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HomeMy WebLinkAboutOversight Board Regular Agenda Packet 09-22-2015Diana Giron From: Barbara Leibold <barbara@ceqa.com> Sent: Friday, September 18, 2015 4:03 PM To: 'Dave Oster'; 'Genie Kelley';'George.Landon@leusd.kl2.ca.us'; 'Mike Williams'; 'Paul Williams'; Brian Tisdale; Nancy Lassey, MSA Cc: Grant Yates; Jason Simpson; Diana Giron; 'Terese Quaintanar' Subject: Agenda Package - Regular Oversight Board meeting of Septmber 22, 2015 Attachments: OB Agenda Package 092215.pdf Chairman Oster and Oversight Board Members: Attached is your Agenda for next Tuesday's — September 22, 20-15 - Oversight Board meeting. We will provide hard copies of the ROPS printed on 11 x 17 paper at the meeting. If you would like hard copies of the full agenda or any portion of it, please let me and/or Diana Giron (dgiron lake-_elsinore.org) know so that we can have it ready for you. FYI —The agenda is also available on the City's website. Thank you and have a great weekend. Barbara Barbara Leibold Leibold McClendon & Mann, P.C. 23422 Mill Creek Drive, Suite 105 Laguna Hills, CA 92653 phone (949) 457-6300 ext 104 direct (949) 457-6312 fax (949) 457-6305 barbara ce a.com 1 LITE LSIII( E ^� IM1 City of Lake Elsinore Regular Agenda Oversight Board DAVE OSTER, CHAIR GENIE KELLEY, VICE CHAIR GEORGE LANDON, BOARD MEMBER NANCY LASSEY, BOARD MEMBER MICHAEL WILLIAMS, BOARD MEMBER BRIAN TISDALE, BOARD MEMBER PHIL WILLIAMS, BOARD MEMBER LAKE-ELSINORE.ORG (951) 674-3124 PHONE CULTURAL CENTER 183 N. MAIN STREET LAKE ELSINORE, CA 92530 Tuesday, September 22, 2015 3:45 PM Cultural Center The agenda is posted 72 hours prior to each meeting outside of the Lake Elsinore Cultural Center located at 183 N. 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 Lake Elsinore City Clerk's Department at (951) 674-3124, ext. 269, at least 48 hours before the meeting to make reasonable arrangements to ensure accessibility. CALL TO ORDER - 3:45 P.M. PLEDGE OF ALLEGIANCE ROLL CALL PRESENTATIONS - None PUBLIC COMMENTS - NON AGENDIZED ITEMS - 3 MINUTES (Please read & complete a Request to Address the Oversight Board form 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.) City of Lake Elsinore Page 1 Printed on 911812015 Oversight Board Regular Agenda September 22, 2015 CONSENT CALENDAR ITEM(S) 1) ID# 15-769 Approval of Minutes Recommendation: It is recommended that the Oversight Board approve the minutes of: Oversight Board Special Meeting May 26, 2015 Attachments: OB SR- Approving Minutes 092215 May 26 2015 Special minutes 2) ID# 15-770 Investment Report - April 2015 & May 2015 Recommendation: It is recommended that the Oversight Board receive and file the April and May 2015 Investment Report Summaries. Attachments: OB SR- Investment Report 092215 April & May Investment Reports 3) ID# 15-771 Warrant Lists Recommendation: It is recommended that the Oversight Board receive and file the attached May, June, July and August 2015 Warrant lists. Attachments: OB SR- Warrant Lists 092215 May -August 2015 Warrant Summary&List BUSINESS ITEM(S) 4) ID# 15-772 Third Amendment (2016) To Stadium Interim Management Agreement Recommendation: It is recommended that the Oversight Board approve and adopt: Resolution No. OB -2015-004 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE THIRD AMENDMENT (2016) 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 Third Amend to Interim Stadium Management Agreement 092215 OB Reso #2015-004 Approving Third Amendment Stadium Interim Mgmt Aqt 09 Third Amendment to Stadium Interim Management Act 092215 City of Lake Elsinore Page 2 Printed on 9/18/2015 Oversight Board Regular Agenda September 22, 2015 5) ID# 15-773 Recognized'0titi a +e OPS_15-166 For January 1 2016 Throu h June 30 2016 Recommendation: It is recommended that the Oversight Board approve and adopt: Resolution No, OB -2015-005 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 15-16B) FOR JANUARY 1, 2016 THROUGH JUNE 30, 2016 SUBJECT TO APPROVAL THEREOF BY THE SUCCESSOR AGENCY Attachments: OB Staff Report - Adoption of January - June 2016 ROPS 15-166 OB Reso #2015-005 Re Adopting ROPS 15-16B Jan to June 2016 092215 Lake Elsinore ROPS 15-16B Oversi ht Board Anproval. Validated STAFF COMMENTS BOARD MEMBER COMMENTS ADJOURNMENT The next regular Oversight Board meeting will be held on Tuesday, December 8, 2015, at 3:45 p.m. at the Cultural Center, 183 N. Main Street, Lake Elsinore, CA 92530, AFFIDAVIT OF POSTING I, Diana Giron, Acting 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. Diaion, Acting Clerk of the Oversight Board City of Lake Elsinore Page 3 Printed on 9/22/2015 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 22, 2015 SUBJECT: Approval of Minutes Recommendation It is recommended that the Oversight Board approve the minutes of: a. Oversight Board Special Meeting May 26, 2015 Discussion The following Oversight Board Meeting Minute(s) are submitted for approval: a. Oversight Board Special Meeting May 26, 2015 Prepared by: Barbara Leibold, Successor Agency Counsel Attachment: May 26 Minutes SPECIAL MEETING OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE 183 NORTH Main Street, Lake Elsinore, CA 92530 MINUTES May 26, 2015 CALL TO ORDER Vice -Chair Kelley called the meeting to order at 3:51 p.m. PLEDGE OF ALLIGENCE Board Member P.Williams led the pledge. ROLL CALL PRESENT: Genie Kelley, Vice -Chair Phil Williams, Board Member Nancy Lassey, Board Member Brian Tisdale, Board Member George Landon, Board Member Mike Williams, Board Member ABSENT: Dave Oster, Chairman Also present: Successor Agency Counsel Barbara Leibold, Director of Administrative Services Jason Simpson, and Clerk of the Board Virginia Bloom PUBLIC COMMENTS — NONE CONSENT CALENDAR 1. Approval of Minutes Recommendation: It is recommended that the Oversight Board approve the minutes of: a. Oversight Board Regular Meeting of February 24, 2015. 2. Investment Reports — January 2015 Februa 2015 & March 2015 Recommendation: It is recommended that the Oversight Board receive and file the Investment Report summaries. 3. Warrant Lists Recommendation: That the Oversight Board receive and file the Warrant lists. It was noted on the record that the Agenda Item No. 3 was not included in the Agenda packet and is hereby removed from the Consent Calendar and will be brought back for approval at the next regular meeting. May 26, 2015 Minutes Oversight Board Special Meeting Page 2 of 3 Motion by Board Member P. Williams, seconded by Board Member Landon, to approve the Consent Calendar items number 1 and 2, passed by unanimous vote as follows: AYES Board Member P. Williams, Board Member Landon, Board Member Lassey, Board Member M. Williams, and Board Member Tisdale NOES None ABSENT: Chairman Oster ABSTAIN: Vice Chair Kelley BUSINESS ITEMS 4. Issuance and Sale of Subordinated Tax Allocation Refunding Bonds By the Successor Agency of the Redevelopment Agency of the City Of Lake Elsinore and Authorizing Certain Other Actions In Connection Therewith Recommendation: It is recommended that the Oversight Board approve and adopt: RESOLUTION NO. OB -2015-002 RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE ISSUANCE AND SALE OF SUBORDINATED TAX ALLOCATION REFUNDING BONDS BY THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH. Administrative Services Director Simpson presented the report. Board Member Landon questioned the term of the bond. Underwriter John Kim advised that the term of the bond would remain unchanged. Board Member Tisdale asked if the money would be taken up front. Underwriter Kim stated the savings will be taken on a leveled tier to each taxing agency. Director Simpson stated the annual savings would be one-quarter million dollars. Motion by Board Member Tisdale, seconded by Board Member Landon, to approve Resolution No. OB -2015-002, passed by unanimous vote as follows: AYES Board Member Tisdale, Board Member Landon, Board Member Lassey, Board Member M. Williams, Board Member P. Williams and Vice Chair Kelley NOES : None ABSENT: Chairman Oster ABSTAIN: None 5. Exchanqe Agreement With Civic Partners Recommendation: It is recommended that the Oversight Board approve and adopt: RESOLUTION NO. OB -2015-003 RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE EXCHANGE AGREEMENT BETWEEN THE SUCCESSOR AGENCY AND CIVIC PARTNERS-ELSINORE, LLC May 26, 2015 Minutes Page 3 of 3 Oversight Board Special Meeting Successor Agency Counsel Leibold provided the report to the Board and shared a map of the land in question. She explained the property in question is referred to as the channel edge property. The northern portion of the channel edge property includes the "elbow" of the Inlet Channel and is an integral component of the Lake Management project. Only the southern 2.77 acres of the channel edge property is proposed for exchange pursuant to the Civic McMillin Summerly DDA. The Master Developer has offered a swap of a 4.3 acre property in exchange for the Successor Agency's 2.77 acre portion of the channel edge property. No other consideration will be paid. Board Member P. Williams questioned how the Agency would deed for only part of the property? Counsel Leibold explained the Successor Agency would survey the property and convey the northern portion to the City by way of a meet and bounds legal description and the remainder portion would be conveyed to Civic pursuant to the proposed Exchange Agreement. Motion by Board Member P.Williams, seconded by Board Member Tisdale, to approve Resolution No. OB -2015-003, passed by unanimous vote as follows: AYES Board Member P.Williams, Board Member Tisdale, Board Member Lassey, Board Member M.Williams, Board Member Landon and Vice Chair Kelley NOES None ABSENT: Chairman Oster ABSTAIN: None PUBLIC COMMENTS — None STAFF COMMENTS Successor Agency Counsel Leibold thanked all Board Members for coming to a special meeting. She explained that the Department of Finance has denied the Housing Fund Loan and that the Successor Agency needed to determine how to proceed and will report back to the Oversight Board the repayment of the $26 Million Housing Loan as an enforceable obligation. ADJOURNMENT There being no further business to come before the Oversight Board, Vice Chair Kelley adjourned the meeting at 4:20 p.m. to the next regularly scheduled meeting of June 9, 2015 at 3:45 p.m. to be held at the Cultural Center, located at 183 N. Main Street in Lake Elsinore, CA. Genie Kelley, Vice -Chair ATTEST: Virginia J. Bloom, Clerk of the Oversight Board Agenda Date: 9/22/2015 In Control: Oversight Board City of Lake Elsinore Text File File Number: TMP -1074 Version: 1 130 South Main Street Lake Elsinore, CA 92530 w .lake-elsinore.org Status: Approval Final File Type: Report City of Lake Elsinore Page 1 Printed on 9/18/2015 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 22, 2015 SUBJECT: Investment Report - April 2015 & May 2015 Recommendation: That the Oversight Board receive and file the attached April and May 2015 Investment Report Summaries. Discussion: Attached are the Investment Report Summaries of Pooled Cash and Investments of the Successor Agency for April 2015 and May 2015. Note that though such accounts include housing funds, all housing funds are held by the City as Successor Housing Agency. Prepared by: Barbara Leibold, Successor Agency Counsel Attachments: Investment Report Summaries — April 2015 May 2015 CITY OF LSMOKE DREAM EXFREME- 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 26, 2015 SUBJECT: SUCCESSOR INVESTMENT REPORT— APRIL 2015 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 April 2015. 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 April 2015 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF APRIL 30, 2015 INVESTMENTS BANK DEPOSITS OUTSTANG. BOOK ACTIVEACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank of America - Successor Agency General $ 126,636 $ - $ (61) $ 126,574 Total Active Accounts 126,636 - (61) 126,574 INVESTMENTS Successor: Successor Local Agency Investment Fund 1,789,788 - - 1,789,788 Successor CAMP Pool Account 34,924 - 34,924 Successor U.S. Treasury Bond / Notes 2,398,114 - 2,398,114 Successor Municipal Bond / Notes 30,084 - - 30,084 Successor Federal Agency Collateralized Mortgage 25,250 - - 25,250 Successor Federal Agency Bond/Notes 1,163,811 - 1,163,811 Successor Corporate Notes 1,418,196 - 1,418,196 Successor Certificate of Deposit 100,000 100,000 Sub -total Investments 6,960,166 - 6,960,166 Unrealized Gain/ (Loss) at 6-30-14 (LAIF SUC) 3,236 - - 3,236 Unrealized Gain/ (Loss) at 6.30-14 (CAMP SUC) 3,783 - 3,783 Total Unrealized Gain/ (Loss) at 6-30-14 per GASB 31 7,018 7,018 Total Investments 6,967,184 - - 6,967,184 $ 7,093,820 $ $ (61) _L_Z,0.93 Cashier Drawers #1 & #2 0.00 City of Lake Elsinore Petty Cash Fund 0.00 TOTAL POOLED CASH AND INVESTMENTS $ 7,093,758 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 May 19, 2016 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, 2015 Interest Rate Purchase Date Maturity Rate 0.283% Daily 24 -Hour Beginning Balance Net Increase/Decrease Ending Balance $ 1,888,377 $ (98,590) $ 1,789,788 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF APRIL 30, 2015 FUND NAME Area I Area 11 Area III Stadium Trust Fund AMOUNT $ 1,418,849 3,910,131 1,001,966 762,812 Total Pooled Cash & Investments $ 7,093,758 CITY OF LADED,LSMOKE 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: JUNE 23, 2015 SUBJECT: SUCCESSOR INVESTMENT REPORT — MAY 2015 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 May 2015. 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 May 2015 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF MAY 31, 2015 TOTAL POOLED CASH AND INVESTMENTS $ 6 839,499 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 June 16, 2015 Director of Administrative Services Date BANK DEPOSITS OUTSTANG. BOOK ACTIVEACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank of America- Successor Agency General $ 1,619,348 $ - $ (52,281) $ 1,567,067 Total Active Accounts 1,619,348 (52,281) 1,567,067 INVESTMENTS Successor: Successor Local Agency Investment Fund 89,788 - 89,788 Successor CAMP Pool Account 55,167 - - 55,167 Successor U.S. Treasury Bond / Notes 2,283,119 2,283,119 Successor Municipal Bond / Notes 30,084 - - 30,084 Successor Federal Agency Collateralized Mortgage 25,250 - - 25,250 Successor Federal Agency Bond/Notes 1,163,811 - - 1,163,811 Successor Corporate Notes 1,418,196 - - 1,418,196 Successor Certificate of Deposit 200,000 - 200,000 Sub -total Investments 5,265,414 - - 5,265,414 Unrealized Gain/ (Loss) at 6-30-14 (LAIF SUC) 3,236 - - 3,236 Unrealized Gain/ (Loss) at 6-30-14 (CAMP SUC) 3,783 - 3,783 Total Unrealized Gain/ (Loss) at 6-30-14 per GASB 31 7,018 7,018 Total investments 5,272,432 - - 5,272,432 $ 6,891.780 $ $ (52 281) $ 6,839,499 Cashier Drawers #1 &42 0.00 City of Lake Elsinore Petty Cash Fund 0.00 TOTAL POOLED CASH AND INVESTMENTS $ 6 839,499 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 June 16, 2015 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, 2015 Interest Rate Purchase Date Maturity Rate 0,290% Daily 24 -Hour Beginning Balance Net Increase/Decrease Ending Balance $ 1,789,788 $ (1,700,000) $ 89,788 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF MAY 31, 2015 FUND NAME AMOUNT Area I Area 11 Area III Stadium Trust Fund 1,395,464 3,803,186 1,000,706 640,144 Total Pooled Cash & Investments $ 6,839,499 Agenda Date: 9/22/2015 In Control: Oversight Board City of Lake Elsinore Text File File Number: TMP -1075 Version: I 130 South Main Street Lake Elsinore, CA 92530 w .lake-elsinore.org Status: Approval Final File Type: Report City of Lake Elsinore Page 1 Printed on 911812015 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 22, 2015 SUBJECT: Warrant Lists Recommendation: That the Oversight Board receive and file the attached May, June, July and August 2015 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 May 2015 through August 2015. 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 May 14, 2015 Warrant Summary/List dated May 28, 2015 Warrant Summary/List dated June 25, 2015 Warrant Summary/List dated July 16, 2015 Warrant Summary/List dated August 13, 2015 Warrant Summary/List dated August 27, 2015 C it r t7 F �. DREAM E,"tTRLML 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 26, 2015 SUBJECT: WARRANT LIST DATED MAY 14, 2015 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 14, 2015. 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 If Reviewed By: Jason Simpson Administrative Services Director Approved By: Grant Yates City Manager Attachments: Warrant List 5-14-15 MAY 14, 2.015 WARRANT SUMMARY SUCCESSOR AGENCY O 77HC. REDEVELOPMENT AGENCY ®F THE CITY OF LAKE EILSTNORE FUND# FUND DESCRIPTION TOTAL 510 SUCCESSOR TO RDA AREA 1 $ 1,400.92 520 _ SUCCESSOR TO RDA AREA 2 _ __._ _ 106,756.4_3_ 530 SUCCESSOR TO RDA AREA 31,070.59 - - - - - -. -. -- --1-7 540 SUCCESSQR STADIUM CAPITAL.3 . 800 __0- GRAND TOTAL $ 127,028.24 511 912 01 5 Warrant 05 14 15 SA RDA 1 of 1 MAY I4, 2015 WARRANT LIST SUCCESSOR AGENCY Of, THE REDEVELOMENT AGENCY OF THE C7T'Y OF LAKE ELSINORE CHECK# VENDOR NAME AMOUNT CITY OF HDL COF 1.507.11 WARRANT TOTAL 127,028.24 GRAND TOTAL $ 127,028.24 5/19/2015 Warrant 06 14 15 SA RDA 1 of 1 Cl t Y o t- ,. % ;p 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 09, 2015 SUBJECT: WARRANT LIST DATED MAY 28, 2015 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 28, 2015. 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 I I Reviewed By: Jason Simpson Administrative Services Director Approved By: Grant Yates City Manager Attachments: Warrant List 5-28-15 MAY 28. 2015 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CI7CY OF LAKE ELSINORE FUND# FUND DI SCRIVI"ION TOTAL. 510 SUCCESSOR TO RDA AREA 1 $ 190.00 520 SUCCESSOR TO RDA AREA 2 190.00 530 SUCCESSOR TO RDA AREA 3 190.00 540 SUCCESSOR STADIUM CAPITAL 52.376.00 GRAND TOTAL $ 52,946.00 6/1/2015 Warrant 05 28 15 SA RDA 1 of 1 MAY 28, 2015 WARRANT LIST SUCCESSOR AGENCY CSF THI E REDEVELOPMENT AGENCY OF TH. F CITY OF LAKE ELSINORE CHECK# VENDOR NAME AMOUNT 7278 LAKEELSINORE STORM, LP $ 51,711.00 - -- --- - - - -- 7279 PROSTAFF, INC. _ --665--.00_ 7280 WILSON MIKAMI CORPpRATION 570.00 WARRANT TOTAL 52,946.00 GRAND TOTAL $ 52,946.00 8/1/2015 Warant 05 28 15 SA RDA 1 of 1 L e = DlLLAlvt FXV IIAWE 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: JULY 25, 2015 SUBJECT: WARRANT LIST DATED JUNE 25, 2015 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 25, 2015. 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 6-25-15 .JUNE 2S, 2015 WARRANT SUMMARY SUCC ISSOf� AGTENC'.Y OF TATE REDEVELOPMENT AGENCY OF THE C;TTY OF LAKE ELS NORE FUND# FUND DFSCRIPTION TOTAL GRAND TOTAL $ 96,673.95 7/9/2015 Warrant 06 25 15 SA RDA 7 of 1 JUNE 25, 2015 WARRANTLIST SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY Y OE "CH CITY OF LAKE ELSINORE CIECKit VENDOR NAME, AMOUNT 7281 CITY OF LAKE FLSINORE $ 552.50 7282 CITY OF LAKE ELSINORE 2,380.00 -M&- ---- - ---- 7283 CITY OF LAKE ELSINORE - - .- - ... 170.00 7286 LEIBOLD. MCCLENDON & MANN 4.307.71 WARRANT TOTAL GRAND TOTAL 6 96,573.95 7/912015 Warrant 06 25 15 SA RDA t o(1 cri'Y O I K E S f PI DIUAM E.%`-1 RLME 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: JULY 28, 2015 SUBJECT: WARRANT LIST DATED JULY 16, 2015 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 16, 2015. 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 7-16-15 JULY 16, 2,015 WARRANT SUMMARY SUCCESSOR AC ENCY OF THE REDEVELOPMENT AGENCY OF 'rHE CITY OF LA',K , 1[;I,SINORE FUN'D8 FUND DESCRIPTION "TOTAL 520 SUCCESSOR TO RDA AREA 2 530 SUCCESSOR TO RDA AREA 3 540 SUCCESSOR STADIUM CAPITAL GRAND TOTAL $ 117,048.46 7/22/2015 Want 07 16 16 SA RDA � of 1 JULY 16, 2015 WARRANT LIST SUCCESSOR AGENCY OF TT -TE REDEVELOPMENTAGENCY OF THE CITY OF ;LAKE ELSINORE CHECK# VENDOR NAME AMOUNT WA(f�/iNT T'0'rAt117,048.46 GRAND TOTAL $ 117,048.46 712 212 01 6 Warrent 07 16 15 SA RDA I of 1 UIF I SIT10' ; DRLAM i,\!TRl:ML 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: AUGUST 25, 2015 SUBJECT: WARRANT LIST DATED AUGUST 13, 2015 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 August 13, 2015. 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 8-13-15 AUGUST 13, 2015 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENTAC>,ENCY OF 'THE CITY OF LAKE ELSINORE FtJND# FlJND DESCRIPTION TOTAL 520 SUCCESSOR TO RDA AREA 2 ----- _ 972,699.2-- 6 530 SUCCESSOR TO RDA AREA 3 326,659.89 540 SUCCESSOR STADIUM CAPITAL 855.00 GRAND TOTAL $ 2,594,473.21 811812015 waanxnt 08 13 15 SA RDA t of 7 AUGUST 13,20B WARRANT LIST SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LATE ELSIN®RE ClfECKi# VENDOR NAME AMOUNT' WARRANT TOTAL13,250.03 08/17/15 WIRE TRANSFER FISCAL AGENT 2,581,223.18 GRAND TOTAL 8/18/2015 Warrant 08 13 15 SA RDA 1 of 1 $ 2,594,473.21 Crry OF .'11QE' II?E DRLAM L,`[Ttt€ h4E 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: SEPTEMBER 08, 2015 SUBJECT: WARRANT LIST DATED AUGUST 27, 2015 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 August 27, 2015. 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 8-27-15 AUGUST 27, 2015 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENT ACENCY OF THE CITY OF LAKE ELSINORE FUND# FUND DESCRIPTION TOTAL GRAND TOTAL $ 3,447.79 912/2015 Warrant 08 27 15 SA RDA � of i AUGUST' 2'7, 201.5 WARRANT LIST SUCCESSOR AGENCY OF THE. REDEVELOPMENT AGENCY OF THE CITY OF TAKE ELSINORE CHECK# VENDOR NAME AMOUNT' 123141 WILSON MIKAMI CORPORATION 1231-64CE-IBOLD M-CCUEN D -O -N& M­ANN__LLP __' '00 902.79 GRAND TOTAL 3.447.79 91=015 Wav nt 08 27 15 SA RDA I of I Agenda Date: 9/22/2015 In Control: Oversight Board City of Lake Elsinore Text File File Number: TMP -1076 Version: 2 130 South Main Street Lake Elsinore, CA 92530 w .lake-elsinore.org Status: Approval Final File Type: Report City of Lake Elsinore Page 1 Printed on 9/18/2075 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 22, 2015 SUBJECT: Third Amendment (2016) To Stadium Interim Management Agreement Recommendation It is recommended that the Oversight Board approve and adopt: Resolution No. OB -2015-004 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE THIRD AMENDMENT (2016) 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 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 Management Agreement and in June 2011 chose to exercise its right to terminate the Third Amendment (2016) to Interim Stadium Management Agreement September 22, 2015 Page 2 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. A Second Amendment to the Interim Agreement was approved in September 2014. The State Department of Finance has approved the allocation of Real Property Tax Trust Funds for Stadium obligations in accordance with the Successor Agency Recognized Obligations Payment Schedules (ROPS). The Interim Agreement and the First and Second Amendments have been successfully implemented to provide for efficient and cost effective management, maintenance and operation of the Diamond Stadium. However, the Second Amendment expires on December 31, 2015 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, 2016 through June 30, 2016 (the "ROPS 15-1613") which lists, among other things, as enforceable obligations of the Successor Agency, the obligations related to the (i) License Agreement; (ii) Maintenance Agreement; (iii) Concession 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 Third 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 2016. Successor Agency staff believes that approval of the attached Third Amendment (2016) 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 2016 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 Third Amendment incorporates the obligations under the Stadium Operations Contracts and provides for a Capital Improvement Schedule. Third Amendment (2016) to Interim Stadium Management Agreement September 22, 2015 Page 3 During the 2016 term of the Third Amendment, compensation to the Storm for the performance of the maintenance, management and operations services shall be as follows: (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 2016 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 $497,297 under the License Agreement during 2016 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 $232,159 under the Stadium Field And Maintenance Agreement during 2016; and (d) Payment of Additional Interim Management Fee. Successor Agency shall pay to Storm $435,589, 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 $667,752 as consideration for services provided under the Stadium Operations Contracts and the Interim Stadium Management Agreement as amended by the Third Amendment, which aggregate amount shall be payable in equal monthly installments of $56,646. The Successor Agency continues to be responsible for all Capital Repairs and alterations consistent with the Stadium Operations Contracts, which are expected to be significant over the next few years. In connection with the preparation and negotiation of the Third Amendment, the City's Building Official 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. Capital repairs for 2016, as included in the Third Amendment, reflect that the Stadium is twenty two (22) years old and include, without limitation, replacement of Stadium seating, improvements to comply with revisions to the Americans with Disabilities Act (ADA), retrofitting of plumbing, containment of run-off to comply with the National Pollutant Discharge System imposed by the Environmental Protection Agency (EPA), improvements to and replacement of the heating, ventilation and air condition (HVAC) system, repaving of the parking lots and replacement of old equipment. The Third Amendment provides for proposed 2016 Capital Repairs of approximately $3,286,912. The Third Amendment includes a Capital Repair schedule, which will be updated annually or, if necessary, semi-annually in accordance with future ROPS. Capital Repairs for the ROPS 15-16B period (January 1, 2016 through June 30, 2016) are estimated to be $1,580,912, which includes (but is not limited to) beginning the Third Amendment (2016) to Interim Stadium Management Agreement September 22, 2015 Page 4 replacement of Stadium seating, improvements to comply with revisions to the ADA, retrofitting of plumbing, containment of run-off to comply with the National Pollutant Discharge System imposed by the EPA, improvements to and replacement of the HVAC system, and replacement of old equipment. The Third Amendment is subject to the approval of DOF. Following approval by the Successor Agency and the Oversight Board, the Third Amendment and the ROPS 15- 16B will be submitted to the Department of Finance (DOF). Fiscal Impact The ROPS 15-16B 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, 2016 through June 30, 2016. The ROPS 16-17A (for the second half of calendar year 2016) 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 Third Amendment. Prepared by: Barbara Leibold, Successor Agency Counsel Attachments: Third Amendment (2016) to Stadium Interim Management Agreement RESOLUTION NO. OB -2015-004 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE THIRD AMENDMENT (2016) 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, by adoption of its Resolution No. OB 2014-005 on September 23, 2014, the Oversight Board approved the Second Amendment to Stadium Interim Management Agreement dated January 1, 2015 by and between the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore and the Lake Elsinore Storm LP (the "Second Amendment') and following such approval by the Oversight Board and the Successor Agency, the Second Amendment was submitted to and reviewed by the State Department of Finance; and WHEREAS, the Interim Agreement and the First and Second Amendments have been successfully implemented to provide for efficient and cost effective management, maintenance and operation of the Diamond Stadium but, absent a Third Amendment, the Interim Amendment will expire on December 31, 2015; and WHEREAS, consistent with the legislative authorization contained in AB 1484 allowing successor agencies to enter into enforceable obligations for the purpose of OVERSIGHT BOARD RESOLUTION NO. OB 2015-004 Page 2 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 2016 in accordance with the proposed Third Amendment (2016) 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 2016 — June 2016 (the "ROPS 15-1613") 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) License Agreement; (ii) Maintenance Agreement; (iii) Concession Agreement; (iv) Stadium operations and maintenance obligations, and (v) the Interim Agreement (as amended by the proposed Third Amendment (2016)) has been prepared for approval by the Successor Agency and the Oversight Board on September 22, 2015. 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 Third Amendment (2016) 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 15-16B include funds necessary to meet the Successor Agency's enforceable obligations with respect to the Stadium, including the proposed Third Amendment (2016) to the Interim Agreement, and (iii) that the Third Amendment (2016) to the Interim Agreement is in the best interests of the taxing entities. Based on the above findings, the Oversight Board approves the Third Amendment (2016) 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. 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. OVERSIGHT BOARD RESOLUTION NO. OB 2015-004 Page 3 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 22nd day of September, 2015 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 ATTEST: Diana Giron, Oversight Board Acting Secretary THIRD AMENDMENT (2016) RE STADIUM INTERIM MANAGEMENT AGREEMENT THIS THIRD AMENDMENT (2016) TO STADIUM INTERIM MANAGEMENT AGREEMENT (the "Third Amendment"). dated for identification as of September 22, 2015, 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 Interim 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 hrterim 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. In order to provide for the efficient and cost effective management, maintenance and operation of the Premises for calendar year 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. In order to provide for the efficient and cost effective management, maintenance and operation of the Premises for calendar year 2015, the Successor Agency and the Stonn entered into that certain Second Amendment (2015) to Stadium Interim Management Agreement dated September 23, 2014 (the "Second Amendment"). E. The obligations set forth in the Interim Agreement, First Amendment, and Second 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"). F. The Second Amendment will expire on December 31, 2015 and the parties desire to enter into this Third Amendment to provide for the efficient and cost effective management, maintenance and operation of the Premises for calendar year 2016. G. Capital repairs for 2016 of approximately $3,286,912, as included in this Third Amendment, reflect that the Stadium is twenty two (22) years old and in need of significant capital repairs, including, without limitation, replacement of Stadium seating, improvements to comply with revisions to the Americans with Disabilities Act, retrofitting of plumbing, I hind Amendment to Stadium I6tterim Management Agt Final containment of run-off to comply with the National PDIIUtant Discharge System imposed by the Environmental Protection Agency, improvements to and replacement of the heating, ventilation and air condition (HVAC) system, repaving of the parking lots and replacement of old equipment. H. In accordance with AB 1484, a Recognized Obligation Payment Schedule will be adopted for the period from January 1, 2016 through June 30, 2016 (herein referred to as the "ROPS 15-16B") and for all subsequent Recognized Obligation Payment Schedule periods. AB 1484 sets forth the review period and authority of DOE to review and approve Recognized Obligation Payment Schedules. I. On September 22, 2015, the Oversight Board and the Successor Agency will consider approval and adoption of the ROPS 15-16B which includes the obligations set forth in this Amendment and lists, among other things, as enforceable obligations of the Successor 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. J. Following approval of the RODS 15-16B by the Oversight Board and the Successor Agency, the ROPS 15-16B will be transmitted to the DOF for its review and approval. K. 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 seeks to provide for the continued efficient and cost effective management, maintenance and operation of the Premises for calendar year 2016 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. L. In furtherance of the purpose and intentions of the parties as with respect to the Interim 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: Third Amendment to Stadium Interim Management Aga Final - 2 - I. 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. Term of Agreement; Termination 6.1. Term. The term 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, 2016. 6.2. Rights of Termination Prior to Commencement and Expiration of the Term (a) January 1, 2016 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, 2015. (b) June 30, 2016 Termination. Successor Agency may terminate this Interim Agreement effective as of June 30, 2016, by giving written notice thereof to the Storm no later than May 30, 2016. (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 made 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 remain 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) 2016 License Fee: Under the License Agreement, the Storm is required to pay to the Successor Agency a License fee in the amount of $497,297 for 2016. Third Amendment to Stadium Interim Management Aid Pinel - 3 - (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 "LRCS Concession Fee."). (c) Annual Maintenance Fee: Under the Maintenance Agreement, Successor Agency is required to pay Storm an Annual Maintenance Fee of $232,159 for 2016. 7.2. Storm Compensation January 1, 2016 — December 31, 2016. Commencing upon the Commencement Date (January 1, 2016) and continuing through the expiration of the Term (December 31, 2016) 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 LRCS Concession Fee under 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., $232,159). (d) Payment of Additional Interim Management Fee. Successor Agency shall pay to Storm $445,589, 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 $667,752 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 $56,646. 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 Capital Repair Schedule with estimated costs budgeted for ROPS 15-16B and 16-17A is set forth in Exhibit "C" attached hereto and incorporated by reference herein. Ili ii Amendment to SladWlil Interim Management Agt Final - 4 - 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 source contractors. In 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. third Amendment to Stadium Interim Management Agi Final - 5 - 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, 2016 (the "Commencement Date"). "I ind Amendment to Stadium Interim Management Agt final - 6 - IN WITNESS WHEREOF, the parties have executed this Amendment on the respective dates set 'forth below. Dated:_ ATTEST: "SUCCESSOR AGENCY" SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE By: SUCCESSOR AGENCY ACTING SECRETARY By: Diana Giron APPROVED AS TO FORM: LEIBOLD McCLENDON & MANN, P.C. Successor Agency Counsel By: Barbara Leibold Dated: Third Amendment to Stadium Interim Management Agt Final - 7- Grant Yates, Executive Director "STORM" LAKE ELSINORE STORM LP, a California limited partnership By: GJJ STORM MANAGEMENT, LLC, a California limited liability company Its: General Partner By: Gary E. Jacobs, Manager EXHIBIT "C" CAPITAL REPAIR SCHEDULE See Attached EXHIBIT "C" LAKE ELSINORE STORM -DIAMOND STADIUM CAPITAL REPAIR SCHEDULE THIRD AMENDMENT TO THE INTERIM MANAGEMENTAGREEMENT CAPITAL REPAIR Rctmfii HVAC system Repaving parking lots A & B Stadium seating Repaint Ing stadium green (remaining steel and pipes) Diamond Club furniture Desert landscaping stadium Sewer Lift Station Concessions/Plumbing Retro fit Diamond Chub Lights Hone/Visitor Locker Room Carpet Diamond Club Ref abishment Electrical Upgrade- Put Zone Replace Wall Padding Stadium backstop netting Souvenir Lighting & CeHingTiles Flooring & Painting (Visitors side/Home Side/Press Box) Press Box renovation Toilets, Trash Cans, Tables First Aid Raom Upgrade Media Boom Upgrade Bathrooms (Epoxy - OPS/Family) Refurbish Counting Room Diamond Club Wood & Cabinet -Refinish Securip, Room Carpet/Wood Replacement Ontfield Fencing Equipment ReplocemenC Forklift John Deere Pro Gator maintenance JohnDeere Aerator Polaris Ranger Cleaning Cart Honda Plat Compactor Honda FC600 Walk Behind Tiller Two Generators Fainendei Conditioners Shaft Blades Gear Drive EXHIBIT "C" ROPS 15-1613 HOPS 16-17A 103,234.86 S - - 345,000.00 350,000.00 875,000.00 - 100,000.00 29,500.00 - - 40,000.00 350,000.00 - 230,500.00 275,000.00 22,000.00 - 30,000.00 - - 14,000.00 - 24,000.00 55,000.00 - 45,000.00 - 20,000.00 - 64,000.00 - 28,500.00 - 59,600.00 - 17,500.00 - - 12,000.00 - 21,000.00 16,000.00 - 14,000.00 - 4,667.00 15,000.00 - 30,000.00 - 27,500.00 - 19,800.00 - 15,000.00 15,000.00 - 3,010.00 2,150.00 2,100.00 4,050.1.4 7,800.00 $ 1.,580,91.2.00 $ 1,706,000.00 Agenda Date: 9/22/2015 In Control: Oversight Board City of Lake Elsinore Text File File Number: TMP -1077 Version: 1 130 South Main Street Lake Elsinore, CA 92530 w .lake-elsinore.erg Status: Approval Final File Type: Report City of Lake Elsinore Page 1 Printed on 9/18/2015 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 22, 2015 SUBJECT: Recognized Obligation Payment Schedule (ROPS 15-16B) For January 1, 2016 Through June 30, 2016 Recommendation It is recommended that the Oversight Board approve and adopt: Resolution No. OB -2015- 005 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 (ROPS 15-16B) FOR JANUARY 1, 2016 THROUGH JUNE 30, 2016 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 (added by AB 1X 26 and amended by AB 1484) 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 has previously adopted ROPS for prior six-month periods. The previous ROPS have been approved by the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore and the State Department of Finance (DOF). Discussion AB 1484 requires that the ROPS for January 2016 through June 2016 be submitted to DOF and the State Controller's office, after approval by the Oversight Board, no later than October 5, 2015. The DOF has five (5) days after submittal to request a review and forty-five (45) days to review the ROPS if it decides to do so. If the ROPS is not submitted by the deadline, the City is subject to a $10,000 fine for every day Approval of ROPS 15-16B September 22, 2015 Page 2 the ROPS is late and the administrative cost allowance for the Successor Agency is reduced by 25% after 10 days. The attached ROPS 15-16B for the period January 1, 2016 — June 30, 2016 follows the form prescribed by the DOF and incorporates all of the remaining obligations identified in the previous ROPS. Please note the following addition to the ROPS: Housing Entity Administrative Cost Allowance (HEACA) (ROPS Detail Item 43) In February 2014, Governor Jerry Brown signed into law Assembly Bill 471, which made several changes to the redevelopment dissolution process, including the addition of a new "housing entity administrative cost allowance," which is defined as an amount of up to 1 percent of the property tax, but not less than $150,000, allocated to the Redevelopment Agency Retirement Fund on behalf of the successor agency for each applicable fiscal year. AB 471 provided that if a local housing authority assumed the functions of a former Redevelopment Agency, then the Successor Agency to the former Redevelopment Agency should list the HEACA on the Successor Agency's ROPS. While it is not clear that the City as Housing Successor qualifies for the HEACA, interpretation of the statute is being challenged and the Successor Agency desires to preserve its right to claim the HEACA in the event challenges to the statute are successful. The total amount of $300,000 included in Item 43 consists of two years of HEACA: fiscal 2015 and fiscal 2016. Prepared By: Barbara Leibold, Successor Agency Counsel Attachments: Oversight Board Resolution No. OB- 2015-005 Recognized Obligation Payment Schedule of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore for the period of January 1, 2016 through June 30, 2016 (ROPS 15-16B) RESOLUTION NO. OB 2015-005 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 (ROPS 15-16B) FOR JANUARY 1, 2016 THROUGH JUNE 30, 2016 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, 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 2016 through June 2016; and WHEREAS, AB 1484 requires that the ROPS 15-16B for the period January 1, 2016 through June 30, 2016 must be submitted to the Department of Finance and the State Controller's office, after approval by the Oversight Board, no later than October 5, 2015 or be subject to penalties, and WHEREAS, on September 22, 2015, the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore will consider approval of the Recognized Obligation Payment Schedule 15-16B for the period of January 1, 2016 through June 30, 2016; 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 submitted concurrently herewith as the Recognized Obligation Payment Schedule 15-16B for January 1, 2016 through June 30, 2016 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 attached schedule, is limited to the total sum of property tax revenues it receives pursuant to Part 1.85 of AB X1 26. OVERSIGHT BOARD RESOLUTION NO. OB 2015-005 Page 2 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. 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 22nd day of September, 2015. 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