The URL can be used to link to this page

Home My WebLink AboutOB Reso No 2018-003RESOLUTION NO. 2018-003 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 18-19) FOR JULY 1, 2018 THROUGH JUNE 30, 2019 Whereas, the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore (Oversight Board) has been established to direct the Successor Agency to take certain actions to wind down the affairs of the former Redevelopment Agency of the City of Lake Elsinore (Agency) in accordance with the California Health and Safety Code; and Whereas, Senate Bill (SB) 107, enacted in September 2016, added Health and Safety Code Section 34177(0) requiring the Successor Agency to prepare and 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 twelve month periods, including July 2018 through June 2019; and Whereas, applicable law requires that the ROPS 18-19 for the period July 1, 2018, through June 30, 2019, be submitted to the Department of Finance and the State Controller's office, after approval by the Oversight Board, no later than February 1, 2018, or be subject to penalties; and Whereas, on January 23, 2018, the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore considered and approved the Recognized Obligation Payment Schedule 18-19 for the period July 1, 2018, through June 30, 2019; and, Whereas, all other legal prerequisites to the adoption of this Resolution have occurred. NOW, THEREFORE, THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE, AS FOLLOWS: Section 1. The Recitals set forth above are true and correct and incorporated herein by reference. Section 2. The Oversight Board hereby approves the Schedule attached hereto as Exhibit A as the Recognized Obligation Payment Schedule 18-19 for the period July 1, 2018, through June 30, 2019. Pursuant to Health & Safety Code Section 34173, the Successor Agency's liability, including, but not limited to, its liability for the obligations on the attached schedule, is limited to the total sum of property tax revenues it receives pursuant to Part 1.85 of AB X1 26. Section 3. If any provision of this Resolution or the application thereof to any person or circumstance is held invalid, such invalidity shall not 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. OB Reso No. 2018-003 Page 2 of 4 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 and adopted on this 29th day of January 2018. Attest: cttia'xz -- —-� Susan M. Domen, MMC Oversight Board Secretary OB Reso No. 2018-003 Page 3 of 4 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF LAKE ELSINORE ) I, Susan M. Domen, MMC, Secretary of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, California, hereby certify that Resolution No. 2018-003 was adopted by the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore at a Regular meeting held on the 29th day of January 2018, by the following vote: AYES:Members Tisdale, P.Williams, M. Williams, Jeffries, Lassey, Sanchez )MESS AYES: Chair Kelly ABSTAIN: None ABSENT: None NOES: None Susan M. Domen, MMC, Oversight Board Secretary EXHIBIT A ROPS 18-19 Recognized Obligation Payment Schedule (ROPS 18-19) - Summary Filed for the July 1, 2018 through June 30, 2019 Period Successor Agency: Lake Elsinore County: Riverside 18-19A Total 18-19B Total Current Period Reg uested Fundin 9 For Enforceable 0 bi ig ations ROPS Detail July - December) (January -.lune) ROPS 18-19 Total A Enforceable Obligations Funded as Follows (B+C+D): B Bond Proceeds C Reserve Balance D Other Funds E Redevelopment Property Tax Trust Fund (RPTTF) (F+G): F RPTTF G Administrative RPTTF H Current Period Enforceable Obligations (A+E): 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. $ 3,879,832 $ 2,057,937 $ 5,937,769 3,518,595 1,796,701 5,415,296 261,237 261,236 522,473 $ 7,616,452 S 71517,896 $ 15,134,34B 7,394,614 7,298,928 14,693,542 221,838 218,968 440,806 $ 11,496,284 $ 9,575,833 $ 21,072,117 Title Signature u Date Eldnom Recognized Obligation PaymNml 5.0Rvdulo IROPS 18.191- ROPS Retell July 1, 2019 through June 30, 2019 4t]e..,.r em.�w.r. la INw.•r. n.Jr...t A 9 C D E P 0 H 4 J N L M H 0 P O R S T U V W 18-19A Jul - December 1&190 1januNy - June) Fund Sources Fund Sources CO —VAI;—M COM—UAgreem.nl TObtl Oublendlnp ROPS I8-19 19-19A RFT/ Rp NamNDehl OWZ— Obi allvn E.eeubn Dale Tewb Im Dees Po Oeie "r—JeU Sc Ara Della• n Retired! TdN Bond Pouetl. Re1vwFJT.I.vH Olhar Fvnd. RPT TF Admin RPTTF TOM1 Bvntl PracFem ge.erve ealew iYner Fuada nPT7T Admin RPTTF 1B-1Be TOW I tele Ike s zi 7211r - s e 761SH 4814 i 1a1e 1 71_4%M f 141 S{ 118 7 far Alb.aeen Rvr.mw 1.9x1. 7010 Rolm lnmit On or 9<f— 1/1010 C."2025 Wllmnplmlru.t f3Cnd rule iv indd hmNry•fxopcle Hownp '5017[] N 1 1,748,D19 a01:7� 122,82 piede.B 7p1n0 f ae7,3B4 OkOR t it ]Tee Albcell4n R.y4nli Bord.-2910 Harlin lul.+d LN ortlekrll 1rIMIC tV1Q= WIMVpbnTrvN B.M.we la luN-4,einrp Pmlect I end 11 29,BSB.25e M s 3.W7,858 1,786,191 435,7 i z,201.927 Se.mc tSA11t0 1,TFi. s I.IASTX' 1Y F,umm�ly RRA OPArDL&Cmphuceen 1118011 7.W20311 MOAW 4;—,tl'LW,W RRAwedgw.p.Wn of prnpWNa Proladt R aid l9 35,394,811 N f 2,811Q,501 69]3178 { 8a3,b74 lett -EWmre LLC revemwativouph203f TMaI 1.716,7 TSB,4at 1 7.908 M)Uvic ONW ndng debt erObllpalbn la edlmeted beeetl on prole4ibm of tax emte growth M 2 per annum II iprop.Hy V.= end correapantlhp m prow et a higher w Iowa rel. then 21L par.nnwn, the lolel oMlpellon Wil NmImM Increase w deorneed /DDA pledge a pOdbn of lex 1n— M W.1 M the Agency rec .lex ilncremeM 13 91FMnrly' DLA EdrawdYnry -1PAIDDAKJwWra 'milmil awl Me Mom lummilp LLC DOAOMd1Fa. Perhell of'"Hy u. Pmt -1 .ndm 8,8�,b93 r• f 392,730 82,875 T 62,677 INOa.p4eB.e Fwd erea� Through 2038 TOM 200,059 109011 NHW debt w Obllption la :J gimerd b.ued m piq.ylpom o[fw pruMn F17tiaer F�aewi b ".v�. enyaawrn aM wnewanang uaa prow rl a INN, s ower m. Alen 2%0111 wyun, Ina [ear pblpN.m NpYnreeaew d. RDkpledga pmllen oIm W`m.g lar M adV - tlq Agalsy rxNvn W MaWI.oM 15 Eq Rifle, a.m.M LERA T nm lauad After 121x1110 T112oQ1 .'r"32 �Gdyor Laee Elenore Cry RFanbureem-LERA - Oehl rNl lg9F, p f 1,W,BIA 569 pervm ] 361000 3175W 581 1 m1 11 A R .vrlienl of oERAf All TD15 Im N l ; t1�i.i 11.Ny3i1 1M'IS 3q? f 1 715YR] llarryFwpl;ar �� 'q-hlrtp!Raw 1'C1q Yf\2IlY r1.ire/rJ F)rl PFt+nFrfa gar p.rrtµMq cnrvxpm W 1r�nne bleat ta.c�a]:fwn Y. 2? From 11 .. I.1�-- •,1GT. 1 1 eR31 t•A'aeV ow P.ymvXe rnam it, v7 •1 � a wa, W., lv+rlw raleA.ay teN 7awwlllrel m.•ae.La. prevTlr jr � � i4 x tae lfrajAy llj *'alv3N:�svn k. .. . a a a�� 22 Legh Bernina Feee 07272W5 •dl3W2023 4wbald M—eon a Mem 11 Wct wvlcm for pop[:. oa•411 d M 100, Al f 100,b00 W, I. W,000 Dl A !W -Nim N Mew Yaacn 90OW 1 23 Ca Flpeee Fees W2 -9W] B1WR3B H&C—ac— Tai Prgrhp. burp d DPA PF 10,280 N 3 18,280 8,190 1 a,1d0 8,140 S em E.IIme14d APIW1GBN Av.wCw 12012ia WC, oR"r LOM ENxnn Cep51F08tybelVpgMl edmW A0 946,M N l 440,1106 221,D3a3, 221,b]i 218,BE3 l 21B4O6o 1}.d!u LIW n AlFee it Ml—fl.neem 3/152001 t2]J1721126 hN3e Elmore Storm, LP M. to twe N.dum lOrwFem] Project TF 522,973 N f 5U,4TJ 281,23] 1 261,23] 261, It 2a1,lm 30 Sladetm M.Irn nm Agreement Property M.Inlemnoe Y152W1 TMT,2= LN. ElWmmmm. LP Ap invent Id maNlimi b n.W %Wd RI 1[ t f .i -m! mwbe { 312Ndlun Cnl Ibn Agre.vneM Nlaram,.Mr 1/3Dr2W2 12312028 wBPMaC re 14py1wen dt ewpe xfr". Nl fhnl.[I III ..A4 rm SIMM" Opa"A WrA.ln[xmnde IYopwty MNIN—rea 1/12013 'gtH2WB VeMm Xdn rrp rn.b4.mMe lW lin ihopu lit ry f li—bAwbidlua leas— 141—e MNugemere A".1 M1kelar,wln 1118013 W02026 LA.Elsinore Btorm,LP 111.4:w1 MFM. mnceand R.Il lot 2,715,827 N f 2.715,627 [91x,821 1 1,51x,611 e1.re 1,2013701 { 17P1JRM MR—ml. County Flood C —. Dlebdr! lmprevem.nNnl2vruciue 82®1989 711w2 MBM Nom 'Prole" 1.M II R f { 3 - A11nIIIW+Ilya NexnNlrmml. RPRTF'yw,vgao ,212012 WWW8 CXy At Am. 111— RvpYrmllY AM Gt mitir onpboM m 150,76d M f 16%m 159,7 1 ISg783 _ credr le, melA Sew Fee. 6.512013 01YN16 TRIIhl Jl.elO. Al 1 Obcl 6enbn .m TIZW15 711Rn • AD N 8100 1 PIV Mah.uNnoa Wn e, htvilm w1wAw 101-11 Vr / a XdW al 3nharibieleJ T.x AlpeFavt3 :RNwding 13 n , Sedco 2015 lkt leaved M. IPSUID 01252015 91203a WMingrYn Im-I gcaeraw.l. nlunl YA1beABm A14 Ft—RN 6we1., hot WK Will 6,295,731 rl I L 1,33;394 370,000 479,MI f Win? 47,41 f aB7, spy Lnc.l Ag.eq Ray.nie BmBti 7011 . A A2'FaeN Agent Fein F..+ Fiflo15 W120T0 W'4 ii",Tram AN:wI 6rcN Hr:<a [m E,cxM. All IM.Ax N f 10,1W Fox 1.000 2500 1 Z90 u IlpVhy /ABekgy J0mil=aN ,Wnln^WF :M'A11 171r12p10 TINA E. rer�Flp,efrrp A*hawRwW. Cw) All Wox it 6mwo Sw.ea.en ,IGrJ ... I 11 4a Remmeyenu CON ROpvnP D�•PO.amm WIQ115 F3rO M Verwvu APp —, Trft. eiw.nrv, E --.rd nil Fq'D N f 10.000 10.000 i 1RD30 g L .grbfre a F.aF Fein 1q{r]015 rinuw a Idea lel bnitle AB N xe Tlvd Ueet Y.r AAxNlnn lame ' 2011SA a de leeand All 8731f11 3. 18 3n/ Vm'flFpm.Thnl BoM LwMM rNrnd Ra.iliyn II RM411 obit elbn N f 7 { 4 T1Nd /Jan r. Allnr-NUB f3Lold4 bp4dA W4wdA6er.1 jwo :—t91e ;.129x8 Wtrmlrlp 4nYr.a[ 9enilNwe la rnllevl Dvrelppn PI.MBI >a .ea 201►d 1x.AAl Inn u R f - W x N f EfN M 6f 31 f :U N { 51 I� N { 1 50 Lake Elsinore Recognized Obligation Payment Schedule (ROPS 18-19) - Notes July 1, 2018 through June 30, 2019 Item # Notes/Comments Due to an anticipated RAPS 18-19B RPTTF Shortfall Amount shown in Column O is reserved for debt service due during the ROPS 18-19B Period 1 2 Due to an anticipated ROPS 18-19B RPTTF Shortfall Amount shown in Column O Is reserved for debt service due during the RODS 18-19B Period 3 Due to an anticipated RODS 18-198 RPTTF Shortfall Amount shown in Column 0 is reserved for debt service due during the ROPS 18-i9B period 7 A portion of the amounts shown in column S will be used to pay the 3/01/2019 and 9/01/2019 debt service on the proposed 2018 Bonds. Once the Third Lien Tax Allocation Bonds, Series 2018A and Third Lien Tax Allocation Bonds, Series 20188 (Federally Taxable) (collectively, "the Bonds") are issued, the Developer/Master Developer Obllgatlon will reflect net of the amounts not necessary to pay debt service on the Bonds. A portion of the amounts shown in column -S will be used to pay the 3/01/2019 and 9/01,12019 debt service on the proposed 2018 Bonds- Once the Third Lien Tax Allocation Bonds, Series 2018A and Third Lien Tax Allocation Bonds, Series 2018B (Federally Taxable) (collectively, "the Bonds") are issued, the Developer Obligation will reflect net of the amounts not necessary to pay debt service on the Bonds. Amount shown In Column O indudea $317,500 reserved for debt seMoa due during the BOPS 17-18B Period 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. - The obligations for fine items 29 -32 for the twelve month period covered by ROPS 18-19 are incorporated into line 33 in accordance with the terms of the Interim Stadium Management Agreement 8 10 11 12 13 14 15 18 19 20 22 23 28 29-32 33 This line items references the Interim Stadium Management Agreement forStsdium managemerft Qperatlons and maintenance, as amended, for the fiscal year 2018- 19 (July 1„ 2018- June.30, 2019).. Amount shown includes ROPS 17-18B cost- $313,816 not funded due to RPTTF shortfall. 34 35 BOPS 17-1813 Administrative Cost not funded due to RPTTF shortfall. 38 In accordance to DOF this obligation is included within the Administriative Allowanw. 39 Includes anticipated cost for services related to the proposed 2018 Bonds. 40 41 Amount shown in Column U includes $380,000 reserved for debt servtm due during the ROPS 19-20A Period, 42 Includes anticipated cost for services related to the proposed 2018 Bonds. 43 44 45 46 Proposed 2018 Bonds to fund the Developer and Master Obligations under the S.ummerfy DDA (Line Items 12 and 13) 47 Proposed 2018 Bonds to fund the Developer and Master Obligations under the Sum rneriy DDA (Line Items 12 and 13)