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Home My WebLink AboutOversight Board & SA Regular Agenda Packet 09-23-2014City of Lake Elsinore Lt't� LS[I� f ^ --` I)It[As. tXrKlleli Tuesday, September 23, 2014 DAVE OSTER, CHAIR GENIE KELLEY, VICE CHAIR GEORGE LANDON, BOARD MEMBER NANCY LASSEY, BOARD MEMBER VACANCY, BOARD MEMBER BRIAN TISDALE, BOARD MEMBER PHIL WILLIAMS, BOARD MEMBER Regular Agenda Oversight Board 3:45 PM 130 South Main Street Lake Elsinore, CA 92530 w .lake-elsinore.org Cultural Center WWW.LAKE-ELSINORE.ORG (951) 674-3124 PHONE (951) 674-2392 FAX LAKE ELSINORE CULTURAL CENTER 183 N. MAIN STREET LAKE ELSINORE, CA 92530 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 on the Friday prior to the Oversight Board meeting 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 Community Development Department at (951) 674-3124, ext. 289, at least 48 hours before the meeting to make reasonable arrangements to ensure accessibility. City of Lake Elsinore Page 1 Printed on 9/19/2014 Oversight Board Regular Agenda September 23, 2014 CALL TO ORDER - 3:45 P.M. PLEDGE OF ALLEGIANCE ROLL CALL * Dave Oster, Chairman (Pres., Storm Baseball - County Board of Supervisor's appointment) • Genie Kelley, Vice Chair (County Board of Supervisor's member of the public appointment) * George Landon, Board Member (County Superintendent of Schools appointment) * Nancy Lassey, Board Member (City of Lake Elsinore - Employee Union Member) * Vacant - (Community College District appointment) * Brian Tisdale, Board Member (City of Lake Elsinore - Mayor's appointment) * Phil Williams, Board Member (EVMWD appointment) PUBLIC COMMENTS — NON AGENDIZED ITEMS — 3 MINUTES PRESENTATIONS (Please read & complete a a form Request to address the Oversight Board prior to the start of the Oversight Board meeting and submit it to the Clerk. The Chairperson or Clerk will call on you to speak when your item is called.) * Introduction of Alternate Board Members, if any CONSENT CALENDAR ITEM(S) 1) ID# 14-301 Approval of Minutes Recommendation: It is recommended that the Oversight Board approve the minutes of the regular meeting of February 25, 2014. Attachments: OB SR- Approving Minutes 092314 February 25 2014 Minutes 2) ID# 14-302 Update on Successor Agency Financial Activities - Investment Reports and Warrant Lists Recommendation: It is recommended that the Oversight Board receive and file the Investment Reports and Warrant Lists. Attachments: OB SR- Warrant Lists 092314 Warrant List Attachment 092314 OB SR- Investment Report 092314 Investment Report Attachment 092314 City of Lake Elsinore Page 2 Primed on 911912014 Oversight Board Regular Agenda September 23, 2014 3) ID# 14-303 State Controller's Audit Recommendation: It is recommended that the Oversight Board receive and file the California State Controller's Office Asset Transfer Review Report. Attachments: OB SR - State Controller's Audit 092314 State Controller's Audit -Asset Transfer Review Report Aug 2014 BUSINESS ITEM(S) 4) ID# 14-304 Second Amendment to the Stadium Interim Management Agreement Recommendation: It is recommended that the Oversight Board adopt Resolution No. OB -2014-005 A Resolution of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore Approving the Second Amendment (2015) to the Stadium Interim Management Agreement Between the Successor Agency of the Redevelopment Agency of the City Of Lake Elsinore and The Lake Elsinore Storm LP. Attachments: OB SR Second Amend to Interim Stadium Management Agreement 092314 V2 OB Reso Approving Second Amendment Stadium Interim Mgmt Agt 092314 Second Amendment to Stadium Interim Management Aqt 091814 5) ID# 14-305 Recognized Obligation Payment Schedule (ROPS 14-15B) for January 1, 2015 through June 30, 2015 Recommendation: It is recommended that the Oversight Board adopt Resolution No. OB -2014-006 A Resolution of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore Approving the Recognized Obligation Payment Schedule (Rops14-15B) For the Period of January 1, 2015 Through June 30, 2015 Subject to the Approval Thereof By the Successor Agency. Attachments: OB SR - Adoption of ROES 14-15B 092314 OB Reso 2014-006 Re ROPS 14-15B 092314 Lake Elsinore ROPS 14-156 for Ove rsight Board Approval (Validated) 6) ID# 14-306 Amendment to Oversight Board Legal Services Agreement Recommendation: It is recommended that the Oversight Board adopt Resolution No. OB -2014-007 A Resolution Of The Oversight Board To The Successor Agency Of The Redevelopment Agency Of The City Of Lake Elsinore Approving Amendment No. 2 To Oversight Board Legal Services Agreement. Attachments: OB SR- OB Legal Counsel 092314 OB Reso 2014-007 Re Oversight Legal Counsel 092314 STAFF COMMENTS City of Lake Elsinore Page 3 Printed on 911912014 Oversight Board Regular Agenda September 23, 2014 BOARD MEMBER COMMENTS ADJOURNMENT The next regular Oversight Board meeting will be held on Tuesday, December 9, 2014, at the Cultural Center, 183 N. Main Street, Lake Elsinore, CA 92530. AFFIDAVIT OF POSTING I, Virginia J. Bloom, 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. Virginia J. Bloom, Clerk of the Oversight Board City of Lake Elsinore Page 4 Printed on 9/19/2014 OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: CHAIRMAN OSTER AND MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: SEPTEMBER 23, 2014 SUBJECT: APPROVAL OF MINUTE(S) Recommendation It is recommended that the Oversight Board approve the minutes of: a. Oversight Board Regular Meeting February 25, 2014 Discussion The following Oversight Board Meeting Minute(s) are submitted for approval: a. Oversight Board Regular Meeting February 25, 2014 Prepared by: Virginia Bloom City Clerk/Oversight Board Secretary Page 1 REGULAR MEETING OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE 130 South Main Street, Lake Elsinore, CA 92530 MINUTES February 25, 2014 CALL TO ORDER Chairman Williams called the meeting to order at 3:45 p.m. ROLL CALL PRESENT: Phil Williams, Chairman Dave Oster, Vice -Chair Genie Kelley, Board Member Nancy Lassey, Board Member Brian Tisdale, Board Member George Landon, Board Member Roger Schultz, Board Member ABSENT: None Also present: Successor Agency Counsel Barbara Leibold, Director of Administrative Services Jason Simpson, Deputy Clerk of the Board Diana Giron PUBLIC COMMENTS —AGENDIZED ITEMS None PRESENTATIONS Introduction of Alternate Board Members, if any CONSENT CALENDAR 1. Approval of Minutes Recommendation: It is recommended that the Oversight Board approve the minutes of: a. Oversight Board Regular Meeting of October 22, 2013 2. Update on Successor Agency Activities a. Investment Report b. Warrant Lists February 25, 2014, Minutes Oversight Board Regular Meeting Page 2 of 5 Recommendation: It is recommended that the Oversight Board receive and file the Investment Report and Warrant Lists. Motion by Board Member Tisdale, seconded by Board Member Landon, to approve the Consent Calendar, passed by unanimous vote as follows: AYES Board Member Tisdale, Board Member Landon, Board Member Lassey, Board Member Schultz, Board Member Kelley, Vice Chair Oster, and Chairman Williams. NOES None ABSENT: None ABSTAIN: None BUSINESS ITEMS 3. Repayment of Supplemental Educational Revenue Augmentation Fund (SERAF) Loan Recommendation: It is recommended that the Oversight Board adopt Resolution No. OB -2014-001, A Resolution of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore setting forth certain findings with respect to a SERAF loan between the former Redevelopment Agency and the City of Lake Elsinore in accordance with Health and Safety Code Section 34191.4 and approving a repayment schedule for the SERAF loan in accordance with Health and Safety Code Section 34171(D)(1)(G). Successor Agency Counsel Leibold presented the report to the Board. She explained in Fiscal Years 2009-2010 and 2010-2011 the State mandated Redevelopment Agencies to fund a Supplemental Educational Revenue Augmentation Fund (SERAF). The City's combined obligation for both fiscal years was in an excess of $8 million. Counsel Leibold also explained the Successor Agency's loan obligation was reported on Agency's ROPS (Recognized Obligation Payment Schedules and the repayment schedule. Motion by Board Member Tisdale, seconded by Board Member Kelley, to adopt Resolution No. OB -2014-001, passed unanimously by the following vote: AYES Board Member Tisdale, Board Member Kelley, Board Member Lassey, Board Member Landon, Board Member Schultz, Vice Chair Oster, and Chairman Williams. NOES None ABSENT: None ABSTAIN: None February 25, 2014, Minutes Oversight Board Regular Meeting Page 3 of 5 4. Recognized Obligation Payment Schedule (ROPS 14-15A) for July 1 2014 Through December 31, 2014 Recommendation: It is recommended that the Oversight Board adopt Resolution No. OB -2014-002 A Resolution of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore Approving the Recognized Obligation Payment Schedule (Rops14-15a) For the Period Of July 1, 2014 Through December 31, 2014 Subject to the Approval Thereof By the Successor Agency. Successor Agency Counsel Leibold presented the report to the Board. Motion by Chair Williams, seconded by Board Member Schultz, to to adopt Resolution No. OB -2014-002, passed unanimously by the following vote: AYES Chair Williams, Board Member Schultz, Board Member Kelley, Board Member Lassey, Board Member Tisdale, Board Member Landon, and Vice Chair Oster. NOES None ABSENT: None ABSTAIN: None 5. Consideration of a Resolution Changing the Date Time and Location for Meetings of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore Recommendation: It is recommended that the Oversight Board adopt Resolution No. OB -2014-003 changing the date, time and location for meetings of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore. Successor Agency Counsel Leibold presented the report to the Board. She explained the Oversight Board routinely cancelled meetings and due to lack of business items. Counsel Leibold reviewed the proposed quarterly schedule and any additional meetings would require a Special meeting. Motion by Board Member Kelley, seconded by Board Member Schultz, to adopt Resolution No. OB -2014-003, passed unanimously by the following vote: AYES Board Member Kelley, Board Member Schultz, Board Member Tisdale, Board Member Landon, Board Member Lassey, Vice Chair Oster, and Chairman Williams. NOES : None ABSENT: None ABSTAIN: None February 25, 2014, Minutes Page 4 of 5 Oversight Board Regular Meeting 6. Amendment to Oversight Board Legal Services Agreement Recommendation: It is recommended that the Oversight Board adopt Resolution No. OB -2014-004 approving Amendment No. 1 to the Legal Services Agreement to reflect a revised quarterly meeting schedule and corresponding fee arrangement. It is also recommended that the Oversight Board discuss future ongoing legal services upon the expiration of the Legal Services Agreement and direct staff accordingly to prepare an item for consideration at the next Oversight Board meeting. Successor Agency Counsel Leibold presented the report to the Board, she explained the existing contract and fee schedule and the fee schedule for new quarterly meeting schedule. Motion by Board Member Lassey, seconded by Board Member Tisdale, to adopt Resolution No. OB -2014-004, passed unanimously by the following vote: AYES Board Member Lassey, Board Member Tisdale, Board Member Kelley, Board Member Landon, Board Member Schultz, Vice Chair Oster, and Chairman Williams. NOES None ABSENT: None ABSTAIN: None 7. Reorganization of Oversight Board: Selection of Chair and Vice Chair Recommendation: It is recommended that the Oversight Board elect one member to serve as Chairperson and one member to serve as Vice Chairperson of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore and direct staff to notify the Department of Finance of the name of the Chairperson and Vice Chairperson. Motion by Chairman Williams, seconded by Board Member Tisdale, to nominated Oversight Board Vice -Chair Oster as the Oversight Board Chairman, passed unanimously by the following vote: AYES Chairman Williams, Board Member Tisdale, Board Member Lassey, Board Member Kelley, Board Member Landon, Board Member Schultz, and Vice Chair Oster. NOES None ABSENT: None ABSTAIN: None February 25, 2014, Minutes Page 5 of 5 Oversight Board Regular Meeting Board Member Tisdale nominated Board Member Lassey as Oversight Board Vice Chairperson. Board Member Lassey declined the nomination. Motion by Board Member Williams, seconded by Chairman Oster, to nominate Board Member Kelley as the Oversight Board Vice person, passed unanimously by the following vote: AYES Board Member Williams, Chairman Oster, Board Member Tisdale, Board Member Lassey, Board Member Kelley, Board Member Landon, and Board Member Schultz. NOES None ABSENT: None ABSTAIN: None PUBLIC COMMENTS — NON-AGENDIZED ITEMS None STAFF COMMENTS Successor Agency Counsel introduced Administrative Services Director Simpson to the Oversight Board. OVERSIGHT BOARD MEMBER COMMENTS Board Member Schultz announced that he will be stepping down from his appointment to the Board and this meeting was the last meeting he will attend. ADJOURNMENT There being no further business to come before the Oversight Board, Chairman Oster adjourned the meeting at 4:04 p.m. to the next regularly scheduled meeting of September 23, 2014 at 3:45 p.m. to be held at the Cultural Center, located at 183 N. Main Street in Lake Elsinore, CA. Dave Oster, Chairman ATTEST: Diana Giron, Deputy Clerk of the Oversight Board OVERSIGHT BOARD OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: CHAIRMAN OSTER AND MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: SEPTEMBER 23, 2014 SUBJECT: WARRANT LISTS Recommendation: That the Oversight Board receive and file the attached Warrant lists. Discussion: The warrant list is a listing of all general checks issued by the Successor Agency. Attached are warrant lists for all disbursements made by the Successor Agency from February 2014 through August 2014. All checks issued are for items reflected on the Recognized Obligations Payment Schedule (ROPS) adopted by the Successor Agency and the Oversight Board and do not represent expenditures for any new items. Prepared by: Barbara Leibold, Successor Agency Counsel Attachments: Warrant Summary/List dated February 13, 2014 Warrant Summary/List dated February 27, 2014 Warrant Summary/List dated March 13, 2014 Warrant Summary/List dated March 27, 2014 Warrant Summary/List dated April 10, 2014 Warrant Summary/List dated April 24, 2014 Warrant Summary/List dated May 15, 2014 Warrant Summary/List dated May 29, 2014 Warrant Summary/List dated June 12, 2014 Warrant Summary/List dated June 26, 2014 Warrant Summary/List dated July 10, 2014 Warrant Summary/List dated July 24, 2014 Warrant Summary/List dated August 14, 2014 Warrant Summary/List dated August 29, 2014 Page 1 IMERN-•13 FROM: GRANT YATES EXECUTIVE DIRECTOR Recommendation It is recommended that the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Warrant List dated February 13, 2014 Discussion The warrant list is a listing of all general checks issued by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore since the prior Warrant List. Prepared By: Frances Ramirez Account Specialist II Reviewed By: Jason Simpson Administrative Services Director Approved By: Grant Yates City Manager Attachments: Warrant List 2-13-2014 FEBROARY 13,2,(M WARRANT St"MMARY SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY Off' THE CITY OF LAKE FI_,STNORE FUND# FUND DESCIMITION TOTAL r on - ql RDA AREA IM GRAND TOTAL 2118/2014 Warrant D2 13 14 SA RDA 1 of 2 96,370,64 FEBRUARY 30. 2014., WARRANT LIST SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE, E, CITY OF LASE ELSINORE CN'r.CK#i VENDOR NAME AMOUNT 2/16/2014 Warrant 02 13 14 SA RDA- 2 of 2 CITY o>" r, LAKE ;:LI►IE DREAM EXTREME REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE AGENCY CHAIRMAN AND MEMBERS OF THE SUCCESSOR AGENCY FROM: GRANT YATES EXECUTIVE DIRECTOR DATE: MARCH 11, 2014 SUBJECT: WARRANT LIST DATED FEB 27, 2014 Recommendation It is recommended that the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Warrant List dated February 27, 2014 Discussion The warrant list is a listing of all general checks issued by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore since the prior Warrant List. Prepared By: Frances Ramirez Account Specialist 11 Reviewed By: Jason Simpson Administrative Services Director Approved By: Grant Yates City Manager Attachments: Warrant List 2-27-2014 FEBRUARY 27. 2014 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE FUND# FUND DESCRIPTION TOTAL 540 SUCCESSOR DIAMOND STADfUM $ __103,258:97_ GRAND TOTAL 3/4/2014 Warrant 02 27 14 SA ROA ? of 2 $ 103,259.97 FEBRUARY 27, 2014 WARRANT LTST 'SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE EI: SINORE CHECK# VENDOR NAME AMOUNT 7199 LAKE ELSINORE STORM, LP ----- -- ------ - �103,258 97 WARRANfTbTAL . ....... .... . ..... ----------- -- . ...... .... .. . GRAND TOTAL =Z$�103�258 �91 3/412014 Warrant 02 27 14 SA RDA 2 of 2 CITY 10F LAKE LS1110 DREAM rXTREM.E• REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE AGENCY CHAIRMAN AND MEMBERS OF THE SUCCESSOR AGENCY FROM: GRANT YATES EXECUTIVE DIRECTOR DATE: MARCH 25, 2014 SUBJECT: WARRANT LIST DATED MARCH 13, 2014 Recommendation It is recommended that the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Warrant List dated March 13, 2014 Discusslon The warrant list is a listing of all general checks issued by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore since the prior Warrant List. prepared By: Frances Ramirez Account Specialist II Reviewed By: Jason Simpson Administrative Services Director Approved By: Grant Yates City Manager Attachments: Warrant List 3-13-2014 MNRC-1 13, 2014 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEV-'LOPMENT AGENCY OF ' , HE CITY OF LAKE ELSINORE, TOTAL 18,211.55 GRAND TOTAL 3/1812014 Warrant 03 13 14 SA RDA 1 of 2 MARCH 13, 2014 WARRANT" LIST SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF ,rflE CITY OF LAKE ELSINORE CHECK# VENDOR NAME AMOUNT 1NpRRANT TQ7A� ... ..._.._........................... . GRAND TOTAL 18,211.55 3(19/2014 Warrant 03 13 14 SA RDA 2 of 2 CITY f LSMORX- DREAM EXTREME jM REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE AGENCY CHAIRMAN AND MEMBERS OF THE SUCCESSOR AGENCY FROM: GRANT YATES EXECUTIVE DIRECTOR DATE: APRIL 08, 2014 SUBJECT: WARRANT LIST DATED MARCH 27, 2014 Recommendation It is recommended that the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Warrant List dated March 27, 2014 Discussion The warrant list is a listing of all general checks issued by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore since the prior Warrant List. Prepared By: Frances Ramirez Account Specialist II Reviewed By: Jason Simpson Administrative Services Director Approved By: Grant Yates City Manager Attachments: Warrant List 3-27-2014 MARCH 27, 2014 WARRANT SUMMARY SUCCB- SOR AGENCY CSF ,rHE REDEVELOPMENT AGENCY OF `T'IiE CITY OF LAKE IEUTNQRE rriNn nFGC'R1A"TION TOTAL GRAND TOTAL 53,580.04 3/31/2014 Warrant 03 27 14 SA ROA i of 2 MARCH 2`P. 2014 WARRANT LIS -f SUCCESSOR AGENCY OF 'ITE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE CHECK## VENDOR NAME 7;7 1 nm R(- STORM LF GRAND TOTAL - 38112014 Warrant 03 27 14 SA RDA 2 of 2 AMOUNT II11 CITY OF AK H0 BJE ' DPFAM F.^RL - REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE AGENCY CHAIRMAN AND MEMBERS OF THE SUCCESSOR AGENCY FROM: GRANT YATES EXECUTIVE DIRECTOR DATE: APRIL 22, 2014 SUBJECT: WARRANT LIST DATED APRIL 10, 2014 Recommendation It is recommended that the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Warrant List dated April 10, 2014 The warrant list is a listing of all general checks issued by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore since the prior Warrant List. Prepared By: Frances Ramirez Account Specialist II Reviewed By: Jason Simpson Administrative Services Director Approved By; Grant Yates City Manager Attachments: Warrant List 4-10-2014 Si7M; AR"17 S 9CCES`O"lk AGENCY OFTHE REDEVELOPMUE]°1T 1`.GENCY Off` FT- E CITY OF LAKE ELSINORE FUND# FUND-DESCRIPTION TOTAL 510 SC ESSOR TO RD RFA 1 $ 299,324.66,, 514 SUCCESSOR TO RDA HOUSING 1,290,776.09 520 SUCCESSOR TO RDA AREA 2 563,865.77 530 SUCCESSOR TO kbA AREA 3 46,430.35 540_ SUCCESSOR STADIUM CAPITAL 51,711.00 GRAND TOTAL 4/18/2014 Warrant 04 10 14 SA RDA 1 of 2 XPRIL 90, 2014 VdARRAN' 1' 1115 ' SUCCESSOR AGENCY Off" TT- E l D1 ATE' ,OPm.,-EN` C AGENCY OF TFE CfTY Off" LAKE ELSINO E Cl1ECK# VENDOR NAME AMOUNT' 7204 UNION BANK OF CALIFORNIA $ 1,707.75 7205 CITY OF LAKE ELSINORE 2,179,014.09 7206 HDL COREN &CONE 9,045.00 7207 � MAKE -ELSINORE STORM, LP 51,711.00 7208 LEIBOLD, MCCLENDON & MANN 9,630.03 WARRANT TOTAL 2,251 107.87 GRAND TOTAL$ 2,251,107.57 4/1 612 01 4 Warrant 04 10 14 SA RDA 2 of 2 CITY OF , ft==.��: p r;; DREAM r REME r� REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE AGENCY CHAIRMAN AND MEMBERS OF THE SUCCESSOR AGENCY FROM: GRANT YATES EXECUTIVE DIRECTOR DATE: MAY 13, 2014 SUBJECT: WARRANT LIST DATED APRIL 24, 2014 Recommendation It is recommended that the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Warrant List dated April 24, 2014 Discussion The warrant list is a listing of all general checks issued by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore since the prior Warrant List. Prepared By: Frances Ramirez Account Specialist II Reviewed By: Jason Simpson Administrative Services Director Approved By: Grant Yates City Manager Attachments: Warrant List 4-24-2014 APRIL 24,2OJ4 WARRANT SUMMARY SUCCESSOR AGENCY OF ME REDEVELOPMINT AGENCY OF THE CITY OF LAKE ELSJNORE- FUND# FUND DESCRIPTION TOTAL 540 SUGCESSOR STADIUM GAPITAL 1,00 GRAND TOTAL 5/5/2014 Warrant 04 24 14 SA RDA 1 of 1 APRIL 24, 2014 WARRAN"L' LIST SUCCESSOR AGENCY OF TFIE RMEVELOPMENT AGENCY OF Tili",, CITY OF LAKE ELSTNORE CHECK# VENDOR NAME AMOUNT 7249 LAKE ELS6NflRE STORM, LP $ 51,711.00 ----- --- -- 51,711-00 VifARRANT TO'i AL GRAND TOTAL $ 51,711.00 51512014 Warrant 04 24 14 SA RDA 1 of 1 CITY OF LA E SINO E DREAM EXTREME REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE FROM: EXECUTIVE DIRECTOR SUBJECT: WARRANT LIST DATED MAY 15, 2014 Recommendatian It is recommended that the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Warrant List dated May 15, 2014 Discussion The warrant list is a listing of all general checks issued by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore since the prior Warrant List. Prepared By: Frances Ramirez Account Specialist 11 Reviewed By: Jason Simpson Administrative Services Director Approved By: Grant Yates City Manager Attachments: Warrant List 5-15-2014 MAY 15, 2014 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF TIAL CITY OF LAKE Ed. SINORE FTT1aT)R FUND DESCRIPTION TOTAL GRAND OTAL34,709.28 512 012 01 4 Warrant 05 15 14 SA RDA 1 of 1 MAY i5, 20,19: WARRANT LIST SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE EISINORE rlrTr-(-VR VENDOR NAME AMOUNT 28 GRAND TQTA[. � 34,749.28 5/20/2014 Warrant 05 15 14 SA RDA 1 of I CITE' C 11�DREAM E?(TREME !M Y 1 M � CITY OF LAKE Y FROM: GRANT YATES EXECUTIVE • f 0 f , 14 211 SUBJECT: WARRANT LIST DATED MAY 15, 2014 Recommendation it is recommended that the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Warrant List dated May 16 2014 Discussion The warrant list is a listing of all general checks issued by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore since the prior Warrant List. Prepared By: Frances Ramirez Account Specialist II Reviewed By: Jason Simpson Administrative Services Director Approved By: Grant Yates City Manager Attachments: Warrant List 5-15-2014 'M MAY 29, 2014 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CTTY OF LAKE ELSD40RE FUND# FUND DESCRIPTION TOTAL 540 SUCCESSOR STADIUM CAPITAL $ _51,711 AO D TOT 51,71 1.00 602014 Warrant 05 29 14 SA RDA 1 Of 1 MAY 29, 2014 WARRANT UST SUCCESSOR AGENCY OF' THE REDEVELOPNMNITAGENCY OF '114E CITY OF LAKE ELSTNORE CIIECK# VENDOR NAME AMOUNT 7214LAKE ELSINORE— --7=17 II�Q� TOTALVVARRAhlT 51,711.00 GRAND TOTAL 6/3/2014 Warrant 05 29 14 SA RDA 1 of 1 CITY or- LAKE L, :. DREAMEXTREME REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE AGENCY CHAIRMAN AND MEMBERS OF THE SUCCESSOR AGENCY FROM: GRANT YATES EXECUTIVE DIRECTOR DATE: JUNE 24, 2014 SUBJECT: WARRANT LIST DATED JUNE 12, 2014 Recommendation It is recommended that the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Warrant List dated June 12, 2014 Discussion The warrant list is a listing of all general checks issued by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore since the prior Warrant List, Prepared By: Frances Ramirez Account Specialist II Reviewed By: Jason Simpson Administrative Services Director Approved By: Grant Yates City Manager Attachments: Warrant List 6-12-2014 ,JUNE 12, 2014 WARRANT SUMMARY SUCCESSOR AGENCY OF THE PUDEVELOPM N AGENCY OF 17T CITY OF LAKE ELSJNOR[ rrrr tnV FUND DESCRIPTION TOTAL GRAP�Li TOTR $ 30,710.$0 6/17/2014 Warrant 06 12 14 SA RDA 1 of 1 JCTNE 12, 2014 WARRANT' LIS1, SUCCESSOR AGENCY OF TIFF RFDg3VFI,OPMENT AGENCY OF TIE CITY OF LAKE: FLSINORF CiEC<K# VENDOR NAME AMOUNT --------- -- --- .... - 30710.8 WARRAN7iOl'Ai_ __-- _ _-._..- __-__ � GRAND TOTAL $ 30,710.$0 6/17/2014 Warrant 06 12 14 SA RDA 1 of 1 45, C.I CY 07 h rh FROM, GRANT DIRECTOREXECUTIVE It is recommended that the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Warrant List dated June 26, 2014 The warrant list is a listing of all general checks issued by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore since the prior Warrant List. Prepared By: Frances Ramirez -, Account Specialist II Reviewed By: Jason Simpson Administrative Services Director Approved By: Grant Yates City Manager Attachments: Warrant List 6-26-2014 JUICE 26, 20.14 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, VTTMne FUND DESCRIPTION TOTAL GRAND TOTAf $ 76,313.29 7/112014 Warrant 06 26 14 SA RDA ; of 1 JUNE 26, 2014 WARRANT LIST SUCCESSOR AGENCY OFTHE REDEVELOPMENT AGENCY OF T HE CITY OF LAKE ELSSINORE •r_rr:rux VENDOR NAME AMOUNT --— _.... WARRANT TOTAL70,913.29 GRAND TOTAL $ 70,913.29 7/1/2014 Warrant 06 26 14 SA RDA t of 1 SMORE LA E DREAM EXTREME rw REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE FROM: GRANT YATES EXECUTIVE DIRECTOR DATE: AUGUST 12, 2014 SUBJECT: WARRANT LIST DATED JULY 10 & 24, 2014 Recommendation It is recommended that the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Warrant List dated July 10 & 24, 2014 Discussion The warrant list is a listing of all general checks issued by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore since the prior Warrant List. Prepared By: Frances Ramirez Account Specialist II Reviewed By: Jason Simpson Administrative Services Director Approved By, Grant Yates City Manager Attachments: Warrant List 7-10 & 24-2014 JULY 10, 2014 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENI'AGENCY OF THE C= OF LAKE ELSENORE rT TXTTI# FUND IMSCRIMION TOTAL GRA TC7TAL 1, 92,512.58 8/412014 Warrant 07 10 14 SA RDA 1 Of 1 JULY 10, 2014 WARRANT LIST SUCCESSOR AGENCY OF THE, REDEVELOIPMENTAGENCY OF THI-, crry OF LAKE, ELSINORE' CTIECK4 VENDOR NAME AMOUNT WARRANT -TOTAL . . . . ............. �892512.58 GRAND TOTAL $ 2,58 8/412014 Warrant 07 10 14 SA RDA 1 of 1 JULY 2-112014 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDS ELOPMENT AGENCY OF SHE CITY OF LAKE ELSINORE rrrrin* Ai IND DESCRIPTION 'T'OTAL GRAND OTAL 15,134.70 8/4/2014 Warrant 07 24 14 SA RDA 1 of 1 JULY 24, 2014 WARRANT LIST SUCCESSOR AGENCY OF, THE RaUcVELOI>M-FNT AGENCY OF THE CITY OF LAKE ELSINORE CHECK# VENDOR NAME AMOUNT WMRANT TOTAL 15,134.7 GRAND TOTAL $ 15,134.70 8/4/2014 Warrant 07 24 14 SA RDA "+ of 1 CITY OP 3_A T,AO 7� DREAM E'TREME •�• r •^ a s � s• r � FROM: GRANT YATES EXECUTIVE DIRECTOR SUBJECT: WARRANT LIST DATED AUGUST 14, 2014 ►_ . It is recommended that the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Warrant List dated August 14, 2014 Discussion The warrant list is a listing of all general checks issued by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore since the prior Warrant List. Prepared By: Frances Ramirez Account Specialist II Reviewed By: Jason Simpson Administrative Services Director Approved By: Grant Yates City Manager Attachments: Warrant List 8-14-2014 AUGUST 14, 2014 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPNIEN'T AGENCY OF ITEE MY OF LAKE ELSINORE FUND# FUND DESCRITYrION TOTAL $ 51,711.00_ Gft,4ND TOTAL 51,71 .00 8/19t2014 Waa nt 08 14 14 SA RDA 1 Of 1 AUGUST 14, 2014, WARRANT LIST SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE F`tS�NORE CHECK# VENDOR NAME AMOUNT $ 51,711.00 GRAND TOTAL �$61�,71101 8119/2014 Warrant 08 14 14 SA RDA 1 Of 1 CIIy0) DIUAM 191'1tLME REPORT " a i •" �r a CITY -. FROM: LAKE ELSINORE GRANT DIRECTOREXECUTIVE SUBJECT: WARRANT LIST DATED AUGUST 29, 2014 It is recommended that the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Warrant List dated August 29, 2014 The warrant list is a listing of all general checks issued by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore since the prior Warrant List. Prepared By: Frances Ramirez Account Specialist II Reviewed By: Jason Simpson Administrative Services Director Approved By: Grant Yates City Manager Attachments: Warrant List 8-29-2014 AUGUST 29, 2014 WARRANT SUMMARY SUCCESSOR AGENCY 01 THE REDEVELOPMENT AGENCY OF THE crry OF LAKE ELSINOIi K'1INFU FUND DESCRIPTION TOTAL GRAND TOTAL 4,016,329.99 9/3/2014 Warrant 08 29 14 SA RDA i of 1 AUG ST 29, 2014 WARRANTUISF SUCCESSOR. AGENCY OFT ,HE REDEVELOPMENT AGENCY OF TI CITY OF LAKE; ELSINORE f_"P(_Vv VENDOR NAME AMOUNT WARRANT TOTAL.... ..... . . 13 �30998 ---------- --------- ---- - -- _-- - - ----- - - - -------- - 08/28/14 WIRE TRANSFER -UNION BANK . ..... . ...... ------- 7GRAND �TOTAL 9/312014 Warrant 08 29 14 SA RDA of OVERSIGHT BOARD OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: CHAIRMAN OSTER AND MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: SEPTEMBER 23, 2014 SUBJECT: INVESTMENT REPORT - DECEMBER 2013 THRU JULY 2014 Recommendation: That the Oversight Board receive and file the attached Investment Report Summaries. Discussion: Attached are the Investment Report Summaries of Pooled Cash and Investments of the Successor Agency for December 2013 and July 2014. Note that though such accounts include housing funds, all housing funds are held by the City as Successor Housing Agency. Prepared by: Attachments: Barbara Leibold, Successor Agency Counsel Investment Report Summaries — December 2013 January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 July 2014 Page 1 CITY OF '�'�v LADE F� LSIRO DREAM EXTREMEa REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE AGENCY CHAIRMAN AND MEMBERS OF THE SUCCESSOR AGENCY FROM: GRANT M. YATES EXECUTIVE DIRECTOR DATE: April 8, 2014 SUBJECT: INVESTMENT REPORT — DECEMBER 2013 Recommendation It is recommended that the Members of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Investment Report for December 2013. Discussion The Investment Report is a listing of all funds invested for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Prepared By: Nancy L. Lassey Finance Administrator Approved By: Jason P. Simpson Director of Administrative Services Approved By: Grant M. Yates Executive Director Attachments: Investment Report for December 2013 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF DECEMBER 31, 2013 I certify that this report accurately reflects all pooled Investments and it is in conformity with the Investment policy as approved by the Members of Successor Agency of the Redevelopment Agency on November 12, 2013. A copy of this policy is available In the office of the City Clerk. The pooled Investments shown above provide sufficient cash flow liquidity to meet the next six months estimated expenditures. March 31, 2014 Dlraclor of AdmiNstrattvo Sarvices Date Prepared by: N. Laasey, Finance Administrator BANK DEPOSITS OUTSTANG. BOOK ACTIVE ACCOUNTS BALANCE IN TRANSIT CHECKS _ 13ALANCE Bank of America - Successor Agency General $ 197,050 $ - $ - $ 197,050 Total Active Accounts ? r05, INVESTMENTS Successor: Successor Local Agency Investment Fund 3,726,285 - 3,726,285 Successor CAMP Pool Account 20,897 - - 20,897 Successor U.S. Treasury Bond / Notes 1,774,187 - 1,774,187 1,485,907 Successor Federal Agency Bond / Notes 1,465,907 - 1,592,631 Successor Corporate Notes 1,592,631 - 249,897 Successor Commercial Paper 249,697 __ _ 6,829,583 4 _ ~ w �-^ 8,829,583 Sub -total Investments Unrealized Gain/ (Lose) at 6.30-13 per GASB 31 (LAIF SUC) 3,&63 - 3,2113 Unrealized Galnl (Loss) at 6-30.13 per GASB 31 (CAMP SUC) yT,f143}_ ,.._�-.._..._.-„T__._=.- __...�_ 03} Unrealized Gaird (Loss) at 6-30-13 per GASB 31 (Total) Total investments 8,764,953 - 8,764,953 TOTAL POOLED CASH AND INVESTMENTS $ 6,902,004 I certify that this report accurately reflects all pooled Investments and it is in conformity with the Investment policy as approved by the Members of Successor Agency of the Redevelopment Agency on November 12, 2013. A copy of this policy is available In the office of the City Clerk. The pooled Investments shown above provide sufficient cash flow liquidity to meet the next six months estimated expenditures. March 31, 2014 Dlraclor of AdmiNstrattvo Sarvices Date Prepared by: N. Laasey, Finance Administrator SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING DECEMBER 31, 2013 Interest Rate 0.264% Beginning Balance Purchase Date Daily Not InoreasetDecreasa M turity Rate 24 -Hour Ending Balance 3,926,265 $ (200,000) $ 3,726,265 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF DECEMBER 31, 2013 FUND NAME Area I Area II Area III Housing Stadium Lease Trust Fund Total Pooled Cash & Investments AMOUNT $ 3,700,003 4,742,350 132,590 383,611 3,449 $ 8,962,004 CITY OF LAKE��•,,LSII` 0R,t DREAM EXTREME. REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE AGENCY CHAIRMAN AND MEMBERS OF THE SUCCESSOR AGENCY FROM: GRANT M. YATES EXECUTIVE DIRECTOR SUBJECT: INVESTMENT REPORT —JANUARY 2014 Recommendation It is recommended that the Members of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Investment Report for January 2014. Discussion The Investment Report is a listing of all funds invested for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Prepared By: Nancy L. Lassey Finance Administrator Approved By: Jason P. Simpson Director of Administrative Services Approved By: Grant M. Yates Executive Director Attachments: Investment Report for January 2014 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF JANUARY 31, 2014 BANK DEPOSITS OUTSTANG. BOOK ACTIVE ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank of America - Successor Agency General $ 5,436,404 $ - $ - $ 5,436,404 Total Active Accounts ______,_5436404 ........ �_ 5,436,404 INVESTMENTS Successor: Successor Local Agency Investment Fund 3,528,762 - 3,528,762 30,705 Successor CAMP Pool Account 30,705 1,774,187 - - - 1,774,187 Successor U.S. Treasury Bond I Notes 1,465,907 - 1,465,907 Successor Federal Agency Bond / Notes 1,592,631 - 1,592,631 Successor Corporate Notes 249,697 2491687 Successor Commercial Paper 8,641,888 .............. _ - 8,641,888 Sub -total Investments Unrealized Gain/ (Loss) at 6-30-13 per GASB 31 (LAIF SUC) 3,283 - - 3,283 Unrealized Gain/ (Loss) at 6-30-13 per GASB 31 (CAMP SUC) -----L67 913)_ Unrealized Gain/ (Loss) at 6-30-13 per GASB 31 (Total) (64,630) _ __- _ (64,630) Total Investments 8,577,259 - 8,577,259 $ 14,013,663 $ $ $ 14,013,663 TOTAL POOLED CASH AND INVESTMENTS $ 14,013,653 I certify that this report accurately reflects all pooled investments and it is in conformity vAth the investment policy as approved by the Members of Successor Agency of the Redevelopment Agency on November 12, 2013. A copy of this policy is available in the office of the City Clerk. The pooled investments shown above provide sufficient cash flow liquidity to meet the next six months estimated expenditures. Jason P. Simpson April 11 2014 Director of Administrative Services Date Prepared by: N. Lassey, Pinenee Administrator SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING JANUARY 31, 2014 Interest Rate Purchase Date Maturity Rate 0.244% Daily 24 -Hour Beginning Balance Net Increase/Decrease Ending Balance_ $ 3,726,265 $ (197,503) $ 3,528,762 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF JANUARY 31, 2014 FUND NAME Area I Area II Area III Housing Stadium Lease Trust Fund AMOUNT 5,194,079 6,053,316 740,886 1,674,387 350,994 Total Pooled Cash & Investments $ 14,013,663 CITYOF �� LASE ; LS1HORIE �% DREAM EXTREME. REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE FROM: GRANT M. YATES EXECUTIVE DIRECTOR DATE: MAY 13, 2014 Recommendation It is recommended that the Members of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Investment Report for February 2014. Discussion The Investment Report is a listing of all funds invested for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Prepared By: Nancy L. Lassey Finance Administrator Approved By: Jason P. Simpson Director of Administrative Services Approved By: Grant M. Yates Executive Director Attachments: Investment Report for February 2014 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF FEBRUARY 28, 2014 BANK DEPOSITS OUTSTANG. BOOK ACTIVE ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank of America - Successor Agency General $ 5,508,662 $ $ $ 5,508,662 Total Active Accounts 5,508,662 5,508,662 Successor: Successor Local Agency Investment Fund 2,028,762 - - 2,028,762 Successor CAMP Pool Account 36,930 - 36,930 Successor U.S. Treasury Bond / Notes 2,049,639 - - 2,049,639 Successor Federal Agency Band / Notes 1,216,241 - 1,216,241 Successor Corporate Notes 1,592,631 - 1,592,631 Successor Commercial Paper 249,697 - 249,697 Sub -total Investments 7,173,899 7,173,899 Unrealized Gain/ (Loss) at 6-30-13 (LAIF SUC) 3,283 3,283 Unrealized Gain/ (Loss) at 6-30-13 (CAMP SUC) (67,913) (67,913) Total Unrealized Gain/ (Loss) at 6-30-13 per GASB 3' (64,630) (64,630) Total Investments 7,109,269 - - 7,109,269 $ 12.617.931 r$•„__ $ $ 12,617.931 Cashier Drawers #1 & #2 0.00 City of Lake Elsinore Petty Cash Fund 0.00 TOTAL POOLED CASH AND INVESTMENTS $ 12,617,931 I certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approve by the Members of Successor Agency of the Redevelopment Agency on November 12, 2013. A copy of this policy is available in the office of the City Clerk. The pooled investments shown above provide sufficient cash flow liquidity to meet the next six months estimated expenditures. Jason P Simpson May 5 2014 Director of Administrative Services Date SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING FEBRUARY 28, 2014 Interest Rate Purchase Date Maturi Rate 0.236% Daily 24 -Hour Beginning Balance Net Increase/Decrease Ending Balance $ 3,528,762 $ (1,500,000) $ 2,028,762 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF FEBRUARY 28, 2014 FUND NAME Area I Area II Area III Housing Stadium Trust Fund AMOUNT $ 4,676,932 5,586,094 644,881 1,462,289 247,735 Total Pooled Cash & Investments $ 12,617,931 CITY OF LAKE tC LS1N0 BREAM EXTREME. REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE AGENCY CHAIRMAN AND MEMBERS OF THE SUCCESSOR AGENCY FROM: GRANT M. YATES EXECUTIVE DIRECTOR DATE: MAY 27, 2014 SUBJECT: INVESTMENT REPORT — MARCH 2014 Recommendation It is recommended that the Members of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Investment Report for March 2014. Discussion The Investment Report is a listing of all funds invested for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Although the report includes the housing fund account, all housing funds are held by the City as the Successor Housing Agency. Prepared By: Nancy L. Lassey Finance Administrator Approved By: Jason P. Simpson Director of Administrative Services Approved By: Grant M. Yates Executive Director Attachments: Investment Report for March 2014 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF MARCH 31, 2014 I certify that this report accurately reflects all pooled investments and It is in conformity with the investment policy as approve by the Members of Successor Agency of the Redevelopment Agency on November 12, 2013. A copy of this policy is available in the office of the City Clerk. The pooled investments shown above provide sufficient cash flow liquidity to meet the next six months estimated expenditures. Jason P. Simpson May 20, 2014 Director of Administrative Services Date BANK DEPOSITS OUTSTANG. BOOK ACTIVE ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank of America - Successor Agency General $ 5,437,890 $ (1,000) $ $ 5,436,890 Total Active Accounts 5,437,890 5,436,890 INVESTMENTS Successor: Successor Local Agency Investment Fund 2,028,762 2,028,762 Successor CAMP Pool Account 57,362 57,362 1,801,432 Successor U.S. Treasury Bond / Notes 1,801,432 1,603,699 Successor Federal Agency Bond / Notes 1,603,699 1,490,465 Successor Corporate Notes 1,490,465 Sub -total Investments 6,981,720 6,981,720 Unrealized Gain/ (Loss) at 6-30-13 (LAIF SUC) 3,283 3,283 Unrealized Gain/ (Loss) at 6-30-13 (CAMP SUC) (67,913) (67,913) Total Unrealized Gain/ (Loss) at 6-30-13 per GASB 3 (64,630) (64,630) Total Investments 6,917,090 - 6,917,090 12,354 981 $ (1,0001 $ =L&L13 353.981 Cashier Drawers #1 & #2 0'00 0.00 City of Lake Elsinore Petty Cash Fund TOTAL POOLED CASH AND INVESTMENTS $ 12 353.981 I certify that this report accurately reflects all pooled investments and It is in conformity with the investment policy as approve by the Members of Successor Agency of the Redevelopment Agency on November 12, 2013. A copy of this policy is available in the office of the City Clerk. The pooled investments shown above provide sufficient cash flow liquidity to meet the next six months estimated expenditures. Jason P. Simpson May 20, 2014 Director of Administrative Services Date SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING MARCH 31, 2014 Interest Rate Purchase Date Maturity Rate 0.236% Daily 24 -Hour Beginning Balance Net Increase/DecreaSe Ending Balance $ 2,028,762 $ $ 2,028,762 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF MARCH 31, 2014 FUND NAME Area I Area II Area III Housing Stadium Trust Fund AMOUNT $ 4,464,023 5,591,667 640,827 1,462,289 195,175 Total Pooled Cash & Investments $ 12,353,981 CITY OF LAKE �' LS1N0 E �VDREAM E?(TREME. REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE AGENCY CHAIRMAN AND MEMBERS OF THE SUCCESSOR AGENCY FROM: GRANT M. YATES EXECUTIVE DIRECTOR DATE: JUNE 10, 2014 SUBJECT: INVESTMENT REPORT —APRIL 2014 Recommendation It is recommended that the Members of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Investment Report for April 2014. Discussion The Investment Report is a listing of all funds invested for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Although the report includes the housing fund account, all housing funds are held by the City as the Successor Housing Agency. Prepared By: Nancy L. Lassey Finance Administrator Approved By: Jason P. Simpson Director of Administrative Services Approved By: Grant M. Yates Executive Director Attachments: Investment Report for April 2014 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF APRIL 30, 2014 BANK DEPOSITS OUTSTANG. BOOK ACTIVE ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank of America - Successor Agency General $ 3,134,072 $ $ $ 3,134,072 Total Active Accounts 3,134,072 3,134,072 Successor: Successor Local Agency Investment Fund 2,030,370 2,030,370 Successor CAMP Pool Account 12,874 12,874 2,194,837 Successor U.S. Treasury Bond / Notes 2,194,837 1,317,340 Successor Federal Agency Bond / Notes 1,317,340 Successor Corporate Notes 1,592,631 1,592,631 Sub -total Investments 7,148,051 7,148,051 Unrealized Gain/ (Loss) at 6-30-13 (LAIF SUC) 3,283 3,283 Unrealized Gain/ (Loss) at 6-30-13 (CAMP SUC) (67,913) (67,913) Total Unrealized Gain/ (Loss) at 6-30-13 per GASB 3 (64,630) Total Investments 7,083,422 7,083,422 10 217.493 Cashier Drawers #1 & #2 0.00 O.QO City of Lake Elsinore Petty Cash Fund TOTAL POOLED CASH AND INVESTMENTS $ 10 217.493 I certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approve by the Members of Successor Agency of the Redevelopment Agency on November 12, 2013. A copy of this policy is available in the office of the City Clerk. The pooled investments shown above provide sufficient cash flow liquidity to meet the next six months estimated expenditures. Jason P Simpson May 28, 2014 Director of Administrative Services Date SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING APRIL 30, 2014 Interest Rate Purchase Date Maturity Rate 0.233% Daily 24 -Hour Beginning Balance Net Increase/Decrease Ending Balance $ 2,028,762 $ 1,608 $ 2,030,370 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF APRIL 30, 2014 FUND NAME Area I Area II Area III Housing Stadium Trust Fund AMOUNT 4,330,112 5,028,630 595,485 171,513 91,753 Total Pooled Cash & Investments $ 10,217,493 CITY OF ..c,�. LAKE LSMCJR,.E DREAM EXTREME,. REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE �. •OWN-•- FROM: GRANT M. YATES EXECUTIVE DIRECTOR DATE: JULY 8, 2014 SUBJECT: INVESTMENT REPORT — MAY 2014 It is recommended that the Members of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Investment Report for May 2014. Discussion The Investment Report is a listing of all funds invested for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Although the report includes the housing fund account, all housing funds are held by the City as the Successor Housing Agency. Prepared By: Nancy L. Lassey Finance Administrator Approved By: Jason P. Simpson Director of Administrative Services Approved By: Grant M. Yates Executive Director Attachments: Investment Report for May 2014 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF MAY 31, 2014 ACTIVE ACCOUNTS Bank of America - Successor Agency General Total Active Accounts INVESTMENTS Successor: Successor Local Agency Investment Fund Successor CAMP Pool Account Successor U.S. Treasury Bond / Notes Successor Federal Agency Bond / Notes Successor Corporate Notes Sub -total Investments BANK DEPOSITS OUTSTANG. BOOK BALANCE IN TRANSIT CHECKS BALANCE $ 3,733,123 $ - $ (51,711) $ 3,681,412 3,733,123 - _ (51,711) 3,681,412 2,030,370 17,079 2,317,434 1,195,692 1,592,631 7,153,206 2,030,370 17,079 2,317,434 1,195,692 1,592,631 7,153,206 Unrealized Gain/ (Loss) at 6-30-13 (LAIF SUC) 3,283 Unrealized Gain/ (Loss) at 6-30-13 (CAMP SUC) (67,913) 3,283 (67,913) Total Unrealized Gain/ (Loss) at 6-30-13 per GASB 3 (64,630} (64,630) Total Investments 7,088,576 - 7,088,576 10 821 700 $ $ (51 711) $ 10 769 989 Cashier Drawers #1 & #2 City of Lake Elsinore Petty Cash Fund TOTAL POOLED CASH AND INVESTMENTS 0.00 0.00 $ 10,769,989 I certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approve by the Members of Successor Agency of the Redevelopment Agency on November 12, 2013. A copy of this policy is available in the office of the City Clerk. The pooled investments shown above provide sufficient cash flow liquidity to meet the next six months estimated expenditures. Jason P. Simpson June 27, 2014 Director of Administrative Services Date SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING MAY 31, 2014 Interest Rate Purchase Date Maturity Rate 0.228% Daily 24 -Hour Beginning Balance Net Increase/Decrease Ending Balance $ 2,030,370 $ $ 2,030,370 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF MAY 31, 2014 FUND NAME Area I Area II Area III Housing Stadium Trust Fund AMOUNT $ 4,329,031 5,007,002 590,027 803,888 40,042 Total Pooled Cash & Investments $ 10,769,989 CITY OF LAIJE LSI`iOE DREAM EXTREME - REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE AGENCY CHAIRMAN AND MEMBERS OF THE SUCCESSOR AGENCY FROM: GRANT M. YATES EXECUTIVE DIRECTOR DATE: AUGUST 12, 2014 SUBJECT: INVESTMENT REPORT — JUNE 2014 Recommendatlon It is recommended that the Members of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Investment Report for June 2014. The Investment Report is a listing of all funds invested for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Although the report includes the housing fund account, all housing funds are held by the City as the Successor Housing Agency. Prepared By: Nancy L. Lassey Finance Administrator Approved By: Jason P. Simpson Director of Administrative Services Approved By: Grant M. Yates Executive Director Attachments: Investment Report for.June 2014 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF JUNE 30, 2014 BANK DEPOSITS OUTSTANG. BOOK ACTIVE ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank of America - Successor Agency General $ 402,352 $ $ (10,002) $ 392,349 Total Active Accounts 402,352 (10,002) 392,349 INVESTMENTS Successor: Successor Local Agency Investment Fund 10,830,370 10,830,370 Successor CAMP Pool Account 21,717 21,717 Successor U.S. Treasury Bond / Notes 2,391,910 2,391,910 Successor Federal Agency Bond / Notes 1,245,013 1,245,013 Successor Corporate Notes 1,467,810 1,467,810 Sub -total Investments 15,956,818 15,956,818 Unrealized Gain/ (Loss) at 6-30-13 (LAIF SUC) 3,283 3,283 Unrealized Gain/ (Loss) at 6-30-13 (CAMP SUC) (67,913) _ (67,913) Total Unrealized Gain/ (Loss) at 6-30-13 per GASB 3 (64,630) (64,630) Total investments 15,892,189 15,892,189 $ 16,294,540 Cashier Drawers #1 & #2 0.00 City of Lake Elsinore Petty Cash Fund 0.00 TOTAL POOLED CASH AND INVESTMENTS $ 16,284,538 I certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approve by the Members of Successor Agency of the Redevelopment Agency on November 12, 2013. A copy of this policy is available in the office of the City Clerk. The pooled investments shown above provide sufficient cash flow liquidity to meet the next six months estimated expenditures. Jason P. Simpson July 28, 2014 Director of Administrative Services Date SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING JUNE 30, 2014 Interest Rate 0.228% Beginning Balance Purchase Date Daily Net Increase/Decrease Maturity Rate 24 -Hour Ending Balance 2,030,370 $ 8,800,000 $ 10,830,370 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF JUNE 30, 2014 FUND NAME Area I Area II Area III Housing Stadium Trust Fund Total Pooled Cash & Investments AMOUNT $ 5,865,711 6,561,193 1,268,057 1,889,268 700,309 $ 16,284,538 CITY OF LAKE tom' S11 i0RE DREAM EXTREME. REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE AGENCY CHAIRMAN AND MEMBERS OF THE SUCCESSOR AGENCY FROM: GRANT M. YATES EXECUTIVE DIRECTOR DATE: AUGUST 26, 2014 SUBJECT: SUCCESSOR INVESTMENT REPORT —JULY 2014 Recommendation Staff recommends that the Members of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Investment Report for July 2014. Discussion The Investment Report is a listing of an funds invested for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Although the report includes the housing fund account, all housing funds are held by the City as the Successor Housing Agency. Prepared By: Nancy L. Lassey Finance Administrator Approved By: Jason P. Simpson Director of Administrative Services Approved By: Grant M. Yates Executive Director Attachments: Investment Report for July 2014 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF JULY 31, 2014 I certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approved by the Members of Successor Agency of the Redevelopment Agency on November 12, 2013. A copy of this policy is available in the office of the City Clerk. The pooled investments shown above provide sufficient cash flow liquidity to meet the next six months estimated expenditures. Jason P Simpson August 18, 2014 Director of Administrative Services Date BANK DEPOSITS OUTSTANG. BOOK ACTIVE ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank of America - Successor Agency General $ 484,702 $ $ $ 484,702 Total Active Accounts 484,702 484,702 INVESTMENTS Successor: Successor Local Agency Investment Fund 8,831,543 8,831,543 Successor CAMP Pool Account 43,719 43,719 Successor U.S. Treasury Bond / Notes 2,457,491 2,457,491 Successor Federal Agency Bond/ Notes 1,162,265 1,162,265 Successor Corporate Notes 1,467,810 1,467,810 Sub -total Investments 13,962,828 13,962,828 Unrealized Gain/ (Loss) at 6-30-13 (LAIF SUC) 3,283 3,283 Unrealized Gain/ (Loss) at 6-30-13 (CAMP SUC) (67,913) (67,913) Total Unrealized Gain/ (Loss) at 6-30-13 per GASB 3' (64,630) (64,630) Total Investments 13,898,198 13,898,198 $ 14.382,900 $ $ $ 14 382.900 Cashier Drawers #1 & #2 0.00 City of Lake Elsinore Petty Cash Fund 0.00 TOTAL POOLED CASH AND INVESTMENTS 14 382,900 I certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approved by the Members of Successor Agency of the Redevelopment Agency on November 12, 2013. A copy of this policy is available in the office of the City Clerk. The pooled investments shown above provide sufficient cash flow liquidity to meet the next six months estimated expenditures. Jason P Simpson August 18, 2014 Director of Administrative Services Date SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING JULY 31, 2014 Interest Rate Purchase Date Maturity Rate 0,244% Daily 24 -Hour Beginning Balance Net Increase/Decrease Ending Balance $ 10,830,370 $ (1,998,827) $ 8,831,543 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF JULY 31, 2014 FUND NAME Area I Area II Area III Housing Stadium Trust Fund AMOUNT $ 5,617,485 6,130,092 1,208,002 801,576 625,745 Total Pooled Cash & Investments $ 14,382,900 OVERSIGHT BOARD OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: CHAIRMAN OSTER AND MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: SEPTEMBER 23, 2014 SUBJECT: RECEIVE AND FILE LAKE ELSINORE REDEVELOPMENT AGENCY — ASSET TRANSFER REVIEW REPORT Recommendation Receive and file the Lake Elsinore Redevelopment Agency ("RDA") Asset Transfer Review Report for the period January 1, 2011 through January 31, 2012 issued be the California State Controller's office. Background Pursuant to Health and Safety Code section 34167.5, the State Controller's Office (SCO) reviewed all asset transfers made by the Lake Elsinore Redevelopment Agency (RDA) to the City of Lake Elsinore (City) or any other public agency after January 1, 2011. This statutory provision states, "The Legislature hereby finds that a transfer of assets by a redevelopment agency during the period covered in this section is deemed not to be in furtherance of the Community Redevelopment Law and is thereby unauthorized." Therefore, their review included an assessment of whether each asset transfer was allowable and whether the asset should be turned over to the Successor Agency. The review applied to all assets including but not limited to, real and personal property, cash funds, accounts receivable, deeds of trust and mortgages, contract rights, and rights to payment of any kind. Discussion Attached is the final report of the State Controller's Office with respect to the dissolution of the former Redevelopment Agency of the City of Lake Elsinore. The purpose of the State Controller's Office Asset Transfer Review was to determine whether the former Redevelopment Agency made any transfers after January 1, 2011 in violation of state law applicable to such transfers. The report finds that no transfers were made in violation of applicable law, and therefore does not order any funds or other assets returned. Page 1 Lake Elsinore Redevelopment Agency — Asset Transfer Review September 23, 2014 Page 2 This is very good news, and means that all loan and other payments made to the City by the former Redevelopment Agency are no longer subject to return or forfeiture. As you recall, both the Department of Finance and the State Controller's Office were required to perform "audits" of transfers by the former Redevelopment Agency going back to January 1, 2011. Lake Elsinore has now received final approval of the audits from both the DOF and the SCO and no illegal transfers were found by either agency. FISCAL IMPACT None. The State Controller's review found that the RDA transferred $121,118,540 in assets to the Successor Agency after January 1, 2011. The State Controller's office did not identify any unallowable transfers that occurred during the review period between the RDA, the City, and/or any other public agency. Prepared by: Barbara Leibold, Successor Agency Counsel Attachment: Lake Elsinore Redevelopment Agency — Asset Transfer Review (PDF) Page 2 LAKE ELSINORE REDEVELOPMENT AGENCY ASSET TRANSFER REVIEW Review Report January 1, 2011, through January 31, 2012 JOHN CHIANG California State Controller August 2014 a JOHN CHIANG C�ttli#nt•ttirx �#�tte C�nrttrnllex August 20, 2014 Nancy Lassey, Finance Manager Lake Elsinore Successor Agency 130 S. Main Street Lake Elsinore, CA 92530 Dear Ms. Lassey: Pursuant to Health and Safety Code section 34167.5, the State Controller's Office (SCO) reviewed all asset transfers made by the Lake Elsinore Redevelopment Agency (RDA) to the City of Lake Elsinore (City) or any other public agency after January 1, 2011. This statutory provision states, "The Legislature hereby finds that a transfer of assets by a redevelopment agency during the period covered in this section is deemed not to be in furtherance of the Community Redevelopment Law and is thereby unauthorized." Therefore, our review included an assessment of whether each asset transfer was allowable and whether the asset should be turned over to the Successor Agency Our review applied to all assets including but not limited to, real and personal property, cash funds, accounts receivable, deeds of trust and mortgages, contract rights, and rights to payment of any kind. We also reviewed and determined whether any unallowable transfers of assets to the City or any other public agency have been reversed. Our review found that the RDA transferred $121,118,540 in assets to the Successor Agency after January 1, 2011. We did not identify any unallowable transfers that occurred during the review period between the RDA, the City, and/or any other public agency. If you have any questions, please contact Elizabeth Gonzalez, Chief, Local Government Compliance Bureau, by telephone at (916) 324-0622. Sincerely, Original signed by JEFFREY V. BROWNFIELD, CPA Chief, Division of Audits JVB/kw Nancy Lassey, Finance Manager -2- cc: Paul Angulo, Auditor -Controller Riverside County David Botelho, Program Budget Manager California Department of Finance Richard J. Chivaro, Chief Legal Counsel State Controller's Office Elizabeth GonzAlez, Bureau Chief Division of Audits, State Controller's Office Betty Moya, Audit Manager Division of Audits, State Controller's Office Shadi Ahmadi, Auditor -in -Charge Division of Audits, State Controller's Office August 20, 2014 Lake Elsinore Redevelopmeni Agency tassel Transfer Review Contents Review Report Views of Responsible Official........................................................................................... 2 RestrictedUse.................................................................................................................... 2 Lake Elsinore Redevelopment Agency Asse[ Transfer Review Asset Transfer Review Report Summary The State Controller's Office (SCO) reviewed the asset transfers made by the Lake Elsinore Redevelopment Agency (RDA) after January 1, 2011. Our review included, but was not limited to, real and personal property, cash funds, accounts receivable, deeds of trust and mortgages, contract rights, and rights to payments of any kind from any source. Our review found that the RDA transferred $121,118,540 in assets to the Successor Agency after January 1, 2011. We did not identify any unallowable transfers that occurred during the review period between the RDA, the City of Lake Elsinore (City), and/or any other public agency. Background In January of 2011, the Governor of the State of California proposed statewide elimination of redevelopment agencies (RDAs) beginning with the fiscal year (FY) 2011-12 State budget. The Governor's proposal was incorporated into Assembly Bill 26 (ABXI 26, Chapter 5, Statutes of 2011, First Extraordinary Session), which was passed by the Legislature, and signed into law by the Governor on June 28, 2011. ABXI 26 prohibited RDAs from engaging in new business, established mechanisms and timelines for dissolution of the RDAs, and created RDA successor agencies and oversight boards to oversee dissolution of the RDAs and redistribution of RDA assets. A California Supreme Court decision on December 28, 2011 (California RedeveloRmenl Association et al. v. Alwosanlos), upheld ABXI 26 and the Legislature's constitutional authority to dissolve the RDAs. ABX1 26 was codified in the Health and Safety (H&S) Code beginning with section 34161. 1I&S Code section 34167.5 states in part, "... the Controller shall review the activities of redevelopment agencies in the state to determine whether an asset transfer has occurred after January 1, 2011, between the city or county, or city and county that created a redevelopment agency or any other public agency, and the redevelopment agency." The SCO identified asset transfers that occurred after January 1, 2011, between the RDA, the City and/or any other public agency. By law, the SCO is required to order that such assets, except those that already had been committed to a third party prior to .lune 28, 2011, the effective date of ABXI 26, be turned over to the Successor Agency. In addition, the SCO may file a legal action to ensure compliance with this order. -1- Lake Elsinore Redevelopment Agency Asset Transfer Review Objective, Scope, Our review objective was to determine whether asset transfers that and Methodology occurred after January 1, 201 land the date upon which the RDA ceased to operate, or January 31, 2012, whichever was earlier, between the city or county, or city and county that created an RDA, or any other public agency, and the RDA, were appropriate. We performed the following procedures: • Interviewed Successor Agency personnel to gain an understanding of the Successor Agency's operations and procedures. • Reviewed meeting minutes, resolutions, and ordinances of the City, the RDA, the Successor Agency, and the Oversight Board. • Reviewed accounting records relating to the recording of assets. • Verified the accuracy of the Asset "Transfer Assessment Form. This form was sent to all former RDAs to provide a list of all assets transferred between January 1, 2011, and January 31, 2012. • Reviewed applicable 'financial reports to verify assets (capital, cash, property, etc.). Conclusion Our review found that the Lake Elsinore Redevelopment Agency (RDA) transferred $121,118,540 in assets to the Successor Agency after January 1, 2011. We did not identify any unallowable transfers that occurred during the review period between the RDA, the City, and/or any other public agency. Views of At an exit conference on June 26, 2014, we discussed the review results Responsible with Jason Simpson, Director of Administrative Services, who agreed with the review results. Mr. Simpson further agreed that a draft review Official report was not necessary and that the report could be issued as final. Restricted Use This report is solely for the information and use of the City of Lake Elsinore, the Successor Agency, the Oversight Board, and the SCO; it is not intended to be and should not be used by anyone other than these specified parties. This restriction is not intended to limit distribution of this report, which is a matter of public record when issued final. Original signed by JEFFREY V. BROWNFIELD, CPA Chief, Division of Audits August 20, 2014 -2- State Controller's Office Division of Audits Post Office Box 942850 Sacramento, CA 94250-5874 http://Nvww.sco.ca.gov S 14-RDI3-910 REPORT TO OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: CHAIRMAN OSTER AND MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: SEPTEMBER 23, 2014 SUBJECT: SECOND AMENDMENT (2015) TO STADIUM INTERIM MANAGEMENT AGREEMENT Recommendation It is recommended that the Oversight Board approve and adopt: Resolution No. OB -2014-005 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE SECOND AMENDMENT (2015) TO THE STADIUM INTERIM MANAGEMENT AGREEMENT BETWEEN THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE AND THE LAKE ELSINORE STORM Background In 2001 and 2002, the Redevelopment Agency entered into certain agreements involving the operation and maintenance of the Lake Elsinore Diamond Stadium, including a License Agreement, a Stadium Field And Maintenance Agreement, and a Concession License Agreement (collectively, the "Stadium Operations Contracts"). Pursuant to the Stadium Operations Contracts, the Storm licensed and maintained the Stadium for baseball games and other Storm events. An affiliate of the Storm, Golden State Concessions and Catering, Inc. ("Golden State"), operated the concessions at the Stadium. Under the Stadium Operations Contracts, the Agency's management, operation and maintenance costs were significant and the Stadium operated at a loss. In 2005, the Agency commenced negotiations with Diamond Stadium Group (DSG) to undertake all of the Stadium operations, maintenance and management responsibilities. Storm LP, Golden State and DSG share common controlling ownership. Negotiations between the Agency and DSG resulted in June 2007 amendments to the Stadium Operations Contracts and a new Stadium License, Lease and Management Agreement (the "2007 Management Agreement"). DSG fulfilled all aspects of the 2007 Management Agreement which reduced the Agency's Stadium -related costs. However, DSG reported annual losses under the 2007 Page 1 Second Amendment (2015) to Interim Stadium Management Agreement September 23, 2014 Page 2 Management Agreement and in June 2011 chose to exercise its right to terminate the 2007 Management Agreement effective December 31, 2012. Upon termination of the 2007 Management Agreement, the rights and responsibilities for Stadium management, operations and maintenance were again divided in accordance with the Stadium Operations Contracts; however, at that time, the Successor Agency did not have the resources to satisfactorily perform its obligations. On December 11, 2012, the Successor Agency approved the Stadium Interim Management Agreement ("Interim Agreement') to provide for the efficient and cost effective management, maintenance and operation of the Stadium by the Storm through 2013. A First Amendment to the Interim Agreement was approved in September 2013. The First Amendment to Interim Agreement is set to expire on December 31, 2014 at which time the burden of maintaining, managing and operating Diamond Stadium under the Stadium Operations Contracts would fall onto the Successor Agency. Discussion Pursuant to the Dissolution Act and provisions of AB 1484, the Successor Agency has prepared a Recognized Obligation Payment Schedule for the period from January 1, 2015 through June 30, 2015 (the 'BOPS 14-15B") which lists, among other things, as enforceable obligations of the Successor Agency, the obligations related to the (i) Concession Agreement; (ii) License Agreement; (iii) Maintenance Agreement; (iv) Stadium operations and maintenance obligations, and (v) the Interim Agreement. Consistent with the legislative authorization contained in AB 1484 allowing successor agencies to enter into enforceable obligations for the purpose of maintaining the assets of the former Redevelopment Agency, a Second Amendment to the Interim Agreement has been prepared to provide for the continued, efficient and cost effective management, maintenance and operation of the Stadium through 2015. Successor Agency staff believes that approval of the attached Second Amendment (2015) to the Stadium Interim Management Agreement will ensure that the "Lake Elsinore Storm" can continue to play its home baseball games at the Stadium consistent with the Stadium Operations Contracts and that the Stadium will be maintained and managed in a first class condition on a continual basis throughout the 2015 calendar year. The Storm continues to possess the experience, capabilities and qualifications to best carry out these obligations. Interim Management Agreement - The Interim Stadium Management Agreement as amended by the proposed Second Amendment incorporates the obligations under the Stadium Operations Contracts and provides for a Capital Improvement Schedule. During the 2015 term of the Second Amendment, compensation to the Storm for the performance of the maintenance, management and operations services shall be as follows: Page 2 Second Amendment (2015) to Interim Stadium Management Agreement September 23, 2014 Page 3 (a) Assignment of GRCS Concession Fee. Successor Agency assigns Successor Agency's right to payment of the GRCS Concession Fee under the Concession Agreement to the Storm during the 2015 term, estimated at $34,000 annually; and (b) Waiver of License Fee. Successor Agency waives Successor Agency's right to payment of the License Fee in the amount of $489,494 under the License Agreement during 2015 as an offset against the payments due by the Successor Agency to the Storm; and (c) Payment of Maintenance Fee. Successor Agency shall pay the Annual Maintenance Fee in the amount of $228,515 under the Stadium Field And Maintenance Agreement during 2015; and. (d) Payment of Additional Interim Management Fee. Successor Agency shall pay to Storm $391,822, payable in equal monthly installments ("Additional Interim Management Fee"). The Maintenance Fee along with the Additional Interim Management Fee will result total cash payment from the Successor Agency to the Storm of $620,337 as consideration for services provided under the Stadium Operations Contracts and the Interim Stadium Management Agreement as amended by the Second Amendment, which aggregate amount shall be payable in equal monthly installments of $51,695. The Successor Agency continues to be responsible for all Capital Repairs and alterations consistent with the Stadium Operations Contracts. Given that the Stadium is 20 years old, it is expected that Capital Repairs will be significant over the next few years. In connection with the preparation and negotiation of the Second Amendment, the City's Building Official and Finance Manager surveyed the Stadium with representatives of The Storm and agreed upon necessary Capital Repairs. Quotes or estimates for the costs of such Capital Repairs were also obtained. The Second Amendment provides for proposed 2015 Capital Repairs of $1,912,200. The Second Amendment includes a 2 year Capital Repair schedule, which will be updated annually or, if necessary, semi-annually in accord with future ROPS. Capital Repairs for the ROPS 14-15B period (January 1, 2015 through June 30, 2015) are estimated to be $794,700, which includes (but is not limited to service road repairs, fire and surveillance equipment, retrofitting of the sprinkler system, a new fairway mower, and a lighting retrofit for the front office/concourse/concessions area. The Second Amendment is subject to the approval of DOF. Following approval by the Successor Agency and the Oversight Board, the Second Amendment and the ROPS 14-15B will be submitted to the Department of Finance (DOF). Page 3 Second Amendment (2015) to Interim Stadium Management Agreement September 23, 2014 Page 4 Fiscal Impact The ROPS 14-15B to be considered by Oversight Board and the DOF provides for an allocation of Real Property Tax Trust Funds to cover the Successor Agency obligations for the period of January 1, 2015 through June 30, 2015. The ROPS 15-16A (for the second half of calendar year 2015) will be prepared to similarly reflect these obligations which will be presented to the Oversight Board and DOF and upon approval will provide funds for the second six months of the term of the Second Amendment. Prepared by: Barbara Leibold, Successor Agency Counsel Attachments: Second Amendment (2015) to Stadium Interim Management Agreement Page 4 RESOLUTION NO. OB -2014-005 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE SECOND AMENDMENT (2015) TO THE STADIUM INTERIM MANAGEMENT AGREEMENT BETWEEN THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE AND THE LAKE ELSINORE STORM LP 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 in accordance with the California Health and Safety Code; and WHEREAS, by adoption of its Resolution No. OB 2012-013 on December 11, 2012, the Oversight Board approved the Stadium Interim Management Agreement dated January 1, 2013 by and between the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore and the Lake Elsinore Storm LP (the "Interim Agreement') and following such approval by the Oversight Board and the Successor Agency, the Interim Agreement was submitted to and reviewed by the State Department of Finance; and WHEREAS, by adoption of its Resolution No. OB 2013-007 on September 24, 2013, the Oversight Board approved the First Amendment to Stadium Interim Management Agreement dated January 1, 2014 by and between the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore and the Lake Elsinore Storm LP (the "First Amendment') and following such approval by the Oversight Board and the Successor Agency, the First Amendment was submitted to and reviewed by the State Department of Finance; and WHEREAS, pursuant to Health and Safety Code Section 34169 the Successor Agency prepared and adopted 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 34167 for six month periods including July 1, 2014 through December 31, 2014 (the 'BOPS 14-15A") which listed, among other things, as enforceable obligations of the Successor Agency, the following obligations related to the Lake Elsinore Diamond Stadium (the "Stadium"): (i) Concession Agreement; (ii) License Agreement; (iii) Maintenance Agreement; (iv) Stadium operations and maintenance obligations, and (v) the Interim Agreement; and WHEREAS, by adoption of its Resolution No. OB 2014-002 on February 25, 2014, the Oversight Board approved the ROPS 14-15A and following such approval by the Oversight Board and the Successor Agency the ROPS 14-15A was approved by the State Department of Finance; and OVERSIGHT BOARD RESOLUTION NO. OB 2014-005 Page 2 WHEREAS, the First Amendment has been successfully implemented during calendar year 2014 to provide for efficient and cost effective management, maintenance and operation of the Diamond Stadium but, absent an Amendment, the First Amendment will expire on December 31, 2013; and WHEREAS, consistent with the legislative authorization contained in AB 1484 allowing successor agencies to enter into enforceable obligations for the purpose of maintaining the assets of the former redevelopment agency, the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore seeks to provide for the continued, efficient and cost effective management, maintenance and operation of the Stadium and to retain the Storm to carry out such continuing obligations on an interim basis for calendar year 2015 in accordance with the proposed Second Amendment (2015) to the Interim Agreement; and WHEREAS, pursuant to Health and Safety Code Section 34169 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 34167 for the six month period January 2015 — June 2015 (the "ROPS 14-1513") which lists, among other things, as enforceable obligations of the Successor Agency, the following obligations related to the Lake Elsinore Diamond Stadium (the "Stadium"): (i) Concession Agreement; (ii) License Agreement; (iii) Maintenance Agreement; (iv) Stadium operations and maintenance obligations, and (v) the Interim Agreement (as amended by the proposed Second Amendment (2015)) has been prepared for approval by the Successor Agency and the Oversight Board on September 23, 2014. 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. Based on the information presented in the staff report and testimony received, the Oversight Board finds (i) that the proposed Second Amendment (2015) to the Interim Agreement is reasonable and necessary to satisfy the Successor Agency's enforceable obligations and to protect and maintain the assets of the former Redevelopment Agency, (ii) that Real Property Tax Trust Fund (RPTTF) revenues set forth in the ROPS 14-15B include funds necessary to meet the Successor Agency's enforceable obligations with respect to the Stadium, including the proposed Second Amendment (2015) to the Interim Agreement, and (iii) that the Second Amendment (2015) to the Interim Agreement is in the best interests of the taxing entities. Based on the above findings, the Oversight Board approves the Second Amendment (2015) to the Stadium Interim Management Agreement by and between the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore and the Lake Elsinore Storm LP in substantially the form attached and in such final form as approved by the Successor Agency. OVERSIGHT BOARD RESOLUTION NO. OB 2014-005 Page 3 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 Oversight Board hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof. SECTION 4. This Resolution shall take effect from and after the date of its passage and adoption in accordance with applicable law. PASSED, APPROVED AND ADOPTED at a regular meeting of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, held this 23rd day of September, 2014 by the following vote: AYES: NOES: ABSENT: ABSTAIN: Genie Kelley, Vice Chairperson Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore APPROVED AS TO FORM: Phillip Greer, Oversight Board Counsel ATTEST: Virginia J. Bloom, Oversight Board Secretary SECOND AMENDMENT (2015) TO STADIUM INTERIM MANAGEMENT AGREEMENT THIS SECOND AMENDMENT (2015) TO STADIUM INTERIM MANAGEMENT AGREEMENT (this "Amendment'), dated for identification as of September 23, 2014, is made by and between the SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE ("Successor Agency"), and the LAKE ELSINORE STORM LP, a California limited partnership ("Storm"). RECITALS The following recitals are a substantive part of this Amendment: A. The Successor Agency and the Storm entered into that certain Stadium hnterim Management Agreement dated January 1, 2013 (the "Interim Agreement') to provide for the performance by the Storm of certain maintenance, upkeep, and operations of the Premises (as defined in the Interim Agreement). Capitalized terms used herein which are not otherwise defined herein shall have the meaning ascribed to them in the Interim Agreement. B. The Interim Agreement was successfully implemented during calendar year 2013 to provide for efficient and cost effective management, maintenance and operation of the Premises. C. Iu order to provide for the efficient and cost effective management, maintenance and operation of the Premises for calendar 2014, the Successor Agency and the Storm entered into that certain First Amendment (2014) to Stadium Interim Management Agreement dated September 24, 2013 (the "First Amendment'). D. The obligations set forth in the Interim Agreement and the Fust Amendment have been included in prior Recognized Obligation Payment Schedules approved by the Successor Agency, the Oversight Board of the Successor Agency ("Oversight Board") and the Department of Finance ("DOF"). E. The First Amendment will expire on December 31, 2014 and the parties desire to enter into this Second Amendment to provide for the efficient and cost effective management, maintenance and operation of the Premises for calendar 2015. F. In accordance with AB 1484, a Recognized Obligation Payment Schedule will be adopted for the period from January I, 2015 through June 30, 2015 (herein referred to as the "ROPS 14-1513") and for all subsequent Recognized Obligation Payment Schedule periods. AB 1484 sets forth the review period and authority of DOF to review and approve Recognized Obligation Payment Schedules. G. On September 23, 2014, the Oversight Board and the Successor Agency will consider approval and adoption of the ROPS 14-15B which includes the obligations set forth in this Amendment and lists, among other things, as enforceable obligation of the Successor Second Amendment to Stadium Interim Management Agt 091814 Agency, the following obligations related to the Premises as more fully described and referenced therein: (i) Concession License Agreement, as amended ("Concession Agreement"); (ii) License Agreement, as amended ("License Agreement'); (iii) Stadium Field and Maintenance Agreement, as amended ("Maintenance Agreement'); (iv) Stadium operations and maintenance obligations; and (v) The Stadium Interim Management Agreement. H. Following approval of the ROPS 14-15B by the Oversight Board and the Successor Agency, the ROPS 14-15B will be transmitted to the DOF for its review and approval. 1. Consistent with the legislative authorization contained in A131484 allowing successor agencies to enter into enforceable obligations for the purpose of maintaining the assets of the former Redevelopment Agency, the Successor Agency seeks to provide for the continued efficient and cost effective management, maintenance and operation of the Premises for calendar year 2015 and to retain the Storm which possesses the experience and qualifications to carry out such continuing obligations on an interim basis so as to ensure that the "Lake Elsinore Storm," a single "A" baseball team which is a member of the California League of the National Association of Professional Baseball and owned by Storm LP, continue to play its home baseball games at the Stadium. J. In furtherance of the purpose and intentions of the parties as with respect to the hrterim Agreement, the parties hereto agree to amend the Interim Agreement as provided herein. AGREEMENT NOW THEREFORE, in consideration of the foregoing Recitals and the terms contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties do hereby agree as follows: 1. Term of Agreement; Termination. Section 6 of the Interim Agreement, entitled "Term of Agreement; Termination," is hereby deleted in its entirety and replaced with the following: 6. Tenn of Agreement; Termination 6.1. Term. The terns of the Interim Agreement (hereinafter the "Term") shall commence on the Effective Date and shall, unless earlier terminated in accordance with Sections 6.2, 19, or 20 hereof, automatically terminate on December 31, 2015. 6.2. Rights of Termination Prior to Commencement and Expiration of the Term Second Amendment to Stadium Interim Management Agl 091814 - 2 - (a) January 1, 2015 Termination. Successor Agency may terminate this Interim Agreement prior to the Commencement Date, by giving written notice thereof to the Storm no later than November 30, 2014. (b) June 30, 2015 Termination. Successor Agency may terminate this Interim Agreement effective as of June 30, 2015, by giving written notice thereof to the Storm no later than May 30, 2015. (c) Default. The Successor Agency and Storm shall have the right to terminate this Interim Agreement as a result of an uncured Default hereunder. Any such termination shall be trade in accordance with Sections 19 or 20. (d) Party's Property and Offset. Upon termination of this Interim Agreement under this Section 6.2, all materials and equipment purchased by either party hereunder in connection with this Interim Agreement shall remain that party's property. In addition, the Storm shall be entitled to an offset for all of the Storm's services rendered hereunder through the effective date of any such termination. (e) Effect of Termination. Notwithstanding the termination of this Interim Agreement pursuant to this Section 6.2, the provisions of Stadium Operations Contracts shall rernain in full force and effect. 2. Compensation. Section 7 of the Interim Agreement, entitled "Compensation," is hereby deleted in its entirety and replaced with the following: 7. Compensation 7.1. Stadium Operations Contracts Compensation Recap. Pursuant to the Stadium Operations Contracts, the Storm and/or the Successor Agency are entitled to compensation during the Term as follows: (a) 2015 License Fee: Under the License Agreement, the Storm is required to pay to the Successor Agency a License Fee in the amount of $489,494 for 2015. (b) Percentage of Concessions: Under the Concession Agreement, the Storm's affiliate, Golden State, is required to pay Successor Agency a percentage of the GRCS pursuant to Section 6 thereof (the "GRCS Concession Fee."). (c) Annual Maintenance Fee: Under the Maintenance Agreement, Successor Agency is required to pay Storm an Annual Maintenance Fee of $228,515 for 2015. 7.2. Storm Compensation January 1, 2015 — December 31, 2015. Commencing upon the Commencement Date (January 1, 2015) and continuing through the expiration of the Term (December 31, 2015) and as consideration for the performance of the services set forth herein, the Storm shall be compensated as follows: (a) Assignment of GRCS Concession Fee. Successor Agency hereby assigns Successor Agency's right to payment of the GRCS Concession Fee under Second Amendment to Stadium Inlerim Management Agl 091914 -3 - the Concession Agreement to the Storm during the "Term, estimated at $34,000 annually; and (b) Waiver of License Fee. Successor Agency hereby waives Successor Agency's right to payment of the License Fee under the License Agreement during the Term as an offset against the payments due by the Successor Agency to the Storm hereunder; and (c) Payment of Maintenance Fee. Successor Agency shall continue to pay the Annual Maintenance Fee as identified in Section 7.1(d) (i.e., $228,515. (d) Payment of Additional Interim Management Fee. Successor Agency shall pay to Storm $391,822, payable in equal monthly installments ("Additional Interim Management Fee"). The Maintenance Fee along with the Additional Interim Management Fee will result total cash payment from the Successor Agency to the Stone of $620,337 as consideration for services provided under the Stadium Operations Contracts and this Interim Agreement, which aggregate amount shall be payable in equal monthly installments of $51,695. The Storm acknowledges and agrees that in no event will the Agency be required to provide the Storm with any other form of payment for performance of the services as provided in this Interim Agreement. The parties acknowledge that the historic operating costs of the Stadium equal or exceed the compensation due to Storm hereunder and that it is in each of the party's best interests to enter into this Agreement for the efficient use and operation of the Stadium. 3. Capital Repairs. Section 8 of the Interim Agreement, entitled "Capital Repairs," is hereby deleted in its entirety and replaced with the following: "8. Capital Repairs. Capital Repairs shall be governed by the applicable provisions of the Stadium Operations Contracts. A Two -Year Capital Repair Schedule with estimated costs budgeted for ROPS 14-1513, 15-16A, 15-16B and 16-17A is set forth in Exhibit "C" attached hereto and incorporated by reference herein. The Successor Agency's Executive Director or designee ("Executive Director") will designate certain Capital Projects that shall be subject to the Department of Public Works' direct administration of the bid process and award of contract consistent with the applicable legal requirements. The Storm will undertake and complete such other Capital Repairs as set forth in Exhibit "C" as are mutually agreed. To the extent that The Storm undertakes such other Capital Repairs not undertaken by the Successor Agency, 'The Storm shall obtain not less than three (3) bids from qualified contractors unless otherwise excused by the Executive Director. Without limiting the Executive Director's discretion, the bidding requirement herein may be excused in situations involving emergencies and sole second Amendment to Stadium Interim Management Agt 091814 - 4 - source contractors. hi addition, The Storm acknowledges the general requirement that certain Capital Repairs are subject to the requirements of California Labor Code Section 1720, et seq., and 1770, et seq., as well as California Code of Regulations, Title 8, Section 16000, et seq., ("Prevailing Wage Laws"), which require the payment of prevailing wage rates with respect to certain capital improvements, repairs and maintenance work paid for in whole or in part out of public funds. Accordingly, The Storm agrees to, in the administrative of the bidding and contractor selection process, inform prospective bidders of the requirement to comply with the Prevailing Wage Laws. The Storm may confer with the Executive Director and seek direction with respect to whether or not a certain Capital Repair is subject to the Prevailing Wage Law. Prior to The Storm awarding a contract for a Capital Repair to a qualified contractor, the Executive Director shall: (i) confirm that The Storm has followed the proper bidding procedures for selection of a contractor; and (ii) approve the selection of the contractor and the form of any agreement between The Storm and the contractor. Upon completion of the Capital Repair (or a component thereof supporting a deposit or in -progress reimbursement), The Storm shall deliver to the Executive Director a written reimbursement request and supporting documentation (such as third party invoices, lien releases and cancelled checks). To the extent that the reimbursement request is for a completed Capital Repair, The Storm shall, if applicable, submit as -built drawings or similar plans and specifications for the items to be reimbursed." 4. Accuracy of Recitals. The Parties acknowledge the accuracy of the foregoing Recitals, which are incorporated herein by this reference. 5. Authority; Priority of Amendment. This Amendment is executed by the Parties' authorized representatives. Except as expressly modified herein, all of the terms of the Interim Agreement shall remain unchanged and in full force and effect, and the Parties shall continue to fulfill their respective obligations under the Interim Agreement as amended by this Amendment. To the extent of any conflict between the terms of the Interim Agreement and the terms of this Amendment, the terms of this Amendment shall control. 8. Captions. The captions appearing in this Amendment are for convenience only and are not a part of this Amendment and do not in any way limit, amplify, define, construe, or describe the scope or intent of the terms or provisions of this Amendment. 9. Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute but one and the same document. 10. Commencement Date. Unless earlier terminated in accordance with Section 6.2(a), the provisions of this Amendment shall commence on January 1, 2015 (the "Commencement Date"). Second Amendment to Stadium Interim Management Agt 091814 -5 - IN WITNESS WHEREOF, the parties have executed this Amendment on the respective dates set forth below. "SUCCESSOR AGENCY" SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE Dated: By: Grant Yates, Executive Director ATTEST: SUCCESSOR AGENCY SECRETARY By: Virginia Bloom APPROVED AS TO FORM: LEIBOLD McCLENDON & MANN, P.C. Successor Agency Counsel By: Barbara Zeid Leibold "STORM" LAKE ELSINORE STORM LP, a California limited partnership By: GJJ STORM MANAGEMENT, LLC, a California limited liability company Its: General Partner By: Second Amendment to stadium Interim Management Agt 091914 - 6 - Gary E. Jacobs, Manager EXHIBIT "C" CAPITAL REPAIR SCHEDULE See Attached EXHIBIT "C" Page I of I LAKE ELSINORE STORM - DIAMOND STADIUM CAPITAL REPAIR SCHEDULE Diamond Club ceiling tiles COST ESTIMATES ROPS 14-15B ROPS 1S -16A ROPS 15-16B ROPS 16-17A CAPITAL REPAIR $7,700.00 7,700.00 - - Retrofit HVAC system Quote TBD $ - $ 1,035,000.00 $ - $ - Repave service road with 1" asphalt+ Quote TED 57,500.00 - - - sealent Repaving parking lots A & B $345,000.00 - - - 345,000.00 Stadium seating $920,000.00 - - 920,000.00 - hrterm-/Exterior doors $15,000.00 15,000.00 - - Walkway lighting $28,500.00 28,500.00 - - - Fire/Burg/Surveillance equipment $40,000.00 40,000.00 - - - Landscapeserviceroad $40,000.00 - 40,000.00 - - Diamond Club audio/visual equipment Quote TBD 16,000.00 - - - Diamond Club ceiling tiles $24,000.00 24,000.00 - Diamond Club Carpet $7,700.00 7,700.00 - - Retroflt sprinkler system Quote TBD 250,000.00 - - Concmmse LED emergency lighting $33,000.00 33,000.00 - - retrofit Grounds Dept. Bathroom Quote'l'BD 200,000.00 - - New John Deere fairway mower $45,000.00 45,000.00 - - New John Deere three wheeler $15,000.00 15,000.00 - - Repair/install irrigation Grass Hill $5,000.00 5,000.00 - - Flooring (front office) $15,000.00 15,000.00 - - CeilingTiles(frontoffice) $11,000.00 11,000.00 - - Paint(firontoffice) $7,000.00 7,000.00 - - Front office/concourse/consessious $42,000.00 42,000.00 - - Lighting Retrofit Repainting stadium green (remaining $100,000.00 - - - steel and pipes) Home Clubhouse Ceiling Tiles $8,500.00 - 8,500.00 - Brick interior/exterior treatment $10,000.00 - 10,000.00 - New ticket windows $7,000.00 7,000.00 - - Diamond Club furniture Quote TBD - - - Weight room buildout Quote TBD - - food system stand 3 Quote TBD - - - Desertlandscaping.stadium Quote TBD - - - 100,000.00 $ $ —T — TOTALS 794,700.00 1,11.7,500.00 920,000.00 $ 445,000.00 OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: CHAIRMAN OSTER AND MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: SEPTEMBER 23, 2014 SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 14- 15B) FOR JANUARY 1, 2015 THROUGH JUNE 30, 2015 Recommendation It is recommended that the Oversight Board approve and adopt: Resolution No. OB -2014- 006 A RESOLUTION OF THE SUCCESSOR AGENCY OF THE OVERSIGHT BOARD TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 14-15B) FOR JANUARY 2015 THROUGH JUNE 2015, SUBJECT TO APPROVAL THEREOF BY THE SUCCESSOR AGENCY. Background As part of the dissolution of the former Redevelopment Agency, Health and Safety Code Section 34177 requires the Successor Agency to adopt and the Oversight Board to approve 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 six month period of each fiscal year. The Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ('Successor Agency") has previously adopted a ROPS for prior six-month periods. The previous ROPS have been approved by the Oversight Board and the State Department of Finance (DOF). Discussion AB 1484 requires that the ROPS for January 2015 through June 2015 be submitted to DOF and the State Controller's office, after approval by the Oversight Board, no later than October 3, 2014. 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. Page 1 Approval of Recognized Obligation Payment Schedule September 23, 2014 Page 2 The attached ROPS 14-15B for the period January 1, 2015 — June 30, 2015 follows the form prescribed by the DOF and incorporates all of the obligations identified in the previous ROPS. DOF has made some changes to the form, and certain items previously listed on the form have been updated. A few changes and additions are noteworthy: ROPS Detail Schedule, Line 33 — this line items references the Interim Stadium Management Agreement for Stadium management, operations and maintenance, as amended for the calendar year 2015 (January 1, 2015 — December 31, 2015) and incorporates the increases in costs and capital expenditures required to be made for the six month period covered by ROPS 14-15B. The obligations disclosed in line items 29 -32 for the six month period covered by ROPS 14-15B are also incorporated into line 33 in accordance with the terms of the Interim Stadium Management Agreement. Prepared By: Barbara Leibold, Successor Agency Counsel Attachment: Resolution No. OB -2014-006 Approving the Recognized Obligation Payment Schedule (ROPS 14-15B) for the Period of January 1, 2015 through June 30, 2015, subject to the approval by the Successor Agency Exhibit "A" to Resolution No. OB -2014-006 Recognized Obligation Payment Schedule 14-15B of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore for January 1, 2015 through June 30, 2015 Page 2 RESOLUTION NO. OB -2014-006 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS14-15B) FOR THE PERIOD OF JANUARY 1, 2015 THROUGH JUNE 20, 2015 SUBJECT TO THE APPROVAL THEREOF BY THE SUCCESSOR AGENCY WHEREAS, the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore (the "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 in accordance with the California Health and Safety Code; and WHEREAS, Health and Safety Code Section 34169 requires 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 34167 for six month periods, including January 2015 through June 2015; and WHEREAS, AB 1484 requires that the ROPS 14-15B for the period January 1, 2015 through June 30, 2015 must be submitted to the Department of Finance and the State Controller's office, after approval by the Oversight Board, no later than October 3, 2014 or be subject to penalties; and WHEREAS, on September 23, 2014, the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore will consider approval of the Recognized Obligation Payment Schedule 14-15B for the period January 1, 2015 through June 30, 2015; and WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. NOW, THEREFORE, THE OVERSIGHT BOARD OF 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 Recognized Obligation Payment Schedule 14-15B for the period January 1, 2015 through June 30, 2015 subject to the approval thereof by the Successor 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 OVERSIGHT BOARD RESOLUTION NO. OB 2014-006 Page 2 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 Oversight Board hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof. SECTION 4. This Resolution shall take effect from and after the date of its passage and adoption in accordance with applicable law. PASSED, APPROVED AND ADOPTED at a regular meeting of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, held this 23rd day of September, 2014 by the following vote: AYES: NOES: ABSENT: Dave Oster, Chairperson Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore APPROVED AS TO FORM: Phillip Greer, Oversight Board Counsel ATTEST: Virginia J. Bloom, Oversight Board Secretary rWAMu_111 RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS14-15B) FOR THE PERIOD OF JANUARY 1, 2015 THROUGH JUNE 30, 2015 N Z K r a WT HA ^,. 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I I O� m O v Q I OVERSIGHT BOARD TO THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: CHAIRMAN OSTER AND MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: SEPTEMBER 23, 2014 SUBJECT: OVERSIGHT BOARD LEGAL COUNSEL SERVICES Recommendation It is recommended that the Oversight Board consider and direct staff as to ongoing legal services to the Oversight Board and take one of the following actions: a) Extend the Legal Services Agreement, as amended, to June 30, 2015 by approving and adopting Resolution No. OB -2014-007 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING AMENDMENT NO. 2 TO OVERSIGHT BOARD LEGAL SERVICES AGREEMENT; b) Extend the Legal Services Agreement subject to different terms as directed by the Oversight Board; c) Discontinue general counsel services and direct staff to retain legal counsel on an as needed basis as determined by the Oversight Board; or d) Direct staff to prepare a Request For Qualifications to identify candidates to provide legal services to the Oversight Board. Background On May 28, 2013, the Oversight Board approved a Legal Services Agreement with attorney Phillip Barry Greer. The term of the Agreement commenced on June 1, 2013 and expired on May 31, 2014. Exhibit "B" to the Agreement sets forth the fees to be paid for general legal services as follows: "Greer shall be compensated for the performance of General Legal Services by way of a retainer in the amount of $2,000 per month; provided, however, in the event the Board cancels one or both of its regularly scheduled meetings in any month, the retainer for that month Page 1 Amendment No. 2 to Oversight Board Legal Service Agreement September 23, 2014 shall be reduced to $1,000. In the event the Board changes its regularly scheduled meetings to a quarterly basis the Parties agree to engage in good faith negotiations to reevaluate and establish an appropriate and fair retainer to be paid for General Legal Services." At the February 25, 2014 meeting, the Oversight Board adopted a quarterly meeting schedule and approved Amendment No. 1 to the Legal Services Agreement amending Exhibit "B" to provide for compensation for General Legal Services to $1000 per quarter. Fees for Oversight Board Legal Counsel services are paid from the Successor Agency's administrative cost allowance calculated and capped in accordance with the Dissolution Act. Discussion At the February 25, 2014 meeting, the Oversight Board directed staff prepare an item for consideration at this Oversight Board meeting to discuss future ongoing legal services. Oversight Board staff is requesting direction from the Board as to whether it wants to continue to retain legal counsel and, if so, whether it desires to extend the existing Legal Services Agreement, as amended, or take a different action. Four alternative actions are provided for in the Recommendation Section of this Report. If the Board elects to direct staff to prepare a Request For Qualifications, staff will require direction from the Oversight Board on the following: scope of work, selection criteria, selection process and provision of legal services during the RFQ process. Prepared by: Barbara Leibold, Successor Agency Counsel FWAVMITi 71 -TAW Resolution No. Ob -2014-007 A Resolution Of The Oversight Board To The Successor Agency Of The Redevelopment Agency Of The City Of Lake Elsinore Approving Amendment No. 2 To Oversight Board Legal Services Agreement. Page 2 RESOLUTION NO. OB -2014-007 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING AMENDMENT NO. 2 TO OVERSIGHT BOARD LEGAL SERVICES AGREEMENT 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 in accordance with the California Health and Safety Code; and WHEREAS, pursuant to Health and Safety Code Section 34179(n), the Oversight Board may in furtherance of its duties under the Dissolution Act direct the Successor Agency to provide additional legal advice beyond what is given by the Successor Agency staff; and WHEREAS, the Oversight Board approved a Legal Services Agreement with attorney Phillip Barry Greer for a term commencing June 1, 2013 and expiring May 31, 2014 with fees for general legal services based upon the then bi-monthly regular meeting schedule of the Board; and WHEREAS, on February 25, 2014, the Oversight Board approved Amendment No. 1 to the Legal Services Agreement revising the compensation schedule consistent with the Board's revised quarterly meeting schedule; and WHEREAS, The Oversight Board desires to extend the Legal Services Agreement for an additional one-year term. 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 Board authorizes the Chairman to execute an Amendment No. 2 extending the term of the Agreement to June 30, 2015 subject to all of the terms and conditions as set forth in the Legal Services Agreement as amended by Amendment No. 1. Said Amendment No. 2 shall be immediately effective. 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 OVERSIGHT BOARD RESOLUTION NO. OB 2014-_ Page 2 Oversight Board hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof. SECTION 4. This Resolution shall take effect from and after the date of its passage and adoption. PASSED, APPROVED AND ADOPTED at a regular meeting of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, held this 23rd day of September, 2014 by the following vote: AYES: NOES: ABSENT: ABSTAIN: Dave Oster, Chairperson Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore APPROVED AS TO FORM: Phillip Greer, Oversight Board Counsel ATTEST: Virginia J. Bloom, Oversight Board Secretary