518,045 N $ - $ - $ -
31 Stadium Concession Agreement Miscellaneous 1/30/2002 12/31/2026 Golden State Concessions
and Catering
Provision of concessions for baseball
games
Project III 340,000 N $ - $ - $ -
32 Stadium Operation and Maintenance Property Maintenance 1/1/2013 9/8/2038 Various Operation and maintenance of the
baseball stadium
Project III 27,480,119 N $ - $ - $ -
33 Interim Stadium Management Agmt.Miscellaneous 1/1/2013 6/30/2018 Lake Elsinore Storm, LP Stadium Maintenance and
Management
Project III 2,310,056 N $ 2,310,056 705,000 352,348 $ 1,057,348 1,252,708 $ 1,252,708
34 Riverside County Flood Control
District
Improvement/Infrastructure 12/26/1989 7/18/2034 None None Project I and II y $ - $ - $ -
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 6/25/2018 TRS Bond disclosure compliance All N $ - $ - $ -
39 Bond Disclosure Services Fees 1/28/2015 2/15/2038 Urban Futures Bond disclosure compliance All 101,450 N $ 6,650 $ - 6,650 $ 6,650
40 Property Maintenance Property Maintenance 9/13/2009 6/30/2014 Various Maintenance cost on Agency property Project III 20,000 N $ 20,000 10,000 $ 10,000 10,000 $ 10,000
41 Subordinated Tax Allocation
Refunding Bonds, Series 2015
Bonds Issued After 12/31/10 8/25/2015 9/1/2038 Wilmington Trust Bond issue to refund Tax Allocation
Revenue Bonds, 2011 Series A and
Local Agency Revenue Bonds, 2011
Series A
All 9,259,531 N $ 1,327,094 365,000 482,197 $ 847,197 479,897 $ 479,897
42 Fiscal Agent Fees Fees 8/1/2015 9/1/2038 Wilmington Trust Annual fiscal agent fees for bonds
issues
All 114,800 N $ 18,800 18,800 $ 18,800 $ -
43 Housing Authority Admin. Cost Admin Costs 2/18/2014 12/31/2018 Lake Elsinore Housing
Successor
Administrative Cost All 600,000 N 600,000 525,000 525,000 75,000 75,000
44 Reconveyance Cost Property Dispositions 5/1/2015 6/30/2017 Various Appraisals, Title Insurance, Escrow and
Closing Cost
All 52,250 N $ 52,250 20,000 $ 20,000 32,250 $ 32,250
17-18B (January - June)
17-18A
Total
Lake Elsinore Recognized Obligation Payment Schedule (ROPS 17-18) - ROPS Detail
July 1, 2017 through June 30, 2018
(Report Amounts in Whole Dollars)
Item #Payee Description/Project Scope Project Area
Total Outstanding
Debt or Obligation Retired
17-18A (July - December)
17-18B
Total Project Name/Debt Obligation Obligation Type
Contract/Agreement
Execution Date
Fund Sources Fund Sources
Contract/Agreement
Termination Date
ROPS 17-18
Total
A B C D E F G H I J K L M N O P Q R S T U V W
Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF
17-18B (January - June)
17-18A
Total
Lake Elsinore Recognized Obligation Payment Schedule (ROPS 17-18) - ROPS Detail
July 1, 2017 through June 30, 2018
(Report Amounts in Whole Dollars)
Item #Payee Description/Project Scope Project Area
Total Outstanding
Debt or Obligation Retired
17-18A (July - December)
17-18B
Total Project Name/Debt Obligation Obligation Type
Contract/Agreement
Execution Date
Fund Sources Fund Sources
Contract/Agreement
Termination Date
ROPS 17-18
Total
45 Arbitrage Fees Fees 1/28/2015 2/15/2038 Various Arbitrage fees for bonds All 6,000 N $ 6,000 6,000 $ 6,000 $ -
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 $ - $ - $ -
63 N $ - $ - $ -
64 N $ - $ - $ -
65 N $ - $ - $ -
66 N $ - $ - $ -
67 N $ - $ - $ -
68 N $ - $ - $ -
69 N $ - $ - $ -
70 N $ - $ - $ -
71 N $ - $ - $ -
72 N $ - $ - $ -
73 N $ - $ - $ -
74 N $ - $ - $ -
75 N $ - $ - $ -
76 N $ - $ - $ -
77 N $ - $ - $ -
78 N $ - $ - $ -
79 N $ - $ - $ -
80 N $ - $ - $ -
81 N $ - $ - $ -
82 N $ - $ - $ -
83 N $ - $ - $ -
84 N $ - $ - $ -
85 N $ - $ - $ -
86 N $ - $ - $ -
87 N $ - $ - $ -
88 N $ - $ - $ -
89 N $ - $ - $ -
90 N $ - $ - $ -
91 N $ - $ - $ -
92 N $ - $ - $ -
93 N $ - $ - $ -
94 N $ - $ - $ -
95 N $ - $ - $ -
96 N $ - $ - $ -
97 N $ - $ - $ -
98 N $ - $ - $ -
A B C D E F G H I
Other RPTTF
Bonds issued on
or before
12/31/10
Bonds issued on
or after 01/01/11
Prior ROPS
period balances
and DDR RPTTF
balances
retained
Prior ROPS
RPTTF
distributed as
reserve for future
period(s)
Rent,
grants,
interest, etc.
Non-Admin
and
Admin
ROPS 15-16B Actuals (01/01/16 - 06/30/16)
1 Beginning Available Cash Balance (Actual 01/01/16)
- - 3,867,926 1,240,533 76,762 158,494
2 Revenue/Income (Actual 06/30/16)
RPTTF amounts should tie to the ROPS 15-16B distribution from the
County Auditor-Controller during January 2016
5,726,998
3 Expenditures for ROPS 15-16B Enforceable Obligations (Actual
06/30/16)
3,646,925 702,043 3,994,728
4 Retention of Available Cash Balance (Actual 06/30/16)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
1,890,764
5 ROPS 15-16B RPTTF Balances Remaining
No entry required
6 Ending Actual Available Cash Balance
C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 - 5)
-$ -$ 221,001$ 538,490$ 76,762$ -$
Lake Elsinore Recognized Obligation Payment Schedule (ROPS 17-18) - Report of Cash Balances
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 (l), 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.
Fund Sources
Comments
Bond Proceeds Reserve Balance
Cash Balance Information by ROPS Period
Item #Notes/Comments
1 Amount shown in Column U includes $182,500 reserved for debt service due during the ROPS 18-19A Period
2 Amount shown in Column U includes $335,000 reserved for debt service due during the ROPS 18-19A Period
3 Amount shown in Column U includes $655,000 reserved for debt service due during the ROPS 18-19A Period
6
7
8
10
11
12
13 Amount shown in Column M reflects payment amount in excess of the approved amount.
14
15
18 Amount shown in Column O includes $310,000 reserved for debt service due during the ROPS 17-18B Period
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 twelve month period covered by ROPS 17-18 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 fiscal year 2017-
18 (July 1, 2017 - June 30, 2018). Amount shown in Column N reflects the use of proceeds from the sale of real property to the Low and Moderate Income Asset
Fund.
34
35
38 In accordance to DOF this obligation is included within the Administriative Allowance.
39
40
41 Amount shown in Column U includes $370,000 reserved for debt service due during the ROPS 18-19A Period.
42
43
44
Lake Elsinore Recognized Obligation Payment Schedule (ROPS 17-18) - Notes July 1, 2017 through June 30, 2018