HomeMy WebLinkAbout0002_1_ROPs - SRREPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF
THE CITY OF LAKE ELSINORE
To:Honorable Chair Magee
and Members of the Successor Agency
From:Grant Yates, Executive Director
Prepared by:Barbara Leibold, Successor Agency Counsel
Date:January 24, 2017
Subject:Recognized Obligation Payment Schedule (ROPS 17–18) for July
1, 2017, through June 30, 2018
Recommendation
Adopt A RESOLUTION OF THE SUCCESSOR AGENCY OF THE
REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA,
APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 17-
18) FOR JULY 1, 2017, 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, as amended to date) 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 34167 for each twelve-month period of
each fiscal year. The Successor Agency has previously adopted ROPS for prior
twelve month periods. The previous ROPS have been 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
Applicable law requires that the ROPS for July 2017 through June 2018 be submitted
to DOF and the State Controller’s office, after approval by the Oversight Board, no
later than February 1, 2017. 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
Approval of ROPS 17-18
January 24, 2017
Page 2
the ROPS is late and the administrative cost allowance for the Successor Agency is
reduced by 25% after 10 days.
As the Successor Agency winds down the former Redevelopment Agency, the
primary remaining enforceable obligations are the outstanding bonds, Stadium
operation and maintenance, and the Summerly Disposition and Development
Agreement. These items are presented on the ROPS in a manner consistent with
previous ROPS.
The attached ROPS 17-18 for the period July 1, 2017 – June 30, 2018 follows the
form prescribed by the DOF and incorporates all of the remaining obligations
identified in the previous ROPS. The attached ROPS 17-18 was considered by the
Oversight Board to the Successor Agency on January 23, 2017 and was approved
subject to the approval of the Successor Agency.
Exhibits:
A - Resolution
B - ROPs