HomeMy WebLinkAbout0006_3_Lake Elsinore_ROPS 18-19 Draft v5Successor Agency:Lake Elsinore
County:Riverside
Current Period Requested Funding for Enforceable Obligations (ROPS Detail)
18-19A Total
(July - December)
18-19B Total
(January - June) ROPS 18-19 Total
A 3,879,832$ 2,057,937$ 5,937,769$
B - - -
C 3,618,595 1,796,701 5,415,296
D 261,237 261,236 522,473
E 7,616,452$ 7,517,896$ 15,134,348$
F 7,394,614 7,298,928 14,693,542
G 221,838 218,968 440,806
H Current Period Enforceable Obligations (A+E):11,496,284$ 9,575,833$ 21,072,117$
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 18-19) - Summary
Filed for the July 1, 2018 through June 30, 2019 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
$ 157,476,550 $ 21,072,117 $ - $ 3,618,595 $ 261,237 $ 7,394,614 $ 221,838 $ 11,496,284 $ - $ 1,796,701 $ 261,236 $ 7,298,928 $ 218,968 $ 9,575,833
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 19,744,000 N $ 1,670,110 677,628 306,241 $ 983,869 686,241 $ 686,241
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 7,501,313 N $ 1,746,019 804,769 122,625 $ 927,394 818,625 $ 818,625
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 I and II 28,856,254 N $ 3,987,656 1,766,198 435,729 $ 2,201,927 1,785,729 $ 1,785,729
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 35,394,811 N $ 2,682,501 643,874 $ 643,874 1,279,146 759,481 $ 2,038,627
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 6,665,943 N $ 392,730 82,875 $ 82,875 200,055 109,800 $ 309,855
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 $ 1,445,600 564,050 $ 564,050 317,500 564,050 $ 881,550
19 Housing Fund Loan SERAF/ERAF 5/1/2010 9/8/2038 Housing Fund Repayment of SERAF All 2,063,788 N $ 1,235,397 1,235,397 $ 1,235,397 $ -
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 27,182,754 N 1,996,361 1,163,600 1,163,600 832,761 832,761
22 Legal Services Fees 9/27/2005 6/30/2023 Leibold McClendon & Mann Legal services for projects, bonds &
DDA/Stadium Agreement compliance.
All 100,000 N $ 100,000 60,000 $ 60,000 40,000 $ 40,000
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 440,806 N $ 440,806 221,838 $ 221,838 218,968 $ 218,968
29 Stadium License Agreement Miscellaneous 3/15/2001 12/31/2026 Lake Elsinore Storm, LP License to use stadium for baseball
games
Project III 522,473 N $ 522,473 261,237 $ 261,237 261,236 $ 261,236
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 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 N $ - $ - $ -
32 Stadium Operation and Maintenance Property Maintenance 1/1/2013 9/8/2038 Various Operation and maintenance of the
baseball stadium
Project III N $ - $ - $ -
33 Interim Stadium Management Agmt.Miscellaneous 1/1/2013 6/30/2020 Lake Elsinore Storm, LP Stadium Maintenance and
Management
Project III 2,715,825 N $ 2,715,825 1,514,821 $ 1,514,821 1,201,004 $ 1,201,004
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 159,765 N $ 159,765 159,765 $ 159,765 $ -
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 115,700 N $ 8,100 $ - 8,100 $ 8,100
40 Property Maintenance Property Maintenance 9/13/2009 6/30/2019 Various Maintenance cost on Agency property Project III N $ - $ - $ -
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 8,295,138 N $ 1,332,394 370,000 479,897 $ 849,897 482,497 $ 482,497
42 Fiscal Agent Fees Fees 8/1/2015 9/1/2038 Wilmington Trust Annual fiscal agent fees for bonds
issues
All 154,700 N $ 10,100 7,600 $ 7,600 2,500 $ 2,500
43 Housing Authority Admin. Cost Admin Costs 2/18/2014 12/31/2018 Lake Elsinore Housing
Successor
Administrative Cost All 600,000 N 600,000 600,000 600,000
44 Reconveyance Cost Property Dispositions 5/1/2015 6/30/2019 Various Appraisals, Title Insurance, Escrow and
Closing Cost
All 10,000 N $ 10,000 10,000 $ 10,000 $ -
45 Arbitrage Fees Fees 1/28/2015 2/15/2038 Various Arbitrage fees for bonds All N $ - $ - $ -
46 Third Lien Tax Allocation Bonds,
Series 2018A
Bonds Issued After 12/31/10 3/5/2018 3/1/2038 Wilmington Trust Bond issue to refund Developer
Obligation
II and III N $ - $ - $ -
47 Third Lien Tax Allocation Bonds,
Series 2018B (Federally Taxable)
Bonds Issued After 12/31/10 3/5/2018 3/1/2038 Wilmington Trust Bond issue to refund Developer
Obligation
II and III N $ - $ - $ -
48 N $ - $ - $ -
49 N $ - $ - $ -
50 N $ - $ - $ -
51 N $ - $ - $ -
52 N $ - $ - $ -
53 N $ - $ - $ -
54 N $ - $ - $ -
55 N $ - $ - $ -
56 N $ - $ - $ -
Fund Sources Fund Sources
Contract/Agreement
Termination Date
ROPS 18-19
Total
18-19B (January - June)
18-19A
Total
Lake Elsinore Recognized Obligation Payment Schedule (ROPS 18-19) - ROPS Detail
July 1, 2018 through June 30, 2019
(Report Amounts in Whole Dollars)
Item #Payee Description/Project Scope Project Area
Total Outstanding
Debt or Obligation Retired
18-19A (July - December)
18-19B
Total Project Name/Debt Obligation Obligation Type
Contract/Agreement
Execution Date
Item #Notes/Comments
1 Due to an anticipated ROPS 18-19B RPTTF Shortfall Amount shown in Column O is reserved for debt service due during the ROPS 18-19B Period
2 Due to an anticipated ROPS 18-19B RPTTF Shortfall Amount shown in Column O is reserved for debt service due during the ROPS 18-19B Period
3 Due to an anticipated ROPS 18-19B RPTTF Shortfall Amount shown in Column O is reserved for debt service due during the ROPS 18-19B Period
6
7
8
10
11
12 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 2018B (Federally Taxable) (collectively, "the Bonds") are issued, the Developer/Master
Developer Obligation will reflect net of the amounts not necessary to pay debt service on the Bonds.
13 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 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.
14
15
18 Amount shown in Column O includes $317,500 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 18-19 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 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 ROPS 17-18B Administrative Cost not funded due to RPTTF shortfall.
38 In accordance to DOF this obligation is included within the Administriative Allowance.
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 service 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 Summerly DDA (Line Items 12 and 13)
47 Proposed 2018 Bonds to fund the Developer and Master Obligations under the Summerly DDA (Line Items 12 and 13)
Lake Elsinore Recognized Obligation Payment Schedule (ROPS 18-19) - Notes July 1, 2018 through June 30, 2019