HomeMy WebLinkAbout0006_1_OB Staff Report - Adoption of July 2018- June 2019 ROPS 18-19 012918Page 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:January 29, 2018
Subject:Recognized Obligation Payment Schedule (ROPS 18–19) for July 1, 2018
through June 30, 2019
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
18-19) FOR JULY 1, 2018 THROUGH JUNE 30, 2019
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 2018 through June 2019 be submitted to DOF
and the State Controller’s office, after approval by the Oversight Board, no later than February
1, 2018. 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.
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. A new Line Item 35
has been added to reimburse the City for funding the Administrative Fund shortfall in RPTTF
allocation to the Successor Agency from ROPS 17-18B. In addition, Line Items 46 and 47 have
been added to the ROPS 18-19 in anticipation to the issuance later this year of Tax Allocation
Bonds pursuant to the Summerly DDA and as approved by DOF. These items are presented on
the ROPS in a manner consistent with previous ROPS.
Approval of ROPS 18-19
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The attached ROPS 18-19 for the period July 1, 2018 – June 30, 2019 follows the form
prescribed by the DOF and incorporates all of the remaining obligations identified in the
previous ROPS.
Prepared By:Barbara Leibold, Successor Agency Counsel
Attachments:
Oversight Board Resolution No. OB-2018-___
Recognized Obligation Payment Schedule of the Successor Agency of the
Redevelopment Agency of the City of Lake Elsinore for the period of July 1, 2018
through June 30, 2019 (ROPS 18-19)