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Home My WebLink AboutAgenda PacketOversight Board City of Lake Elsinore Regular Agenda CITY HALL CONFERENCE ROOM A 130 S. MAIN STREET LAKE ELSINORE, CA LAKE-ELSINORE.ORG (951) 674-3124 PHONE GENIE KELLEY, CHAIR BRIAN TISDALE, VICE-CHAIR PHIL WILLIAMS, BOARD MEMBER MICHAEL WILLIAMS, BOARD MEMBER KEVIN JEFFRIES, BOARD MEMBER NANCY LASSEY, BOARD MEMBER ARLEEN SANCHEZ, BOARD MEMBER City Hall4:00 PMMonday, September 18, 2017 The agenda is posted 72 hours prior to each meeting outside of the Lake Elsinore City Hall located at 130 South Main Street and is available at each meeting. The agenda and related reports are also available at the Lake Elsinore City Clerk's Department and are available on the City's website at www.lake-elsinore.org . Any writing distributed within 72 hours of the meeting will be made available to the public at the time it is distributed to the Oversight Board. In compliance with the Americans with Disabilities Act, any person with a disability who requires a modification or accommodation in order to participate in a meeting should contact the City Clerk's Department at (951) 674 -3124, ext. 269, at least 48 hours before the meeting to make reasonable arrangements to ensure accessibility. CALL TO ORDER - 4:00 P.M. PLEDGE OF ALLEGIANCE ROLL CALL PRESENTATIONS PUBLIC COMMENTS - NON AGENDIZED ITEMS - 3 MINUTES (Please read & complete a Request to Address the Oversight Board prior to the start of the meeting and submit it to the Clerk. The Chair or Clerk will call on you to speak .) BUSINESS ITEM(S) Amended Recognized Obligation Payment Schedule (ROPS 17-18B) for January 1, 2018 through June 30, 2018 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 17-18B) FOR JANUARY 1, 2018 THROUGH JUNE 30, 2018 ROPs - SR ROPs - Exhibit A Resolution ROPs - Exhibit B Attachments: Page 1 City of Lake Elsinore Printed on 9/14/2017 September 18, 2017Oversight Board Regular Agenda STAFF COMMENTS BOARD MEMBER COMMENTS ADJOURNMENT The meeting will be adjourned to the next Regular meeting. AFFIDAVIT OF POSTING I, Susan M. Domen, MMC, Clerk of the Oversight Board, do hereby affirm that a copy of the foregoing agenda was posted at City Hall, 72 hours in advance of this meeting. _________________________________________ Susan M. Domen, MMC Clerk of the Oversight Board Page 2 City of Lake Elsinore Printed on 9/14/2017 Page 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 18, 2017 Subject: Amen ded Recognized Obligation Payment Schedule (ROPS 17–18B) for the January 1, 2018 through June 30, 2018 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 17-18B) FOR JANUARY 1, 2018 THROUGH JUNE 30, 2018 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 17-18 for the current fiscal year. ROPS 17-18 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). Discussion SB 107, enacted in September 2016 changed the ROPS period from a six-month period to a twelve month period ending each June 30. Health & Safety Code Section 34177(o) 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 by October 1 (October 2 in 2017 since October 1 is a Sunday). 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 17-18B for the period January 1, 2018 – June 30, 2018 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 17-18B: Approval of Amended ROPS 17-18B Page 2 of 2 • Summerly (ROPS Detail Items 12 & 13) are adjusted to reflect amounts due under the DDA based upon actual and projected completion of development phases. • 2010 Bonds (ROPS Detail Items 1, 2 & 3) are adjusted to reflect the full amount of debt service for 2010 Series A, B and C Bonds Prepared By: Barbara Leibold, Successor Agency Counsel Attachments: Oversight Board Resolution No. OB-2017-___ 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, 2018 through June 30, 2018 (ROPS 17-18B) RESOLUTION NO. OB-2017-___ 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 17-18B) FOR JANUARY 1, 2018 THROUGH JUNE 30, 2018 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 (the “Agency”) in accordance with the California Health & Safety Code; and, WHEREAS, Senate Bill (SB) 107, enacted in September 2016, added Health & Safety Code (“HSC”) Section 34177(o) requiring the Successor Agency to prepare and adopt a “Recognized Obligation Payment Schedule” 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 2017 through June 2018; and, WHEREAS, SB 107 permits an amended ROPS 17-18B for the period January 1, 2018 through June 30, 2018 to be submitted to the Department of Finance and the State Controller’s office, after approval by the Oversight Board, no later than October 2, 2017 or be subject to penalties; and, WHEREAS, HSC Section 34177.7(o)(1)(E), permits an Amended ROPS 17-18B provided that the Oversight Board makes a finding that a revision to the ROPS is necessary for the payment of approved enforceable obligations during the ROPS 17-18B period, and, WHEREAS, on September 26 2017, the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore will consider the Amended Recognized Obligation Payment Schedule 17-18B for the period January 1, 2018 through June 30, 2018; and, WHEREAS, the Oversight Board desires to make a finding that a revision to ROPS 17- 18 is necessary for the payment of enforceable obligations during the second half of the ROPS period and, subject to the approval by the Successor Agency, to approve the Amended Recognized Obligation Payment Schedule (ROPS 17-18B) for January 1, 2018 through June 30, 2018, in the form attached as Exhibit A; 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, DETERMINE AND ORDER 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 Amended Recognized Obligation Payment Schedule 17-18B for the period January 1, 2018 through June 30, 2018 subject to the approval thereof by the Successor Resolution No. OB-2017-___ Page 2 of 4 Agency. 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. The Oversight Board finds that a revision to the ROPS is necessary for the payment of enforceable obligations during the second half of the ROPS period, January 1, 2018 through June 30, 2018. SECTION 4. 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 Oversight Board hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof. SECTION 5. Pursuant to Health and Safety Code Section 34179(h), this Resolution shall be effective five (5) business days after proper notification hereof is given to the California Department of Finance unless the California Department of Finance requests a review of the actions taken in this Resolution, in which case this Resolution will be effective upon approval by the California Department of Finance. PASSED, APPROVED AND ADOPTED by the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, California, this 18th day of September, 2017. Genie Kelley, Chair ATTEST: Susan M. Domen, MMC Oversight Board Secretary Resolution No. OB-2017-___ 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. OB - 2017- 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 18th day of September, 2017 by the following vote: AYES: NOES: ABSTAIN: ABSENT: Susan M. Domen, MMC, Oversight Board Secretary EXHIBIT A AMENDED ROPS 17-18B [attached] Successor Agency:Lake Elsinore County:Riverside Current Period Requested Funding for Enforceable Obligations (ROPS Detail) ROPS 17-18B Authorized Amounts ROPS 17-18B Requested Adjustments ROPS 17-18B Amended Total A 1,871,237$ 487,845$ 2,359,082$ B - - - C 1,610,000 487,845 2,097,845 D 261,237 - 261,237 E 5,310,285$ 1,263,008$ 6,573,293$ F 5,150,520 1,263,008 6,413,528 G 159,765 - 159,765 H Current Period Enforceable Obligations (A+E):7,181,522$ 1,750,853$ 8,932,375$ 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. Amended Recognized Obligation Payment Schedule (ROPS 17-18B) - Summary Filed for the January 1, 2018 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 Total Outstanding Balance Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF $ 197,353,992 $ - $ 1,610,000 $ 261,237 $ 5,150,520 $ 159,765 $ 7,181,522 $ - $ 487,845 $ - $ 1,263,008 $ - $ 1,750,853 1 Tax Allocation Revenue Bonds, 2010 Series A Bonds Issued On or Before $ 20,730,631 - - - 495,128 $ 495,128 495,128 $ 495,128 Pursuant to the Indenture for the 2010A Bonds, the 2 Tax Allocation Revenue Bonds, 2010 Series B Bonds Issued On or Before 12/31/10 $ 8,436,813 - - - 469,769 $ 469,769 469,769 $ 469,769 Pursuant to the Indenture for the 2010A Bonds, the Successor Agency is required to reserve an amount equal to the September 1, 2018 debt service. 3 Tax Allocation Revenue Bonds, 2010 Series C Bonds Issued On or Before 12/31/10 $ 31,076,749 - - - 1,111,198 $ 1,111,198 111,197 $ 111,197 Pursuant to the Indenture for the 2010A Bonds, the Successor Agency is required to reserve an amount equal to the September 1, 2018 debt service. 12 Summerly DDA OPA/DDA/Construction $ 29,529,485 - 1,100,000 - 562,844 $ 1,662,844 487,845 85,833 $ 573,678 RPTTF Adjustment based on 2017-18 AV Reserve Balance Adjustment based on anticipated DDA payment obligations 13 Summerly DDA Extraordinary Infrastructure Fund OPA/DDA/Construction $ 7,467,288 - 200,000 - 96,086 $ 296,086 101,081 $ 101,081 RPTTF Adjustment based on 2017-18 AV 18 City Reimbursement LERA Bonds Issued After 12/31/10 $ 16,937,000 - 310,000 - 565,850 $ 875,850 $ - 19 Housing Fund Loan SERAF/ERAF $ 2,395,746 - - - - $ - $ - 20 Housing Fund Loan Third-Party Loans $ 26,699,792 $ - $ - $ - $ - $ - $ - $ - 22 Legal Services Fees $ 120,000 - - - 60,000 $ 60,000 $ - 23 Consultant Fees Fees $ 16,280 - - - 8,140 $ 8,140 $ - 28 Estimated Admin Cost Admin Costs $ 5,748,175 - - - - $ - $ - 29 Stadium License Agreement Miscellaneous $ 5,393,782 - - 261,237 - $ 261,237 $ - 30 Stadium Maintenance Agreement Property Maintenance $ 2,518,045 - - - - $ - $ - 31 Stadium Concession Agreement Miscellaneous $ 340,000 - - - - $ - $ - 32 Stadium Operation and Maintenance Property Maintenance $ 27,480,119 - - - - $ - $ - 33 Interim Stadium Management Agmt.Miscellaneous $ 2,310,056 - - - 1,252,708 $ 1,252,708 $ - 34 Riverside County Flood Control District Improvement/Infrastructure $ - - - - - $ - $ - 35 Administrative Reimbursement RPTTF Shortfall $ - - - - - $ - $ - 38 Contract for Auditing Services Fees $ - - - - - $ - $ - 39 Bond Disclosure Services Fees $ 101,450 - - - 6,650 $ 6,650 $ - 40 Property Maintenance Property Maintenance $ 20,000 - - - 10,000 $ 10,000 $ - 41 Subordinated Tax Allocation Refunding Bonds, Series 2015 Bonds Issued After 12/31/10 $ 9,259,531 - - - 479,897 $ 479,897 $ - 42 Fiscal Agent Fees Fees $ 114,800 - - - - $ - $ - 43 Housing Authority Admin. Cost Admin Costs $ 600,000 $ - $ - $ - $ - $ - $ - $ - 44 Reconveyance Cost Property Dispositions $ 52,250 - - - 32,250 $ 32,250 $ - 45 Arbitrage Fees Fees $ 6,000 - - - - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - REQUESTED ADJUSTMENTS Total Notes Lake Elsinore Amended Recognized Obligation Payment Schedule (ROPS 17-18B) - ROPS Detail January 1, 2018 through June 30, 2018 (Report Amounts in Whole Dollars) Item # AUTHORIZED AMOUNTS Total Project Name/Debt Obligation Obligation Type Fund Sources Fund Sources