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Home My WebLink AboutOversight Board Special Meeting Agenda Packet 07-07-2016ctly or A LAKE LSI NOR �— I)ILIiAnS E,K I"Illstll Thursday, July 7, 2016 City of Lake Elsinore Special Meeting Agenda Oversight Board GENIE KELLEY, CHAIR GEORGE LANDON, VICE CHAIR PHIL WILLIAMS, BOARD MEMBER MICHAEL WILLIAMS, BOARD MEMBER KEVIN JEFFRIES, BOARD MEMBER NANCY LASSEY, BOARD MEMBER BRIAN TISDALE, BOARD MEMBER 4:00 PM LAKE-ELSINORE.ORG (951) 674-3124 PHONE CITY HALL 130 S. MAIN STREET LAKE ELSINORE, CA Cultural Center The agenda is posted 24 hours prior to a special meeting outside of the Lake Elsinore City Hall located at 130 South Main Street, Conference Room A and is available at each meeting. The agenda and related reports are also available in the Lake Elsinore City Clerk's Department and are available on the City's website at www.lake-elsinore.org. Any writing distributed within 24 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 City Clerk's Department at (951) 674 -3124, ext. 269, at least 24 hours before the meeting to make reasonable arrangements to ensure accessibility. CALL TO ORDER - 4:00 P.M. PLEDGE OF ALLEGIANCE ROLL CALL PRESENTATIONS PUBLIC COMMENTS - NON AGENDIZED ITEMS - 3 MINUTES (Please read & complete 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.) CONSENT CALENDAR ITEM(S) 1) Minutes - December 8th and 15, 2015: and, January 27, 2016 Recommendation: Approve the minutes of the Cancelled meeting of December 8, 2015, the Special meeting of December 15, 2015, and Regular meeting January 27, 2016. City of Lake Elsinore Page 7 Printed on 71512016 Oversight Board Special Meeting Agenda July 7, 2016 Attachments: Approval of Minutes SR Minutes 12-8-15 Minutes 12-15-15 Minutes 1-27-16 2) Investment Reports - November 2015 thru May 2016 Recommendation: Receive and file the November 2015 thru May 2016 Successor Agency Investment Report Summaries. Attachments: OB SR- Investment Report 070716 Investment Reports Oct 2015 - May 2016 3) Warrant Lists Recommendation: Receive and file the Successor Agency Warrant lists for January 14, 2016 thru June 16, 2016. Attachments: OB SR- Warrant Lists 070716 Warrant -Summary Lists Jan 14 - June 16 2016 4) Biennial Review of the Conflict of Interest Code For the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore Recommendation: Adopt A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE ADOPTING A CONFLICT OF INTEREST CODE Attachments: OB Staff Report Conflict of Interest Code 062816 OB Reso 2016-006 Conflict of Interest Code 062816 Model Conflict of Interest Code CCR Title 2 Section 18730 BUSINESS ITEM(S 5) Approval of Sale of Property to the City of Lake Elsinore in its Capacity as the Successor to the Housing Assets and Functions of the Former Redevelopment Agency of the City of Lake Elsinore for Affordable Housing Purposes in accordance with Health & Safety Code Section 34176.1(a)(3)(A) Recommendation: Adopt RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING A PURCHASE AND SALE AGREEMENT FOR THE SALE OF REAL PROPERTY TO THE CITY OF LAKE ELSINORE, IN ITS CAPACITY AS THE SUCCESSOR TO THE HOUSING ASSETS AND FUNCTIONS OF THE FORMER REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE UNDER HEALTH & SAFETY CODE SECTION 34176(a)(1), FOR AFFORDABLE HOUSING PURPOSES IN ACCORDANCE WITH HEALTH & SAFETY CODE SECTION 34176.1(a)(3)(A) City of Lake Elsinore Page 2 Printed on 71512016 Oversight Board Special Meeting Agenda July 7, 2016 6) 7) 8) Attachments: OB Staff Report - Sale of Properties to Housing Fund 062916 IDs 18 - 21 I Ds 25-36 OB Reso 2016-005 Purchase & Sale Agt 062916 Purchase Sale Agmt Housing Fund 062816 Appraisal Executive Summaries Approval of a Form of Compensation Agreement and Transfer of Properties to the City of Lake Elsinore for Future Development in Accordance with Health & Safety Code Section 34180(f) Recommendation: Adopt A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING (1) THE FORM OF A COMPENSATION AGREEMENT PURSUANT TO HEALTH & SAFETY CODE SECTION 34180(0; AND (2) TRANSFER OF CERTAIN PROPERTIES BY THE SUCCESSOR AGENCY TO THE CITY OF LAKE ELSINORE FOR FUTURE DEVELOPMENT Attachments: OB Staff Report - Transfer of Properties 062916 IDs 44-48 ID 56 OB Reso 2016-003 - Transfer of Properties 062916 Tax Ent. Compensation Agt 061716 Transfer of the Cultural Center and Downtown Parking Property as Governmental Purpose Properties to the City of Lake Elsinore in accordance with Health & Safety Code Section 34181(a) Recommendation, Adopt A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING THE TRANSFER OF DOWNTOWN AND CULTURAL CENTER PARKING PROPERTY AS GOVERNMENTAL PURPOSE PROPERTIES TO THE CITY OF LAKE ELSINORE IN ACCORDANCE WITH HEALTH & SAFETY CODE SECTION 34181(a) Attachments: OB Staff Report - Transfer of Cultural Ctr 062916 IDs 3 - 7, 37 Lake -Elsinore -OB -Action -2016-002 OB Reso 2016-004 Transfer of Cultural Ctr 062916 Repayment of Housing Fund Loan in accordance with Health & Safety Code Section 34171(d)(1)(G) Recommendation: Adopt A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, SETTING FORTH CERTAIN FINDINGS WITH RESPECT TO A LOAN FROM THE LOW AND MODERATE INCOME HOUSING FUND TO THE PROJECT AREAS OF THE FORMER REDEVELOPMENT AGENCY IN ACCORDANCE WITH HEALTH & SAFETY CODE SECTION 34171(D)(1)(G) AND APPROVING A REPAYMENT SCHEDULE FOR THE LOAN IN ACCORDANCE WITH HEALTH & SAFETY CODE SECTION 34176(e)(6)(B) City o/ Lake Elsinore Page 3 Printed on 7/5/2016 Oversight Board Special Meeting Agenda July 7, 2016 Attachments: OB SR- Repmt of Housing Fund Loan 062916 OB Reso 2016-007 Re Findings With Respect to Loans 062916 9) Consideration of Special Oversight Board Meeting in September 2016 Recommendation: That the Oversight Board calendar a Special Meeting on September 27, 28 or 29, 2016 at such time as convenient for Oversight Board Members to consider amendments to the ROPS 2016-2017 (July 1, 2016 - June 30, 2017) and such other business as may be necessary or requested. STAFF COMMENTS BOARD MEMBER COMMENTS ADJOURNMENT The next regular Oversight Buald meeting will be held on Wednesday, July 21, 2016, at the Cultural Center, 183 N. Main Street, Lake Elsinore, CA 92530. AFFIDAVIT OF POSTING I, Diana Giron, Deputy Clerk of the Oversight Board, do hereby affirm that a copy of the foregoing agenda was posted at City Hall at: p.m. on July 5, 2016. Diana Giron, Deputy Clerk of the Oversight Board City of Lake Elsinore Page 4 Printed on 71512016 V Agenda Date: 7/7/2016 In Control: Oversight Board Agenda Number: 1) City of Lake Elsinore Text File File Number: TMP -1554 Version:I 130 South Main Street Lake Elsinore, CA 92530 www, lake-elsinore.org Status: Consent Agenda File Type: Report City of Lake Elsinore Page 1 Printed on 73/2016 OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: CHAIRPERSON KELLEY AND MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: JULY 7, 2016 SUBJECT: Approval of Minutes Recommendation It is recommended that the Oversight Board approve the minutes of: a. Oversight Board Meeting December 8, 2015 b. Oversight Board Special Meeting December 15, 2015 C. Oversight Board Regular Meeting January 27, 2016 Discussion The following Oversight Board Meeting Minute(s) are submitted for approval: a. Oversight Board Meeting December 8, 2015 b. Oversight Board Special Meeting December 18, 2015 C. Oversight Board Regular Meeting January 27, 2016 Prepared by: Barbara Leibold, Successor Agency Counsel Attachment: December 8, 2015 Notice of Cancellation December 15, 2015 Minutes January 27, 2016 Minutes cnv ter U,4KE LS1I tCltZ£ DIKIAM City of Lake Elsinore Oversight Board to the Successor Agency Meeting Minutes Tuesday, December 8, 2015 A meeting of the Oversight Board to the Successor Agency to the Redevelopment Agency of the City of Lake Elsinore was not held due to a lack of quorum. ATTEST: Susan M. Domen, MMC Clerk of the Board Genie Kelley, Chair Page 1 Cnv or .,M.. L(tKC oL5II C)K[ C?1111"t91R I.M I: City of Lake Elsinore Oversight Board to the Successor Agency Special Meeting Minutes Tuesday, December 15, 2015 CALL TO ORDER The meeting was called to order by Vice -Chair Kelley at 4:04 p.m. in the Cultural Center at 183 N. Main Street. PLEDGE OF ALLEGIANCE The Pledge of Allegiance was led by Successor Agency Counsel Leibold. ROLL CALL Present: Members Landon, Lassey and Tisdale and Vice -Chair Kelley Absent: Members M. Williams and P. Williams Board Counsel Leibold announced that Chair Oster has resigned his position on the Board and the County of Riverside has appointed Supervisor Kevin Jeffries as the replacement. Clerk of the Board Doman gave the Oath of Office to Member Jeffries who replaced Member Oster as the appointment from Riverside County. PUBLIC COMMENTS - NON AGENDIZED ITEMS There were no members of the public appearing to speak. CONSENT CALENDAR ITEM(S) It was moved by Member Tisdale, seconded by Member Landon, and unanimously carried noting the absence of Members M. Williams and P. Williams, to approve the Consent Calendar. 1) Investment Report— June 2015 2) Warrant Lists — September, October and November 2015 BUSINESS ITEM(S) 3) Legislative Update on Redevelopment Dissolution Bill SB 107 Board Counsel Leibold presented the Staff Report noting that the life of the Oversight Board has been extended through December 2017; the Recognized Obligation Payment Schedule has been changed to one annual report due February 1s'; and the inclusion of public parking in governmental purposes properties The report was received and filed by unanimous consensus of the Board. OB Minutes 12-15-15 Page 2 of 3 4) Reconsideration of the Third Amendment (2016) to the Stadium Interim Management Agreement Board Counsel Leibold presented the Staff Report explaining that the Department of Finance denied the third amendment to the agreement, which has been appealed and that this is to reaffirm the Board's approval of the third amendment. It was moved by Member Jeffries, seconded by Member Tisdale, and carried noting the absence of Members M. Williams and P. Williams, to adopt the Resolution. Resolution No. 2015-006: A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING THE THIRD AMENDMENT TO THE STADIUM INTERIM MANAGEMENT AGREEMENT 5) Long Range Property Management Plan Board Counsel Leibold presented the Staff Report explaining that parking lots are now allowed as governmental purposes properties and provided the status on various parcels within the City. It was moved by Member Lassey, seconded by Member Jeffries, and unanimously carried noting the absence of Members M. Williams and P. Williams, to approve the revisions to the Long Range Property Management Plan and allow flexibility to respond to DOF on Parcel No. 24 and the five parcels located across the street from the Cultural Center. 6) Date and Time for Regular Meetings of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore Board Counsel Leibold presented the Staff Report. It was moved by Member Tisdale, seconded by Member Lassey, and unanimously carried noting the absence of Members M. Williams and P. Williams, to adopt the Resolution setting the Regular meeting day as the last Wednesday in January and July, dates of January 271h and July 2711 2016, at 4:00 p.m. Resolution No. 2015-007 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, CHANGING THE DATE AND TIME OF THE REGULAR MEETINGS. 7) Reorganization of the Oversight Board: Selection of Chair and Vice -Chair Board Counsel Leibold explained that a vote of the Board to nominate and approve a new Vice -Chair and Chair shall take place. Clerk of the Board Domen opened the nominations for the position of Chair. It was moved by Member Jeffries, seconded by Member Tisdale, and unanimously carried noting the absence of Members M. Williams and P. Williams, to appoint Member Kelley to serve as Chair. Chair Kelley opened the nominations for the position of Vice -Chair. It was moved by Member Tisdale, seconded by Member Jeffries and unanimously carried noting the absence of Members M. Williams and P. Williams, to appoint Member Landon to serve as Vice -Chair. OB Minutes 12-15-15 Page 3 of 3 PUBLIC COMMENTS - NON AGENDIZED ITEMS There were no members of the public appearing to speak. STAFF COMMENTS Board Counsel Leibold thanked everyone for attending. BOARD MEMBER COMMENTS Member Tisdale welcomed Member Jeffries to the Board. ADJOURNMENT The meeting was adjourned at 4:43 p.m. to the Regular meeting on January 27, 2016, at 4:00 p.m. in the Cultural Center at 183 N. Main Street. Genie Kelley, Chair ATTEST: Susan M. Domen, MMC Clerk of the Board OB Minutes 1-27-16 Page 1 of 2 C1T•i tJF W" LAID— LSlIiC ] L City of Lake Elsinore Oversight Board to the Successor Agency Regular Meeting Minutes Wednesday, January 27, 2016 CALL TO ORDER The meeting was called to order by Chair Kelley at 4:00 p.m. in the Cultural Center at 183 N. Main Street. PLEDGE OF ALLEGIANCE The Pledge of Allegiance was led by Vice -Chair Landon. ROLL CALL Present: Members Jeffries, Lassey and M. Williams; Vice -Chair Landon and Chair Kelley Absent: Members Tisdale and P. Williams PUBLIC COMMENTS - NON AGENDIZED ITEMS There were no members of the public appearing to speak. CONSENT CALENDAR ITEM(S) It was moved by Member Jeffries, seconded by Member M. Williams, and unanimously carried noting the absence of Members Tisdale and P. Williams, to approve the Consent Calendar. 1) Approval of Minutes — September 2015 2) Warrant Lists — December 2015 3) Investment Reports — July, August and September 2015 BUSINESS ITEM(S) 4) Recognized Obligation Payment Schedule (ROPS 16-17) for July 1, 2016, through June 30, 2017 Administrative Services Director Simpson presented the Staff Report. It was moved by Member M. Williams, seconded by Member Jeffries, and unanimously carried noting the absence of Members Tisdale and P. Williams, to adopt the Resolution. Resolution No. 2016-001: 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 16-17) FOR JULY 1, 2016, THROUGH JUNE 30, 2017 OB Minutes 1-27-16 Page 2 of 2 5) Transfer of Governmental Purpose Properties to the City of Lake Elsinore in Accordance with Health and Safety Code Section 34181(a) Acting Board Counsel Otsuki presented the Staff Report. It was moved by Member Jeffries, seconded by Member Lassey, and unanimously carried noting the absence of Members Tisdale and P. Williams, to adopt the Resolution. Resolution No. 2016-002: A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING THE TRANSFER OF GOVERNMENTAL PURPOSE PROPERTIES TO THE CITY OF LAKE ELSINORE IN ACCORDANCE WITH HEALTH AND SAFETY CODE SECTION 34181(a) STAFF COMMENTS Clerk of the Board Domen noted that Board Counsel Leibold might request a meeting in March. BOARD MEMBER COMMENTS There were no comments from Members of the Board. ADJOURNMENT The meeting was adjourned at 4:43 p.m. to the Regular meeting on July 27, 2016, at 4:00 p.m. in the Cultural Center at 183 N. Main Street, Genie Kelley, Chair ATTEST: Susan M. Domen, MMC Clerk of the Board Agenda Date: 7/7/2016 In Control: Oversight Board Agenda Number: 2) City of Lake Elsinore Text File File Number: TMP -1555 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 7 Printed on 7/5/2016 OVERSIGHT BOARD OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: CHAIRPERSON KELLEY AND MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: JULY 7, 2016 SUBJECT: Investment Reports - November 2015 thru May 2016 Recommendation: That the Oversight Board receive and file the attached November 2015 thru May 2016 Successor Agency Investment Report Summaries. Discussion: Attached are the Investment Report Summaries of Pooled Cash and Investments of the Successor Agency for November 2015 thru May 2016. The City's Investment Reports are now combined reports listing of all funds invested for the City of Lake Elsinore and funds held for the Successor Agency as of the date shown on the report. As reported in the Pooled Cash and Investments By Fund, the Successor Agency Funds are: Fund No. 510 Successor Agency RDA Area I Fund No. 520 Successor Agency RDA Area II Fund No. 530 Successor Agency RDA Area IIII Fund No. 540 Successor Agency RDA Diamond Stadium Prepared by: Barbara Leibold, Successor Agency Counsel Attachments: Investment Report Summaries — November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 CITY OF LADE ( LSIIYO 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: MARCH 8, 2016 SUBJECT: INVESTMENT REPORT —OCTOBER 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 October 2015, Discussion The Investment Report is a listing of all funds invested for the City of Lake Elsinore and includes funds held 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 October 2015 CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF OCTOBER 31, 2015 BANK DEPOSITS OUTSTANDING BOOK CASH ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank Accounts: General Checking Account $ 3,730,071 $ 523,778 $ (464,113) $ 3,789,736 Cash On Hand: Cashier Drawers #1 & #2 - - - 300 City of Lake Elsinore Petry Cash Fund 1,000 Total Cash Accounts 3,730,071 523,778 (464,113) 3,791,036 INVESTMENTS City Investments: City Local Agency Investment Fund 11,843,550 - - 11,843,550 City Local Agency Investment Fund for the PFA 329,302 - - 329,302 City CAMP Investments: CAMP Pool Account 39,936 - - 39,936 U.S. Treasury Bond / Note 10,759,411 - - 10,759,411 Municipal Bond / Note 290,464 - - 290,464 Federal Agency Collateralized Mortgage Obligation 404,003 - - 404,003 Federal Agency Bond / Note 6,528,620 - - 6,528,620 Corporate Note 8,695,417 - - 8,695,417 Certificate of Deposit 2,800,000 - - 2,800,000 Housing CAMP Investments: Housing CAMP Pool Account 2,453 - - 2,453 Housing U.S. Treasury Bond / Notes 2,342,132 - - 2,342,132 Housing Municipal Bond / Notes 30,084 - - 30,084 Housing Federal Agency Collateralized Mortgage 70,701 - - 70,701 Housing Federal Agency Bond / Notes 938,999 - - 938,999 Housing Corporate Notes 1,423,949 - - 1,423,949 Housing Certificate of Deposit 200,000 - - 200,000 Successor Investments: Successor Local Agency Investment Fund 90,362 - - 90,362 Successor CAMP Investments: Successor CAMP Pool Account 59,634 - - 59,634 Successor U.S. Treasury Bond / Notes 2,333,314 - - 2,333,314 Successor Municipal Bond / notes 30,084 - - 30,084 Successor Federal Agency Coilaterized Mortgage 70,701 - - 70,701 Successor Federal Agency Bond/ Notes 1,163,811 - 1,163,811 Successor Corporate Notes 1,339,397 - - 1,339,397 Successor Certificate of Deposit 200,000 200,000 Subtotal Investments 51,986,321 - - 51,986,321 Market Value Adjustment: Unrealized Gain/ (Loss) at 06-30-15 City 4,631 - - 4,631 Unrealized Gain/ (Loss) at 06-30A5 SARDA 13,632 13,632 Total Unrealized Gain/ (Loss) at 06-30-15 per GASB 31 18,263 - - 18,263 Total investments 52,004,584 - - 52,004,584 Total Pooled Cash and investments $ 55,734,654 $ 523,778 $ (464,113) $ 55,795,619 TOTAL POOLED CASH AND INVESTMENTS$ 55.795.619 1 certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approved by the City Council on June 9, 2015. 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 February 29, 2016 Director of Administrative Services Date CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING OCTOBER 31, 2015 Interest Rate 0.357% Purchase Date Daily Maturity Rate 24 -Hour Aaencv Beginning Balance Net Increase/(Decrease) Ending Balance City $ 11,843,550 $ $ 11,843,550 City for the PFA $ 329,302 $ $ 329,302 Successor Agency $ 90,362 $ $ 90,362 Total Investments Held with Local Agency Investment Fund: $ 12,263,213 $ $ 12,263,213 CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF OCTOBER 31, 2015 FUND NO FUND NAME AMOUNT 100 General Fund $ 9,067,346 101 Supplemental Law Enforcement Fund 39,618 104 Traffic Offcndcr Fund 24,754 106 Affordable Housing In Lieu Fund 2,578,809 107 Developer Agreement Revenue 1,320,203 110 State Gas Tax Fund 1,709,513 112 Measure A Fund 1,111,875 114 SB1186 CASP Education Program Fund 4,370 115 Traffic Safety Fund 86,645 116 City Hall -Public Works DIF Fund 1,009,634 117 Community Center DIF Fund 425,726 118 Lake Side facility DIC` Fund 733,536 120 Camino Del Norte DIF 36,533 121 T.R.I.P:2014A 629,772 135 Lighting & Landscape Maintenance Fund - Dist. No. 1 351,056 140 Geothermal Fund 19,596 155 CSA152 -- N.P.D.E.S. 94,646 201 Street C.I.P. Fund 97 204 Signal C.I.P. Fund 802 205 Traffic Impact Fee Fund 3,271,987 211 Storm Drain C.I.P. Fund 3,436,401 221 Quimby Park C.I.P. Fund 22,063 231 Library C.I. P. Fund 1,651,813 232 City Fire Protection Fund 63,293 254 AD 89-1 Railroad Canyon Rd. Improvement Fund 126,253 268 CFD 2006-2 Viscaya Improvement 216 271 CFD 2005-1 Serenity Improvement 171 330 CFD 2015-2 Maintenance Services 4,730 332 CFD 2006-1 Improvement Area B, Summerly 43,112 333 CFD 2015-3 Terracina 25,000 342 CFD 2007-5 Red Kite Service Fund 1,320 343 CFD 2006-2S Viscaya Services 396 345 CFD 2003-2S Improvement Area D, Canyon Hills 188,361 346 CFD 2014-1 Seuthshore Debt Service Fund 62,061 347 CFD 2006-1 Improvement Area A, Summerly 25,866 348 CFD 2003-2 Improvement Area C, Canyon Hills 80,498 349 CFD 88-3 (20138) Debt Service Fund 35,821 350 CFD 98-1 Summerhill Debt Service Fund 158,410 352 AD 86-1 Debt Service Fund 627,992 354 CFD 90-2 Successor RDA Debt Service Fund 112,229 357 CFD 2003-2 Canyon Hills Debt Service Fund 312,158 366 CFD 2005-6 City Center Townhomes Debt Service Fund 19,940 367 CFD 2005-3 Summerly Debt Service Fund 88,527 3of5 CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF OCTOBER 31, 2015 FUND NO FUND NAME 368 CFD 2006-2 Viscaya Debt Service Fund 369 CFD 2004-3 Area 1 Rosetta Canyon Debt Service Fund 371 CFD 2005-1 Serenity Debt Service Fund 372 CFD 2005-2 Alberhill Ranch Debt Service Fund 373 CFD 2005-5 Wasson Canyon Debt Service Fund 374 CFD 2005-4 Lakeview Villas Debt Service Fund 375 CFD 2006-4 Tract No. 30698 & 32129 Debt Service Fund 376 CFD 2006-3 La Strada Debt Service Fund 377 CFD 2006-6 Tessara Debt Service Fund 378 CFD 2006-8 Tract No, 31957 Debt Service Fund 382 CFD 2006-9 Trieste Debt Service Fund 384 CFD 2003-2 Area B Canyon Hills Debt Service Fund 385 CFD 2004-3 Area 2 Rosetta Canyon Debt Service Fund 386 CFD 2007-4 Mekenna Debt Service Fund 387 CFD 2007-5 Red Kite Debt Service Fund 388 CFD 2007-6 Holiday Inn Debt Service Fund 392 CFD 95-1 City Center Debt Service Fund 393 AD 93-1 Debt Service Fund 394 CFD 2005-5 (2012A) Wasson Canyon Debt Service Fund 510 Successor Agency RDA Area 1 520 Successor Agency RDA Area 11 530 Successor Agency RDA Area III 540 Successor Area RDA Diamond Stadium 604 Endowment Trust Fund 605 Public Improvement Trust Fund 606 Mobile Source Air Polution Reduction Fund 608 Trust Deposit & Pre Paid Expense Fund 617 Successor Agency Housing Fund 620 Cost Recovery System Fund 631 Lake Destratification Equipment Replacement Fund 723 LEPFA 2008 Series A 731 LEPFA 2011 Series B 734 LEPFA 2013 Series C 780 LEPFA General Total Pooled Cash & Investments 4of5 AMOUNT 100,493 87,269 105,600 414,100 1,288 44,251 16,515 21,504 10,051 46,110 31,570 266,872 357,977 9,271 59,390 3,804 24,172 12,907 210,832 1,731,848 4,325,683 1,356,993 1,656,398 11,014 781,740 171,751 1,643,281 10,931,592 1,159,788 178,102 3,578 2,707 408,580 93,280 $ 55,795,619 CITY OF LADE rq3,oLSIR0 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: MARCH 22, 2018 SUBJECT: INVESTMENT REPORT — NOVEMBER 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 November 2015. Discussion The Investment Report is a listing of all funds invested for the City of Lake Elsinore and includes funds held 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 November 2015 CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF NOVEMBER 30, 2015 INVESTMENTS City Investments: City Local Agency Investment Fund 11,843,550 - - 11,843,550 City Local Agency Investment Fund for the PFA 329,302 - - 329,302 City CAMP Investments: BANK DEPOSITS OUTSTANDING BOOK CASH ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank Accounts: 290,464 Federal Agency Collateralized Mortgage Obligation 530,253 - - 530,253 General Checking Account $ 2,086,578 $ 9,082 $ (1,723,292) $ 372,368 Cash On Hand: Certifcate of Deposit 4,075,000 - - 4,075,000 Housing CAMP Investments: Cashier Drawers #1 & #2 - - - 300 City of Lake Elsinore Petty Cash Fund - - - 1,000 Total Cash Accounts 2,086,578 9,082 (1,723,292) 373,668 INVESTMENTS City Investments: City Local Agency Investment Fund 11,843,550 - - 11,843,550 City Local Agency Investment Fund for the PFA 329,302 - - 329,302 City CAMP Investments: CAMP Pool Account 13,175 - - 13,175 U.S. Treasury Bond / Note 11,540,310 - - 11,540,310 Municipal Bond / Note 290,464 - - 290,464 Federal Agency Collateralized Mortgage Obligation 530,253 - - 530,253 Federal Agency Bond/ Note 4,763,093 - - 4,763,093 Corporate Note 8,371,915 - - 8,371,915 Certifcate of Deposit 4,075,000 - - 4,075,000 Housing CAMP Investments: Housing CAMP Pool Account 5,823 - - 5,823 Housing U.S. Treasury Bond/ Notes 2,455,488 - - 2,455,488 Housing Municipal Bond / Notes 30,084 - - 30,084 Housing Federal Agency Collateralized Mortgage 95,951 - - 95,951 Housing Federal Agency Bond /Notes 705,076 - - 705,076 Housing Corporate Notes 1,423,949 - - 1,423,949 Housing Certificate of Deposit 300,000 - - 300,000 Successor investments: - 90,362 Successor Local Agency Investment Fund 90,362 - Successor CAMP Investments: Successor CAMP Pool Account 8,056 - - 8,056 Successor U.S. Treasury Bond / Notes 2,631,068 - - 2,631,068 Successor Municipal Bond / notes 30,084 - - 30,084 Successor Federal Agency Collaterized Mortgage 95,951 - - 95,951 Successor Federal Agency Bond/Notes 929,887 - - 929,887 Successor Corporate Notes 1,214,973 - - 1.214,973 Successor Certificate of Deposit 300,000 _ 300,000 Subtotal Investments 52,073,813 - - 52,073,813 Market Value Adjustment: Unrealized Gain/(Loss) at 06-30-15 City 4,631 - - 4,631 Unrealized Gain/ (Loss) at 06-30-15 SARDA 13,632 13,632 Total Unrealized Gain/ (Loss) at 06-30-15 per GASB 31 18,263 - - 18,263 Total Investments 52,092,076 - 52,092,076 Total Pooled Cash and Investments $ 54,178,654 $ 9,082 $ (1,723,292) $ 52,465,744 TOTAL POOLED CASH AND INVESTMENTS $ 52 465 744 1 certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approved by the City Council on June 9, 2015. 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 Sim son March 14, 2016 Director of Administrative Services Date CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING NOVEMBER 30, 2015 Interest Rate 0.374% Purchase Date Daily Maturity Rate 24 -Hour Agency Beginning Balance Net Increasel(Decrease) Ending Balance City $ 11,843,550 $ $ 11,843,550 City for the PFA $ 329,302 $ $ 329,302 Successor Agency $ 90,362 $ $ 90,362 Total Investments Held with Local Agency Investment Fund: $ 12,263,213 $ $ 12,263,213 CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF NOVEMBER 30, 2015 FUND NO FUND NAME AMOUNT 100 General Fund $ 6,008,707 101 Supplemental Law Enforcement Fund 47,952 104 Traffic Offender Fund 28,254 106 Affordable Housing In Lieu Fund 2,578,809 107 Developer Agreement Revenue 1,334,203 110 State Gas Tax Fund 1,646,809 112 Measure AFund 1,069,074 114 SB1186 CASP Education Program Fund 4,540 115 Traffic Safety Fund 86,645 116 City Hall -Public Works DIF Fund 1,009,634 117 Community Center DIF Fund 425,726 118 Lake Side Facility DIF Fund 733,299 120 Camino Del Norte DIF 36,533 121 T.R.I.P:2014A 629,772 135 Lighting & Landscape Maintenance Fund - Dist. No. 1 346,178 140 Geothermal Fund 19,596 155 CSA152 -- N.P.D.E.S. 88,126 201 Street C.I.P. Fund 97 204 Signal C.I.P. Fund 802 205 Traffic Impact Fee Fund 3,271,987 211 Storm Drain C.I.P. Fund 3,436,401 221 Quimby Park C.I.P. Fund 22,063 231 Library C.I.P. Fund 1,653,913 232 City Fire Protection Fund 63,293 254 AD 89-1 Railroad Canyon Rd. Improvement Fund 126,253 268 CFD 2006-2 Viscaya Improvement 216 271 CFD 2005-1 Serenity Improvement 171 332 CFD 2006-1 Improvement Area B, Summerly 41,362 333 CFD 2015-3 Terracina 25,000 342 CFD 2007-5 Red Kite Service Fund 1,320 345 CFD 2003-2S Improvement Area D, Canyon Hills 186,461 346 CFD 2014-1 Southshore Debt Service Fund 62,061 347 CFD 2006-1 Improvement Area A, Summerly 22,491 348 CFD 2003-2 Improvement Area C, Canyon Hills 80,498 349 CFD 88-3 (20138) Debt Service Fund 30,696 350 CFD 98-1 Summerhill Debt Service Fund 156,608 352 AD 86-1 Debt Service Fund 627,992 354 CFD 90-2 Successor RDA Debt Service Fund 107,104 357 CFD 2003-2 Canyon Hills Debt Service Fund 309,841 366 CFD 2005-6 City Center Townhomes Debt Service Fund 18,652 367 CFD 2005-3 Summerly Debt Service Fund 87,239 3of5 CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF NOVEMBER 3D, 2015 FUND NO FUND NAME AMOUNT 368 CFD 2006-2 Viscaya Debt Service Fund 99,206 369 CFD 2004-3 Area 1 Rosetta Canyon Debt Service Fund 85,209 371 CFD 2005-1 Serenity Debt Service Fund 1U3,85U 372 CFD 2005-2 Alberhill Ranch Debt Service Fund 414,407 374 CFD 2005-4 Lakeview Villas Debt Service Fund 43,626 375 CFD 2006-4 Tract No. 30698 & 32129 Debt Service Fund 15,890 376 CFD 2006-3 La Strada Debt Service Fund 20,879 377 CFD 2006-6 Tessara Debt Service Fund 9,426 378 CFD 2006-8 Tract No. 31957 Debt Service Fund 45,485 382 CFD 2006-9 Trieste Debt Service Fund 30,800 384 CFD 2003-2 Area B Canyon Hills Debt Service Fund 261,207 385 CFD 2004-3 Area 2 Rosetta Canyon Debt Service Fund 355,659 386 CFD 2007-4 Mekenna Debt Service Fund 8,646 387 CFD 2007-5 Red Kite Debt Service Fund 58,140 388 CFD 2007-6 Holiday Inn Debt Service Fund 3,804 392 CFD 95-1 City Center Debt Service Fund 22,885 393 AD 93-1 Debt Service Fund 5,182 394 CFD 2005-5 (2012A) Wasson Canyon Debt Service Fund 209,545 510 Successor Agency RDA Area 1 1,730,296 520 Successor Agency RDA Area II 4,319,651 530 Successor Agency RDA Area 111 1,353,166 540 Successor Area RDA Diamond Stadium 1,593,743 604 Endowment Trust Fund 11,014 605 Public Improvement Trust Fund 781,740 606 Mobile Source Air Polution Reduction Fund 165,751 608 Trust Deposit & Pre Paid Expense Fund 1,658,825 617 Successor Agency Housing Fund 10,931,592 620 Cost Recovery System Fund 1,013,496 631 Lake Destratification Equipment Replacement Fund 178,102 723 LEPFA 2008 Series A 3,578 731 LEPFA 2011 Series B 2,707 734 LEPFA 2013 Series C 408,580 780 LEPFA General 93,280 Total Pooled Cash & Investments $ 52,465,744 4of5 CITY OF._� LADE (en LSINOKE DREAM FXTREMF.� 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 12, 2016 SUBJECT: INVESTMENT REPORTS FOR DECEMBER 2015, JANUARY 2016 AND FEBRUARY 2016 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 Reports for December 2015, January 2016 and February 2016. Discussion The Investment Report is a listing of all funds invested for the City of Lake Elsinore and includes funds held for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Additionally, the Review of the Investment Performance for the Fourth Quarter of 2015 is included. Prepared By: Andrew Zavala Account Specialist II Approved By: Jason P. Simpson Director of Administrative Services Approved By: Grant M. Yates Executive Director Attachments: Investment Reports for December 2015, January 2016 and February 2016 CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF DECEMBER, 2016 BANK DEPOSITS OUTSTANDING BOOK CASH ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank Accounts: General Checking Account $ 2,891,039 $ 722,588 $ (1,942,443) $ 1,671,184 Cash On Hand: Cashier Drawers #1 &#2 - - 300 City of Lake Elsinore Petty Cash Fund 1,000 Total Cash Accounts 2,891,039 722,588 (1,942,443) 1,672,484 INVESTMENTS City Investments: City Local Agency Investment Fund 8,343,550 - - 8,343,550 City Local Agency Investment Fund for the PFA 329,302 - - 329,302 City CAMP Investments: CAMP Pool Account 22,987 - - 22,987 U.S. Treasury Bond/Note 12,138,475 - - 12,138,475 Municipal Bond / Note 290,464 - - 290,464 Federal Agency Collateralized Mortgage Obligation 530,253 - - 530,253 Federal Agency Bond/ Note 4,161,269 - - 4,161,269 Corporate Note 8,371,915 - - 8,371,915 Certificate of Deposit 4,075,000 - - 4,075,000 Housing CAMP Investments: Housing CAMP Pool Account 4,209 - - 4,209 Housing U.S. Treasury Bond / Notes 2,458,644 - 2,458,644 Housing Municipal Bond / Notes 30,084 - - 30,084 Housing Federal Agency Collateralized Mortgage 95,951 - - 95,951 Housing Federal Agency Bond / Notes 705,076 - - 705,076 Housing Corporate Notes 1,423,949 - 1,423,949 Housing Certificate of Deposit $00,000 - - 300,000 Successor Investments: Successor Loral Agency Investment Fund 90,362 - - 90,362 Successor CAMP Investments: Successor CAMP Pool Account 7,510 - - 7,510 Successor U.S. Treasury Bond/Notes 2,733,494 - - 2,733,494 Successor Municipal Bond / notes 30,084 - - 30,084 Successor Federal Agency Collaterized Mortgage 95,951 - - 95,951 Successor Federal Agency Bond/Notes 829,583 - - 829,583 Successor Corporate Notes 1,214,973 - - 1,214,973 Successor Certificate of Deposit 300,000 300,000 Sub -total Investments 48,583,085 - - 48,583,085 Market Value Adjustment: Unrealized Gain/ (Loss) at 06.30-15 City 4,631 - - 4,631 Unrealized Gain/ (Loss) at 06-30.15 SARDA 13,632 13,632 Total Unrealized Gain/ (Loss) at 06-30-15 per GASB 31 18,263 - - 18,263 Total investments 48,601,348 - - 48,601,348 Total Pooled Cash and Investments $ 51,492,387 $ 722,588 $ (1,942,443) $ 50,273,831 TOTAL POOLED CASH AND INVESTMENTS $ 50.273,831 1 certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approved by the City Council on June 9, 2015. 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 Apol4 2016 Director of Administrative Services Date CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING DECEMBER, 2015 Total Investments Held with Local Agency Investment Fund: $ 8,763,213 $ $ 8,763,213 Interest Rate Purchase Date Maturity Rate 0.400% Daily 24 -Hour Agency Beginning Balance Net Increase/(Decrease) Ending City $ 8,343,550 $ $ 8,343,550 City for the PFA $ 329,302 $ $ 329,302 Successor Agency $ 90,362 $ $ 90,362 Total Investments Held with Local Agency Investment Fund: $ 8,763,213 $ $ 8,763,213 CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF DECEMBER, 2015 FUND NO FUND NAME AMOUNT 100 General Fund $ 4,111,375 101 Supplemental Law Enforcement Fund 64,618 104 Traffic Offender Fund 31,809 106 Affordable Housing In Lieu Fund 2,628,185 107 Developer Agreement Revenue 1,349,030 110 State Gas Tax Fund 1,768,434 112 Measure A Fund 1,072,591 114 SBI 186 CASP Education Program Fund 4,731 115 Traffic Safety Fund 144,828 116 City Hall -Public Works DIF Fund 1,025,060 117 Community Center DIF Fund 435,292 118 Lake Side Facility DIF Fund 747,234 120 Camino Del Norte DIF 36,651 121 T.R.I.P:2014A 631,817 135 Lighting & Landscape Maintenance Fund - Dist. No. 1 337,218 140 Geothermal Fund 19,660 155 CSA152 -- N.P.D.E.S. 87,367 201 Street C.I.P. Fund 98 204 Signal C.I.P. Fund 805 205 Traffic Impact Fee Fund 3,303,167 211 Storm Drain C.I.P. Fund 3,447,558 221 Quimby Park C.I.P. Fund 22,135 231 Library C.I.P. Fund 1,661,983 232 City Fire Protection Fund 74,776 254 AD 89-1 Railroad Canyon Rd. Improvement Fund 126,253 268 CFD 2006-2 Viscaya Improvement 217 271 CFD 2005-1 Serenity Improvement 171 332 CFD 2006-1 Improvement Area B, Summerly 43 333 CFD 2015-3 Terracina 25,081 342 CFD 2007-5 Red Kite Service Fund 1,324 345 CFD 2003-28 Improvement Area D, Canyon Hills 85,394 346 CFD 2014-1 Southshore Debt Service Fund 62,262 347 CFD 2006-1 Improvement Area A, Summerly 22,568 348 CFD 2003-2 Improvement Area C, Canyon Hills 85,801 349 CFD 88-3 (20136) Debt Service Fund 63,805 350 CFD 98-1 Summerhill Debt Service Fund 173,251 352 AD 86-1 Debt Service Fund 656,345 354 CFD 90-2 Successor RDA Debt Service Fund 135,503 357 CFD 2003-2 Canyon Hills Debt Service Fund 229,204 366 CFD 2005-6 City Center Townhomes Debt Service Fund 17,645 367 CFD 2005-3 Summerly Debt Service Fund 87,524 3 of 5 CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF DECEMBER, 2015 FUND NO FUND NAME 368 CFD 2006-2 Viscaya Debt Service Fund 369 CFD 2004-3 Area 1 Rosetta Canyon Debt Service Fund 371 CFD 2005-1 Serenity Debt Service Fund 372 CFD 2005-2 Alberhill Ranch Debt Service Fund 374 CFD 2005-4 Lakeview Villas Debt Service Fund 375 CFD 2006-4 Tract No. 30698 & 32129 Debt Service Fund 376 CFD 2006-3 La Strada Debt Service Fund 377 CFD 2006-6 Tessara Debt Service Fund 378 CFD 2006-8 Tract No. 31957 Debt Service Fund 382 CFD 2006-9 Trieste Debt Service Fund 384 CFD 2003-2 Area B Canyon Hills Debt Service Fund 385 CFD 2004-3 Area 2 Rosetta Canyon Debt Service Fund 386 CFD 20074 Mekenna Debt Service Fund 387 CFD 2007-5 Red Kite Debt Service Fund 388 CFD 2007-6 Holiday Inn Debt Service Fund 392 CFD 95-1 City Center Debt Service Fund 393 AD 93-1 Debt Service Fund 394 CFD 2005-5 (2012A) Wasson Canyon Debt Service Fund 520 Successor Agency RDA Area 11 530 Successor Agency RDA Area III 540 Successor Area RDA Diamond Stadium 604 Endowment Trust Fund 605 Public Improvement Trust Fund 606 Mobile Source Air Polution Reduction Fund 608 Trust Deposit & Pre Paid Expense Fund 617 Successor Agency Housing Fund 620 Cost Recovery System Fund 631 Lake Destratification Equipment Replacement Fund 723 LEPFA 2008 Series A 731 LEPFA 2011 Series B 734 LEPFA 2013 Series C 780 LEPFA General Total Pooled Cash & Investments 4of5 AMOUNT 99,385 100,753 116,515 433,831 43,768 15,943 20,947 9,457 45,634 30,800 277,776 361,942 8,675 58,331 3,816 22,960 11,669 211,986 1,501,327 916,968 1,549,210 11,050 784,278 184,913 5,531,130 11,493,680 961,449 178,680 3,578 2,707 408,580 93,280 $ 50,273,831 CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF JANUARY 31, 2016 BANK DEPOSITS OUTSTANDING BOOK CASHACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank Accounts: General Checking Amount $ 19,480,056 $ 35,377 $ (1,360,440) $ 18,154,996 Cash On Hand: Cashier Drawers 41 & #2 - - - 300 City of Lake Elsinore Petty Cash Fund 1,000 Total Cash Accounts 19,480,058 35,377 (1,360,440) 18,156,296 INVESTMENTS City Investments: City Local Agency Investment Fund 8,353,747 - - 8,353,747 City Local Agency Investment Fund for the PFA 329,606 - - 329,606 City CAMP Investments: CAMP Pool Account 28,022 - - 26,022 U.S. Treasury Bond / Note 12,138,475 - - 12,138,475 Municipal Bond / Note 290,464 - - 290,464 Federal Agency Collateralized Mortgage Obligation 530,253 - - 530,253 Federal Agency Bond/Note 4,161,269 - - 4,161,269 Corporate Note 8,371,915 - - 8,371,915 Certificate of Deposit 4,075,000 - - 4,075,000 Housing CAMP Investments: Housing CAMP Pool Account 3,905 - - 3,905 Housing U.S. Treasury Bond / Notes 2,458,644 - - 2,458,644 Housing MuniGpal Bond / Notes 30,084 - - 30,084 Housing Federal Agency Collateralized Mortgage 95,951 - - 95,951 Housing Federal Agency Bond / Notes 705,076 - - 705,076 Housing Corporate Notes 1,423,949 - - 1,423,949 Housing Certificate of Deposit 300,000 - - 300,000 Successor Investments: Successor Local Agency Investment Fund 90,445 - - 90,445 Successor CAMP Investments: Successor CAMP Pool Account 7,190 - - 7,190 Successor U.S. Treasury Bond/Notes 2,733,494 - - 2,733,494 Successor Municipal Bond / notes 30,084 - - 30,084 Successor Federal Agency Coilaterized Mortgage 95,951 - - 95,951 Successor federal Agency Bond / Notes 829,583 - - 829,583 Successor Corporate Notes 1,214,973 - - 1,214,973 Successor Certificate of Deposit 300,000 300,000 Sub -total investments 48,598,080 - - 48,598,080 Market Value Adjustment: Unrealized Gain/ (Loss) at 06-30-15 City 4,631 - - 4,631 Unrealized Gain/ (Loss) at 06-30-15 SARDA 13,632 13,632 Total Unrealized Gain/ (Loss) at 06-30-15 per GASB 31 18,263 - - 18,263 Total Investments 48,616,343 - - 48,616,343 Total Pooled Cash and Investments $ 68,096,401 $ 35,377 $ (1,360,440) $ 66,772,639 TOTAL POOLED CASH AND INVESTMENTS $ 66772639 I certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approved by the City Council on June 9, 2015. 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 Al 2016 Director of Administrative Services Date CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING JANUARY 31, 2016 Total Investments Held with Local Agency Investment Fund: $ 8,773,798 $ $ 8,773,798 Interest Rate Purchase Date -M-_aturity Rate 0.446% Daily 24 -Hour Agency Beginning Balance Net Increasel(Decrease) Ending Balance City $ 8,353,747 $ $ 8,353,747 City for the PFA $ 329,606 $ $ 329,606 Successor Agency $ 90,445 $ $ 90,445 Total Investments Held with Local Agency Investment Fund: $ 8,773,798 $ $ 8,773,798 CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF JANUARY 31, 2016 FUND NO FUND NAME AMOUNT 100 General Fund $ 4,007,491 101 Supplemental Law Enforcement Fund 72,952 104 Traffic Offender Fund 36,068 tub Affordable Housing In Lieu Fund 2,628,970 107 Developer Agreement Revenue 1,349,434 110 State Gas Tax Fund 1,751,613 112 Measure A Fund 1,264,748 114 SBI 186 CASP Education Program Fund 4,742 115 Traffic Safety Fund 144,860 116 City Hall -Public Works DIF Fund 1,028,031 117 Community Center DIF Fund 435,422 118 Lake Side Facility DIF Fund 747,458 120 Camino Del Norte DIF 36,662 121 T,R.I.P.-2014A 632,008 130 Lighting & Landscape Maintenance Fund - City-wide 232,513 135 Lighting & Landscape Maintenance Fund - Dist. No. 1 484,123 140 Geothermal Fund 19,649 155 CSA152 -- N.P.D.E.S. 75,947 201 Street C.I.P. Fund 98 204 Signal C.I.P. Fund 805 205 Traffic Impact Fee Fund 3,352,472 211 Storm Drain C.I.P. Fund 3,477,083 221 Quimby Park C.I.P. Fund 27,937 231 Library C.I.P. Fund 1,662,485 232 City Fire Protection Fund 84,730 254 AD 89-1 Railroad Canyon Rd. Improvement Fund 126,253 268 CFD 2006-2 Viscaya Improvement 217 271 CFD 2005-1 Serenity Improvement 171 300 Insurance Service 318,226 331 CFD 2006-1CC Summerly Improvement Area CC 23,709 332 CFD 2006-1 Improvement Area B, Summerly 78,487 333 CFD 2015-3 Terracina 25,089 334 CFD 2015-5 Trieste - Far West Industries 45,000 342 CFD 2007-5 Red Kite Service Fund 1,930 343 CFD 2006-2S Viscaya Services 21,071 344 CFD 2005-2 Alberhill Ranch Services Fund 58,500 345 CFD 2003-2S Improvement Area D, Canyon Hills 666,915 346 CFD 2014-1 Southshore Debt Service Fund 62,281 347 CFD 2006-1 Improvement Area A, Summerly 134,442 348 CFD 2003-2 Improvement Area C, Canyon Hills 85,826 349 CFD 88-3 (20138) Debt Service Fund 58,694 350 CFD 98-1 Summerhill Debt Service Fund 735,379 352 AD 86-1 Debt Service Fund 656,221 354 CFD 90-2 Successor RDA Debt Service Fund 1,12.0,065 357 CFD 2003-2 Canyon Hills Debt Service Fund 660,735 366 CFD 2005.6 City Center Townhomes Debt Service Fund 131,946 367 CFD 2005-3 Summerly Debt Service Fund 150,848 368 CFD 2006-2 Viscaya Debt Service Fund 304,441 3 of 10 CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF JANUARY 31, 2016 FUND NO FUND NAME 369 CFD 2004-3 Area 1 Rosetta Canyon Debt Service Fund 371 CFD 2005-1 Serenity Debt Service Fund 372 CFD 2005-2 Alberhill Ranch Debt Service Fund 374 CFD 2005-4 Lakeview Villas Debt Service Fund 376 CFD 2006-4 Tract No. 30698 & 32129 Debt Service Fund 376 CFD 2006-3 La Strada Debt Service Fund 377 CFD 2006-6 Tessara Debt Service Fund 378 CFD 2006-8 Tract No. 31957 Debt Service Fund 384 CFD 2003-2 Area B Canyon Hills Debt Service Fund 385 CFD 2004-3 Area 2 Rosetta Canyon Debt Service Fund 386 CFD 2007-4 Mekenna Debt Service Fund 387 CFD 2007-5 Red Kite Debt Service Fund 388 CFD 2007-6 Holiday Inn Debt Service Fund 389 CFD 88-3 (2008A) West Lake Elsinore Debt Service Fund 390 CFD 2003-2 Area C Canyon Hills Debt Service Fund 392 CFD 95-1 City Center Debt Service Fund 393 AD 93-1 Debt Service Fund 394 CFD 2005-5 (2012A) Wasson Canyon Debt Service Fund 510 Successor Agency RDA Area 1 520 Successor Agency RDA Area 11 530 Successor Agency RDA Area 111 540 Successor Area RDA Diamond Stadium 604 Endowment Trust Fund 605 Public Improvement Trust Fund 606 Mobile Source Air Polution Reduction Fund 608 Trust Deposit & Pre Paid Expense Fund 617 Successor Agency Housing Fund 620 Cost Recovery System Fund 631 Lake Destratification Equipment Replacement Fund 650 CFD 2003-1 Law & Fire Service Fund 651 CFD 2006-5 Park & Open Space Service Fund 652 CFD 2007-1 Law & Fire Service Fund 653 CFD 2009-1 Parks & Lighting Service Fund 654 CFD 2003-25 Fire Service Fund 655 CFD 2015-1s Law, Fire, Paramedic Services 723 LEPFA 2008 Series A 731 LEPFA 2011 Series B 734 LEPFA 2013 Series C 780 LEPFA General Total Pooled Cash & Investments 4 of 10 AMOUNT 645,587 439,959 1,113,805 48,267 25,624 25,394 13,954 44,891 1,115,132 1,088,714 7,919 64,475 3,686 1,262,240 321,822 97,470 760,007 375,415 991,226 3,022,055 1,320,903 3,352,379 11,056 835,708 184,964 5,551,212 11,504,422 989,556 178,734 1,121,276 71,930 38,872 192,191 208,594 10,000 3,584 2,709 408,826 93,336 $ 66,772,639 INVESTMENTS City Investments: City Local Agency Investment Fund 21,353,747 - - 21,353,747 City Local Agency Investment Fund for the PFA 329,606 - - 329,606 City CAMP Investments: CITY OF LAKE ELSINORE CAMP Pool Account INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS 38,092 U.S. Treasury Bond/Note 11,480,699 - - AS OF FEBRUARY 29, 2016 Municipal Bond / Note 290,464 - - 290,464 BANK DEPOSITS OUTSTANDING 530,253 - - BOOK CASH ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank Accounts: 8,371,915 Certificate of Deposit 4,075,000 - - General Checking Account $ 3,407,869 $ 36,174 $ (1,977,348) $ 1,466,696 Cacti On Hand: 15,111 - - 15,111 Housing U.S. Treasury Bond / Notes Cashier Drawers #1 & #2 - - - 300 City of Lake Elsinore Petty Cash Fund - 95,951 - - 1,000 Total Cash Accounts 3,407,869 36,174 (1,977,348) 1,467,996 INVESTMENTS City Investments: City Local Agency Investment Fund 21,353,747 - - 21,353,747 City Local Agency Investment Fund for the PFA 329,606 - - 329,606 City CAMP Investments: CAMP Pool Account 38,092 - - 38,092 U.S. Treasury Bond/Note 11,480,699 - - 11,480,699 Municipal Bond / Note 290,464 - - 290,464 Federal Agency Collateralized Mortgage Obligation 530,253 - - 530,253 Federal Agency Bond / Note 4,884,558 - - 4,884,558 Corporate Note 8,371,915 - - 8,371,915 Certificate of Deposit 4,075,000 - - 4,075,000 Housing CAMP Investments: Housing CAMP Pool Account 15,111 - - 15,111 Housing U.S. Treasury Bond / Notes 2,335,322 - - 2,335,322 Housing Municipal Bond / Notes 30,084 - - 30,084 Housing Federal Agency Collateralized Mortgage 95,951 - - 95,951 Housing Federal Agency Bond / Notes 829,781 - - 829,781 Housing Corporate Notes 1,423,949 - - 1,423,949 Housing Certificate of Deposit 300,000 - - 300,000 Successor Investments: Successor Local Agency Investment Fund 90,445 - - 90,445 Successor CAMP Investments: Successor CAMP Pool Account 17,748 - - 17,748 Successor U.S. Treasury Bond/Notes 2,610,325 - - 2,610,325 Successor Municipal Bond / notes 30,084 - - 30,084 Successor Federal Agency Collaterized Mortgage 95,951 - - 95,951 Successor Federal Agency Bond/Notes 954,288 - - 954,288 Successor Corporate Notes 1,214,973 - - 1,214,973 Successor Certificate of Deposit 300,000 - - 300,000 Sub -total Investments 61,698,347 - - 61,698,347 Market Value Adjustment: Unrealized Gain/ (Loss) at 06.30-15 City 4,631 - - 4,631 Unrealized Gain/ (Loss) at 06-30-15 SARDA 13,632 - 13,632 Total Unrealized Gain/ (Loss) at 06-30-15 per GASB 31 18,263 - - 18,263 Total Investments 61,716,610 - - 61,716,610 Total Pooled Cash and Investments $ 65,124,479 $ 36,174 $ (1,977,348) $ 63,184,606 TOTAL POOLED CASH AND INVESTMENTS $ 63 184 606 I certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approved by the City Council on June 9, 2015. 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 Apol 4 2016 Director of Administrative Services Date CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING FEBRUARY 29, 2016 Interest Rate 0.447% Purchase Date Daily Maturity Rate 24 -Hour Agency Beginning Balance Net Increase/(Decrease) Ending Balance City $ 21,353,747 $ - $ 21,353,747 City for the PFA $ 329,606 $ - $ 329,606 Successor Agency $ 90,445 $ - $ 90,445 Total Investments Held with Local Agency Investment Fund: $ 21,773,798 $ - $ 21,773,798 CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF FEBRUARY 29, 2016 FUND NO FUND NAME AMOUNT 100 General Fund $ 5,662,175 101 Supplemental Law Enforcement Fund 81,285 104 Traffic Offender Fund 40,193 106 Affordable Housing In Lieu Fund 2,690,908 107 Developer Agreement Revenue 1,349,434 110 State Gas Tax Fund 1,831,545 112 Measure A Fund 1,378,136 114 SB1186 CASP Education Program Fund 4,937 115 Traffic Safety Fund 170,751 116 City Hall -Public Works DIF Fund 1,048,256 117 Community Center DIF Fund 449,047 118 Lake Side Facility DIF Fund 766,933 120 Camino Del Norte DIF 36,662 121 T.R.I.P.-2014A 632,008 135 Lighting & Landscape Maintenance Fund - Dist. No. 1 473,318 140 Geothermal Fund 19,649 155 CSA152 -- N.P.D.E.S. 126,808 201 Street C.I.P. Fund 98 204 Signal C.I.P. Fund 805 205 Traffic Impact Fee Fund 3,386,697 211 Storm Drain C.I.P. Fund 3,484,043 221 Quimby Park C.I.P. Fund 27,937 231 Library C.I.P. Fund 1,666,235 232 City Fire Protection Fund 103,505 254 AD 89-1 Railroad Canyon Rd. Improvement Fund 126,253 268 CFD 2006-2 Viscaya Improvement 217 271 CFD 2005-1 Serenity Improvement 171 331 CFD 2006-1 CC Summerly Improvement Area CC 23,709 332 CFD 2006-1 Improvement Area B, Summerly 25,053 333 CFD 2015-3 Terracina 31,089 334 CFD 2015-5 Trieste - Far West Industries 45,000 342 CFD 2007-5 Red Kite Service Fund 1,930 343 CFD 2006-2S Viscaya Services 21,090 344 CFD 2005-2 Alberhill Ranch Services Fund 58,812 345 CFD 2003-2S Improvement Area D, Canyon Hills 458,973 346 CFD 2014-1 Southshore Debt Service Fund 62,281 347 CFD 2006-1 Improvement Area A, Summerly 52,110 348 CFD 2003-2 Improvement Area C, Canyon Hills 87,757 349 CFD 88-3 (20138) Debt Service Fund 58,862 350 CFD 98-1 Summerhill Debt Service Fund 494,800 352 AD 86-1 Debt Service Fund 656,009 354 CFD 90-2 Successor RDA Debt Service Fund 1,144,188 357 CFD 20032 Canyon Hills Debt Service Fund 432,933 366 CFD 2005-6 City Center Townhomes Debt Service Fund 95,821 367 CFD 2005-3 Summerly Debt Service Fund 151,527 368 CFD 2006-2 Viscaya Debt Service Fund 179,087 369 CFD 2004-3 Area 1 Rosetta Canyon Debt Service Fund 406,971 CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF FEBRUARY 29, 2016 FUND NO FUND NAME AMOUNT 371 CFD 2005-1 Serenity Debt Service Fund 280,960 372 CFD 2005-2 Alberhill Ranch Debt Service Fund 724,614 374 CFD 2005-4 Lakeview Villas Debt Service Fund 48,267 375 CFD 2006-4 Tract No. 30698 & 32129 Debt Service Fund 25,624 376 CFD 2006-3 La Strada Debt Service Fund 25,394 377 CFD 2006-6 Tessara Debt Service Fund 13,954 378 CFD 2006-8 Tract No. 31957 Debt Service Fund 44,891 384 CFD 2003-2 Area 8 Canyon Hills Debt Service Fund 563,110 385 CFD 2004-3 Area 2 Rosetta Canyon Debt Service Fund 588,178 386 CFD 2007-4 Mekenna Debt Service Fund 7,919 387 CFD 2007-5 Red Kite Debt Service Fund 64,475 388 CFD 2007-6 Holiday Inn Debt Service Fund 6,868 389 CFD 88-3 (2008A) West Lake Elsinore Debt Service Fund 1,039,763 390 CFD 2003-2 Area C Canyon Hills Debt Service Fund 28,842 392 CFD 95-1 City Center Debt Service Fund 97,470 393 AD 93-1 Debt Service Fund 368,666 394 CFD 2005-5 (2012A) Wasson Canyon Debt Service Fund 297,922 510 Successor Agency RDA Area 1 528,255 520 Successor Agency RDA Area II 2,526,679 530 Successor Agency RDA Area 111 1,174,551 540 Successor Area RDA Diamond Stadium 3,235,857 604 Endowment Trust Fund 11,056 605 Public Improvement Trust Fund 835,708 606 Mobile Source Air Polution Reduction Fund 184,964 608 Trust Deposit & Pre Paid Expense Fund 5,565,947 617 Successor Agency Housing Fund 11,502,192 620 Cost Recovery System Fund 990,480 631 Lake Destratification Equipment Replacement Fund 178,734 650 CFD 2003-1 Law & Fire Service Fund 1,136,034 651 CFD 2006-5 Park & Open Space Service Fund 72,264 652 CFD 2007-1 Law & Fire Service Fund 39,138 653 CFD 2009-1 Parks & Lighting Service Fund 192,776 654 CFD 2003-25 Fire Service Fund 208,594 655 CFD 2015-1s Law, Fire, Paramedic Services 20,000 723 LEPFA 2008 Series A 3,584 731 LEPFA 2011 Series B 2,709 734 LEPFA 2013 Series C 408,826 780 LEPFA General 93,336 Total Pooled Cash & Investments $ 63,184,606 CITY OF LADE 09,LSINORS ®,W DREAM LAIREME. 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 26, 2016 SUBJECT: INVESTMENT REPORT FOR MARCH 2016 Recommendation Receive and file the Investment Report for March 2016. Discussion The Investment Report is a listing of all funds invested for the City of Lake Elsinore and includes funds held for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Prepared By: Andrew Zavala Account Specialist II Approved By: Jason P. Simpson Director of Administrative Services Approved By: Grant M. Yates Executive Director Attachments: Investment Report for March 2016 INVESTMENTS City Investments: City Local Agency Investment Fund 17,353,747 - - 17,353,747 City Local Agency Investment Fund for the PFA 329,606 - - 329,606 City CAMP Investments: CITY OF LAKE ELSINORE CAMP Pool Account INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS 40,950 U.S. Treasury Bond / Note 12,221,996 - - AS OF MARCH 31, 2016 Municipal Bond / Note 290,464 - - 290,464 BANK DEPOSITS OUTSTANDING 530,253 - - BOOK CASH ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank Accounts: 7,164,531 Certificate of Deposit 4,650,000 - - General Checking Account $ 2,577,973 $ 87,247 $ (465,257) $ 2,199,963 Cash On Hand: 12,424 - - 12,424 Housing U.S. Treasury Bond / Notes Cashier Drawers #1 & #2 - - liousing Municipal Bond / Notes 300 City of Lake Elsinore Petty Cash Fund - 95,951 - - 1,000 Total Cash Accounts 2,577,973 87,247 (465,257) 21201,263 INVESTMENTS City Investments: City Local Agency Investment Fund 17,353,747 - - 17,353,747 City Local Agency Investment Fund for the PFA 329,606 - - 329,606 City CAMP Investments: CAMP Pool Account 40,950 - - 40,950 U.S. Treasury Bond / Note 12,221,996 - - 12,221,996 Municipal Bond / Note 290,464 - - 290,464 Federal Agency Collateralized Mortgage Obligation 530,253 - - 530,253 Federal Agency Bond/Note 4,810,192 - - 4,810,192 Corporate Note 7,164,531 - - 7,164,531 Certificate of Deposit 4,650,000 - - 4,650,000 Housing CAMP Investments: Housing CAMP Pool Account 12,424 - - 12,424 Housing U.S. Treasury Bond / Notes 2,505,483 - - 2,505,483 liousing Municipal Bond / Notes 30,084 - - 30,084 Housing Federal Agency Collateralized Mortgage 95,951 - - 95,951 Housing Federal Agency Bond / Notes 829,781 - - 829,781 Housing Corporate Notes 1,164,851 - - 1,16051 Housing Cerdficate of Deposit 400,000 - - 400,000 Successor Investments: Successor Local Agency Investment Fund 90,445 - - 90,445 Successor CAMP Investments: Successor CAMP Pool Account 45,163 - - 45,163 Successor U.S. Treasury Bond / Notes 2,841,750 - - 2,841,750 Successor Municipal Bond / notes 30,084 - - 30,084 Successor Federal Agency Collaterized Mortgage 95,951 - - 95,951 Successor Federal Agency Bond /Nates 904,711 - - 904,711 Successor Corporate Notes 915,899 - - 915,899 Successor Certificate of Deposit 400,000 - 400,000 Sub -total Investments 57,754,318 - - 57,754,318 Market Value Adjustment: Unrealized Gain/ (Loss) at 06-30-15 City 4,631 - - 4,631 Unrealized Gain/ (Loss) at 06-30.15 SARDA 13,632 - - 13,632 Total Unrealized Gain/ (Loss) at 06-30-15 per GASB 31 18,263 - - 18,263 Total Investments 57,772,581 - - 57,772,581 Total Pooled Cash and Investments $ 60,350,553 $ 67,247 $ (465,257) $ 59,973,644 TOTAL POOLED CASH AND INVESTMENTS $ 59973844 I certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approved by the City Council on June 9, 2015. A copy of this policy is available in the office of the City Clerk. The pooled investments shown above provide sufficient cash now liquidity to meet the next six months estimated expenditures. Jason P Simpson April 18, 2016 Director of Administrative Services Date CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING MARCH 31, 2016 Yield Purchase Date Maturity Rate 0.506% Daily 24 -Hour Aaencv Beginning Balance Net Increase/(Decrease) Ending Balance City $ 17,353,747 $ $ 17,353,747 City for the PFA $ 329,606 $ $ 329,606 Successor Agency $ 90,445 $ $ 90,445 Total Investments Held with Local Agency Investment Fund: $ 17,773,798 $ $ 17,773,798 CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF MARCH 31, 2016 FUND NO FUND NAME AMOUNT 100 General Fund $ 4,876,249 101 Supplemental Law Enforcement Fund 8,333 104 Traffic Offender Fund 6,009 106 Affordable Housing In Lieu Fund 2,720,869 107 Developer Agreement Revenue 1,349,434 110 State Gas Tax Fund 2,002,655 112 Measure AFund 1,378,136 114 SB1186 CASP Education Program Fund 5,155 115 Traffic Safety Fund 66,332 116 City Hall -Public Works DIF Fund 1,073,555 117 Community Center DIF Fund 463,762 118 Lake Side Facility DIF Fund 787,966 120 Camino Del Norte DIF 36,662 121 T.R.I.P.-2014A 632,008 135 Lighting & Landscape Maintenance Fund - Dist. No. 1 469,578 140 Geothermal Fund 19,649 155 CSA152 -- N.P.D.E.S. 104,038 201 Street C.I.P. Fund 98 204 Signal C.I.P. Fund 805 205 Traffic Impact Fee Fund 3,525,569 211 Storm Drain C.I.P. Fund 3,534,342 221 Quimby Park C.I.P. Fund 36,332 231 Library C.I.P. Fund 1,670,285 232 City Fire Protection Fund 137,672 254 AD 89-1 Railroad Canyon Rd. Improvement Fund 126,253 268 CFD 2006-2 Viscaya Improvement 217 271 CFD 2005-1 Serenity Improvement 171 310 Support Service 280,528 320 Facilities Service 120,551 331 CFD 2006 -ICC Summerly Improvement Area CC 8,709 332 CFD 2006-1 Improvement Area B, Summerly 24,813 333 CFD 2015-3 Terracina 25,664 334 CFD 2015-5 Trieste - Far West Industries 45,000 342 CFD 2007-5 Red Kite Service Fund 1,930 343 CFD 2006-2S Viscaya Services 21,090 344 CFD 2005-2 Alberhill Ranch Services Fund 58,812 345 CFD 2003-2S Improvement Area D, Canyon Hills 436,083 346 CFD 2014-1 Southshore Debt Service Fund 62,281 347 CFD 2006-1 Improvement Area A, Summerly 49,370 348 CFD 2003-2 Improvement Area C, Canyon Hills 87,757 349 CFD 88-3 (20136) Debt Service Fund 58,862 350 CFD 98-1 Summerhill Debt Service Fund 494,560 352 AD 86-1 Debt Service Fund 655,956 354 CFD 90-2 Successor RDA Debt Service Fund 1,144,188 357 CFD 2003-2 Canyon Hills Debt Service Fund 432,693 CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF MARCH 31, 2016 FUND NO FUND NAME AMOUNT 366 CFD 2005-6 City Center Townhomes Debt Service Fund 95,465 367 CFD 2005-3 Summerly Debt Service Fund 151,527 368 CFD 2006-2 Viscaya Debt Service Fund 177,195 369 CFD 2004-3 Area 1 Rosetta Canyon Debt Service Fund 406,731 371 CFD 2005-1 Serenity Debt Service Fund 280,720 372 CFD 2005-2 Alberhill Ranch Debt Service Fund 724,083 374 CFD 2005-4 Lakeview Villas Debt Service Fund 48,267 375 CFD 2006-4 Tract No. 30698 & 32129 Debt Service Fund 25,624 376 CFD 2006-3 La Strada Debt Service Fund 25,394 377 CFD 2006-6 Tessara Debt Service Fund 13,954 378 CFD 2006-8 Tract No. 31957 Debt Service Fund 44,891 384 CFD 2003-2 Area B Canyon Hills Debt Service Fund 562,870 385 CFD 2004-3 Area 2 Rosetta Canyon Debt Service Fund 586,452 386 CFD 2007-4 Mekenna Debt Service Fund 7,919 387 CFD 2007-5 Red Kite Debt Service Fund 64,475 388 CFD 2007-6 Holiday Inn Debt Service Fund 3,686 389 CFD 88.3 (2008A) West Lake Elsinore Debt Service Fund 1,037,638 390 CFD 2003-2 Area C Canyon Hills Debt Service Fund 28,362 392 CFD 95-1 City Center Debt Service Fund 97,230 393 AD 93-1 Debt Service Fund 368,426 394 CFD 2005-5 (2012A) Wasson Canyon Debt Service Fund 297,682 510 Successor Agency RDA Area 1 527,527 520 Successor Agency RDA Area 11 2,260,928 530 Successor Agency RDA Area 111 1,173,755 540 Successor Area RDA Diamond Stadium 2,049,441 604 Endowment Trust Fund 11,056 605 Public Improvement Trust Fund 835,708 606 Mobile Source Air Polution Reduction Fund 201,537 608 Trust Deposit & Pre Paid Expense Fund 5,557,071 617 Successor Agency Housing Fund 11,499,228 620 Cost Recovery System Fund 1,060,832 631 Lake Destratification Equipment Replacement Fund 178,734 655 CFD 2015-1s Law, Fire, Paramedic Services 20,000 723 LEPFA 2008 Series A 3,584 731 LEPFA 2011 Series B 2,709 734 LEPFA 2013 Series C 408,826 780 LEPFA General 93,336 Total Pooled Cash & Investments $ 59,973,844 C1,7'Y OF i�c., LA KEV, LSINORE ~rte 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: May 31, 2016 SUBJECT: INVESTMENT REPORT FOR APRIL 2016 Recommendation Receive and file the Investment Report for April 2016. Discussion The Investment Report is a listing of all funds invested for the City of Lake Elsinore and includes funds held for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Prepared By: Andrew Zavala Account Specialist II Approved By: Jason P. Simpson Director of Administrative Services Approved By: Grant M. Yates Executive Director Attachments: Investment Report for April 2016 CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF APRIL 30, 2016 CASH ACCOUNTS Bank Accounts: General Checking Account Cash On Hand: Cashier Drawers #1 & #2 City of Lake Elsinore Petty Cash Fund Total Cash Accounts BANK DEPOSITS OUTSTANDING BOOK BALANCE IN TRANSIT CHECKS BALANCE $ 1,710,272 $ 131,338 $ (1,243,189) $ 598,420 300 1,000 1,710,272 131,338 (1,243,189) 599,720 INVESTMENTS City Investments: City Loral Agency Investment Fund 21,371,014 - - 21,371,014 City Local Agency Investment Fund for the PFA 329,987 - - 329,987 City CAMP Investments: CAMP Pool Account 83,860 - - 83,860 U.S. Treasury Bond / Note 12,521,493 - - 12,521,493 Municipal Bond / Note 290,464 - - 290,464 Federal Agency Collateralized Mortgage Obligation 530,253 - - 530,253 Federal Agency Bond/Note 4,810,192 - - 4,610,192 Corporate Note 6,844,668 - - 6,844,668 Certificate of Deposit 4,650,000 - - 4,650,000 Housing CAMP Investments: Housing CAMP Pool Account 12,630 - - 12,630 Housing U.S. Treasury Bond / Notes 2,455,368 - - 2,455,368 Housing Municipal Bond / Notes 30,084 - - 30,084 Housing Federal Agency Collateralized Mortgage 95,951 - 95,951 Housing Federal Agency Bond / Notes 829,781 - - 829,781 Housing Corporate Notes 1,214,819 - - 1,214,819 Housing Certificate of Deposit 400,000 - - 400,000 Successor Investments: Successor Local Agency Investment Fund 90,550 - - 90,550 Successor CAMP Investments: Successor CAMP Pool Account 20,554 - - 20,554 Successor U.S. Treasury Bond / Notes 2,816,827 - - 2,816,827 Successor Municipal Bond / notes 30,084 - - 30,084 Successor Federal Agency Collaterized Mortgage 95,951 - - 95,951 Successor Federal Agency Bond/Notes 904,711 - - 904,711 Successor Corporate Notes 965,867 - - 965,867 Successor Certificate of Deposit 400,000 - - 400,000 Sub -total investments 61,795,107 - - 61,795,107 Market Value Adjustment: Unrealized Gain/ (Loss) at 06-30-15 City 4,631 - - 4,631 Unrealized Gaint (Loss) at 06-30-15 SARDA 13,632 - 13,632 Total Unrealized Gain/ (Loss) at 06-30.15 per GASB 31 18,263 - - 18,263 Total Investments 61,813,370 - - 61,813,370 Total Pooled Cash and Investments $ 63,523,642 $ 131,338 $ (1,243,189) $ 62,413,090 TOTAL POOLED CASH AND INVESTMENTS$ 62413090 I certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approved by the City Council on June 9, 2015. 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 16 2016 Director of Administrative Services Dale CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING APRIL 30, 2016 Total Investments Held with Local Agency Investment Fund: $ 21,791,550 $ $ 21,791,550 Yield Purchase Date Maturity Rate 0.525% Daily 24 -Hour Agency Beginning Balance Net Increase/(Decrease) Ending Balance City $ 21,371,014 $ $ 21,371,014 City for the PFA $ 329,987 $ $ 329,987 Successor Agency $ 90,550 $ $ 90,550 Total Investments Held with Local Agency Investment Fund: $ 21,791,550 $ $ 21,791,550 CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF APRIL 30, 2016 FUND NO FUND NAME AMOUNT 100 General Fund $ 9,918,574 101 Supplemental Law Enforcement Fund 8,333 104 Traffic Offender Fund 10,134 106 Affordable Housing In Lieu Fund 2,755,702 107 Developer Agreement Revenue 1,360,434 110 State Gas Tax Fund 1,688,792 112 Measure A Fund 700,692 114 SB1186 CASP Education Program Fund 5,169 115 Traffic Safety Fund 108,234 116 City Hall -Public Works DIF Fund 1,059,078 117 Community Center DIF Fund 468,175 118 Lake Side Facility DIF Fund 539,059 120 Camino Del Norte DIF 110 121 T.R.I.P:2014A 7,015 135 Lighting & Landscape Maintenance Fund - Dist. No. 1 327,077 140 Geothermal Fund 19,649 155 CSA152 -- N.P.D.E.S. 101,567 201 Street C.I.P. Fund 98 205 Traffic Impact Fee Fund 3,510,943 211 Storm Drain C.I.P. Fund 3,363,646 221 Quimby Park C.I.P. Fund 14,455 231 Library C.I.P. Fund 1,675,078 232 City Fire Protection Fund 154,194 254 AD 89-1 Railroad Canyon Rd. Improvement Fund 126,253 268 CFD 2006-2 Viscaya Improvement 217 310 Support Service 274,892 320 Facilities Service 88,256 331 CFD 2006-1 CC Summerly Improvement Area CC 6,959 332 CFD 2006-1 Improvement Area B, Summerly 23,063 333 CFD 2015-3 Terracina 25,664 334 CFD 2015-5 Trieste - Far West Industries 45,000 342 CFD 2007-5 Red Kite Service Fund 1,930 343 CFD 2006-2S Viscaya Services 19,802 344 CFD 2005-2 Alberhill Ranch Services Fund 57,264 345 CFD 2003-25 Improvement Area D, Canyon Hills 434,281 346 CFD 2014-1 Southshore Debt Service Fund 62,281 347 CFD 2006-1 Improvement Area A, Summerly 44,424 348 CFD 20032 Improvement Area C. Canyon Hills 87,757 349 CFD 88-3 (2013B) Debt Service Fund 53,737 350 CFD 98-1 Summerhill Debt Service Fund 492,655 352 AD 86-1 Debt Service Fund 655,943 354 CFD 90-2 Successor RDA Debt Service Fund 1,138,961 357 CFD 2003-2 Canyon Hills Debt Service Fund 430,375 366 CFD 2005-6 City Center Townhomes Debt Service Fund 94,113 CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF APRIL 30, 2016 FUND NO FUND NAME AMOUNT 367 CFD 2005-3 Summerly Debt Service Fund 150,240 368 CFD 2006-2 Viscaya Debt Service Fund 175,908 369 CFD 2004-3 Area 1 Rosetta Canyon Debt Service Fund 404,569 371 CFD 2005-1 Serenity Debt Service Fund 278,970 372 CFD 2005-2 Alberhill Ranch Debt Service Fund 722,239 374 CFD 2005-4 Lakeview Villas Debt Service Fund 47,642 375 CFD 2006-4 Tract No. 30698 & 32129 Debt Service Fund 24,999 376 CFD 2006-3 La Strada Debt Service Fund 24,769 377 CFD 2006-6 Tessara Debt Service Fund 13,329 378 CFD 2006-8 Tract No. 31957 Debt Service Fund 44,266 384 CFD 2003-2 Area B Canyon Hills Debt Service Fund 557,103 385 CFD 2004-3 Area 2 Rosetta Canyon Debt Service Fund 583,680 386 CFD 2007-4 Mekenna Debt Service Fund 7,294 387 CFD 2007-5 Red Kite Debt Service Fund 63,225 388 CFD 2007-6 Holiday Inn Debt Service Fund 3,686 389 CFD 88-3 (2008A) West Lake Elsinore Debt Service Fund 1,037,536 390 CFD 2003-2 Area C Canyon Hills Debt Service Fund 23,237 392 CFD 95-1 City Center Debt Service Fund 95,942 393 AD 93-1 Debt Service Fund 360,701 394 CFD 2005-5 (2012A) Wasson Canyon Debt Service Fund 296,394 510 Successor Agency RDA Area 1 484,726 520 Successor Agency RDA Area II 2,212,757 530 Successor Agency RDA Area 111 1,125,585 540 Successor Area RDA Diamond Stadium 1,785,669 604 Endowment Trust Fund 11,056 605 Public Improvement Trust Fund 835,708 606 Mobile Source Air Polution Reduction Fund 201,537 608 Trust Deposit & Pre Paid Expense Fund 5,545,431 617 Successor Agency Housing Fund 11,487,805 620 Cost Recovery System Fund 1,055,177 631 Lake Destratification Equipment Replacement Fund 178,734 655 CFD 2015-1s Law, Fire, Paramedic Services 20,000 723 LEPFA 2008 Series A 3,584 731 LEPFA 2011 Series B 2,709 734 LEPFA 2013 Series C 408,826 736 LEPFA 2013 Series A 84,684 780 LEPFA General 93,336 Total Pooled Cash & Investments $ 62,413,090 CITY OF i... LAKELSIAOI�E —, 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 28, 2016 SUBJECT: INVESTMENT REPORT FOR MAY 2016 Recommendation Receive and file the Investment Report for May 2016. Discussion The Investment Report is a listing of all funds invested for the City of Lake Elsinore and includes funds held for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Prepared By: Andrew Zavala Account Specialist II Approved By: Jason P. Simpson Director of Administrative Services Approved By: Grant M. Yates Executive Director Attachments: Investment Report for May 2016 INVESTMENTS City Investments: City Local Agency Investment Fund 20,371,014 City Local Agency Investment Fund for the PFA 329,987 City CAMP Investments: CITY OF LAKE ELSINORE CAMP Pool Account 51,284 INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS 13,053,470 Municipal Bond / Note 290,463 AS OF MAY 31, 2016 530,253 Federal Agency Bond / Note 4,329,631 BANK DEPOSITS OUTSTANDING 6,824,246 BOOK CASH ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank Accounts: 1,068,028 Successor Certificate of Deposit 400,000 - General Checking Account $ 13,233,272 $ 2,645,330 $ (2,984,526) $ 12,894,076 Cash On Hand: Unrealized Gain/ (Loss) at 06-30-15 City Cashier Drawers #1 &#2 - - - 300 City of Lake Elsinore Petty Cash Fund Total Unrealized Gain/ (Loss) at 06-30-15 per GASB 31 18,263 - - 1,000 Total Cash Accounts 13,233,272 2,645,330 (2,984,526) 12,895,376 INVESTMENTS City Investments: City Local Agency Investment Fund 20,371,014 City Local Agency Investment Fund for the PFA 329,987 City CAMP Investments: CAMP Pool Account 51,284 U.S. Treasury Bond 7 Note 13,053,470 Municipal Bond / Note 290,463 Federal Agency Collateralized Mortgage Obligation 530,253 Federal Agency Bond / Note 4,329,631 Corporate Note 6,824,246 Certlflcate of Deposit 4,650,000 Housing CAMP Investments: Housing CAMP Pool Account 16,473 Housing U.S. Treasury Bond / Notes 2,408,299 Housing Municipal Bond / Notes 30,084 Housing Federal Agency Collateralized Mortgage 95,951 Housing Federal Agency Bond / Notes 829,781 Housing Corporate Notes 1,265,872 Housing Certificate of Deposit 400,000 Successor investments: Successor Local Agency Investment Fund 90,550 20,371,014 329,987 51,284 13,053,470 290,463 530,253 4,329,631 6,824,246 4,650,000 16,473 2,408,299 30,084 95,951 829,781 1,265,872 400,000 90,550 Successor CAMP Investments: Successor CAMP Pool Account 24,683 - - 24,683 Successor U.S. Treasury Bond / Notes 2,722,596 - - 2,722,596 Successor Municipal Bond / notes 30,084 - - 30,084 Successor Federal Agency Collatedzed Mortgage 95,951 - - 95,951 Successor Federal Agency Bond / Notes 904,711 - - 904,711 Successor Corporate Notes 1,068,028 - - 1,068,028 Successor Certificate of Deposit 400,000 - 400,000 Sub -total Investments 60,813,407 - - 60,813,407 Market Value Adjustment: Unrealized Gain/ (Loss) at 06-30-15 City 4,631 - - 4,631 Unrealized Gain/ (Loss) at 06-30-15 SARDA 13,632 - - 13,632 Total Unrealized Gain/ (Loss) at 06-30-15 per GASB 31 18,263 - - 18,263 Total Investments 60,831,670 - - 60,831,670 Total Pooled Cash and Investments $ 74,064,942 $ 2,645,330 $ (2,984,526) $ 73,727,046 TOTAL POOLED CASH AND INVESTMENTS 5 73 727.046 I certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approved by the City Council on June 16, 2016. 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 20, 2016 Director of Administrative Services Date CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING MAY 31, 2016 Note: Per California State Treasurer, LAIF Statute 16429.1: Separate accounts for each governmental unit shall be maintained. LAIF accounts are subject to a $65 million cap. Yield Purchase Date Maturity Rate 0.552% Daily 24 -Hour Aaencv Beginning Balance Net Increase/(Decrease) Ending Balance City $ 20,371,014 $ - $ 20,371,014 City for the PFA $ 329,987 $ - $ 329,987 Successor Agency $ 90,550 $ - $ 90,550 Total Investments Held with Local Agency Investment Fund: $ 20,791,550 $ - $ 20,791,550 Note: Per California State Treasurer, LAIF Statute 16429.1: Separate accounts for each governmental unit shall be maintained. LAIF accounts are subject to a $65 million cap. CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF MAY 31, 2016 FUND NO FUND NAME AMOUNT 100 General Fund $ 12,396,546 101 Supplemental Law Enforcement Fund 25,000 104 Traffic Offender Fund 13,605 106 Affordable Housing In Lieu Fund 2,604,275 107 Developer Agreement Revenue 1,376,266 110 State Gas Tax Fund 1,785,884 112 Measure A Fund 803,028 114 SBI 186 CASP Education Program Fund 5,406 115 Traffic Safety Fund 148,096 116 City Hall -Public Works DIF Fund 1,087,006 117 Community Center DIF Fund 480,624 118 Lake Side Facility DIF Fund 555,679 120 Camino Del Norte DIF 110 121 T.R.I.P:2014A 7,015 130 Lighting & Landscape Maintenance Fund - City-wide 253,486 135 Lighting & Landscape Maintenance Fund - Dist. No. 1 463,985 140 Geothermal Fund 19,718 155 CSA152 - N.P.D.E.S. 101,926 160 PEG Grant Fund 12,396 205 Traffic Impact Fee Fund 3,557,885 211 Storm Drain C.I.P. Fund 3,391,405 221 Quimby Park C.I.P. Fund 15,432 231 Library C.I.P. Fund 1,685,121 232 City Fire Protection Fund 171,204 254 AD 89-1 Railroad Canyon Rd. Improvement Fund 126,253 268 CFD 2006-2 Viscaya Improvement 217 305 Information Systems Service 31,738 310 Support Service 287,049 320 Facilities Service 146,068 331 CFD 2006-1 CC Summerly Improvement Area CC 33,337 332 CFD 2006-1 Improvement Area B, Summery 93,539 333 CFD 2015-3 Terracina 25,047 334 CFD 2015-5 Trieste - Far West Industries 45,158 342 CFD 2007-5 Red Kite Service Fund 2,674 343 CFD 2006.2S Viscaya Services 41,557 344 CFD 2005-2 Alberhill Ranch Services Fund 114,323 345 CFD 2003-2S Improvement Area D, Canyon Hills 951,577 346 CFD 2014-1 Southshore Debt Service Fund 62,500 347 CFD 2006-1 Improvement Area A, Summerly 149,642 348 CFD 2003-2 Improvement Area C, Canyon Hills 88,062 349 CFD 88-3 (2013B) Debt Service Fund 72,224 350 CFD 98-1 Summerhill Debt Service Fund 1,006,179 352 AD 86-1 Debt Service Fund 655,943 354 CFD 90-2 Successor RDA Debt Service Fund 2,011,476 356 AD 90-1A Debt Service Fund 3 357 CFD 2003-2 Canyon Hills Debt Service Fund 812,669 CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF MAY 31, 2016 FUND NO FUND NAME AMOUNT 366 CFD 2005-6 City Center Townhomes Debt Service Fund 178,887 367 CFD 2005-3 Summerly Debt Service Fund 209,905 368 CFD 2006-2 Viscaya Debt Service Fund 362,626 369 CFD 2004-3 Area 1 Rosetta Canyon Debt Service Fund 1,094,674 371 CFD 2005-1 Serenity Debt Service Fund 583,130 372 CFD 2005-2 Alberhill Ranch Debt Service Fund 1,354,517 374 CFD 2005.4 Lakeview Villas Debt Service Fund 45,864 375 CFD 2006-4 Tract No. 30698 & 32129 Debt Service Fund 17,294 376 CFD 2006-3 La Strada Debt Service Fund 22,407 377 CFD 2006-6 Tessara Debt Service Fund 10,834 378 CFD 2006-8 Tract No. 31957 Debt Service Fund 41,974 384 CFD 2003-2 Area B Canyon Hills Debt Service Fund 1,372,769 385 CFD 2004-3 Area 2 Rosetta Canyon Debt Service Fund 1,282,093 386 CFD 2007-4 Mekenna Debt Service Fund 10,122 387 CFD 2007-5 Red Kite Debt Service Fund 65,761 388 CFD 2007-6 Holiday Inn Debt Service Fund 3,703 389 CFD 88-3 (2008A) West Lake Elsinore Debt Service Fund 2,143,790 390 CFD 2003-2 Area C Canyon Hills Debt Service Fund 370,546 392 CFD 95-1 City Center Debt Service Fund 170,511 393 AD 93-1 Debt Service Fund 1,087,017 394 CFD 2005-5 (2012A) Wasson Canyon Debt Service Fund 433,850 510 Successor Agency RDA Area 1 484,493 520 Successor Agency RDA Area If 2,217,194 530 Successor Agency RDA Area III 1,126,223 540 Successor Area RDA Diamond Stadium 1,683,372 604 Endowment Trust Fund 11,095 605 Public Improvement Trust Fund 838,639 606 Mobile Source Air Polution Reduction Fund 202,205 608 Trust Deposit & Pre Paid Expense Fund 5,297,130 617 Successor Agency Housing Fund 11,506,418 620 Cost Recovery System Fund 1,071,830 631 Lake Destratification Equipment Replacement Fund 179,360 655 CFD 2015-1s Law, Fire, Paramedic Services 19,647 723 LEPFA 2008 Series A 3,586 731 LEPFA 2011 Series B 2,711 734 LEPFA 2013 Series C 409,115 736 LEPFA 2013 Series A 20 780 LEPFA General 93,402 Total Pooled Cash & Investments $ 73,727,046 City of Lake Elsinore 130 South Main Street Lake Elsinore, CA 92530 w .lake-elslnore.org 1 Text File File Number: TMP -1559 Agenda Date: 7/7/2016 Version: 1 Status: Approval Final In Control: Oversight Board File Type: Report Agenda Number: 3) City of Lake Elsinore Page 1 Printed on 7/5/2016 OVERSIGHT BOARD OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: CHAIRPERSON KELLEY AND MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: JULY 7, 2016 SUBJECT: Warrant Lists Recommendation: That the Oversight Board receive and file the attached Successor Agency Warrant lists for January 14, 2016 thru June 16, 2016, 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 for January 14, 2016 thru June 16, 2016. 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 January 14, 2016 Warrant Summary/List dated January 28, 2016 Warrant Summary/List dated February 11, 2016 Warrant Summary/List dated February 25, 2016 Warrant Summary/List dated March 31, 2016 Warrant Summary/List dated April 14, 2016 Warrant Summary/List dated April 28, 2016 Warrant Summary/List dated May 12, 2016 Warrant Summary/List dated May 26, 2016 Warrant Summary/List dated June 16, 2016 C;I ry 0t LAE L, S I I' 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: JANUARY 26, 2016 SUBJECT: WARRANT LIST DATED JANUARY 14, 2016 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 January 14, 2016. 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 01-14-16 JANUARY 14, 2016 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ElC SWORE FUND# FUND DESCRIPTION TOTAL 540 SUCCESSOR STADIUM CAPITAL 51,711.00 GRAND TOTAL $ 52,186.00 1/20/2016 Warrant 01 14 16 SA RDA 1 of 1 JANUARY 14. 2016 WARRANT LIST SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITE' OF TAKE ELSINORE CHECK# VENDOR NAME AMOUNT 124720 LAKE ELSINORE STORM, LP $ 51,711.00 124753 URBAN FUTURES, INC. 475.00 GRAND TOTAL $ 52,186.00 1120/2016 Warrant 01 14 16 SA RDA i of 1 Cl f+Y ou . LAU DRLAM C 31'R 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: FEBRUARY 09, 2016 SUBJECT: WARRANT LIST DATED JANUARY 28, 2016 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 January 28, 2016. 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 01-28-16 JANUARY 28, 201£ WARRANT SUMMARY SUCCESSOR AGENCY OF THE ]REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE FUND# FUND DESCRIPTION TOTAL 540 SUCCESSOR STADIUM CAPITAL 59,923.50 GRAND TOTAL $ 591923.50 212/2016 Wanant 01 28 16 SA RDA 1 of 1 JANUARY 28, 2016 WARRANT LIST SUCCESSOR AGENCY OFTHE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSTNORE C:HEC:K# VENDOR NAME AMOUNT 124799 PROSTAFF, LLC $ _ _ 3,277.50 124852 LAKE ELSINORE STORM, LP 56,646.00 GRAND TOTAL $ 59,923.50 202016 Warrant 01 28 16 SA RDA 1 of 1 LAUr LE DREA&i E,-'t1'ktLM,L 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 22, 2016 SUBJECT: WARRANT LIST DATED FEBRUARY 11TH & 25TH , 2016 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 11th & 25th, 2016. 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 02-11-16 & 02-25-16 FEBRUARY 11, 2016 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENT" AGENCY OF THE CITY OF LAKE ELSSINO3tE FUND# FUND DESCRIPTION TOTAL 520 SUCCESSOR TO RDA AREA 2 495,375.54 530 SUCCESSOR TO RDA AREA 3 _ 146,352.70 540 SUCCESSOR STADIUM CAPITAL 3,512.68 GRAND TOTAL $1,108,211.57 311412016 Warrant 02 11 16 SA RDA 1 of 1 FEBRUARY 11, 2016 WARRANT LIST SUCCFSSOR AGENCY OF THE REDEVELOPMENT AGENCY OFTHE CITY OF LAKE ELSINORE CHECK# VENDOR NAME AMOUNT 125101 HDL COREN & CONE w,vr v.vv 125115 LAKE ELSINORE STORM, LP 125157 WILMINGTON TRUST, NATIONAL ASSOCIATION 1,086,956.72 GRAND TOTAL $1,108,211.57 3 /1 412 01 6 Wavant 02 11 16 SA RDA 1 of 1 FEBRUARY 25. 2015 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF ]LAKE ELSINORE FUND# FUND DESCRIPTION TOTAL GRAND TOTAL $ 117,079.50 3 /1 412 01 6 Warrant 02 25 16 SA RDA 1 of 1 FEBRUARY 25, 2016 WARRANI' ]LIST SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE CHECK# VENDOR NAME AMOUNT 125018 HDL COREN & CONE 4,U/U.UU 125019 INTEGRITY BEVERAGE _14,966.86 125023 MICHAEL PAUL MAPLES 82,125.00 125181 LOWE'SHdME CENTERS, INC. 1,946.47 GRAND TOTAL 1117,079.50 3/14/2016 Wamant 02 25 16 SA ROA 1 of 7 CI'T'Y Of� LAKE 411'E DREAM EklkEML 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 12, 2016 SUBJECT: WARRANT LIST DATED MARCH 31, 2016 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 31, 2016. 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 03-31-16 MARCH 31, 201.6 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE FUND# FUND DESCRIPTION TOTAL SUCCESSOR Em GRAND TOTAL $1,453,690.63 4/5/2016 Warrant 03 31 16 SA RDA i of 1 MARCH 31, 2016 WARRANT LIST SUCCESSOR AGENCY CSE THE REDEVELOPMENT AGENCY OF TFIE CITY OF LAKE El[ SWORE, CHECK# VENDOR NAME AMOUNt HDL COREN & CONE Ko m 125385 MICHAEL PAUL MAPLES 57,155,00 1.32 OF FORESTRY & FIRE 125517 MICHAEL PAUL _M_AP_LES 83,925.23 125543 SOUTHERN CALIFORNIA EDISON_ 691.79 DFT0000695 MCMILLIN SUMMERLY, LLC 34,494.00 GRAND TOTAL $1,453,690.63 4/512016 Warrant 03 3116 SA RDA 1 of 1 CITY OF L LSLD11LAM. EXTREME REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: FROM: DATE: SUBJECT: Recommendation HONORABLE AGENCY CHAIRMAN AND MEMBERS OF THE SUCCESSOR AGENCY GRANT YATES EXECUTIVE DIRECTOR APRIL 26, 2016 Warrant List dated April 14, 2016 Receive and File Warrant List dated April 14, 2016, Discussion The Warrant List is a listing of all general checks issued 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 - SR Warrant - Exhibit A Warrant - Exhibit B APRIL 14, 2016 WARRANT LIST SUCCESSOR AGENCY OF THE REDEvELopmEN'r AGENCY OF THE CITY OF LAKE ELSINORE CHECK# VENDOR NAME AMOUNT 125677 ENDRESEN DEVELOPMENT, LLC 600.00 GRAND TOTAL 445,262.50 4/192416 Warrant 04 14 16 SA RDA 1 of 1 APRIL 14, 2016 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSflNORE FUND# FUND DESCRIPTION TOTAL 540 SUCCESSOR STADIUM CAPITAL $ _ 45,262.50 GRAND TOTAL $ 45,262.50 4/19/2016 Warrant 04 14 16 SA RDA 1 of 1 01 - LAKE l -)REAM EXTREIM.F. REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: FROM: DATE: SUBJECT: Recommendation HONORABLE AGENCY CHAIRMAN AND MEMBERS OF THE SUCCESSOR AGENCY GRANT YATES EXECUTIVE DIRECTOR MAY 10, 2016 Warrant List dated April 28, 2016 Receive and File Warrant List dated April 28, 2016. Discussion The Warrant List is a listing of all general checks issued 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 - SR Warrant - Exhibit A Warrant - Exhibit B APRIL 28, 2016 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENTAGENCY OF THE CITY OF LAKE ELSINORE FUND# FUND DESCRIPTION TOTAL 510 SUCCESSOR TO RDA AREA 1 $ 499.44 520 SUCCESSOR TO RDA AREA 2 5,868.42 530 SUCCESSOR TO RDA AREA 3 5,868.42 540 SUCCESSOR STADIUM CAPITAL 218,509.69 GRAND TOTAL $ 230,745.97 5/2/2016 Warrant 04 28 16 $A RDA 1 of 1 APRIL 2.8, 2,016 WARRANT LIST SUCCESSOR AGENCY OF TElE REDEVELOPMENT AGENCY OF THE, CITY OF LAKE EISINORE CHECK# VENDOR NAME AMOUNT 125796 WARREN COLLINS & ASSOCIATES 25,870.00 GRAND TOTAL _L 230,745.97 512/2016 Wavant 04 28 16 SA RDA 1 of 1 CITY 01" CiuAM ExFREML REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: FROM: DATE: SUBJECT: Recommendation HONORABLE AGENCY CHAIRMAN AND MEMBERS OF THE SUCCESSOR AGENCY GRANT YATES EXECUTIVE DIRECTOR MAY 31, 2016 WARRANT LIST DATED MAY 12, 2016 Receive and File Warrant List dated May 12, 2016. Discussion The Warrant List is a listing of all general checks issued 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 - SR Warrant - Exhibit A Warrant - Exhibit B MAY 12, 2016 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY CSE LAKE ELSIN®RE FUND# FUND DESCRIPTION TOTAL GRAND TOTAL $ 53,621.91 5/13/2016 Warrant 05 12 16 SA RDA 1 of 1 MAY 12, 2016 WARRANT LIST SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CHECK# Vendor Name Amount 710.39 126000 HDL GRAND TOTAL $ 53,621.91 5/1312016 Warrant 05 12 16 SA RDA 1 of 1 (-A FY 01, L � .,S PI REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: FROM: DATE: SUBJECT: Recommendation HONORABLE AGENCY CHAIRMAN AND MEMBERS OF THE SUCCESSOR AGENCY GRANT YATES EXECUTIVE DIRECTOR JUNE 14, 2016 WARRANT LIST DATED MAY 26, 2016 Receive and File Warrant List dated May 26, 2016. Discussion The Warrant List is a listing of all general checks issued 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 - SR Warrant - Exhibit A Warrant - Exhibit B MAY 26, 2®16 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE Cf FY OF LAKE ELSTNORE FUND# FUND DESCRIPTION TOTAL 520 SUCCESSOR TO RDA AREA 2 1,453.24 530SUCCESSOR _ TO RDA AREA 3 1,453.22 540 SUCCESSOR STADIUM CAPITAL 107,614.08 GRAND TOTAL $ 111,068.54 6/7/2016 Warrant 05 26 16 SA RDA 1 of 1 MAY 26, 2016 WARRANT LISl' SUCCESSOR AGENCY OF TE -IE REDEVELOPMENT AGENCY OF THE CITY OF LAKE EiSINORE CHECK# Vendor Name Amount GRAND TOTAL $ 111,068.54 6!7/2016 Warrant 05 26 16 SA RDA 1 of 1 DRFt'Am LXnumE, REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: FROM: DATE: SUBJECT: Recommendation HONORABLE AGENCY CHAIRMAN AND MEMBERS OF THE SUCCESSOR AGENCY GRANT YATES EXECUTIVE DIRECTOR JUNE 28, 2016 WARRANT LIST DATED JUNE 16, 2016 Receive and File Warrant List dated June 16, 2016. Discussion The Warrant List is a listing of all general checks issued 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 -SR Warrant - Exhibit A Warrant - Exhibit B JUNE 16, 2016 WARRANT St7MMARY SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE FUND# FUND DESCRIPTION TOTAL 520 SUCCESSOR TO RDA AREA 2 7,545,82 530 SUCCESSOR TO RDA AREA 3 6,199.82 540 SUCCESSOR STADIUM CAPITAL 444.952.13 GRAND TOTAL $ 462,588.41 6121(2016 Warrant 06 16 16 SA RDA 1 of 1 JUNE 16, 20)16 WARRANT GIST' SUCCESSOR AGENCY OF THF REDWELOPMENTAGUNCY OF THE CITY OF LAKE ELSINORE CHECK# Vendor Name Amount 126449 VILLAGE EQUIPMENT RENTAL 203.60 GRAND TOTAL $ 462,588.41 6/21/2016 Warrant 06 16 16 SA RDA 1 of 1 IitKGl �it tilttOly Agenda Date: 7/7/2016 In Control: Oversight Board Agenda Number: 4) City of Lake Elsinore Text File File Number: TMP -1561 Version: 1 130 South Main Street Lake Elsinore, CA 92530 ww Jake-elsinore.org Status: Approval Final File Type: Report City o/ Lake Elsinore Page 1 Printed on 7/5/2010 REPORT TO OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY FOR THE CITY OF LAKE ELSINORE To: Chairperson Kelley And Members Of The Oversight Board From: Barbara Leibold Successor Agency Counsel Date: July 7, 2016 Re: Biennial Review of the Conflict of Interest Code For the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore Recommendation Adopt A RESOLUTION OF THE OVERSIGHT THE REDEVELOPMENT AGENCY OF THE CONFLICT OF INTEREST CODE Discussion BOARD TO THE SUCCESSOR AGENCY OF CITY OF LAKE ELSINORE ADOPTING A Under the Political Reform Act ("Act"), all public agencies are required to adopt a Conflict of Interest Code. A Code designates positions required to file Statements of Economic Interest (Form 700) and assigns disclosure categories specifying the types of interests to be reported. The Act requires the City to review and update its Conflict of Interest Code every two years to add or delete designated positions and revise disclosure categories. This requirement applies even if the public agency does not make any modifications to the Conflict of Interest Code. On April 10, 2012, the Oversight Board approved Resolution No. OB 2012-006 Adopting a Conflict of Interest Code. The Conflict of Interest Code has not been updated since that date. The FPPC recommends that agencies incorporate FPPC regulation 18730 by reference because the type of information required to be in the main body of the Code is quite complex and Regulation 18730 contains all of those provisions. The FPPC periodically amends the regulation to include legislative and regulatory changes that affect the main body of the Code. This means that this component of an agency's Code is automatically in compliance with the Act. Successor Agency Counsel has prepared an updated Conflict of Interest Code which incorporates the model conflict of interest code recommended by the FPPC. The attached resolution adopting a Conflict of Interest Code is presented for your consideration. Prepared by: Barbara Leibold, Successor Agency Counsel Attachment: Resolution No. OB 2016 - Model Conflict of Interest Code RESOLUTION NO. OB -2016- A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE ADOPTING A CONFLICT OF INTEREST CODE 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 oversee the wind down of the affairs of the former Redevelopment Agency of the City of Lake Elsinore ("Successor Agency") in accordance with the California Health and Safety Code ("HSC") Section 34179; and WHEREAS, the Oversight Board is deemed a local public agency for the purposes of the Political Reform Act; and WHEREAS, pursuant to the Political Reform Act of 1974 and regulations promulgated thereunder by the Fair Political Practices Commission ("FPPC"), a local public agency is required to adopt a conflict of interest code and update it biannually; and WHEREAS, the Oversight Board adopted its conflict of interest code on April 10, 2012, and it is now necessary to update it as required by law; and WHEREAS, the Oversight Board finds and determines it is appropriate to adopt as its conflict of interest code the model conflict of interest code promulgated by the FPPC as set forth in this Resolution. WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. 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. Pursuant to the Political Reform Act of 1974, Government Code Section 87300 et seq., and Section 18730 of Title 2 of the California Code of Regulations, the Board adopts the model conflict of interest code promulgated by the Fair Political Practices Commission of the State of California as set forth in Section 18730 of Title 2 of the California Code of Regulations, which model conflict of interest code is incorporated herein by reference, and which, together with the list of designated positions and the disclosure categories applicable to each designated position as set forth in Sections 3 and 6 of this Resolution, collectively constitutes the Oversight Board's Conflict of Interest Code. As the model conflict of interest code set forth in OVERSIGHT BOARD RESOLUTION NO. OB 2016-006 Page 2 Section 18730 of Title 2 of the California Code of Regulations is amended from time to time by State law, regulatory action of the Fair Political Practices Commission, or judicial determination, the portion of the Oversight Board's Conflict of Interest Code comprising the model conflict of interest code shall be deemed automatically amended without further action to incorporate by reference all such amendments to the model conflict of interest code so as to remain in compliance therewith. Nothing in the Resolution shall supersede the independent applicability of Government Code Section 87200. SECTION 3. The definitions contained in the Political Reform Act of 1974 and in the regulations of the Fair Political Practices Commission, and any amendments to either of the foregoing, are incorporated by reference into this Conflict of Interest Code. SECTION 4. Members of the Oversight Board are the designated Board positions which shall be required to file statements of economic interests. SECTION 5. Unless determined otherwise by the California Department of Finance, the code reviewing body for this conflict of interest code shall be the Board of Supervisors of the County of Riverside. This Conflict of Interest Code shall be promptly submitted after its adoption by the Oversight Board Secretary to the Clerk of the Board of Supervisors or such other entity designated by the California Department of Finance. Statements of economic interests shall be filed by Oversight Board Members with the Clerk of the Board of Supervisors of the County of Riverside or such other entity designated by the California Department of Finance. SECTION 6. The Board finds and determines that the persons holding the positions set forth in Section 4 make or participate in the making of decisions which may foreseeably have a material effect on financial interests. SECTION 7. Each person holding a designated position set forth in Section 4 shall report in every disclosure category set forth in the statement of economic interests promulgated by the FPPC to the extent such category is applicable to such person pursuant to the rules and regulations of the FPPC. The disclosure categories promulgated by the FPPC may be amended from time to time and such amendments shall not require an amendment to this code or Resolution. SECTION 8. Sections 4 and 7 of this Resolution constitute the Appendix referred to in subdivision (b)(2) of Section 18730 of Title 2 of the California Code of Regulations. SECTION 9. Nothing contained in this Resolution is intended to modify or abridge the provisions of the Political Reform Act of 1974, Government Code Section 87000 et seq., or FPPC Regulations (Title 2 of California Code of Regulations including Sections 18700 et seq.). The provisions of this Resolution are additional to the Political Reform Act and FPPC Regulations. This Resolution shall be interpreted in a manner consistent with the Political Reform Act and FPPC regulations. In the event of any OVERSIGHT BOARD RESOLUTION NO. OB 2016-006 Page 3 inconsistency between the provisions of this Resolution, on the one hand, and the Political Reform Act and/or the FPPC regulations, on the other hand, the provisions of the Political Reform Act and FPPC regulations shall govern. SECTION 10. If any section, subsection, sentence, clause, or phrase of this Resolution is for any reason held by a court of competent jurisdiction to be invalid, such decision shall not affect the validity of the remaining portions of this Resolution. The Board hereby declares that it would have adopted this Resolution and each section, subsection, sentence, clause, or phrase thereof irrespective of the fact that any one or more section, subsection, sentence, clause, or phrase be declared invalid. SECTION 11. Pursuant to Health and Safety Code Section 34179(h), this Resolution shall be effective five (5) business days after proper notification hereof is given to the California Department of Finance unless the California Department of Finance requests a review of the actions taken in this Resolution, in which case this Resolution will be effective upon approval by the California Department of Finance. SECTION 12. This Resolution shall take effect from and after the date of its passage and adoption in accordance with, and subject to, all applicable requirements of the Health & Safety Code. 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 7th day of July, 2016. Genie Kelley, Chairperson Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ATTEST: Susan M. Domen, MMC Oversight Board Secretary (Regulations of the Fair Political Practices Commission, Title 2, Division 6, California Code of Regulations.) § 18730. Provisions of Conflict of Interest Codes. (a) Incorporation by reference of the terns of this regulation along with the designation of employees and the formulation of disclosure categories in the Appendix referred to below constitute the adoption and promulgation of a conflict of interest code within the meaning of Section 87300 or the amendment of a conflict of interest code within the meaning of Section 87306 if the terms of this regulation are substituted for terms of a conflict of interest code already in effect. A code so amended or adopted and promulgated requires the reporting of reportable items in a manner substantially equivalent to the requirements of article 2 of chapter 7 of the Political Reform Act, Sections 81000, et seq . The requirements of a conflict of interest code are in addition to other requirements of the Political Reform Act, such as the general prohibition against conflicts of interest contained in Section 87100, and to other state or local laws pertaining to conflicts of interest. (b) The terms of a conflict of interest code amended or adopted and promulgated pursuant to this regulation are as follows: (1) Section 1. Definitions. The definitions contained in the Political Reform Act of 1974, regulations of the Fair Political Practices Commission (Regulations 18110, et seq.), and any amendments to the Act or regulations, are incorporated by reference into this conflict of interest code. (2) Section 2. Designated Employees. The persons holding positions listed in the Appendix are designated employees. It has been determined that these persons make or participate in the making of decisions which may foreseeably have a material effect on economic interests. (3) Section 3. Disclosure Categories. This code does not establish any disclosure obligation for those designated employees who are also specified in Section 87200 if they are designated in this code in that same capacity or if the geographical jurisdiction of this agency is the same as or is wholly included within the jurisdiction in which those persons must report their economic interests pursuant to article 2 of chapter 7 of the Political Reform Act, Sections 87200, et seq . In addition, this code does not establish any disclosure obligation for any designated employees who are designated in a conflict of interest code for another agency, if all of the following apply: (A) The geographical jurisdiction of this agency is the same as or is wholly included within the jurisdiction of the other agency; (B) The disclosure assigned in the code of the other agency is the same as that required under article 2 of chapter 7 of the Political Reform Act, Section 87200; and (C) The filing officer is the same for both agencies. Such persons are covered by this code for disqualification purposes only. With respect to all other designated employees, the disclosure categories set forth in the Appendix specify which kinds of economic interests are reportable. Such a designated employee shall disclose in his or her statement of economic interests those economic interests he or she has which are of the kind described in the disclosure categories to which he or she is assigned in the Appendix. It has been determined that the economic interests set forth in a designated employee's disclosure categories are the kinds of economic interests which he or she foreseeably can affect materially through the conduct of his or her office. (4) Section 4. Statements of Economic Interests: Place of Filing. The code reviewing body shall instruct all designated employees within its code to file statements of economic interests with the agency or with the code reviewing body, as provided by the code reviewing body in the agency's conflict of interest code. 2 (5) Section 5. Statements of Economic Interests: Time of Filing. (A) Initial Statements. All designated employees employed by the agency on the effective date of this code, as originally adopted, promulgated and approved by the code reviewing body, shall file statements within 30 days after the effective date of this code. Thereafter, each person already in a position when it is designated by an amendment to this code shall file an initial statement within 30 days after the effective date of the amendment. (B) Assuming Office Statements. All persons assuming designated positions after the effective date of this code shall file statements within 30 days after assuming the designated Positions, or if subject to State Senate confirmation, 30 days after being nominated or appointed. (C) Annual Statements. All designated employees shall file statements no later than April 1. If a person reports for military service as defined in the Seivicemember's Civil Relief Act, the deadline for the annual statement of economic interests is 30 days following his or her return to office, provided the person, or someone authorized to represent the person's interests, notifies the filing officer in writing prior to the applicable filing deadline that he or she is subject to that federal statute and is unable to meet the applicable deadline, and provides the filing officer verification of his or her military status. (D) Leaving Office Statements. All persons who leave designated positions shall file statements within 30 days after leaving office. (5.5) Section 5.5. Statements for Persons Who Resign Prior to Assuming Office. Any person who resigns within 12 months of initial appointment, or within 30 days of the date of notice provided by the filing officer to file an assuming office statement, is not deemed to have assumed office or left office, provided he or she did not make or participate in the making of, or use his or her position to influence any decision and did not receive or become entitled to receive any form of payment as a result of his or her appointment. Such persons shall not file either an assuming or leaving office statement. (A) Any person who resigns a position within 30 days of the date of a notice from the filing officer shall do both of the following: (1) File a written resignation with the appointing power; and (2) File a written statement with the filing officer declaring under penalty of perjury that during the period between appointment and resignation he or she did not make, participate in the making, or use the position to influence any decision of the agency or receive, or become entitled to receive, any form of payment by virtue of being appointed to the position. (6) Section 6. Contents of and Period Covered by Statements of Economic Interests. (A) Contents of Initial Statements. Initial statements shall disclose any reportable investments, interests in real property and business positions held on the effective date of the code and income received during the 12 months prior to the effective date of the code. (B) Contents of Assuming Office Statements. Assuming office statements shall disclose any reportable investments, interests in real property and business positions held on the date of assuming office or, if subject to State Senate confirmation or appointment, on the date of nomination, and income received during the 12 months prior to the date of assuming office or the date of being appointed or nominated, respectively. (C) Contents of Annual Statements. Annual statements shall disclose any reportable investments, interests in real property, income and business positions held or received during the previous calendar year provided, however, that the period covered by an employee's first annual statement shall begin on the effective date of the code or the date of assuming office whichever is later, or for a board or commission member subject to Section 87302.6, the day after the closing date of the most recent statement filed by the member pursuant to Regulation 18754. (D) Contents of Leaving Office Statements. Leaving office statements shall disclose reportable investments, interests in real property, income and business positions held or received during the period between the closing date of the last statement filed and the date of leaving office. (7) Section 7. Manner of Reporting. Statements of economic interests shall be made on forms prescribed by the Fair Political Practices Commission and supplied by the agency, and shall contain the following information: (A) Investment and Real Property Disclosure. When an investment or an interest in real property 3 is required to be reported, 4 the statement shall contain the following: 1. A statement of the nature of the investment or interest; 2. The name of the business entity in which each investment is held, and a general description of the business activity in which the business entity is engaged; 3. The address or other precise location of the real property; 4. A statement whether the fair market value of the investment or interest in real property equals or exceeds $2,000, exceeds $10,000, exceeds $100,000, or exceeds $1,000,000. (B) Personal Income Disclosure. When personal income is required to be reported, s the statement shall contain: 1. The name and address of each source of income aggregating $500 or more in value, or $50 or more in value if the income was a gift, and a general description of the business activity, if any, of each source; 2. A statement whether the aggregate value of income from each source, or in the case of a loan, the highest amount owed to each source, was $1,000 or less, greater than $1,000, greater than $10,000, or greater than $100,000; 3. A description of the consideration, if any, for which the income was received; 4. In the case of a gift, the name, address and business activity of the donor and any intermediary through which the gift was made; a description of the gift; the amount or value of the gift; and the date on which the gift was received; 5. In the case of a loan, the annual interest rate and the security, if any, given for the loan and the term of the loan. (C) Business Entity Income Disclosure. When income of a business entity, including income of a sole proprietorship, is required to be reported, 6 the statement shall contain: 1. The name, address, and a general description of the business activity of the business entity; 2. The name of every person from whom the business entity received payments if the filer's pro rata share of gross receipts from such person was equal to or greater than $10,000. (D) Business Position Disclosure. When business positions are required to be reported, a designated employee shall list the name and address of each business entity in which he or she is a director, officer, partner, trustee, employee, or in which he or she holds any position of management, a description of the business activity in which the business entity is engaged, and the designated employee's position with the business entity. (E) Acquisition or Disposal During Reporting Period. In the case of an annual or leaving office statement, if an investment or an interest in real property was partially or wholly acquired or disposed of during the period covered by the statement, the statement shall contain the date of acquisition or disposal. (8) Section 8. Prohibition on Receipt of Honoraria. (A) No member of a state board or commission, and no designated employee of a state or local government agency, shall accept any honorarium fi-om any source, if the member or employee would be required to report the receipt of income or gifts from that source on his or her statement of economic interests. This section shall not apply to any part-time member of the governing board of any public institution of higher education, unless the member is also an elected official. section. Subdivisions (a), (b), and (c) of Section 89501 shall apply to the prohibitions in this This section shall not limit or prohibit payments, advances, or reimbursements for travel and related lodging and subsistence authorized by Section 89506. (8.1) Section 8.1. Prohibition on Receipt of Gifts in Excess of $460. (A) No member of a state board or commission, and no designated employee of a state or local government agency, shall accept gifts with a total value of more than $460 in a calendar year from any single source, if the member or employee would be required to report the receipt of income or gifts from that source on his or her statement of economic interests. This section shall not apply to any part-time member of the governing board of any public institution of higher education, unless the member is also an elected official. Subdivisions (e), (f), and (g) of Section 89503 shall apply to the prohibitions in this section. (8.2) Section 8.2. Loans to Public Officials. (A) No elected officer of a state or local government agency shall, from the date of his or her election to office through the date that he or she vacates office, receive a personal loan from any officer, employee, member, or consultant of the state or local government agency in which the elected officer holds office or over which the elected officer's agency has direction and control. (B) No public official who is exempt from the state civil service system pursuant to subdivisions (c), (d), (e), (f), and (g) of Section 4 of Article VII of the Constitution shall, while he or she holds office, receive a personal loan from any officer, employee, member, or consultant of the state or local government agency in which the public official holds office or over which the public official's agency has direction and control. This subdivision shall not apply to loans made to a public official whose duties are solely secretarial, clerical, or manual. (C) No elected officer of a state or local government agency shall, from the date of his or her election to office through the date that he or she vacates office, receive a personal loan from any person who has a contract with the state or local government agency to which that elected officer has been elected or over which that elected officer's agency has direction and control. This subdivision shall not apply to loans made by banks or other financial institutions or to any indebtedness created as part of a retail installment or credit card transaction, if the loan is made or the indebtedness created in the lender's regular course of business on terms available to members of the public without regard to the elected officer's official status. (D) No public official who is exempt from the state civil service system pursuant to subdivisions (c), (d), (e), (f), and (g) of Section 4 of Article VII of the Constitution shall, while he or she holds office, receive a personal loan from any person who has a contract with the state or local government agency to which that elected officer has been elected or over which that elected officer's agency has direction and control. This subdivision shall not apply to loans made by banks or other financial institutions or to any indebtedness created as part of a retail installment or credit card transaction, if the loan is made or the indebtedness created in the lender's regular course of business on terms available to members of the public without regard to the elected officer's official status. This subdivision shall not apply to loans made to a public official whose dirties are solely secretarial, clerical, or manual. (E) This section shall not apply to the following: I . Loans made to the campaign committee of an elected officer or candidate for elective office. 2. Loans made by a public official's spouse, child, parent, grandparent, grandchild, brother, sister, parent -in-law, brother-in-law, sister-in-law, nephew, niece, aunt, uncle, or fust cousin, or the spouse of any such persons, provided that the person making the loan is not acting as an agent or intermediary for any person not otherwise exempted under this section. 3. Loans fi-om a person which, in the aggregate, do not exceed $500 at any given time. 4. Loans made, or offered in writing, before January I, 1998. (8.3) Section 8.3. Loan Terms. (A) Except as set forth in subdivision (B), no elected officer of a state or local government agency shall, from the date of his or her election to office through the date he or she vacates office, receive a personal loan of $500 or more, except when the loan is in writing and clearly states the terms of the loan, including the parties to the loan agreement, date of the loan, amount of the loan, term of the loan, date or dates when payments shall be due on the loan and the amount of the payments, and the rate of interest paid on the loan. (B) This section shall not apply to the following types of loans: 1. Loans made to the campaign committee of the elected officer. 2. Loans made to the elected officer by his or her spouse, child, parent, grandparent, grandchild, brother, sister, parent -in-law, brother-in-law, sister-in-law, nephew, niece, aunt, uncle, or first cousin, or the spouse of any such person, provided that the person making the loan is not acting as an agent or intermediary for any person not otherwise exempted under this section. 3. Loans made, or offered in writing, before January 1, 1998. (C) Nothing in this section shall exempt any person from any other provision of Title 9 of the Government Code. (8.4) Section 8.4. Personal Loans. (A) Except as set forth in subdivision (B), a personal loan received by any designated employee shall become a gift to the designated employee for the purposes of this section in the following circumstances: 10 1. If the loan has a defined date or dates for repayment, when the statute of limitations for filing an action for default has expired. 2. If the loan has no defined date or dates for repayment, when one year has elapsed from the later of the following: a. The date the loan was made. b. The date the last payment of $100 or more was made on the loan. c. The date upon which the debtor has made payments on the loan aggregating to less than $250 during the previous 12 months. (B) This section shall not apply to the following types of loans: 1. A loan made to the campaign committee of an elected officer or a candidate for elective office. — 2. A loan that would otherwise not be a gift as defined in this title. 3. A loan that would otherwise be a gift as set forth under subdivision (A), but on which the creditor has taken reasonable action to collect the balance due. 4. A loan that would otherwise be a gift as set forth under subdivision (A), but on which the creditor, based on reasonable business considerations, has not undertaken collection action. Except in a criminal action, a creditor who claims that a loan is not a gift on the basis of this paragraph has the burden of proving that the decision for not taking collection action was based on reasonable business considerations. 5. A loan made to a debtor who has filed for bankruptcy and the loan is ultimately discharged in bankruptcy. (C) Nothing in this section shall exempt any person fi-onany other provisions of Title 9 of the Government Code. (9) Section 9. Disqualification. No designated employee shall make, participate in making, or in any way attempt to use his or her official position to influence the making of any governmental decision which lie or she knows or has reason to know will have a reasonably foreseeable material financial effect, distinguishable from its effect on the public generally, on the official or a member of his or her immediate family or on: (A) Any business entity in which the designated employee has a direct or indirect investment worth $2,000 or more; (B) Any real property in which the designated employee has a direct or indirect interest worth $2,000 or more; (C) Any source of income, other than gifts and other than loans by a commercial lending institution in the regular course of business on terms available to the public without regard to official status, aggregating $500 or more in value provided to, received by or promised to the designated employee within 12 months prior to the time when the decision is made; (D) Any business entity in which the designated employee is a director, officer, partner, trustee, employee, or holds any position of management; or (l;) Any donor of, or any intermediary or agent for a donor of, a gift or gifts aggregating $460 or more provided to, received by, or promised to the designated employee within 12 months prior to the time when the decision is made. (9.3) Section 9.3. Legally Required Participation. No designated employee shall be prevented from making or participating in the making of any decision to the extent his or her participation is legally required for the decision to be 12 made. The fact that the vote of a designated employee who is on a voting body is needed to break a tie does not make his or her participation legally required for purposes of this section. (9.5) Section 9.5. Disqualification of State Officers and Employees. In addition to the general disqualification provisions of section 9, no state administrative official shall make, participate in making, or use his or her official position to influence any governmental decision directly relating to any contract where the state administrative official knows or has reason to know that any party to the contract is a person with whom the state administrative official, or any member of his or her immediate family has, within 12 months prior to the time when the official action is to be taken: (A) Engaged in a business transaction or transactions on terms not available to members of the public, regarding any investment or interest in real property; or (B) Engaged in a business transaction or transactions on terms not available to members of the public regarding the rendering of goods or services totaling in value $1,000 or more. (10) Section 10. Disclosure of Disqualifying Interest. When a designated employee determines that he or she should not make a governmental decision because he or she has a disqualifying interest in it, the determination not to act may be accompanied by disclosure of the disqualifying interest. (11) Section 11. Assistance of the Commission and Counsel. Any designated employee who is unsure of his or her duties under this code may request assistance from the Fair Political Practices Commission pursuant to Section 83114 and Regulations 18329 and 18329.5 or from the attorney for his or her agency, provided that nothing in this section requires the attorney for the agency to issue any formal or informal opinion. (12) Section 12. Violations. 13 This code has the force and effect of law. Designated employees violating any provision of this code are subject to the administrative, criminal and civil sanctions provided in the Political Reform Act, Sections 81000-91014. In addition, a decision in relation to which a violation of the disqualification provisions of this code or of Section 87100 or 87450 has occurred may be set aside as void pursuant to Section 91003. 1 Designated employees who are required to file statements of economic interests under any other agency's conflict of interest code, or under article 2 for a different jurisdiction, may expand their statement of economic interests to cover reportable interests in both jurisdictions, and file copies of this expanded statement with both entities in lieu of filing separate and distinct statements, provided that each copy of such expanded statement filed in place of an original is signed and verified by the designated employee as if it were an original. See Section 81004. 2 See Section 81010 and Regulation 18115 for the duties of filing officers and persons in agencies who make and retain copies of statements and forward the originals to the filing officer. 3 For the propose of disclosure only (not disqualification), an interest in real property does not include the principal residence of the filer. ° Investments and interests in real property which have a fair market value of less than $2,000 are not investments and interests in real property within the meaning of the Political Reform Act. However, investments or interests in real property of an individual include those held by the individual's spouse and dependent children as well as a pro rata share of any investment or interest in real property of any business entity or trust in which the individual, spouse and 14 dependent children own, in the aggregate, a direct, indirect or beneficial interest of 10 percent or greater. 5 A designated employee's income includes his or her community property interest in the income of his or her spouse but does not include salary or reimbursement for expenses received from a state, local or federal government agency. 6 hicome of a business entity is reportable if the direct, indirect or beneficial interest of the filer and the filer's spouse in the business entity aggregates a 10 percent or greater interest. In addition, the disclosure of persons who are clients or customers of a business entity is required only if the clients or customers are within one of the disclosure categories of the filer. Note: Authority cited: Section 83112, Government Code. Reference: Sections 87103(e), 87300- 87302, 89501, 89502 and 89503, Government Code. HISTORY 1. New section filed 4-2-80 as an emergency; effective upon filing (Register 80, No. 14). Certificate of Compliance included. 2. Editorial correction (Register 80, No. 29). 3. Amendment of subsection (b) filed 1-9-81; effective thirtieth day thereafter (Register 81, No. 2). 4. Amendment of subsection (b)(7)(13)1. filed 1-26-83; effective thirtieth day thereafter (Register 83, No. 5). 5. Amendment of subsection (b)(7)(A) filed 11-10-83; effective thirtieth day thereafter (Register 83, No. 46). 6. Amendment filed 4-13-87; operative 5-13-87 (Register 87, No. 16). 15 7. Amendment of subsection (b) filed 10-21-88; operative 11-20-88 (Register 88, No. 46). 8. Amendment of subsections (b)(8)(A) and (b)(8)(B) and numerous editorial changes filed 8-28-90; operative 9-27-90 (Reg. 90, No. 42). 9. Amendment of subsections (b)(3), (b)(8) and renumbering of following subsections and amendment of Note filed 8-7-92; operative 9-7-92 (Register 92, No. 32). 10. Amendment of subsection (b)(5.5) and new subsections (b)(5.5)(A)-(A)(2) filed 2-4-93; operative 2-4-93 (Register 93, No. 6). 11. Change without regulatory effect adopting Conflict of Interest Code for California Mental Health Planning Council filed 11-22-93 pursuant to title 1, section 100, California Code of Regulations (Register 93, No. 48). Approved by Pair Political Practices Commission 9-21-93. 12. Change without regulatory effect redesignating Conflict of Interest Code for California Mental Health Planning Council as chapter 62, section 55100 filed 1-4-94 pursuant to title 1, section 100, California Code of Regulations (Register 94, No. 1). 13. Editorial correction adding History 11 and 12 and deleting duplicate section number (Register 94, No. 17). 14. Amendment of subsection (b)(8), designation of subsection (b)(8)(A), new subsection (b)(8)(B), and amendment of subsections (b)(8.1)-(b)(8.1)(B), (b)(9)(E) and Note filed 3-14-95; operative 3-14-95 pursuant to Government Code section 1 1343.4(d) (Register 95, No. 11). 15. Editorial correction inserting inadvertently omitted language in footnote 4 (Register 96, No. 13). 16 16. Amendment of subsections (b)(8)(A)-(B) and (b)(8. 1)(A), repealer of subsection (b)(8. 1)(B), and amendment of subsection (b)(12) filed 10-23-96; operative 10-23-96 pursuant to Government Code section 11343.4(d) (Register 96, No. 43). 17. Amendment of subsections (b)(8.1) and (9)(E) filed 4-9-97; operative 4-9-97 pursuant to Government Code section 11343.4(d) (Register 97, No. 15). 18. Amendment of subsections (b)(7)(13)5., new subsections (b)(8.2)-(b)(8.4)(C) and amendment of Note filed 8-24-98; operative 8-24-98 pursuant to Government Code section 11343.4(d) (Register 98, No. 35). 19. Editorial correction of subsection (a) (Register 98, No. 47). 20. Amendment of subsections (b)(8.1), (b)(8.1)(A) and (b)(9)(E) filed 5-11-99; operative 5-11-99 pursuant to Government Code section 11343.4(d) (Register 99, No. 20). 21. Amendment of subsections (b)(8.1)-(b)(8.1)(A) and (b)(9)(E) filed 12-6-2000; operative 1-1-2001 pursuant to the 1974 version of Government Code section 11380.2 and Title 2, California Code of Regulations, section I8312(d) and (e) (Register 2000, No. 49). 22. Amendment of subsections (b)(3) and (b)(10) filed 1-10-2001; operative 2-1-2001. Submitted to OAL for filing pursuant to Fair Political Practices Commission n. Off ce of Administrative Law, 3 Civil C010924, California Court of Appeal, Third Appellate District, nonpublished decision, April 27, 1992 (FPPC regulations only subject to 1974 Administrative Procedure Act rulemaking requirements) (Register 2001, No. 2). 23. Amendment of subsections (b)(7)(A)4., (b)(7)(B)L-2., (b)(8.2)(E)3., (b)(9)(A)-(C) and footnote 4. filed 2-13-2001. Submitted to OAL for filing pursuant to Fair Political Practices Commission v. Office ofAdmirxistrative Law, 3 Civil C010924, California Court of Appeal, Third 17 Appellate District, nonpublished decision, April 27, 1992 (FPPC regulations only subject to 1974 Administrative Procedure Act rulemaking requirements) (Register 2001, No. 7). 24. Amendment of subsections (b)(8.1)-(b)(8.1)(A) filed 1-16-2003; operative 1-1-2003. Submitted to CAL for filing pursuant to Fair Political Practices Commission v. Of of Administrative Law, 3 Civil C010924, California Court of Appeal, Third Appellate District, nonpublished decision, April 27, 1992 (FPPC regulations only subject to 1974 Administrative Procedure Act rulemaking requirements) (Register 2003, No. 3). 25. Editorial correction of History 24 (Register 2003, No. 12). 26. Editorial correction removing extraneous phrase in subsection (b)(9.5)(B) (Register 2004, No. 33). 27. Amendment of subsections (b)(2)-(3), (b)(3)(C), (b)(6)(C), (b)(8.1)-(b)(8.1)(A), (b)(9)(E) and (b)(I1)-(12) filed 1-4-2005; operative 1-1-2005 pursuant to Government Code section 11343.4 (Register 2005, No. 1). 28. Amendment of subsection (b)(7)(A)4. filed 10-11-2005; operative 11-10-2005 (Register 2005, No. 41). 29. Amendment of subsections (a), (b)(1), (b)(3), (b)(8.1), (b)(8. 1)(A) and (b)(9)(E) filed 12-18- 2006; operative 1-1-2007. Submitted to OAL pursuant to Fair Political Practices Commission v. Office ofAdrninisirative Law, 3 Civil C010924, California Court of Appeal, Third Appellate District, nonpublished decision, April 27, 1992 (FPPC regulations only subject to 1974 Administrative Procedure Act rulemaking requirements) (Register 2006, No. 51). 30. Amendment of subsections (b)(8.I)-(b)(8.1)(A) and (b)(9)(E) filed 10-31-2008; operative 11-30-2008. Submitted to OAL for filing pursuant to Fair Political Practices Commission v. Office qfAdministrative Law, 3 Civil C010924, California Court of Appeal, Third Appellate V District, nonpublished decision, April 27, 1992 (FPPC regulations only subject to 1974 Administrative Procedure Act rulemaking requirements and not subject to procedural or substantive review by OAL) (Register 2008, No. 44). 31. Amendment of section heading and section filed 11-15-2010; operative 12-15-2010. Submitted to CAL for filing pursuant to Fair Political Practices Commission v. Office of Administrative Law, 3 Civil C010924, California Court of Appeal, Third Appellate District, nonpublished decision, April 27, 1992 (FPPC regulations only subject to 1974 Administrative Procedure Act rulemaking requirements and not subject to procedural or substantive review by OAL) (Register 2010, No. 47). 32. Amendment of section heading and subsections (a) -(b)(1), (b)(3)-(4), (b)(5)(C), (b)(8.1)-(b)(8.1)(A) and (b)(9)(E) and amendment of footnote 1 filed 1-8-2013; operative 2-7-2013. Submitted to CAL for filing pursuant to Fair Political Practices Commission v. Office ql Administrative Law, 3 Civil C010924, California Court of Appeal, Third Appellate District, nonpublished decision, April 27, 1992 (FPPC regulations only subject to 1974 Administrative Procedure Act rulemaking requirements and not subject to procedural or substantive review by CAL) (Register 2013, No. 2). 33. Amendment of subsections (b)(8.1)-(b)(8.1)(A), (b)(8.2)(E)3. and (b)(9)(E) tiled 12-15-2014; operative 1-1-2015 pursuant to section I9312(e)(1)(A), title 2, California Code of Regulations. Submitted to CAL for filing and printing pursuant to Fair Political Practices Commission v. Office ofAdminisirative Law, 3 Civil C010924, California Court of Appeal, Third Appellate District, nonpublished decision, April 27, 1992 (FPPC regulations only subject to 1974 Administrative Procedure Act rulemaking requirements) (Register 2014, No. 51). 19 City of Lake Elsinore 130 South Main Street Lake Elsinore, CA 92530 w .lake-elsinore.org I AKI_. YCSilit>I�I: Text File File Number: TMP -1560 Agenda Date: 7/7/2016 Version: 1 Status: Approval Final In Control: Oversight Board File Type: Report Agenda Number: 5) City of Lake Elsinore Page 1 Printed on 7/5/2096 REPORT TO THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE To: Chairperson Kelley and Members of the Oversight Board From: Barbara Leibold, Successor Agency Counsel Date: July 7, 2016 Subject: Approval of Sale of Property to the City of Lake Elsinore, in its Capacity as the Successor to the Housing Assets and Functions of the Former Redevelopment Agency of the City of Lake Elsinore, for Affordable Housing Purposes in accordance with Health & Safety Code Section 34176.1(a)(3)(A) Recommendation Adopt A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING A PURCHASE AND SALE AGREEMENT FOR THE SALE OF REAL PROPERTY TO THE CITY OF LAKE ELSINORE, IN ITS CAPACITY AS THE SUCCESSOR TO THE HOUSING ASSETS AND FUNCTIONS OF THE FORMER REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE UNDER HEALTH & SAFETY CODE SECTION 34176(a)(1), FOR AFFORDABLE HOUSING PURPOSES IN ACCORDANCE WITH HEALTH & SAFETY CODE SECTION 34176. 1 (a)(3)(A) Background As part of the dissolution of the former Redevelopment Agency, Health & Safety Code Section 34177(e) requires the Oversight Board to direct the Successor Agency to dispose of the real property held by the Successor Agency. By Resolution No. 2016- 007 approved on June 28, 2016, the Successor Agency approved the sale of certain properties to the City of Lake Elsinore for affordable housing purposes. Those properties to be sold to the City for affordable housing purposes are listed in Attachment No. 1 to Exhibit A to Resolution OB 2016-0_ (collectively, the 'Properties") for consideration by the Oversight Board. The Successor Agency and Oversight Board have previously approved a Long Range Property Management Plan (LRPMP) which identified the same properties as properties to be transferred to the City for future development. Excerpts from the previously approved LRPMP describing the Properties are attached to this Report. The Properties proposed to be transferred are identified as Parcels 18-21 and 25-36 on the attached data sheets and maps from the LRPMP. Discussion The Successor Agency must dispose of real property in accordance with Health & Safety Code Sections 34177(e) and 34181(a), The data sheets from the LRPMP for each of the properties previously approved to be transferred to the City for future development are attached. All of the properties were previously approved by the Oversight Board as properties to be transferred to the City for future development. Transfer of Properties for Affordable Housing Purposes July 7, 2016 Page 2 Since the date of the LRPMP, the City, in its capacity as the Successor to the Housing Assets and Functions of the Former Redevelopment Agency of the City of Lake Elsinore under Health & Safety Code Section 34176(A)(1), has determined that the Properties are appropriate for the development of affordable housing. Accordingly, the City proposes to purchase the Properties for fair market value with monies from the Low and Moderate Income Housing Asset Fund created in accordance with Health & Safety Code Section 34176 (d). The Properties shall be utilized by the City in accordance with the Community Redevelopment Law (Part 1(commencing with Section 33000)), as amended by Health & Safety Code Section 34176.1, and, in particular, for the development of affordable housing in accordance with Health & Safety Code Section 34176.1(a)(3)(A). In accordance with California Health & Safety Code Sections 34177(e) and 34181(a), the net proceeds of the purchase price, after reduction for the costs of sale of the Properties such as appraisal, title and escrow fees, shall be used by the Successor Agency to pay enforceable obligations on an approved Recognized Obligation Payment Schedule. Any excess shall be transferred to the Riverside County Auditor -Controller for distribution as property tax proceeds. A proposed form of Purchase and Sale Agreement is attached to Resolution OB 2016-0. The Purchase and Sale Agreement requires the purchase and sale of the Properties at a total purchase price of $720,000 which is equal to fair market value, as determined by a third party, licensed appraiser. Based upon such appraisals, Parcels 18-21 appraised at $370,000 and Parcels 25-36 appraised at $350,000. Copies of the Executive Summaries of the Appraisals are attached. Property Transfer In addition to approving the form of Purchase and Sale Agreement for the sale of the Properties, the attached Resolution authorizes the Successor Agency to convey the Properties to the City by grant deed and to take any action and execute any documents as may be necessary to implement the conveyance of the Properties to the City. The Oversight Board's Resolution with attachments approving the Purchase and Sale Agreement must be transmitted to DOF. Staff will also transmit the copies of the complete appraisals. DOF has five (5) days after submittal to request a review and forty-five (45) days to review the Oversight Board Resolution if it decides to do so. Detailed information from the LRPMP regarding the Properties is attached for informational purposes only. The property ID #s in these detailed sheets correspond to the LRPMP and are not indicated in Attachment No. 1 to Exhibit A to Resolution OB 2016-0 Prepared By: Barbara Leibold, Successor Agency Counsel Attachments: Properties held for Future Development Maps and Data Sheets Oversight Board Resolution No. OB -2016-0 Exhibit A —Purchase and Sale Agreement Appraisal Executive Summaries Map ID #18, #19, #20 & #21: Held For Development - RFP APN: #18:374-062-005 #19:374-062-006 #20: 374-062-015 #21: Address: 401 N. Spring St., Lake Elsinore Lot Size: #18:.17 acres #19:.17 acres #20:.51 acres #21:.51 acres Land Use/Zoning: Residential Mixed Use Acquisition Date (AD): #18: Grant Deed dated August 23, 1990 recorded September 1, 1990 #19, #20: Grant Deed dated August 23, 1990 recorded September 1, 1990 #21: 11/28/89 Acquisition Purpose: Unknown Purchase Price/Value @ AD: #18, #19, #20: combined purchase price $399,000 #21: $169,000 purchase price Est. Current Value: An appraisal dated May 10, 2014 by Harris Realty Appraisal valued all four (4) properties together at $300,000. Prior to conveyance, the Agency or the City will merge the parcels so they can be sold as a single parcel. Est. revenues & contract None obligations re revenues: Environmental Unknown Contamination History: Potential transit oriented Parcels are located near the Pottery Court affordable housing project development (TOD) and and may offer an opportunity for a compatible residential project. advancement of Successor Agency planning objectives: History Previous Unknown. Development Proposals/Activity: Proposed Use/Disposition: The properties should be conveyed to the City of Lake Elsinore and sold pursuant a carefully developed RFP to maximize the development potential and purposes in furtherance of the Dissolution Act and consistent with applicable land use regulations. Prior to conveyance, the parcels should be merged and sold for development as a single parcel. Notes: The Parcels should be merged into a single developable parcel to maximize the development potential. The Successor Agency will enter into a compensation agreement with the affected taxing entities prior to Oversight Board approval of the transfer of the property to the City for future development. A� m �k � 4 x x � H - ACES: U YOF AKE FIAINUIU.C6 -I'Yof: 1MVERSIm r�i�ilst,fu .,,A 0 0.005 Q01MILES IDs 25-36 "> N t CITY OF LAKE ELSINORE, AERIAL. VIEW SUCCESSOR AGENCY PROPERTIES Map ID #25 through #36: Held for Development - RFP APN: #25: 374-162-039 #26:374-162-041 #27:374-162-043 #28: 374-162-045 #29: 374-162-047 #30:374-162-049 #31:374-162-051 #32:374-162-053 #33: 374-162-055 #34:374-162-057 #35:374-162-059 #36:374-162-061 Address: N/A Lot Size: #25:.11 acres #26:.10 acres #27:.10 acres #28:.10 acres #29:.10 acres #30:.10 acres #31:.11 acres #32:.11 acres #33:.11 acres #34:.11 acres #35:.12 acres #36:.12 acres Land Use/Zoning: Commercial Mixed Use Acquisition Date (AD): July 1, 1982 Acquisition Purpose: These properties were all a part of separate larger parcels acquired for construction of the Outflow Channel drainage improvements parallel to Spring Street. After the public drainage improvements were completed, the remainder properties were assigned the current APNs. Purchase Price/Value @ AD: Aggregate value of all properties $150,000 Est. Current Value: Pursuant to an appraisal dated May 25, 2014, all twelve (12) properties together were appraised at $285,000. The Agency and/or City anticipate merging these parcels into a single developable parcel prior to sale. Est. revenues & contract None obligations re revenues: Environmental Unknown Contamination History: Potential transit oriented Not appropriate for TOD. development (TOD) and advancement of Successor Agency planning objectives: History Previous The parcels are contiguous and are adjacent to the flood control Development channel. They are likely remnant parcels from the Flood Control Proposals/Activity: Channel Project and may have associated development constraints. Proposed Use/Disposition: The parcels should be conveyed to the City for a land use study and feasibility analysis to determine the best potential for development consistent with the purposes of the Dissolution Act and the applicable land use regulations. The parcels should be held by the City for development pending the completion of such study and pursuant to a carefully developed RFP consistent with the Downtown Master Plan. Notes: Especially given the potential for development constraints, these parcels should be merged into a single developable parcel to allow flexibility in siting future development. The Successor Agency will enter into a compensation agreement with the affected taxing entities prior to Oversight Board approval of the transfer of the property to the City for future development. RESOLUTION NO. OB 2016- A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING A PURCHASE AND SALE AGREEMENT FOR THE SALE OF REAL PROPERTY TO THE CITY OF LAKE ELSINORE, IN ITS CAPACITY AS THE SUCCESSOR TO THE HOUSING ASSETS AND FUNCTIONS OF THE FORMER REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE UNDER HEALTH & SAFETY CODE SECTION 34176(a)(1), FOR AFFORDABLE HOUSING PURPOSES IN ACCORDANCE WITH HEALTH & SAFETY CODE SECTION 34176.1(a)(3)(A) WHEREAS, the Oversight Board (the "Oversight Board") to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore (the "Successor Agency') has been established to oversee the wind down of the affairs of the former Redevelopment Agency of the City of Lake Elsinore ("Agency") in accordance with the California Health and Safety Code ("HSC') Section 34179; and WHEREAS, the Successor Agency completed the Due Diligence Reviews ("DDRs") required under HSC Section 34179.5 and submitted them for approval to the Oversight Board and the California Department of Finance ("DOF"); and WHEREAS, the Oversight Board and the DOF reviewed and approved the DDRs; and WHEREAS, as a result of the approval of the DDRs and resulting payments of funds to the county auditor -controller, DOF issued the Successor Agency a "Finding of Completion" as described in HSC Section 34179.7; and WHEREAS, as a result of its receipt of Finding of Completion, the Successor Agency was required to (i) prepare a "Long Range Property Management Plan" ("LRPMP") meeting the requirements of HSC Section 34191.5(c), and (ii) submit the LRPMP to the Oversight Board and the DOF for approval within six months of the date of the Finding of Completion; and WHEREAS, the Successor Agency prepared its LRPMP in accordance with HSC Section 34191.5(c) and submitted it to the Oversight Board for approval; and WHEREAS, the Oversight Board previously approved the LRPMP and directed that it be submitted to the DOF for approval in accordance with HSC Section 34191.5(c); and WHEREAS, notwithstanding the timely approval and submission of the LRPMP by the Oversight Board, DOF did not approve the LRPMP by December 31, 2015; and WHEREAS, as a result, the statutory requirements for disposition of real property set forth in HSC Sections 34181(a) and 34177(e) currently apply to the disposition of property by the Successor Agency; and WHEREAS, the City of Lake Elsinore ("City'), in its capacity as successor to the housing assets and functions of the former Agency, has indicated a desire to purchase certain properties owned by the Successor Agency ('Disposition Parcels") for affordable housing purposes; and OVERSIGHT BOARD RESOLUTION NO. OB 2016 - Page 2 WHEREAS, the City proposes to purchase the Disposition Parcels utilizing funds from the Low and Moderate Income Housing Asset Fund, at a price equal to fair market value as determined by an appraisal prepared by a third party, licensed appraiser; and WHEREAS, the Oversight Board has been provided with appraisals for the Disposition Properties and a form of Purchase and Sale Agreement between the City and the Successor Agency; and WHEREAS, the Oversight Board desires to approve a Purchase and Sale Agreement to be entered into by the Successor Agency for the sale of the Disposition Properties; and WHEREAS, the Oversight Board desires to direct the Successor Agency to utilize the proceeds from the sale of the Disposition Properties to pay enforceable obligations of the Successor Agency; and WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. 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 Oversight Board hereby approves and directs the entry by the Successor Agency into a Purchase and Sale Agreement for the sale of the Disposition Properties substantially in the form attached hereto. The Successor Agency is directed to utilize the proceeds of the sale of the Disposition Properties to make payments on the enforceable obligations listed on any ROPS approved by DOF, with excess proceeds (if any) to be distributed to other taxing entities in accordance with HSC Section 34179.5(c)(2)(B). SECTION 3. The Successor Agency is authorized and directed to sell and transfer the Disposition Parcels as soon as reasonably practical after DOF approval of this Resolution. SECTION 4. The Successor Agency and its staff are authorized and directed to do any and all things, and to execute any and all documents, including, without limitation, a Purchase and Sale Agreement substantially in the form attached hereto, which they may deem necessary or advisable to effectuate this Resolution. Any previously -taken acts or previously -executed documents in furtherance of the subject matter hereof are hereby ratified. SECTION 5. 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 6. Pursuant to Health and Safety Code Section 34179(h), this Resolution shall be effective five (5) business days after proper notification hereof is given to the California Department of Finance unless the California Department of Finance requests a review of the OVERSIGHT BOARD RESOLUTION NO. OB 2016 - Page 3 actions taken in this Resolution, in which case this Resolution will be effective upon approval by the California Department of Finance. PASSED, APPROVED AND ADOPTED at a special meeting of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, held this 7th day of July, 2016. Genie Kelley, Chairperson Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ATTEST: Susan M. Domen, MMC Oversight Board Secretary Attachments: Purchase and Sale Agreement OWNER: SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, a public body, corporate and politic APN(S): 374 -062 -005;374 -062 -006;374 -062 -015;[374 -062 -020];374- 162 -039;374-162-041;374-162-043;374-162-045;374-162-047; 374 -162 -049;374 -162 -051;374 -162-053;374-162-055;374-162- 057;374-162-059;374-162-061 ESCROW/TITLE NO.: First American Title Insurance Company AGREEMENT AND ESCROW INSTRUCTIONS FOR PURCHASE AND SALE OF REAL PROPERTY THIS AGREEMENT AND ESCROW INSTRUCTIONS FOR PURCHASE AND SALE OF REAL PROPERTY (this "Agreement"), dated for identification purposes only as of. 2016, is made by and between the CITY OF LAKE ELSINORE, a California municipal corporation, in its capacity as the successor to the housing assets and functions of the former Redevelopment Agency of the City of Lake Elsinore under Health and Safety Code Section 34176(a)(1) ("Buyer"), on the one hand, and the SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, a public body, corporate and politic (collectively, the "Seller"), on the other hand. This Agreement is for acquisition by the Buyer of certain real property hereinafter set forth in Attachment No. 1 to Exhibit "A" and is made on the basis of the following facts, intentions and understandings. RECITALS A. Seller is the present owner of that certain unimproved real property located in the City of Lake Elsinore, California, generally described as Assessor's Parcel Nos. 374-062-005; 374-062-006; 374-062-015;[374-062-020]; 374-162-039; 374-162-041; 374-162-043; 374-162- 045; 374-162-047; 374-162-049: 374-162-051; 374-162-053; 374-162-055; 374-162-057; 374- 162-059; 374-162-061 and more particularly described in Attachment No. 1 to Exhibit "A" (collectively, the "Property"). B. Seller is charged with implementing recognized enforceable obligations and winding down of the affairs of the former Redevelopment Agency of the City of Lake Elsinore (the "Agency") in accordance with the California Health and Safety Code. C. California Health & Safety Code Sections 34177(e) and 34181(a) require Seller to dispose of all assets and properties of the former Agency expeditiously and in a manner aimed at maximizing value. D. Buyer has proposed to purchase the Property at the value identified in two appraisals dated , 2016, which Seller believes to be the highest and best value for the Property. E. Seller desires to convey fee simple absolute title in the Property to Buyer in accordance with the terms and conditions of this Agreement, and Buyer desires to acquire the Property in accordance with this Agreement. AGREEMENT NOW, THEREFORE, for good and valuable consideration, receipt of which is acknowledged, the parties agree as follows: ARTICLE I PURCHASE AND SALE; PURCHASE PRICE• AFFORDABLE HOUSING PURPOSE; USE OF PROCEEDS 1.1 Purchase and Sale. Buyer agrees to purchase the Property from Seller and Seller agrees to sell the Property to Buyer, on and subject to the conditions, covenants and terms contained in this Agreement. 1.2 Purchase Price. The purchase price shall be Seven Hundred Twenty Thousand Dollars ($720,000.00) (the "Purchase Price"). The Purchase Price of the Property is the fair market value of the Property, as determined by appraisals prepared by a third party, licensed appraiser. 1.3 Affordable Housing Purpose. Buyer desires to purchase the Property for affordable housing purposes. Buyer will utilize funds held in the Low and Moderate Income Housing Asset Fund created in accordance with Health and Safety Code Section 34176 (d) for payment of the Purchase Price. The Property shall be utilized by Buyer in accordance with the Community Redevelopment Law (Part ((commencing with Section 33000)), as amended by Health and Safety Code Section 34176.1, and, in particular, for the development of affordable housing in accordance with Health and Safety Code Section 34176. 1 (a)((3)(A). 1.4 Use of Sale Proceeds by Seller. In accordance with California Health & Safety Code Sections 34177(e) and 34181(a), the net proceeds of the Purchase Price, after reduction for the costs of sale of the Property such as appraisal, title and escrow fees, shall be used to pay enforceable obligations on an approved Recognized Obligation Payment Schedule. Any excess shall be transferred to the Riverside County Auditor -Controller for distribution as property tax proceeds. ARTICLE 11 ESCROW 2.1 Open Escrow. Within five (5) days after the execution of this Agreement by both parties, Seller and Buyer shall open escrow ("Escrow") with First American Title Insurance Company (the "Escrow/Title Company") located at 43620 Ridge Park Drive, Suite 200, Temecula, CA 92590, Attention: Debra Fritz. 2.2 Close of Escrow. The "Close of Escrow" shall mean the time and day the Grant Deeds are filled for record with the Riverside County Recorder, which shall be on or before forty- O�BCt(q)640687M 2 five (45) days after the opening of Escrow ("Closing Date"). The Close of Escrow shall be in accordance with Article IV of this Agreement. 2.3 Escrow Instructions. This Agreement shall constitute joint primary escrow instructions to the Escrow/Title Company; provided, however, that the parties shall execute such additional instructions as requested by the Escrow/Title Company not inconsistent with the provisions hereof. In the event of any inconsistency between such escrow instructions and this Agreement, this Agreement shall control the rights and obligations of the parties. ARTICLE III The purchase and sale under this Agreement shall be subject to the satisfaction of the conditions precedent set forth in this Article III (unless waived in writing by the party to whom the benefit of such condition runs) on or before the Closing Date or such earlier date as is specified in this Agreement, each of which conditions shall be a covenant of the party required to perform such condition. 3.1 Conditions to Buyer's Obligations and Due Diligence Period. A. Delivery of Title and Title Insurance. Seller shall convey title to the Property to Buyer at the Close of Escrow, subject only to Permitted Exceptions. The term "Permitted Exceptions" shall mean: (i) liens for real property taxes shown as exceptions in the Title Report provided that the taxes are not delinquent; (ii) the standard exclusions to coverage under Escrow/Title Company's ALTA Extended Coverage Owner's Policy of Title Insurance ("Title Policy"); and (iii) any other lien, encumbrance, title exception or defect that appears in the Title Report which Buyer has approved or which is caused by Buyer prior to the Close of Escrow. Notwithstanding the foregoing, in no event shall the following be considered Permitted Exceptions: deeds of trust or mortgages; judgments; mechanics' and materialmen's liens; tax liens; or liens, encumbrances or other title matters created by Seller after the date of this Agreement without the prior written consent of Buyer. Buyer agrees that Seller's obligation to convey title to Buyer shall be deemed satisfied upon Escrow/Title Company's willingness to issue the Title Policy subject only to the Permitted Exceptions. B. Delivery of Title Report. Within five (5) days following the opening of Escrow and at Buyer's expense, Escrow/Title Company shall deliver to Buyer a preliminary title report for the Property ("Title Report") together with copies of any exceptions referred to in Schedule B of the Title Report. C. Due Diligence Period. Buyer shall have thirty (30) days after the opening of Escrow (the "Due Diligence Period") to review the exceptions, legal descriptions and other matters contained in the Title Report. Seller shall deliver to Buyer during the Due Diligence Period any other documents relating to the Property to the extent they are requested by Buyer and reasonably available to Seller. Buyer shall promptly provide to Seller a copy of all reports. If the Buyer reasonably determines within the Due Diligence Period that the condition of title or the condition of the Property is not satisfactory for any reason, Buyer may elect to terminate this a)BC L(,P,640687A7 3 Agreement by promptly notifying the Seller and Escrow/Title Company in writing of its decision to terminate. D. Representations and Warranties. Each of the representations and warranties by Seller contained in Section 8.1 was true and correct in all material respects as of the date made and continues to be true and correct in all material respects as of the Close of Escrow. E. Delivery of Close of Escrow Documents. Execution, delivery and acknowledgement as appropriate by Seller of the Close of Escrow documents set forth in Section 4.1 B(i) and other necessary Close of Escrow documents as may be reasonably requested by Buyer or Escrow/Title Company. P. No Material Change. No material change in the status of the use, title, occupancy or physical condition of the Property, unless caused by Buyer or its agents, shall have occurred with respect to the Property prior to Close of Escrow that has not been approved in writing by Buyer, which approval can be withheld in Buyer's sole discretion. Additionally, Seller shall (i) maintain its existing insurance policies in full force and effect; (ii) provide prompt written notice to Buyer of any casualty or condemnation affecting any portion of the Property after the date of this Agreement; (iii) deliver to Buyer, promptly after receipt by Seller, copies of all notices of violation issued by any governmental authority with respect to the Property received by Seller after the date of this Agreement; (iv) advise Buyer promptly of any litigation, arbitration or other judicial or administrative proceeding which concerns or affects the Property; and (v) comply in material respects with the requirements of all contracts, licenses, permits, approvals, guaranties and warranties. G. Seller Performance. Seller shall have performed each and every undertaking, covenant and agreement required to be performed by Seller under this Agreement prior to or at the Close of Escrow. 3.2 Conditions to Seller's Obligations. A. Delivery of Purchase Price. Buyer shall have deposited the Purchase Price with Escrow/Title Company. B. Representations and Warranties. Each of the representations and warranties by Buyer contained in Section 8.2 below shall be determined to have been true and correct in all material respects as of the date made and shall continue to be true and correct in all material respects as of the Close of Escrow. C. Delivery of Close of Escrow Documents. Execution, delivery and acknowledgement as appropriate by Buyer of the Close of Escrow documents set forth in Section 4.1B(ii) and other necessary Close of Escrow documents as may be reasonably requested by Buyer with Escrow/Title Company. D. Buyer Performance. Buyer shall have performed each and every undertaking, covenant and agreement required to be performed by Buyer under this Agreement prior to or at the Close of Escrow. aCiL640697A7 3.3 Failure of Conditions. The failure of Seller or Buyer to satisfy any of the conditions precedent contained in this Article 111 within the times specified in this Agreement shall constitute a default hereunder and unless such conditions are waived or the time for satisfaction extended by the party to whose benefit the conditions run, the party to whose benefit the conditions run shall have the right to terminate this Agreement by delivering written notice to the other party and Escrow/Title Company. ARTICLE IV CLOSE OF ESCROW 4.1 Close of Escrow. The purchase and sale of the Property shall be consummated on or prior to the Closing Date in accordance with the following: A. Time. When Escrow/Title Company is in a position to issue the Title Policy and all required documents and funds have been deposited with Escrow/Title Company, and Buyer and Seller have advised the Escrow/Title Company in writing that the Conditions of Close of Escrow set forth herein have been satisfied or waived, Escrow/Title Company shall immediately close Escrow as provided below. B. Close of Escrow Documents. (i) Seller. No later than the day prior to the Closing Date, Seller shall duly execute and acknowledge as appropriate and deliver to Escrow/Title Company the following: (a) One or more grant deeds ("Deeds") conveying the Property to Buyer in substantially the form attached to this Agreement as Exhibit A; (b) A Non -foreign Entity Affidavit ("Affidavit"), in the form attached to this Agreement as Exhibit B, pursuant to Section 10.2; and (c) Such documents and instruments as Escrow/Title Company may reasonably require to evidence the due authorization and execution of the documents and instruments to be delivered by Seller under this Agreement and to issue the Title Policies. The obligations of Seller to deliver documents and instruments into Escrow in accordance with this Section 4.113(i) are separate, independent covenants of Seller and shall not be conditioned upon Buyer's deliveries in accordance with Section 4.1 B(ii). (ii) Bayer. No later than the day prior to the Closing Date, Buyer shall duly execute and acknowledge as appropriate and deliver to the Escrow/Title Company the following: (a) The amoLmt of the Purchase Price, less the Deposit, if any; (b) A Change of Ownership Statement, as required by Escrow/Title Company or Escrow/Title Company; a,6CL1,aC40687A7 5 (c) Such documents and instruments as Escrow/Title Company may reasonably require to evidence the due authorization and execution of the documents and instruments to be delivered by Buyer under this Agreement and to issue the Title Policy. The obligations of Buyer to deliver funds, documents and instruments into Escrow under this Section4.1BOO shall be separate, independent covenants of Buyer and shall not be conditioned upon Seller's deliveries in accordance with Section 4.1 B(i). C. Close of Escrow Procedure. At such time as the Escrow/Title Company has received all of the items specified in Section 4.1B, and at such time as Escrow/Title Company is prepared to issue the Title Policy in accordance with Section 3.1 B, Buyer and Seller hereby authorize and instruct Escrow/Title Company to: (i) cause Escrow/Title Company to record the Deeds, and issue the Title Policies to Buyer; (ii) pay any applicable recordation fees and transfer taxes; (iii) compute pro -rations relating to the Property for the accounts of Seller and Buyer; (vi) pay to Seller an amount equal to the Purchase Price, less any pro -rations chargeable to Seller and any amounts payable by Seller to Escrow/Title Company for its services and expenditures in connection with this Agreement; (iv) pay to Buyer the balance of the funds then held by Escrow/Title Company, less any pro -rations chargeable to Buyer and any amounts payable by Buyer to Escrow/Title Company for its services and expenditures in connection with this Agreement; and (vii) deliver to Buyer and Seller a conformed copy of the Deeds showing the recording information. 4.2 Fees; Expenses; Proratimrs. A. Feed Expenses, Transfer Taxes. (i) Seller. Seller shall pay or satisfy, as applicable: (a) all documentary transfer taxes imposed in connection with the recording of the Deed; (b) Escrow fees; (c) the cost of the Title Policy for Buyer in the amount of the Purchase Price; (d) the reasonable expenses previously incurred by Seller for purposes of obtaining an appraisal or similar market comparison analysis; (c) the cost of recording the Deed and all other documents recorded at the Close of Escrow; and (d) any other customary fees and charges and expenditures authorized by Buyer; and (e) any other customary fees and charges and expenditures authorized by Seller. (ii) Buyer. Buyer shall have the right to procure an ALTA Extended Coverage Owner's Policy of Title Insurance ("ALTA Policy") and Buyer shall pay for the increased cost of such ALTA Policy above the cost of the Title Policy, the cost of any survey that the Escrow/Title Company requires for issuance of an ALTA Policy and for the cost of any other increase in the amount or scope of title insurance if Buyer elects to increase the amount or scope of title insurance coverage or to obtain endorsements to the Title Policy or ALTA Policy. All other costs, if any, shall be apportioned between Buyer and Seller in the customary manner for real estate transactions in the County of Riverside, State of California. B. Real Property Taxes and Assessments. All real property taxes and assessments for the fiscal years of the taxing and assessing authorities in which the Close of Escrow occurs shall be prorated on the basis of a three hundred sixty-five (365) day year at the e aci_dr64068W 6 Close of Escrow with appropriate debits and credits to the accounts of Buyer and Seller so that Seller shall be responsible for paying all of the same, to the extent duly allocable to the period ending on the day immediately prior to the Closing Date and Buyer shall be responsible for paying all of the same (if any shall be due), to the extent duly allocable to the period commencing upon the Closing Date. C. Commissions. Buyer and Seller represent and warrant to each other that no person or entity may claim or is entitled to a real estate commission, finder's fees or any similar payments with respect to this Agreement or the sale of the Property. Buyer and Seller shall each protect, defend, indemnify and hold the other harmless from and against all such claims for real estate commissions, finder's fees or any similar payments with respect to the sale of the Property in accordance with this Agreement. ARTICLE V BREACH 5.1 General. If either party breaches its obligations under this Agreement prior to the Close of Escrow, then the other party may, without terminating this Agreement, suspend performance by giving written notice to the other party until such breach is cured by the other party. Except for Seller's and Buyer's respective delivery obligations under Article IV, including, without limitation, Buyer's delivery to the Escrow/Title Company of the Purchase Price, neither party shall be in default under this Agreement unless it fails to cure a breach of such party's obligations under this Agreement within twenty-four (24) hours after receipt of written notice of such breach from the non -breaching party. Nothing contained in this Agreement is intended nor shall permit any party in default to terminate this Agreement or the Escrow provided for in this Agreement as a result of such default. 5.2 Termination. If either party breaches any of its obligations under this Agreement prior to the Close of Escrow and fails to cure such breach within twenty-four (24) hours after receipt of written notice from the other party, then the non -defaulting party may terminate this Agreement by written notice to the defaulting party and to the Escrow/Title Company. Termination of this Agreement shall be without prejudice as to whatever legal rights the party may have against the other arising out of this Agreement. If neither party has fully complied with the provisions of Escrow and notice has not been delivered pursuant to Section 5.1, then Escrow/Title Company shall proceed with the Close of Escrow as soon as possible. ARTICLE VI CONDITION OF PROPERTY 6.1 "As Is" Condition. The Property is purchased and sold in "AS IS" condition. Buyer, as specified in Section 11C, has or shall have inspected and conducted tests, inspections, investigations and studies of the Property as Buyer, in Buyer's discretion, deems necessary. Buyer represents that it is acting and will act only upon information obtained by it from its own inspection and investigation of the Property and upon the express representations of Seller contained in this Agreement. gBCL(a)640697M 7 ARTICLE VII REPRESENTATIONS AND WARRANTIES 7.1 Seller's Representations and Warranties. In consideration of Buyer's entering into this Agreement and as an inducement to Buyer to purchase the Property, Seller makes the following covenants, representations and warranties, each of which is material and is being relied upon by Buyer (and the continued truth and accuracy of which shall constitute a condition precedent to Buyer's obligations hereunder): A. Authority. Seller has the full power and authority to sell the Property, and this Agreement has been duly and validly authorized, executed and delivered by Seller and no other authorization or third party consent is requisite to the valid and binding execution, delivery and performance of this Agreement by Seller. B. Encumbrances. Seller is the owner of the fee interest in the Property free and clear of all liens, encumbrances and other matters other than those set forth in the Title Policy and the Property is not subject to any outstanding contract of sale, right of first refusal or purchase option, in favor of any person or entity, except Buyer. Seller will not sell, lease, sublease, assign, mortgage or otherwise encumber the Property without Buyer's prior written approval, which may be withheld in Buyer's sole discretion. C. Representations. All representations and warranties of Seller set forth in this Agreement shall be true on and as of the Close of Escrow as if those representations and warranties were made on and as of such time. D. Legal Power. The individuals executing this Agreement and the instruments referenced herein on behalf of Seller, have the legal power, right and actual authority to bind Seller to the terms and conditions hereof and thereof. E. No Breach. There are no contracts or agreements relating to the leasing, operation and maintenance of the Property which will be effective as to the Property following the Close of Escrow. There are no agreements, rights or agreements under which any third Pei -soil or party has any right or option to purchase the Property. This Agreement and all documents required hereby to be executed by Seller are and shall be valid, legally binding obligations of and enforceable against Seller in accordance with their terns, subject only to the applicable bankruptcy, insolvency, reorganization, moratorium laws or similar laws or equitable principles effecting or limiting the rights of contracting parties generally. To Seller's knowledge, neither the execution and delivery of this Agreement and the documents referenced herein, nor the incurrence of the obligations set forth herein, nor the consummation of the transactions herein contemplated, nor compliance with the terms of this Agreement and the documents reference herein, result in the breach of any terms, conditions or provisions of, or constitute a default under, any bond, note, or other evidence of indebtedness or any contract, indenture, mortgage, deed of trust, loan, partnership agreement, lease, or other agreements or instruments to which Seller is a party or effecting the Property. ((J BCL(a7640687A7 8 F. Litigation. There are no suits, claims, foreclosure proceedings, property tax protests, zoning or other administrative proceedings that are pending or, to the best of Seller's knowledge, threatened with respect to or in any manner affecting the Property. G. Condemnation; Eminent Domain. Seller has neither received any written notice from a governmental authority, nor has any knowledge of any action regarding eminent domain proceedings for the condemnation of all or any portion of the Property. To Seller's knowledge, Seller has not received any written notices of violations, including, without limitation, any environmental law violations, that still exist from any municipal or governmental bodies regarding the Property. H. Due Diligence. Seller has delivered to Buyer complete legible copies of all the material documents pursuant to Section MC. concerning the Property in Seller's possession or under its control. 1. Environmental Laws. To Seller's knowledge, Seller has not received written notice from any governmental authority that the Property or the use or operation thereof are in violation of any Environmental Laws, and to Seller's knowledge, no such written notice has been issued and, to Seller's knowledge, no violation of any Environmental Laws has occurred. To Seller's knowledge, no part of the Property has ever been used by any person or entity to refine, produce, use, store, handle, transfer, process, transport or dispose of any Hazardous Substances. 7.2 Buyer's Representations, Warranties and Covenants. In consideration of Seller entering into this Agreement and as an inducement to Seller to sell the Property to Buyer, Buyer makes the following representations, warranties and covenants, each of which is material and is being relied upon by Seller (the continued truth and accuracy of which shall constitute a condition precedent to Seller's obligations hereunder): A. Authority. Buyer has the full power and authority to buy the Property, and this Agreement has been duly and validly authorized, executed and delivered by Buyer and no other authorization or third party consent is requisite to the valid and binding execution, delivery and performance of this Agreement by Buyer. B. Representations. All representations and warranties of Buyer set forth in this Agreement shall be true on and as of the Close of Escrow as if those representations and warranties were made on and as of such time. ARTICLE VIII CONDEMNATION, DAMAGE AND DESTRUCTION 8.1 Condemnation. If, between the date of this Agreement and the Closing Date, condemnation or eminent domain proceedings affecting any portions of the Property are initiated or are threatened to be initiated by any entity other than Buyer, then, Buyer shall have the right to either: (i) affirm this Agreement, which shall remain in full force and effect without any diminution of the Purchase Price and Seller shall assign to Buyer upon the Closing Date all of Seller's rights to any condemnation awards by depositing an assignment of said award with the Escrow/Title Company; or (ii) subject to and conditioned on Buyer's compliance with the gBCL(u)640687A7 9 remaining provisions of this Section 8.1, terminate this Agreement and neither party shall have any further obligations or liabilities to each other, except that Buyer's indemnity obligations under this Agreement shall survive any such termination. Buyer shall not propose, institute, cooperate with or permit any condemnation of all or any part of the Property prior to the Close of Escrow. 8.2 Damage and Destruction. If, between the date of this Agreement and the Closing Date, any portion of the Property is materially damaged or destroyed, then Buyer shall have the option by written notice to Seller to: (i) terminate this Agreement and Buyer shall have no obligation to purchase the Property and Seller shall have no obligation to sell the Property to or (ii) affirm this Agreement, which shall remain in full force and effect without delaying the Close of Escrow and without diminution of the Purchase Price. ARTICLE IX MISCELLANEOUS 9.1 No Foreign Investors. Seller warrants and represents to Buyer that Seller is not a foreign individual, foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Internal Revenue Code and Income "Fax Regulations). Seller shall execute and deliver to Buyer at the Close of Escrow the Affidavit certifying the representations and warranties made pursuant to this Section. 9.2 Attorneys' Fees. If any action, proceeding or arbitration is brought to interpret or enforce the terms of this Agreement, the prevailing party shall be entitled to recover from the other party, in addition to all other damages, all costs and expenses of such action, proceeding or arbitration, including but not limited to actual attorneys' fees (including the allocated costs of in- house counsel), witness fees' and court costs. The phrase "prevailing party" as used in this Section shall mean the party who receives substantially the relief desired whether by dismissal, summary judgment or otherwise. The terms of this Section shall survive the Close of Escrow and shall not be merged with the Deed. 9.3 Notices. All notices and requests under this Agreement shall be in writing and shall be sent by personal delivery, facsimile or e-mail (with hard copy to follow the next business day by overnight mail), by nationally recognized overnight mail carrier such as FedEx or delivered in person to the following street addresses: SELLER: Successor Agency to the Redevelopment Agency of the City of Lake Elsinore 130 S. Main Street Lake Elsinore, CA 92530 Attn: Grant Yates, City Manager Telephone: (95 1) 674-3124 ext. 361 Facsimile: (951) 674-2392 E -Mail: gyates@Lake-Elsinore.org @BC1_@640687A7 10 With a copy to: Leibold McClendon & Mann PC 9841 Irvine Center Drive, Suite 230 Irvine, CA 92618 Attention: Barbara Leibold Telephone: (949) 585-6300 ext. 101 Facsimile: (949) 585-6305 E -Mail: barbara@cega.com BUYER: City of Lake Elsinore 130 S. Main Street Lake Elsinore, CA 92530 Attn: Grant Yates, City Manager Telephone: (951) 674-3124 ext. 361 Facsimile: (951) 674-2392 E -Mail: gyates@Lake-Elsinore.org Lake-Elsinore.org With a copy to: Leibold McClendon & Mann PC 9841 Irvine Center Drive, Suite 230 Leine, CA 92618 Attention: Barbara Leibold Telephone: (949) 585-6300 ext. 101 Facsimile: (949) 585-6305 E -Mail: barbara@cega.com Escrow/Title Company: First American Title Insurance Company 43620 Ridge Park Drive, Suite 200 Temecula, CA 92590 Attention: Debra Fritz Telephone: (951) 296-2948 E -Mail: dfiritz@firstam.com All notices shall be effective upon the earlier of personal delivery or receipt of a facsimile confirmation statement, if sent by facsimile, or receipt of confirmation of delivery, if delivered by e-mail or a nationally recognized overnight mail carrier. Either party may change its address or designate a new street address for notices under this Agreement by notice complying with the terms of this Section. 9.4 Cooperation. Buyer and Seller shall reasonably cooperate with the other in connection with the requirements imposed by this Agreement and agree to cooperate with each other by executing such other documents or taking such other action as may be reasonably necessary in accordance with the intent of the parties as evidenced by this Agreement, provided such documents do not create any additional liability or expense for such party not contemplated by this Agreement. 9.5 Survival. Buyer's and Seller's representations, warranties and obligations under this Agreement shall survive the Close of Escrow and shall not be merged into or defeated by the execution, delivery or recordation of the Deed given in connection with this Agreement. nBUC ,a)640687A7 I I 9.6 Interpretation. This Agreement shall be construed and enforced in accordance with the laws of the State of California as applicable to contracts entered into in California among parties doing business therein. This Agreement contains the entire agreement between the parties respecting the purchase and sale of the Property and supersedes all prior negotiations, discussions, understandings and agreements, both oral and written, between the parties with respect to such matters. This Agreement shall not be effective between the parties until the date this Agreement is executed and delivered into Escrow by both Seller and Buyer. This Agreement may not be modified or amended in any way except by a writing executed by both Buyer and Seller. The section headings of this Agreement are for convenience only and are not to be construed as part of this Agreement and do not in any way amplify or define the terms, conditions, and covenants of this Agreement and shall not be used in construction or interpretation of this Agreement. There are no third -party beneficiaries to this Agreement. Unless the context otherwise indicates, whenever used in this Agreement, the word "party" or "parties" means Buyer or Seller or both, as the context may require. Time is of the essence in the performance of each term of this Agreement. 9.7 Successors and Assigns. This Agreement shall be binding upon and inure to the benefits of the successors and assigns of the parties to this Agreement. In no event shall Buyer have any right to delay or postpone the Close of Escrow to create a partnership, corporation or other form of business association or to obtain financing to acquire title to the Property or to coordinate with any other sale, transfer, exchange or conveyance. 9.8 Severability. If any term or provision of this Agreement is determined to be invalid or unenforceable, the remaining terms and provisions shall not be affected thereby and shall remain in full force and effect to the maximum extent permitted by law. 9.9 Dates. Whenever any determination is to be made or action is to be taken on a date specified in this Agreement, if such date shall fall on Saturday, Sunday or legal holiday under the laws of the State of California, then in such event said date shall be extended to the next day which is not a Saturday, Sunday or legal holiday. 9.10 Counterparts; Telefacsimile Execution. This Agreement may be executed in counterparts, all of which shall constitute the same Agreement, notwithstanding that all parties to this Agreement are not signatory to the same or original counterpart. 9.11 No Assumption of Seller's Liabilities. Buyer is acquiring only the Property from Seller and is not the successor of Seller. Except only for the obligations accruing after the Closing Date or assumed in writing by Buyer, Buyer does not assume or agree to pay, or indemnify Seller or any person or entity against any liability, obligation or expense of Seller or relating to the Property. 9.12 Limitation of Liability. No advisor, trustee, director, officer, partner, member, employee, beneficiary, shareholder, participant or agent of or in Seller or Buyer shall have any personal liability, directly or indirectly, under or in connection with this Agreement or any agreement made or entered into under or pursuant to the provisions of this Agreement, or any amendment or amendments to any of the foregoing made at any time or times, heretofore or hereafter. The terms of this Section survive the Close of Escrow or termination of this Agreement. (aBCr@16no6,a7A7 12 9.13 Indemnification; Limitation on Liability. Seller hereby agrees to indemnify, defend and hold Buyer harmless from and against any claims, damages, demands, liabilities, losses, judgments, expenses and attorneys' fees and/or costs resulting from any material breach of this Agreement by Seller, including, without limitation, the falsity of any representation or warranty made by Seller contained in this Agreement. Neither Buyer nor Seller shall in any event be entitled to, and each hereby waives, any right to seek consequential damages of any kind or nature from the other party arising out of or in connection with this Agreement. 9.14 Tax and legal advice. Seller represents and warrants that the buyer has not provided tax or legal advice to seller in connection with this agreement. Seller further represents and warrants that they have been advised of their right to legal counsel and tax advice and have either obtained the advice of independent legal counsel or a tax advisor with respect to the terms of this agreement and all attachments hereto and other agreements required hereby, or have knowingly and voluntarily decided not to consult with legal counsel or a tax advisor of his/her choosing. 9.15 Time of Essence. Time is expressly made of the essence with respect to the performance by Buyer and Seller of each and every obligation and condition of this Agreement including, without limitation, the Close of Escrow. 9.16 Exhibits Incorporated by Reference. All exhibits attached to this Agreement are incorporated in this Agreement by this reference. This Agreement is executed in three (3) duplicate originals, each of which is deemed to be an original. This Agreement includes thirteen (13) pages, a signature page (Page 14) and three (3) exhibits including Exhibit "A", form of Grant Deed, Exhibit "B", Seller's form of Certification of Non -Foreign Status, and Exhibit "C", copies of appraisals prepared for the Property. [Signatures on next page] «uCLa,e40687A7 13 IN WITNESS WHEREOF, the Buyer and the Seller have signed this Agreement and Escrow Instructions for Purchase and Sale of Real Property on the date set forth below. Dated: "SELLER" SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, a public body, corporate and politic By: Its: "BUYER" CITY OF LAKE ELSINORE, a California municipal corporation, in its capacity as successor to the housing assets and functions of the former Redevelopment Agency of the City of Lake Elsinore under Health and Safety Code Section 34176(a)(1) Dated: By: Brian Tisdale, Mayor APPROVED AS TO FORM: LEIBOLD McCLENDON & MANN, P.C. By: Barbara Leibold, City Attorney [signatures continued on next page] LncL(y)64068W 14 ESCROW/TITLE COMPANY'S CONSENT: Escrow/Title Company hereby acknowledges receipt of this Agreement and consents to the terms and conditions set forth herein. "ESCROW/TITLE COMPANY" Name: Its: Dated: (0, BCL(q64069W 15 WHEN RECORDED MAIL AND MAIL TAX STATEMENTS TO: CITY OF LAKE ELSINORE 130 So. Main Street Lake Elsinore, CA 92530 EXHIBIT "A" GRANT DEED DOCUMENTARY GRANT DEED "r0 GOVI CODE SECTION 27383 FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, the SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, a public body, corporate and politic ("Seller"), hereby GRANT(S) to the CITY OF LAKE ELSINORE, a California municipal corporation (`Buyer"), the real property referred to as APN No. 374-062-005; 374-062-006; 374-062-015; [374-062-020]; 374-162-039; 374-162-041; 374-162-043; 374-162-045; 374-162-047; 374-162-049; 374-162-051; 374-162- 053;374-162-055;374-162-057;374-162-059;374-162-061 and described as: SEE ATTACHMENT NO. 1 TO EXHIBIT "A" ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE "SELLER" SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, a public body, corporate and politic By: Its: @BC.(a)640687A7 Exhibit "A" ATTACHMENT NO. 1 TO EXHIBIT "A" LEGAL DESCRIPTION The land referred to herein is situated in the State of California, County of Riverside, City of Lake Elsinore, described as follows: Property Identification The subject property is a 1.37+ net acre parcel (59,534+ square feet, according to the assessor's map) of residential zoned land identified as Riverside County Assessor's Parcel Number 374- 062-005, 006, 015 and 020 and located at 401 N. Spring Street in the City of Lake Elsinore. The site is vacant land. The proposed acquisition is for the entire site (total taking). Legal Description and Ownership APN 374-062-005, 006, 015 and 020 is under the ownership of the Redevelopment Agency of the City of Lake Elsinore. The legal description (from the Grant Deed) is: Parcel 1: Lots 2, 4, 6, 8 and 10 in Block 82 of Heald's Resubdivision of Blocks 51 and 54 to 86 inclusive of Elsinore as shown by map on file in Book 8 page 378 of maps, San Diego County Records. EXCEPTING therefrom the following described property: Beginning at the Southwest corner of Lot 2, Block 82 as said lot and block are shown on Heald's Resubdivision of Blocks 51 and 54 thru 86 inclusive of Elsinore as shown by map on said resubdivision on file in Book 8 page 378 of maps, San Diego County Records: THENCE Easterly along the Southerly line of said Lot 2 and along the Northerly line of Pottery Street, as shown on said maps, a distance of 110 feet; THENCE Northerly to a point in the Southerly line of Lot 12 of Block 82 as shown on said map, said point being distant 80 feet Easterly, as measured along the Southerly line of said Lot 12 from the Easterly line of Riley Street, as shown on said map; THENCE continuing Northerly to the Northwest corner of Lot 24 as shown on said map; THENCE Southerly along the Easterly line of said Riley Street to the point of beginning. Parcel 2: Lot 7 in Block 82 of Heald's resubdivision of Blocks 51 and 54 to 86 inclusive of Elsinore as shown by map on file in Book 8 page 378 of maps, San Diego County Records. EXCEPTING therefrom that portion as described in the deed to the Elsinore, Pomona and Los Angeles Railway Company, recorded April 11, 1896 in Book 48 page 148 of deeds, Riverside County Records. 0iscr�a)64o687A7 Attachment No. 1 to Exhibit A Parcel 3 Lot 9 in Block 82 of Heald's resubdivision of Block 51 and 54 to 86 inclusive of Elsinore as shown by map on file in Book 8 page 378 of maps, San Diego County Records. EXCEPTING therefrom that portion as described in the deed to the Elsinore, Pomona and Los Angeles Railway Company, recorded February 27, 1896 in Book 32 page 371 of deeds, Riverside County Records. Parcel 4: Lots 1, 3, and 5 in Block 82 of the Townsite of Elsinore, as per map of Heald's Resubdivision of said Block 82 in the City of Elsinore, County of Riverside, State of California, as per map recorded in Book 8 page 378 of maps, in the office of the county recorder of San Diego Comity. EXCEPT that portion included in the right of way of the Elsinore, Pomona and Los Angeles Railroad Company, as per deed recorded in Book 50 page 235 of deeds, records of Riverside County, California. ALSO EXCEPTING from Lot 1 the Southerly 10 feet as granted to the City of Lake Elsinore by deed recorded February 28, 1985 as Instrument No. 412321. Excepting therefrom all oil, gas and other hydrocarbons, geothermal resources as defined in Section 6903 of the California Public Resources Code and all other mineral, whether similar to those herein specified or not, within or that may be produced from said real property; provided however, that all rights and interest in the surface of said real property are hereby conveyed to grantee, no right or interest of any kind to use the surface, expressed or implied, being excepted or reserved to grantor; and will damage the surface of said real property or any structures thereon, and shall not conduct any drilling or other operations of any kind in the first five hundred (500) feet below the surface of said real property. And further excepting the sole and exclusive right from time to time to drill and maintain wells or other works into or through said real property and the adjoining streets, roads, and highways below a depth of five hundred (500) feet and to produce, inject, store and remove from and through such wells or works, oil, gas, water and other substances of whatever nature, including the right to perform below said depth any and all operations deemed by grantor necessary or convenient for the exercise of such rights as reserved in deed recorded September 28, 1976 as Instrument No. 144761, Official Records. Also Excepting therefrom all water rights incident and appurtenant as conveyed to the City of Lake Elsinore by deed recorded February 28, 1985. Property Identification The subject property is a 1.30+ net acre parcel (56,630± square feet, according to the assessor's map) of commercial mixed use zoned land identified as Riverside County Assessor's Parcel Number 374-162-039, 041, 043, 045, 047, 049, 051, 053, 055, 057, 059 and 061 and located at 135 Sumner Avenue in the City of Lake Elsinore. The site is vacant land. The proposed acquisition is for the entire site (total taking). LBCL(@eM0687A7 Attachment No. 1 to Exhibit A 2 Legal Description and Ownership APN 374-162-039, 041, 043, 045, 047, 049, 051, 053, 055, 057, 059 and 061 is wider the ownership of the Redevelopment Agency of the City of Lake Elsinore. The legal description (from the Assessor's Office) is: Portion of Lots 1, 3, 5, 7, 9, 11, 13, 15, 17, 19, 21 and 23, Block 51 of Heald's resubdivision of blocks 51 and 54-86 of Elsinore as shown by map on file in Book 8 page 378 of maps, San Diego County Records. W) I W Lfa)64 068 7A 7 Attachment No. 1 to Exhibit A A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA County of On before me, Notary Public, personally appeared who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signatures) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct wIT'NESS my hand and official seal. Signature of Notary rinCL@G<10687A7 (Affix seal here) A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA County of On , before me, a Notary Public, personally appeared who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct WITNESS my hand and official seal. Signature of Notary n13CL(a)640e87A7 (Affix seal here) A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA County of On before me, Notary Public, personally appeared who proved to me on the basis of satisfactory evidence to be the persons) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct WITNESS my hand and official seal. Signature of Notary rtBCL(r040G8W (Affix seal here) ATTACHMENT NO. 2 to EXHIBIT "A" CERTIFICATE OF ACCEPTANCE Government Code, Section 27281 THIS IS TO CERTIFY that the CITY OF LAKE ELSINORE, a California municipal corporation, acting through the Lake Elsinore City Council, hereby accepts for public purposes the real property, or interest therein, conveyed by Grant Deed executed by the SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, a public body, corporate and politic and dated 2016 and consents to the recordation thereof. IN WITNESS WHEREOF, I have hereunto set nay hands and affixed the City's official seal, this day of CITY OF LAKE ELSINORE, a municipal corporation By: QDBCrraa640687A7 Attachment No. 2 to Exhibit A A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA County of On , before me, a Notary Public, personally appeared who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct WITNESS my hand and official seal. Signature of Notary @BCL g640687A7 (Affix seal here) EXHIBIT "B" SELLER'S CERTIFICATION OF NON -FOREIGN STATUS FIRST AMERICAN TRUST To inform the CITY OF LAKE ELSINORE, a California municipal corporation ("Transferee") that withholding of tax under Section 1445 of the Internal Revenue Code of 1986, as amended ("Code") will not be required upon the transfer of certain real property described as Assessor's Parcel Nos. 374-062-005; 374-062-006; 374-062-015; [374-062-020]; 374-162-039; 374-162-041; 374-162-043; 374-162-045; 374-162-047; 374-162-049; 374-162-051; 374-162- 053; 374-162-055; 374-162-057; 374-162-059; 374-162-061 located in the City of Lake Elsinore, California to the Transferee by the SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, a public body, corporate and politic ("Transferor"), the undersigned hereby certifies the following: ]/we am/are not a nonresident alien for purposes of United States income taxation; 2. My/our United States taxpayer identifying number (Social Security Number) is My/our address is Transferor understands that this Certification may be disclosed to the Internal Revenue Service by the Transferee and that any false statement contained herein could be punished by fine, imprisonment, or both. Under penalty of perjury, I/we declare that ]/we have examined this Certification and to the best of my/our knowledge and belief it is true, correct, and complete, and we further declare that I/we have authority to sign this document on behalf of the Transferor. "TRANSFEROR" SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, a public body, corporate and politic By: Its: (q)BC1-C 6a06a7A7 Exhibit "B" BCL@640687A7 Exhibit "C" EXECUTIVE SUMMARY Property & Appraisal Information Property Name: Property Street Address: Property City, State, Zip: Appraisal Report Type: Property Rights Appraised: Effective Date of Value: Date of Inspection: Appraisal Report Date: Site Information Assessor's Parcel Numbers: Site Area (SF): Site Area (Acres): Excess/Surplus Land Area (SF): Site Shape/Topography: Zoning: Flood Zone: Valuation Summary Cost Approach Conclusion: Income Approach Conclusion: Sales Comparison Approach Conclusion: Final Value Opinion: Marketing & Exposure Time Conclusion: Report Format & Scope Vacant Land Spring Street Lake Elsinore, CA 92530 Appraisal Report Fee Simple June 7, 2016 June 7, 2016 June 20, 2016 374-162-039, -041, -043, -045, -047, -049,-051,-053,-055,-057,-059 & - 061 56,630 1.30 None Rectangular/Level RMU (Residential Mixed -Use) X Not Applicable Not Applicable $350,000 $350,000 12.0 months or less SCOPE OF WORK The Executive Summary section provides an overview of the property, general information related to the appraisal, and the value conclusions and assumptions. The Description sections describe general area information and present detailed explanations of the site and improvements. The Highest and Best Use section establishes the premise on which the value estimate of the property is based. The Valuation section describes the appraisal methods used to estimate the various values of the property and includes comparable information, application of market information to the subject and valuation analysis. In the Analysis of Value Conclusions section, the relative merits of each approach are discussed, and the value conclusion is presented. VANGUARD FILE #16-309 EXECUTIVE SUMMARY Provenly & Appraisal Information Property Name: Property Street Address: Property City, State, Zip: Appraisal Report Type: Property Rights Appraised: Effective Date of Value: Date of Inspection: Appraisal Report Date: Site Information Assessor's Parcel Numbers: Site Area (SF): Site Area (Acres): Excess/Surplus Land Area (SF): Site Shape/Topography: Zoning: Flood Zone: Valuation Summary Cost Approach Conclusion: Income Approach Conclusion: Sales Comparison Approach Conclusion: Final Value Opinion: Marketing & Exposure Time Conclusion: Regori Format & Scope Vacant Land NWC Pottery Street & Spring Street Lake Elsinore, CA 92530 Appraisal Report Fee Simple June 7, 2016 June 7, 2016 June 20, 2016 374-062-005, 006, 015, & 020 59,534 1.37 None Rectangular/Level RMU (Residential Mixed -Use) X Not Applicable Not Applicable $370,000 $370,000 12.0 months or less SCOPE OF WORK The Executive Summary section provides an overview of the property, general information related to the appraisal, and the value conclusions and assumptions. The Description sections describe general area information and present detailed explanations of the site and improvements. The Highest and Best Use section establishes the premise on which the value estimate of the property is based. The Valuation section describes the appraisal methods used to estimate the various values of the property and includes comparable information, application of market information to the subject and valuation analysis. In the Analysis of Value Conclusions section, the relative merits of each approach are discussed, and the value conclusion is presented. This Summary appraisal is designed to inform the reader of all factors influencing the property's value in a clear and concise manner. It is intended to comply with the reporting requirements VANGUARD FILE #16-308 LAKE :5tl'i0lU Agenda Date: 7/7/2016 In Control: Oversight Board Agenda Number: 6) City of Lake Elsinore Text File File Number: TMP -1562 Versional 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 71512016 REPORT TO THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE To: Chairperson Kelley and Members Of The Oversight Board From: Barbara Leibold, Successor Agency Counsel Date: July 7, 2016 Subject: Approval of a Form of Compensation Agreement and Transfer of Properties to the City of Lake Elsinore for Future Development in Accordance with Health & Safety Code Section 34180(f) Recommendation Adopt A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING (1) THE FORM OF A COMPENSATION AGREEMENT PURSUANT TO HEALTH & SAFETY CODE SECTION 34180(f); AND (2) TRANSFER OF CERTAIN PROPERTIES BY THE SUCCESSOR AGENCY TO THE CITY OF LAKE ELSINORE FOR FUTURE DEVELOPMENT Background As part of the dissolution of the former Redevelopment Agency, Health & Safety Code Section 34177(e) requires the Oversight Board to direct the Successor Agency to dispose of the real property held by the Successor Agency. By Resolution No. 2016- 008 approved on June 28, 2016, the Successor Agency approved the form of a Compensation Agreement and the transfer of certain properties to the City of Lake Elsinore for future development. Those properties to be transferred to the City for future development are listed in Exhibit A to Resolution OB -2016-_ attached hereto (collectively, the 'Properties") for consideration by the Oversight Board. The Successor Agency and Oversight Board have previously approved a Long Range Property Management Plan (LRPMP) which identified the same properties as properties to be transferred to the City for future development. Discussion The Successor Agency must dispose of real property in accordance with Health & Safety Code Sections 34177(e) and 34181(a). The data sheets from the LRPMP have been updated to include available detail for each of the properties to be transferred to the City for future development. All of the properties were previously approved by the Oversight Board as properties to be transferred to the City for future development. Applicable law requires that an approved compensation agreement (the "Compensation Agreement') be executed by the affected Taxing Entities and the City to allow for the transfer of the Property to the City for ultimate disposition consistent with the Redevelopment Plan. The Compensation Agreement sets forth how proceeds from the sale of the Property will be distributed to the Taxing Entities when the City conveys it to a private developer for redevelopment. The net proceeds received by the City from the ultimate sale of the Property Transfer of Properties to be Held for Future Development July 7, 2016 Page 2 to a private developer will be remitted to the Riverside County Auditor -Controller who will then distribute the net proceeds to the Taxing Entities in proportion to their normal respective property tax shares. For illustrative purposes, the current distribution pro -rata proportions are listed on the table below. Taxing Entity/Fund Property Tax Share Riverside County General 11.06% County Free Library 1.20% County Structure Fire Protection 4.89% Lake Elsinore General Fund 10.17% Lake Elsinore Unified School District 39.94% Mt. San Jacinto Junior College 4.80% Elsinore Area Elementary School Fund 8.75% Riverside County Office of Education 4.94% Riverside Co. Regional Park & Open Space 0.27% Flood Control Administration 0.20% Flood Control Zone 3 2.79% Elsinore Valley Cemetery 0.83% Elsinore Valley Municipal Water 9.04% Western Municipal Water 1.08% Western Municipal Water 15' Fringe 0.03% Riverside Corona Resource Conservation 0.01% Property Transfer In addition to approving the form of the Compensation Agreement for the distribution of net proceeds, the attached resolution authorizes the Successor Agency, upon full execution of the Compensation Agreement by the Taxing Entities and the City, to convey the Properties to the City by grant deed and to take any action and execute any documents as may be necessary to implement the conveyance of the Property to the City, pursuant to Health & Safety Code section 34181, subdivision (a). The Oversight Board's Resolution approving such transfer must be transmitted to DOF. DOF has five (5) days after submittal to request a review and forty-five (45) days to review the Oversight Board Resolution if it decides to do so. Detailed information from the LRPMP regarding the governmental purpose properties has been updated and is attached for informational purposes only. The property ID #s in these detailed sheets correspond to the LRPMP and do not match the ID #'s in Exhibit A to the Resolution. Transfer of Properties to be Held for Future Development July 7, 2016 Page 3 Prepared By: Barbara Leibold, Successor Agency Counsel Attachments: Properties held for Future Development Data Sheets and Maps Oversight Board Resolution No, OB -2016 - Exhibit A — Compensation Agreement Map ID #44; #45; #46; #47 & Held For Development - RFP #48: APN: #44: 374-271-003 #45: 374-271-004 #46:374-271-007 #47:374-271-013 #48:374-271-015 Address: N/A Lot Size: #44:.38 acres #45:.76 acres #46: 4.64 acres #47:.09 acres #48:.23 acres Land Use/Zoning: Residential Mixed Use Acquisition Date (AD): 02/27/08 Acquisition Purpose: Potential Civic Center Site Purchase Price/Value @ AD: $4,150,000 Est. Current Value: Unknown Est. revenues & contract None obligations re revenues: Environmental Unknown Contamination History: Potential transit oriented Parcels represent key connector between Historic Downtown and Lake development (TOD) and and should be developed consistent with the Downtown Master Plan advancement of planning and the Successor Agency's land use objectives aimed at revitalizing objectives of Successor the Downtown and emphasizing the Lake as a focal point/feature of the Agency: City's landscape and sports related economic and tourism activity. History Previous Previous residential development proposals stalled and were not Development pursued by previous owner or potential buyers. Agency acquired for Proposals/Activity: redevelopment purposes as a key site for connecting the Downtown to the Lake. Proposed Use/Disposition: The Site offers key economic development potential and should be held for development pursuant to a carefully developed RFP consistent with the Downtown Master Plan. Notes: The Parcels should be merged into a single developable parcel and adjacent City -owned property should be evaluated for inclusion in the RFP. The Successor Agency will enter into a compensation agreement with the affected taxing entities prior to Oversight Board approval of the transfer of the property to the City for future development. Map ID #56 Held For Development APN: 377-180-037 Address: Silver/Minthorn Lot Size: 2.15 acres Land Use/Zoning: Public Institutional Acquisition Date (AD): 5/18/05 Acquisition Purpose: Public/redevelopment purpose. Purchase Price/Value @ AD: $468,000 Est. Current Value: Unknown Est. revenues & contract None obligations re revenues: Environmental Unknown Contamination History: Potential transit oriented The Agency acquired the property for public/redevelopment purposes to development (TOD) and be more specifically determined consistent with the Redevelopment advancement of planning Plan for the Rancho Laguna Redevelopment Project Area No. I and objectives of Successor applicable City land use designations. Agency: History Previous Unknown Development Proposals/Activity: Proposed Use/Disposition: The parcel should be conveyed to the City for a land use study and feasibility analysis to determine the best potential for development which may be a governmental purpose consistent with neighboring County Social Services facility and consistent with the "Public Institutional' land use designation. Notes: The Successor Agency will enter into a compensation agreement with the affected taxing entities prior to Oversight Board approval of the transfer of the property to the City for future development. RESOLUTION NO. OB 2016- A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING (1) THE FORM OF A COMPENSATION AGREEMENT PURSUANT TO HEALTH & SAFETY CODE SECTION 34180(17; AND (2) TRANSFER OF CERTAIN PROPERTIES BY THE SUCCESSOR AGENCY TO THE CITY OF LAKE ELSINORE FOR FUTURE DEVELOPMENT WHEREAS, Oversight Board ("Oversight Board") to the Successor Agency to the Redevelopment Agency of the City of Lake Elsinore ("Successor Agency") has been established to oversee the wind down of the affairs of the former Redevelopment Agency of the City of Lake Elsinore (the "Agency") in accordance with the California Health and Safety Code Section 34179; and WHEREAS, the Successor Agency is the owner of certain real property located at Silver and Minthorn and certain properties on Spring at Lakeshore in the City of Lake Elsinore ("City") (collectively, "Agency Property") , and WHEREAS, on June 29, 2011, the Legislature of the State of California (the "State") adopted Assembly Bill x1 26 ("AB 26"), which amended provisions of the State's Community Redevelopment Law (Health & Safety Code sections 33000 et seq.); and WHEREAS, pursuant to AB 26 and the California Supreme Court decision in California Redevelopment Association, et al. v. Ana Matosantos, et al., which upheld AB 26 (together with AB 1484, as amended to date, the "Dissolution Law"), the former Agency was dissolved on February 1, 2012; and WHEREAS, pursuant to the Dissolution Law, ownership of the Agency Property was transferred to the Successor Agency for disposition in accordance with the Dissolution Law; and WHEREAS, pursuant to the Dissolution Law, the Successor Agency prepared a Long Range Property management Plan ("LRPMP"), which was approved by a resolution of the Oversight Board; and WHEREAS, applicable law permits the Agency Property to be conveyed by the Successor Agency to the City for further redevelopment activities by the City consistent with the Redevelopment Plan, and requires that such conveyance to the City shall occur upon the full execution of a compensation agreement (the "Compensation Agreement") between the City and the affected taxing entities (as listed in the Compensation Agreement, the "Taxing Entities") for the distribution of net funds received, if any, from the sale of the Agency Property. Such agreement is entitled "Compensation Agreement Pursuant to Health & Safety Code 34180(f) Regarding Successor Agency Transfer of Property to the City of Lake Elsinore ("Compensation Agreement") and is attached hereto and incorporated herein as Exhibit A. OVERSIGHT BOARD RESOLUTION NO. OB 2016-_ Page 2 WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. 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 Oversight Board hereby approves the form of the Compensation Agreement in substantially the form attached hereto as Exhibit A. SECTION 3. Upon full execution of the Compensation Agreement by the Taxing Entities and the City, the Oversight Board authorizes the Successor Agency to convey the Agency Property to the City by grant deed and to take any other action and execute any documents as may be necessary to implement the conveyance of the Property to the City, pursuant to Health and Safety Code section 34181, subdivision (a) SECTION 4. 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 5. Pursuant to Health and Safety Code Section 34179(h), this Resolution shall be effective five (5) business days after proper notification hereof is given to the California Department of Finance unless the California Department of Finance requests a review of the actions taken in this Resolution, in which case this Resolution will be effective upon approval by the California Department of Finance. OVERSIGHT BOARD RESOLUTION NO. OB 2016 - Page 3 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 7th day of July, 2016. Genie Kelley, Chairperson Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ATTEST: Susan M. Domen, MMC Oversight Board Secretary Attachment: Exhibit A — Compensation Agreement COMPENSATION AGREEMENT PURSUANT TO HEALTH AND SAFETY CODE SECTION 34180(f) FOR LAKE ELSINORE SUCCESSOR AGENCY TRANSFER OF PROPERTIES TO CITY OF LAKE ELSINORE FOR FUTURE REDEVELOPMENT ACTIVITY This Agreement, dated for reference purposes as of 2016, is entered into by and among the City of Lake Elsinore, the County of Riverside, the Riverside County Library System, the County of Riverside Flood Control and Water Conservation District, the County of Riverside Fire Department, the Riverside County Office of Education, the Riverside County Parks District, Mt. San Jacinto College, Elsinore Valley Cemetery District, Elsinore Valley Municipal Water District, Western Municipal Water District of Riverside County, Riverside Corona Resource Conservation District, and the Lake Elsinore Unified School District, on the basis of the following facts, understandings, and intentions of the Parties: RECITALS A. These Recitals refer to and utilize certain capitalized terms which are defined in Section 1 of this Agreement. The Parties intend to refer to those definitions in connection with the use thereof in this Agreement. B. Pursuant to the Redevelopment Dissolution Statutes, the Former RDA was dissolved as of February 1, 2012, and the Successor Agency became responsible for paying its enforceable obligations, disposing of its properties and other assets, and unwinding the affairs of the Former RDA. C. Accordingly, ownership of the Former RDA's Properties that had been acquired to implement the Redevelopment Plans of the Former RDA transferred to the Successor Agency for disposition in accordance with the Redevelopment Dissolution Statutes. D. The Successor Agency received a "Finding of Completion" from DOF on April 26, 2013, confirming that the Successor Agency had made specified required payments under the Redevelopment Dissolution Statutes, and entitling the Successor Agency to prepare and submit a Long -Range Property Management Plan (the "LRPMP", as further defined in Section 1) to the Oversight Board and the DOT for approval. E. The Successor Agency initially prepared and obtained Oversight Board approval of its LRPMP in 20, calling for certain Properties to be transferred by the Successor Agency to the City for future disposition by the City and development by selected Developers to implement projects identified in the Redevelopment Plan. F. Notwithstanding the timely submittal of the LRPMP, the LRPMP was not approved by December 31, 2015, the statutory deadline for approval of a LRPMP. Accordingly, on January _, 2016, DOE issued a letter specifying that the Successor Agency must dispose of its Properties in accordance with Health and safety Code Sections 34177(e) and 34181(a). G. For properties to be transferred to the City for future development, Health & Safety Code Section Code 34180(f) requires execution of a compensation agreement among the City and the Taxing Entities providing for specified proceeds of the City's subsequent disposition of the properties to be distributed to the Taxing Entities in accordance with their proportional shares of the base property tax revenues. H. City and the Taxing Entities desire to enter into this Agreement to provide for the distribution of net proceeds upon the sale of the properties transferred to the City for future development. I. The Parties desire to enter into this Agreement to provide for the execution of an appropriate compensation agreement in accordance with Health and Safety Code Section 34180(f). NOW, THEREFORE, the Parties agree as follows: Section 1. Definitions. The following definitions shall apply in this Agreement: (a) "Agreement" means this Compensation Agreement Pursuant To Health and Safety Code Section 34180(0 Regarding Lake Elsinore Successor Agency Transfer of Properties to City of Lake Elsinore For Future Redevelopment Activity, as may be amended from time to time. (b) "Applicable Fiscal Year" means each Fiscal Year of the City in which the City receives Interim Municipal Use Annual Operating Proceeds from an Interim Municipal Use of one or more of the Properties, as more fully described in Section 7. Controller. (c) "Applicable Shares" has the meaning given in Section 6(a). (d) "Auditor -Controller" means the Riverside County Auditor - (e) "City" means the City of Lake Elsinore. (f) "DDA" means, with respect to each Property, the disposition and development agreement between the City and a Developer for that Property. (g) "Developer" means, with respect to each Property, the developer to which the City disposes of that Property pursuant to a DDA. (h) "Disposition Proceeds" means, with respect to each Property, the gross purchase price and other compensation, if any, actually received by the City from the Developer in consideration for the disposition of the Property pursuant to the DDA, @BCL@8C055309 2 less the sum of the City's actual costs for the following items (but only to the extent paid from City funds and not from funds provided by the Successor Agency, a Developer, or another separate entity), each to be documented in reasonable detail in the Disposition Proceeds Statement for the Property: (1) the City's actual, reasonable costs for normal maintenance, management and insurance of the applicable Property from the date the Property is transferred by the Successor Agency to the City pursuant to Section 4 to the date the Property is disposed of by the City to the Developer pursuant to the DDA; plus (2) the City's actual costs of any capital improvements or repairs to maintain the Property in a safe and lawful condition incurred from the date the Property is transferred by the Successor Agency to the City pursuant to Section 4 to the date the Property is disposed of by the City to the Developer pursuant to the DDA; (3) the City's actual costs of site preparation, including hazardous materials remediation and pollution legal liability insurance premiums, if any, required to be paid by the City under the DDA for the applicable Property to prepare the Property for disposition; plus (4) the City's actual, reasonable costs to pay third party vendors for appraisal, legal, real estate consultant and marketing, title company, title insurance and other costs related to Developer selection, DDA preparation and approval, and closing costs for disposition of the Property; plus (5) any broker's commissions payable by the City pursuant to the DDA for the Property. (i) "Disposition Proceeds Receipt Date" means, with respect to each Property, the date on which the City receives the proceeds from the disposition of that Property to the Developer pursuant to the DDA. 0) "Disposition Proceeds Statement' means, with respect to each Property, the statement prepared by the City and delivered to the Taxing Entities in accordance with Section 5(b). (k) "DOF" means the California Department of Finance. (1) "Effective Date" has the meaning given in Section 2. (m) "ERAF" means the Educational Revenue Augmentation Fund maintained by the Auditor -Controller. (n) "Fiscal Year" means the fiscal year of the City in effect from time to time. The current Fiscal Year period of the City commences on July 1 of each calendar year and ends on the following June 30. @BCL@8C055309 3 (o) "Former RDA" means the Redevelopment Agency of the City of Lake Elsinore. (p) "Interim Municipal Use" means an interim use by the City of a Property, such as for pocket parks, landscape features, bus shelters, parking lots available for community events, and others similar uses. (q) "Interim Municipal Use Annual Operating Proceeds" means, for each Applicable Fiscal Year, the gross revenue actually received by the City from Interim Municipal Use of the Properties, as documented in reasonable detail in the Operating Proceeds Statement for the Applicable Fiscal Year. (r) "LRPMP" means the Long -Range Property Management Plan of the Successor Agency. (s) "Operating Proceeds Statement" means, with respect to each Applicable Fiscal Year, the statement prepared by the City and delivered to the Taxing Entities in accordance with Section 7(c). (t) "Oversight Board" means the Successor Agency's oversight board established and acting in accordance with the Redevelopment Dissolution Statutes. (u) "Parties" means all of the parties to this Agreement as set forth in the opening paragraph of this Agreement. "Party" means one of the Parties individually. (v) "Properties" mean collectively, the following three parcels of real property that are owned by the Successor Agency and that are subject to the terms of the LRPMP and this Agreement, each as more fully described in the LRPMP: (1) "Property 1": an approximately 6.1 acre property located between Historic Downtown and Lake Elsinore within the area of the Project Area (consisting of five (5) parcels identified as APNs 374-271-003, 004, 007, 013 and 015); (2) "Property 2": an approximately 2.15 acre property located at Silver and Minthorn, known as APN 377-180-037 and located in the area of the Project Area; and Each of the above Properties is referred to individually as a "Property'. (w) "Redevelopment Dissolution Statutes" means collectively ABxI 26 enacted in ,Tune 2011, and AB 1484 enacted in June 2012. (x) "Redevelopment Plan" means the Consolidated Amended and Restated Redevelopment Plan for the Lake Elsinore Merged Redevelopment Project adopted by the City Council of the City by Ordinance No. 5-2010 on March 16, 2010. (y) "Successor Agency" means the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore". @BCL@8C055309 4 (z) "Taxing Entities" means, collectively, the following entities that comprise affected taxing entities for purposes of the Redevelopment Dissolution Statutes: the County of Riverside, the Riverside County Library System, the County of Riverside Flood Control and Water Conservation District, the County of Riverside Fire Department, the Riverside County Office of Education, the Riverside County Parks District, Mt. San Jacinto College, Elsinore Valley Cemetery District, Elsinore Valley Municipal Water District, Western Municipal Water District of Riverside County, Riverside Corona Resource Conservation District, and the Lake Elsinore Unified School District. Section 2. Effectiveness of Agreement. This Agreement shall become effective only upon satisfaction of the following conditions: (a) Approval of this Agreement by the City and direction by the City Council to execute and implement this Agreement pursuant to Health and Safety Code Section 34180(f) (the "City Action"); and (b) Approval of this Agreement by the Oversight Board to the Successor Agency; and (c) Notification to the DOF of the Oversight Board action and effectiveness of the Oversight Board action in accordance with the provisions of Health and Safety Code Section 34179(h). Promptly following the effectiveness of this Agreement, the City and the Successor Agency shall transmit notice to all the other Parties that the Agreement is effective and specifying the date the Agreement became effective (the "Effective Date"). Section 3. Signatories With Respect To Certain Funds. (a) Flood Control District Funds. The County of Riverside Flood Control and Water Conservation District (the "Flood Control District") administers the following special funds, and, in addition to entering into this Agreement for the Flood Control District itself, is authorized to, and has entered into and executed this Agreement on behalf of the following: Flood Control Administration; and Flood Control Zone 3. (b) County Superintendent Funds. The Western Municipal Water District of Riverside County administers the following special funds, and, in addition to entering into this Agreement for itself, is authorized to, and has entered into and executed this Agreement on behalf of the following: WESTERN MUNICIPAL WATER; and WESTERN MUNICIPAL WATER ls,r. FRINGE. @BCL@8C055309 5 (c) Lake Elsinore Unified School District. The Lake Elsinore Unified School District administers the following special funds, and, in addition to entering into this Agreement for itself, is authorized to, and has entered into and executed this Agreement on behalf of the following: LAKE ELSINORE UNIFIED SCHOOL DISTRICT: and ELSINORE AREA ELEMENTARY SCHOOL FUND. Section 4. Conveyance of Properties To City. Promptly following the Effective Date, and in consideration for the distributions to the Taxing Entities by the City through the Auditor -Controller set forth in Section 6, the Successor Agency shall convey, and the City shall accept, all of the interest in and to the Properties (subject to the special provisions regarding the conveyance of the Properties). The Successor Agency shall convey the Properties by grant deed in form reasonably acceptable to the Successor Agency and the City. Section 5. Disposition of Properties By City. Within a time frame determined by the City to yield a financially feasible and marketable development, the City shall use diligent good faith efforts to select a Developer for each Property, negotiate and obtain approval and execution of the DDA for each Property, and dispose of each Property to the Developer in accordance with the applicable DDA. City shall obtain the Disposition Proceeds for distribution through the Auditor -Controller to the Taxing Entities pursuant to Section 6 and to enable development of each Property in accordance with the Redevelopment Plan. As required by Government Code Section 52201, the purchase price payable to the City for each Property under the applicable DDA shall be an amount that is determined to be not less than the Property's fair market value at highest and best use, or the Property's fair reuse value at the use and with the covenants and conditions and development costs authorized by the applicable DDA. With respect to Property 1 and Property 2, by not later than the date of first published notice of the City Council public hearing for the applicable DDA (the "DDA Public Hearing Notice"), the City shall provide each Taxing Entity with a copy of the DDA Public Hearing Notice (including the date, time and location of the public hearing and the location at which the proposed DDA may be inspected and copied), and a statement setting forth the proposed purchase price to be paid to the City under the proposed DDA. Upon the execution of the DDA for each Property, the City shall transmit a copy of the executed DDA to the other Parties. Section 6. Compensation To Taxing Entities Related To Disposition Proceeds. (a) Distribution of Disposition Proceeds. Within fifteen (15) days after the Disposition Proceeds Receipt Date with respect to each Property, the City shall remit the Disposition Proceeds for that Property to the Auditor -Controller for subsequent distribution by the Auditor -Controller among the Taxing Entities in proportion to their @BCL@8C055309 6 shares of the base property tax (the "Applicable Shares"), as determined by the Auditor - Controller pursuant to Health and Safety Code Section 34188. The attached Exhibit B shows, for illustrative purposes only, the Applicable Shares of the Taxing Entities that would have applied to a distribution under this Section 6 had the distribution been made on June 1, 2016, as provided by the Auditor -Controller. (b) Accounting Requirements. At the time of each distribution pursuant to subsection (a), the City shall provide to the "faxing Entities and the Auditor - Controller a statement prepared in accordance with sound accounting practice that provides the City's calculation of the Disposition Proceeds (the "Disposition Proceeds Statement"). The City shall keep complete, accurate and appropriate books and records of its calculation of the Disposition Proceeds with respect to each distribution. The Auditor - Controller shall have the right, on behalf of the Taxing Entities and upon reasonable written notice to City, to audit and examine such books, records and documents and other relevant items in the possession of City, but only to the extent necessary for a proper determination of Disposition Proceeds. Section 7. Compensation To Taxing Entities Related To Interim Municipal Use Annual Operating Proceeds. (a) Applicability. The provisions of this Section 7 shall apply for each Fiscal Year in which one or more of the Properties is used for an Interim Municipal Use and generates Interim Municipal Use Annual Operating Proceeds to the City (each, an "Applicable Fiscal Year"). Nothing in this Agreement shall obligate the City to charge any fees or other amounts or to collect any revenues with respect to an Interim Municipal Use of any of the Properties. (b) Distribution of Interim Municipal Use Annual Operating Proceeds. Within ninety (90) days after the end of each Applicable Fiscal Year, the City shall remit the Interim Municipal Use Annual Operating Proceeds fa• that Applicable Fiscal Year to the Auditor -Controller for subsequent distribution by the Auditor -Controller among the Taxing Entities in proportion to their Applicable Shares, as determined by the Auditor - Controller pursuant to Health and Safety Code Section 34188. The attached Exhibit B shows, for illustrative purposes only, the Applicable Shares of the Taxing Entities that would have applied to a distribution under this Section 7 had the distribution been made on January 1, 2014, as provided by the Auditor -Controller. (c) Accounting Requirements. At the time of each distribution pursuant to subsection (a), the City shall provide to the Taxing Entities and the Auditor - Controller a statement prepared in accordance with sound accounting practice that provides the City's calculation of the Interim Municipal Use Annual Operating Proceeds (the "Operating Proceeds Statement"). The City shall keep complete, accurate and appropriate books and records of its calculation of the Interim Municipal Use Annual Operating Proceeds with respect to each distribution. The Auditor -Controller shall have the right, on behalf of the "faxing Entities and upon reasonable written notice to City, to audit and examine such books, records and documents and other relevant items in the @BCL@8C055309 7 possession of City, but only to the extent necessary for a proper determination of the Interim Municipal Use Annual Operating Proceeds. Section 8. Term of Agreement: Early Termination. (a) Term. The term of this Agreement shall commence on the Effective Date and, unless sooner terminated as otherwise provided in this Agreement, shall expire upon the distribution by the City of all amounts owed to the Taxing Entities under this Agreement. (b) Early Termination. Notwithstanding any other provision of this Agreement, a Party may terminate this Agreement upon written notice to the other Parties if a court order, legislation, or DOE policy reverses DOS's directive regarding the need for this Agreement and the payment of compensation by the City pursuant to Health and Safety Code Section 34180(1) (an "Early Termination"). An Early Termination shall become effective five (5) days after the terminating Party delivers the required notice to the other Parties in accordance with Section 9(a). Upon effectiveness of an Early Termination, no Party shall have any further rights or obligations under this Agreement, and the City may retain the Disposition Proceeds from the disposition of ally Property for which the City has not yet received the Disposition Proceeds as of the effective date of the Early Termination, and may retain any Interim Municipal Use Annual Operating Proceeds for which the City was not required to make the distribution to the Taxing Entities as of the effective date of the Early Termination; provided, however, that the City shall have no right to recover any Disposition Proceeds or any Interim Municipal Use Annual Operating Proceeds from any Taxing Entity that were distributed by the City prior to the effective date of the Early Termination. Section 9. Miscellaneous Provisions. (a) Notices. All notices, statements, or other communications made pursuant to this Agreement to another Party or Parties shall be in writing, and shall be sufficiently given and served upon the Party if sent by (1) United States certified mail, return receipt requested, postage prepaid, or (2) nationally recognized overnight courier, with charges prepaid or charged to sender's account, and addressed to the applicable Party in the manner specified in the attached Exhibit A. Any Party may change its address for notice purposes by written notice to the other Parties prepared and delivered in accordance with the provisions of this Section 9(a). (b) No Third Party Beneficiaries. No person or entity other than the Parties and their permitted successors and assigns, shall have any right of action under this Agreement. (c) Litigation Regarding Agreement. In the event litigation is initiated attacking the validity of this Agreement, each Party shall in good faith defend and seek to uphold the Agreement. (d) State Law: Venue. This Agreement, and the rights and obligations of the Parties hereto, shall be construed and enforced in accordance with the laws of the @BCL@8C055309 State of California. Any action to enforce or interpret this Agreement shall be filed and heard in the Superior Comm of Riverside County, California or in the Federal District Court for the Northern District of California. (e) Attorneys' Fees. In any action which a Party brings to enforce its rights hereunder, the unsuccessful Party or Parties shall pay all costs incurred by the prevailing party, including reasonable attorneys' fees. (1) Entire Agreement: Amendment. This Agreement constitutes the entire and integrated agreement of the Parties and supersedes all prior negotiations, representations, or agreements, either written or oral. This Agreement may be modified only in writing and only if signed by all of the Parties and approved by the Oversight Board and the DOF, except as otherwise provided below. If, at the time of a proposed amendment of this Agreement, the Successor Agency and the Oversight Board have been terminated in accordance with the applicable provisions of the Redevelopment Dissolution Statutes, then the proposed amendment shall not require execution by the terminated Successor Agency or approval by the terminated Oversight Board. In that event, to obtain the approval of the DOT for such proposed amendment, the City shall transmit the proposed amendment to the DOT on behalf of the remaining Parties and seek the timely approval by the DOF for such amendment. (g) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. The signature page of any counterpart may be detached therefrom without impairing the legal effect of the signature(s) thereon, provided such signature page is attached to any other counterpart identical thereto having additional signature pages executed by the other Parties. Any executed counterpart of this Agreement may be delivered to the other Parties by facsimile and shall be deemed as binding as if an originally signed counterpart was delivered. (h) Non -Waiver. No waiver of a breach, failure of any condition, or any right or remedy contained in or granted by the provisions of this Agreement will be effective unless it is in writing and signed by the waiving Parties. (i) No Partnership. Nothing contained in this Agreement shall be construed to constitute any Party as a partner, employee, joint venturer, or agent of any other Party. 0) Ambiguities. Any rule of construction to the effect that ambiguities are to be resolved against the drafting party does not apply in interpreting this Agreement. (k) Exhibits. The following exhibits are incorporated in this Agreement by reference: Exhibit A: List of Addresses for Notice Purposes Exhibit B: Taxing Entities Applicable Shares of Property Taxes @BCL@8C055309 9 (1) Severability. If any term, provision, or condition of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, the remainder of this Agreement shall continue in full force and effect unless an essential Purpose of this Agreement is defeated by such invalidity or unenforceability. (in) Action or Approval. Whenever action and/or approval by the City is required under this Agreement, the City Manager or his or her designee may act on and/or approve such matter unless specifically provided otherwise, or unless the City Manager determines in his or her discretion that such action or approval requires referral to the City Council for consideration. IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the dates set forth in the opening paragraph of this Agreement. SIGNATURE PAGES FOLLOW: @BCL@8C055309 10 CITY OF LAKE ELSINORE Dated: By: APPROVED AS TO FORM: LEIBOLD MCCLENDON & MANN, P.C. By: Barbara Leibold, City Attorney Dated: Dated: Dated: Dated: @BCL@8C055309 Robert E Magee, Mayor Pro Tem COUNTY OF RIVERSIDE By: Its: RIVERSIDE COUNTY LIBRARY SYSTEM By: Its: RIVERSIDE COUNTY FIRE DEPARTMENT By: Its: LAKE ELSINORE UNIFIED SCHOOL DISTRICT By: Its: MT. SAN JACINTO COLLEGE Dated: By: Its: LAKE ELSINORE UNIFIED SCHOOL DISTRICT Dated: By: Its: RIVERSIDE COUNTY OFFICE OF EDUCATION Dated: By: Its: RIVERSIDE COUNTY PARKS DISTRICT Dated: By: Its: RIVERSIDE CO. FLOOD CTRL. & WATER CONSERVATION DISTRICT Dated: By: Its: @BCL@8C055309 ELSINORE VALLEY CEMETERY DISTRICT Dated: By: Its: ELSINORE VALLEY MUNICIPAL WATER DISTRICT Dated: By: Its: WESTERN MUNICIPAL WATER DISTRICT OF RIVERSIDE COUNTY Dated: By: Its: WESTERN MUNICIPAL WATER DISTRICT OF RIVERSIDE COUNTY Dated: By: Its: RIVERSIDE CORONA RESOURCE CONSERVATION DISTRICT Dated: By: Its: @BCL@8C055309 EXHIBIT A Mr. Paul Angulo, Auditor -Controller Riverside County Auditor -Controller's Office 4080 Lemon St. 11 th floor Riverside, CA 92502-0868 Mr. Rob Field, Asst. Co. Exec. Officer/Economic Development Agency Riverside County Library System EDA, Cultural Services 3403 10th Street, Suite 400 Riverside, CA 92501 Mr. John R. Hawkins, Fire Chief Riverside County Fire Department Administration and Operations 210 W. San Jacinto Avenue Penis, CA 92570 Mr. Grant Yates, City Manager City of Lake Elsinore City Administration 130 South Main Street Lake Elsinore, CA 92530 Mr. Doug Kimberly, Ed. D., Superintendent Lake Elsinore Unified School District Office of Superintendent 545 Chaney Street Lake Elsinore, CA 92530-2723 Mr. Roger W. Schultz, Superintendent/President Mt. San Jacinto College Administration 1499 North State Street San Jacinto, CA 92583-2399 @BCL@8C055309 EXHIBIT A Page 1 Mr. Doug Kimberly, Ed. D., Superintendent Lake Elsinore Unified School District Office of Superintendent 545 Chaney Street Lake Elsinore, CA 92530-2723 Mr. Kenneth M. Young, Superintendent Riverside County Office of Education Office of Superintendent 3939 Thirteenth Street Riverside, CA 92501 Mr. Scott Bangle, General Manager Riverside County Parks District Executive Team 4600 Crestmore Road Riverside, CA 92509-6858 Mr. Warren D. 'Dusty" Williams, General Mgr. - Chief Engineer Riverside Co. Flood Ctrl. & Water Conservation District District Office 1995 Market Street Riverside, CA 92501 Mr. Warren D. 'Dusty" Williams, General Mgr. - Chief Engineer Riverside Co. Flood Ctrl. & Water Conservation District District Office 1995 Market Street Riverside, CA 92501 Ms. Denice Enochs, District Manager Elsinore Valley Cemetery District District Office 18170 Collier Avenue Lake Elsinore, CA 92530 @BCL@8C055309 EXHIBIT A Page 2 Mr. John D. Vega, General Manager Elsinore Valley Municipal Water District Administration 31315 Chaney Street Lake Elsinore, CA 92531 Mr. John V. Rossi, General Manager Western Municipal Water District of Riverside County Management 14205 Meridian Parkway Riverside, Ca 92518 Mr. John V. Rossi, General Manager Western Municipal Water District of Riverside County Management 14205 Meridian Parkway Riverside, Ca 92518 Ms. Shelli Lamb, District Manager Riverside Corona Resource Conservation District District Office 4500 Glenwood Drive, BLDG A Riverside, CA 92501 @BCL@8C055309 EXHIBIT A Page 3 EXHIBIT B ILLUSTRATIVE TAXING ENTITIES APPLICABLE SHARES OF PROPERTY TAXES Taxing Entity/Fund Property Tax Share Riverside County General 11.06% County Free Library 1.20% County Structure Fire Protection 4.89% Lake Elsinore General Fund 10.17% Lake Elsinore Unified School District 39.94% Mt. San Jacinto Junior College 4.80% Elsinore Area Elementary School Fund 8.75% Riverside County Office of Education 4.94% Riverside Co. Regional Park & Open Space 0.27% Flood Control Administration 0.20% Flood Control Zone 3 2.79% Elsinore Valley Cemetery 0.83% Elsinore Valley Municipal Water 9.04% Western Municipal Water 1.08% Western Municipal Water lsr Fringe 0.03% Riverside Corona Resource Conservation 0.01% @BCL@8C055309 EXHIBIT B City of Lake Elsinore 130 South Main Street Lake Elsinore, CA 92530 w .lake-elsinore,org l r`2. V.t. if, I S Text File File Number: TMP -1563 Agenda Date: 7/7/2016 Version: 1 Status: Approval Final In Control: Oversight Board File Type: Report Agenda Number: 7) City of Lake Elsinore Page 9 Printed on 7/5/2016 REPORT TO OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE To: Chairperson Kelley and Members of the Oversight Board From: Barbara Leibold, Successor Agency Counsel Date: July 7, 2016 Subject: Transfer of the Cultural Center and Downtown Parking Property as Governmental Purpose Properties to the City of Lake Elsinore in accordance with Health & Safety Code Section 34181(a) Recommendation Adopt A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE TRANSFER OF DOWNTOWN AND CULTURAL CENTER PARKING PROPERTY AS GOVERNMENTAL PURPOSE PROPERTIES TO THE CITY OF LAKE ELSINORE IN ACCORDANCE WITH HEALTH & SAFETY CODE SECTION 34181(a) Background As part of the dissolution of the former Redevelopment Agency of the City of Lake Elsinore (Agency), Health & Safety Code (HSC) Section 34181 requires the Oversight Board to direct the Successor Agency to transfer ownership of assets constructed and used for a governmental purpose, such as roads, parks and parking facilities and lots dedicated solely to public parking. On January 27, 2016, the Oversight Board approved the transfer of various properties held by the Successor Agency to the City of Lake Elsinore (City) as governmental purpose properties. In accordance with applicable law, the Oversight Board's resolution approving the transfer was submitted to the Department of Finance (DOF) for approval. On May 6, 2016, the Successor Agency received a letter from DOF approving certain properties for transfer but disapproving the transfer of the five parking lot parcels across the street from the Cultural Center that serve the Cultural Center and Downtown. In 1994 the City leased the Cultural Center and Downtown Parking Property expressly for parking. Every City Council, Redevelopment Agency/Successor Agency and Commission meeting agenda since that time has directed the public attending the meeting to park in the lot across the street from the Cultural Center. In 2008, the former Redevelopment Agency entered into a Purchase & Sale Agreement to acquire the vacant property consisting of two parcels together with 3 small parcels improved with retail businesses. That transaction closed in 2009 and the structures were later demolished to expand the parking lot. The use of the Cultural Center/Downtown Parking Property for public parking has continued uninterrupted. The Successor Agency believes DOF denied the transfer of the Cultural Center/Downtown Parking Property in error. Accordingly, by Resolution No. 2016-009 approved on June 28, 2016, the Successor Agency re -approved the transfer of the Cultural Center/Downtown Parking Property to the City and made certain findings in connection therewith. Transfer of Governmental Purpose Properties July 7, 2016 Page 2 Discussion In accordance with the various HSC sections applicable to the dissolution of the former redevelopment agency (Dissolution Law), the Successor Agency must dispose of real property in accordance with HSC sections 34177(e) and 34181(a). Section 34177(e) states that an oversight board may direct the successor agency to transfer ownership of certain assets pursuant to subdivision (a) of Section 34181. Subdivision (a)(1) of Section 34181 states that an oversight board may direct the successor agency to transfer ownership of those assets that were constructed and used for a governmental purpose, such as roads, school buildings, parks, police and fire stations, libraries, parking facilities and lots dedicated solely to public parking, and local agency administrative buildings, to the appropriate public jurisdiction. Subdivision (a)(2) of Section 34181 states that "parking facilities and lots dedicated solely to public parking" do not include properties that generate revenues in excess of reasonable maintenance costs of the properties. The Cultural Center and Downtown Parking Property does not generate revenue, so it meets the standard set forth in subdivision (a)(2) of Section 34181. In its letter, DOF notes that the Cultural Center and Downtown Parking Property is unpaved and considered a vacant lot, and therefore does not meet the definition of governmental purpose pursuant to HSC section 34181 (a), which includes the language "constructed and used for." Notwithstanding the fact that the lot is unpaved, the Agency engaged in construction activities with respect to the property after it was purchased in 2008. BusinessDictionary.com includes in the definition of 'construction" "clearing, dredging, excavating, and grading of land and other activity associated with buildings, structures, or other types of real property such as bridges, dams, roads." When the property was purchased, it contained several structures, which included three commercial tenants. The former Agency engaged a relocation consultant at a cost of $10,889, paid relocation benefits to the tenants at a cost of $21,463 and inspected and remediated asbestos in the buildings at a cost of $2,946. After the Lake Elsinore Fire Department conducted training operations in the building in March 2011, the Agency Board approved demolition of the building and fine grading at a cost of $4,574 and directed staff to prepare plans for paving and further improvement to the downtown parking lot. The buildings were demolished and the vacant unimproved parking area was expanded to include all five Agency -owned parcels. Total costs incurred not including land acquisition costs or staff and attorney fees were nearly $40,000. Improvement plans were prepared for paving, curb planters, landscaping and irrigation at an estimated cost of approximately $80,000, but the work was stalled due to the dissolution of the Redevelopment Agency. The Dissolution Law and subsequent court challenge prohibited the Agency from expending any funds for further improvements or construction. Accordingly, further parking lot improvements were put on hold. Though the additional parking improvements were put on hold, the public's expectation that the dirt lot will be paved remains. In 2012, a petition was submitted to the City Council by Transfer of Governmental Purpose Properties July 7, 2016 Page 3 some of the downtown merchants requesting that the unimproved parking lots be paved. Pressure from the community to fully improve the parking lot continues as the downtown area is revitalized. By Resolution No. 2016-009 approved on June 28, 2016, the Successor Agency re -approved the transfer of the Cultural Center/Downtown Parking Property to the City for governmental purposes. The attached Oversight Board Resolution 2016- also re -approves the transfer of the Cultural Center/Downtown Parking Property to the City for governmental purposes and makes certain findings with respect thereto. The Oversight Board's Resolution approving such transfer must be transmitted to DOF. DOF has five (5) days after submittal to request a review and forty-five (45) days to review the Oversight Board Resolution if it decides to do so. Detailed information from the LRPMP regarding the Cultural Center/Downtown Parking Property as governmental purpose properties is attached for informational purposes only. Please note that the property ID #s in these detailed sheets correspond to the LRPMP and do not match the ID #'s in Exhibit A to the Resolution. Parcel #37 is the Cultural Center which DOF previously approved as a governmental purpose property and is being conveyed to the City. Prepared By: Barbara Leibold, Successor Agency Counsel Attachments: Cultural Center and Downtown Parking Property as Properties Data Sheets & Maps Letter from Department of Finance dated May 6, 2016 Oversight Board Resolution No. OB 2016 - Exhibit A — List of Cultural Center and Downtown Parking Property to be transferred to the City of Lake Elsinore for Governmental Purposes Map ID #3, #4, #5, #6 & #7: Governmental Purpose — Cultural Center/Downtown Parking APN: #3:373-023-011 #4:373-023-012 #5: 373-023-015 #6: 373-023-024 #7:373-023-025 Address: #5 — 132 E. Heald, Lake Elsinore #6 — 154 N. Main, Lake Elsinore #7 — 150 N. Main, Lake Elsinore Lot Size: #3 - .13 acre #4 -.16 acre #5 - .19 acre #6 — 1.06 acre #7 - .12 acre Land Use/Zoning: Downtown Master Plan #3; #4; #5 High Density Residential; #6; #7 Commercial Mixed Use Acquisition Date (AD): 3/20/09 Acquisition Purpose: Public Parking Cultural Center/Historic Downtown Business Incubator / Lake Elsinore Technology Center Site Purchase Price/Value @ AD: $1,238,000 Est. Current Value: Unknown Est. revenues & contract None obligations re revenues: Environmental Phase I environmental assessment conducted in 2009 — no history of Contamination History: environmental contamination. Potential transit oriented The property is located at the boundary of the Cultural and Historic development (TOD) and Districts of the Downtown Master Plan across from the Cultural Center advancement of Successor as part of the "Key to Downtown" Implementation Plan. These planning Agency planning objectives: tools were funded in part by the former Redevelopment Agency and federal and state grants. Development and rehabilitation pursuant to the Downtown Master Plan and implementing documents are important goals and objectives of the former Redevelopment Agency under the Redevelopment Plan for the Rancho Laguna Redevelopment Project Area No. I and the Agency's 2009-2014 Redevelopment & Housing Implementation Plan. History Previous Prior to acquisition by the Agency in 2009, the property was leased by Development the Agency for public parking for the Cultural Center and other Proposals/Activity: downtown uses. The property has for more than 20 years and continues to be the designated parking area for all public meetings conducted at the Cultural Center. The property was acquired for the Business Incubator/Lake Elsinore Technology Project which was subsequently tabled in the wake of the Dissolution Act and loss of tax increment funds. Prior to the dissolution of the Redevelopment Agency, plans were prepared and approved for parking lot improvements to the property as an interim improvement pending construction funding for the Business Incubator/Lake Elsinore Technology Center Project. Proposed Use/Disposition: The Site is strategically located across from the Cultural Center and offers public parking critical to the success of the downtown and the viability of the Cultural Center as the City's meeting facility. Public parking in the Historic Downtown District is essential to achieving the overall redevelopment goals of revitalizing the downtown area consistent with the Redevelopment Plan for the Rancho Laguna Redevelopment Project No. I and the Downtown Master Plan. The implementation of the Downtown Master Plan and the acquisition, rehabilitation and expansion of downtown parking are projects listed in the Redevelopment Plan for the Rancho Laguna Redevelopment Project Area No. I and the Agency's 2009-2014 Redevelopment & Housing Implementation Plan. The Business Incubator/Lake Elsinore Technology Center Project is also identified in the Agency's 2009-2014 Redevelopment & Housing Implementation Plan as an Agency project in the Rancho Laguna Redevelopment Project Area No. I. Although the dissolution of the Redevelopment Agency and consequential loss of tax increment funding led to the suspension of this project, the parcels should be retained for governmental purpose and conveyed to the City to complete the interim parking improvements to ensure continuity of downtown/Cultural Center parking. Notes: Consideration should also be given to whether the parcels should be designated as "Public/Institutional." While the City lacks sufficient financial resources to pursue the Business Incubator Project at this time, the Successor Agency will enter into a compensation agreement with the affected taxing entities prior to any future construction of such City -sponsored economic development project. . EkT OF a� z w ILII n o m .� DEPARTMENT 0 EDMUND G. BROWN JR. • GOVERNOR QqC/FpRN�N F I N A N C E 91 5 L STREET ■ SACRAMENTO CA ■ 95B 1 4-3706 r WWw.DCr.CA.= May 6, 2016 Mr. Jason Simpson, Director of Administrative Services City of Lake Elsinore 130 South Main Street Lake Elsinore, CA 92530 Dear Mr. Simpson Subject: Determination of Oversight Board Action Review The City of Lake Elsinore Successor Agency (Agency) notified the California Department of Finance (Finance) of its January 27, 2016 Oversight Board (OB) resolution on January 28, 2016. Pursuant to Health and Safety Code (HSC) section 34179 (h), Finance has completed its review of the OB action. Based on our review and application of the law, OB Resolution No. 08-2016-002, approving the transfer of certain governmental purpose properties to the City of Lake Elsinore (City), is partially approved. HSC section 34181 (a) (1) gives the OB the authority to direct the Agency to transfer ownership of those assets that were constructed and used for a government purpose to the appropriate public jurisdiction. Finance concurs that the following Assessor's Parcel Numbers (APN) meet the definition of a government purpose asset, and are therefore eligible for transfer to the City: 1. Conservation Easement: APNs 371-030-024 and 371-030-051 2. Conservation/Flood Storage: APN 371-100-004 3, Inlet Channel/Lake Management Project Improvements: APN 373-210-030 (Parcel A) 4. Floodway/Inlet Channel: APNs 373-210-032 and 373-210-045 5. Lake Elsinore Senior Activities Center: APN 373-300-027 6. Lake Elsinore Culture Center: APN 374-173-005 7. Downtown Parking/Alley: APNs 374-174-014 and 374-174-015 8. Downtown Parking/Alley: APNs 374-262-003, 374-262-004, 374-262-010, and 374-262-01.1 However, the Cultural Center and Downtown Parking Property (APNs 373-023-011, 373-023-012, 373-023-015, 373-023-024, and 373-023-025), is not approved for transfer to the City. Although the Agency claims that the property is currently available parking for the various adjacent public and commercial buildings, the property is unpaved and considered a vacant lot. Therefore, the property does not meet the definition of governmental purpose pursuant to HSC Section 34181 (a). T G Mr. Jason Simpson May 6, 2016 Page 2 In the event the OB desires to amend the portion of the resolution not approved by Finance, Finance is returning it to the board for reconsideration. However, the Agency can move forward with the portion of the resolution approved by Finance. This is our determination with respect to the OB action taken. Please direct inquiries to Cindie Lor, Supervisor, or Satveer Ark, Lead Analyst, at (916) 445-1546. _Sincerely, Jt7SYYN Z�.'0 Program Budget Manager cc: Mr. Grant Yates, Executive Director, City of Lake Elsinore Ms, Pam Elias, Chief Accountant Property Tax Division, Riverside County Exhibit A RESOLUTION OB 2016- A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE TRANSFER OF DOWNTOWN AND CULTURAL CENTER PARKING PROPERTY AS GOVERNMENTAL PURPOSE PROPERTIES TO THE CITY OF LAKE ELSINORE IN ACCORDANCE WITH HEALTH & SAFETY CODE SECTION 34181(a) WHEREAS, the Oversight Board ("Oversight Board") to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore (the "Successor Agency") has been established to oversee the wind down of the affairs of the former Redevelopment Agency of the City of Lake Elsinore (the "Agency") in accordance with the California Health and Safety Code Section 34179; and WHEREAS, Health & Safety Code Section 34181(a) requires the Oversight Board to direct the Successor Agency to transfer real properties constructed and used for governmental purposes to the City of Lake Elsinore or another appropriate jurisdiction; and WHEREAS, examples of governmental purpose properties under Health & Safety Code Section 34181(a) include roads, school buildings, parks, police and fire stations, libraries, local agency administrative buildings and parking facilities and lots dedicated solely to public parking which do not generate revenue in excess of reasonable maintenance costs; and WHEREAS, the Successor Agency and Oversight Board have previously approved a Long Range Property Management Plan designating certain assets as governmental purpose assets; and WHEREAS, the Successor Agency holds title to the assets listed on Exhibit A hereto (collectively, the "Cultural Center and Downtown Parking Property" or the "Property"), which have been identified by the Successor Agency as governmental purpose properties in accordance with applicable law; and WHEREAS, on January 27, 2016, the Oversight Board adopted Resolution OB 2016-002 approving the transfer of various properties held by the Successor Agency to the City of Lake Elsinore ("City") as governmental purpose properties, including the Cultural Center and Downtown Parking Property; and WHEREAS, in accordance with applicable law, Resolution OB 2016-002 was submitted to the Department of Finance (DOF) for approval; and WHEREAS, on May 6, 2016, the Successor Agency received a letter from DOF approving certain properties for transfer to the City as governmental purpose properties but disapproving the transfer of the Cultural Center and Downtown Parking Property; and OVERSIGHT BOARD RESOLUTION NO. OB 2016 - Page 2 WHEREAS, the Oversight Board has considered DOF's denial and the reasons therefore; and WHEREAS, in reviewing DOF's denial, the Oversight Board has considered that the Property has been used solely as public parking for the Cultural Center and downtown for no fee continuously since 1994 when it was leased by the City for such purposes and thereafter following the purchase of the Property by the Redevelopment Agency in 2009; and WHEREAS, the Oversight Board further considered that when the Property was purchased, it contained several structures inhabited by three commercial tenants; and WHEREAS, the Oversight Board further considered that the former Redevelopment Agency relocated those tenants and mitigated and remediated asbestos in the buildings and then demolished the buildings and graded the Property to expand the existing a parking lot for total estimated cost of nearly $40,000; and WHEREAS, the Oversight Board finds that the relocation, demolition, grading, and remediation activities engaged in by the Agency constitute "construction" of the Property notwithstanding the fact that the Property currently consists of an unpaved parking lot; and WHEREAS, the Oversight Board finds that the relocation, demolition, grading and remediation activities engaged in by the Agency as well as the continuous use of the Property solely for free _public parking since 1994 when it was leased by the City for such purposes and thereafter following the purchase of the Property by the Redevelopment Agency in 2009 meet the requirement of "constructed and used for a governmental purpose" in accordance with subdivision (a)(1) of Health and Safety Code Section 34181; and WHEREAS, the Oversight Board further finds that the Property constitutes parking facilities and lots dedicated solely to public parking which do not generate revenue in excess of reasonable maintenance costs in accordance with subdivision (a)(2) of Health & Safety Code Section 34181; and WHEREAS, as a result, the Oversight Board desires to re -approve the transfer of the Cultural Center and Downtown Parking Property to the City as governmental purpose properties; and WHEREAS, the requirements of Health & Safety Code Section 34181(f) have been satisfied, in that the Oversight Board is holding a public meeting to consider the transfer of the Cultural Center and Downtown Parking Property from the Successor Agency to the City, ten (10) days after public notice of said transfer was provided, and members of the public have been given an opportunity to comment on the transfer of the Cultural Center and Downtown Parking Property as Governmental Purpose Properties; and OVERSIGHT BOARD RESOLUTION NO. OB 2016 - Page 3 WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. 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 Oversight Board finds that the relocation, demolition, grading and remediation activities engaged in by the Agency of a total estimated cost of nearly $40,000 constitute "construction" of the Property notwithstanding the fact that the Property currently consists of an unpaved, graded, parking lot. SECTION 3. The Oversight Board further finds that the relocation, demolition, grading, and remediation activities engaged in by the Agency as well as the continuous use of the Cultural Center and Downtown Parking Property solely for free public parking since 2009 meet the requirement of "constructed and used for a governmental purpose" in accordance with subdivision (a)(1) of Health and Safety Code Section 34181. SECTION 4. The Oversight Board further finds that the Cultural Center and Downtown Parking Property constitutes parking facilities and lots dedicated solely to public parking in accordance with subdivision (a)(2) of Health and Safety Code Section 34181 because the Property does not generate revenues in excess of reasonable maintenance costs of the Property. SECTION 5. Accordingly, the Oversight Board hereby approves the transfer of the ownership of the Cultural Center and Downtown Parking Property as Governmental Purpose Properties to the City of Lake Elsinore in accordance with Health & Safety Code Section 34181(a). SECTION 6. 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 7. Pursuant to Health and Safety Code Section 34179(h), this Resolution shall be effective five (5) business days after proper notification hereof is given to the California Department of Finance unless the California Department of Finance requests a review of the actions taken in this Resolution, in which case this Resolution will be effective upon approval by the California Department of Finance. OVERSIGHT BOARD RESOLUTION NO. OB 2016 - Page 4 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 7th day of July, 2016. Genie Kelley, Chairperson Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ATTEST: Susan M. Domen, MMC Oversight Board Secretary OVERSIGHT BOARD RESOLUTION NO. OB 2016-_ Page 5 EXHIBIT A CULTURAL CENTER AND DOWNTOWN PARKING PROPERTY APN 373-023-011 APN 373-023-012 APN 373-023-015 APN 373-023-024 APN 373-023-025 I tsht `,ll. {t?I�1 Agenda Date: 7/7/2016 In Control: Oversight Board Agenda Number: S) City of Lake Elsinore Text File File Number: TMP -1564 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 71512016 REPORT TO THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE To: Chairperson Kelley and Members of the Oversight Board From: Barbara Leibold, Successor Agency Counsel Date: July 7, 2016 Subject: Repayment of Housing Fund Loan in accordance with Health & Safety Code Section 34171(d)(1)(G) Recommendation Adopt 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 LOAN FROM THE LOW AND MODERATE INCOME HOUSING FUND TO THE PROJECT AREAS OF THE FORMER REDEVELOPMENT AGENCY IN ACCORDANCE WITH HEALTH & SAFETY CODE SECTION 34171(D)(1)(G) AND APPROVING A REPAYMENT SCHEDULE FOR THE LOAN IN ACCORDANCE WITH HEALTH & SAFETY CODE SECTION 34176(e)(6)(B) Background In 1995, the Lake Elsinore Public Financing Authority (PFA) issued its 1995 Series A Tax Allocation Bonds and its 1995 Series B Subordinate Tax Allocation Revenue Bonds to repay a portion of certain 1993 prior loans and 1995 prior loans and to finance low and moderate income housing and other redevelopment activities all within or of benefit to the Rancho Laguna Redevelopment Project Areas Nos. I, II and III. The PFA loaned the proceeds of the bonds to the Redevelopment Agency of the City of Lake Elsinore ("Agency') and the Agency made certain Interfund Loans between the Low and Moderate Income Housing Fund ("LMIHF") and the Project Areas pursuant to that certain Housing Fund Loan Agreement ("Loan Agreement") dated as of December 1, 1995, by and between the Lake Elsinore Public Financing Authority and the Agency. Two separate loans were made pursuant to the Loan Agreement: (1) The first loan was the "Housing Loan": Pursuant to Section 2.01 of the Loan Agreement, the bond proceeds were loaned by the PFA to the Agency and deposited into the Agency's LMIHF. (2) The second loan consists of the "Interfund Loans": Pursuant to Section 2.05(a) of the Loan Agreement, the bond proceeds were loaned from the LMIHF to each of the three Project Areas as interfund loans. For purposes of the Recognized Obligation Payment Schedules (ROPS), it is the Interfund Loans that are listed as item 20 and referred to as the "Housing Fund Loan". Housing Loan Repayment July 7, 2016 Page 2 The 1995 Housing Loan between the PFA and the Agency and the 1995 Interfund Loans between the LMIHF and the Project Areas are repayable from two separate sources of funds: (a) In accordance with Section 2.01 of the attached Loan Agreement, repayment of the Housing Loan is required to be made from future allocations of housing set-aside (e.g. the 20% of tax increment set aside for housing projects in accordance with applicable law at that time); and (b) Section 2.05(a) of the Loan Agreement requires that each Project Area repay the Interfund Loans from 80% tax increment monies allocated to each Project Area (e.g. tax increment net of the 20% set-aside monies). The 2010 Series B Bonds listed as Item 2 on the ROPS refunded the the Housing Loan between the PFA and the Agency made in connection with the 1995 Series A Bonds, and therefore the 1995 Housing Loan is no longer outstanding. The 1995 Interfund Loans between the LMIHF and the Project Areas remain outstanding and are listed in ROPS Item 20 as the "Housing Fund Loan". Payments on the Interfund Loans in any given year are calculated and disbursed based on available property tax revenues after deductions for payment of all other debts and obligations of the Project Area in accordance with Section 2.05(c) of the Loan Agreement. The PFA sought court validation of the actions taken in connection with the 1995 Bonds under Code of Civil Procedure section 869, et seq. The Validation Judgment also acknowledges and validates the two separate loans. On November 14, 1995, the Superior Court of the State of California in and for the County of Riverside validated the 1995 bond issue, and both the Housing Loan and the Interfund Loans made pursuant to the Housing Fund Loan Agreement were found to be enforceable in accordance with the terms of the Loan Agreement. Discussion The Interfund Loans have been reported on the Successor Agency's ROPS since the first ROPS. In compliance with the statutes governing the dissolution of the Agency, the Interfund Loans were reported as housing assets transferred to the City as housing successor on the Housing Asset Transfer report filed with the Department of Finance ("DOF"). DOF approved the Interfund Loans as housing assets transferred to the City as housing successor. In connection with its audit of transfers from the Agency prior to and after the dissolution of the Agency, the State Controller's Office reviewed payments made by the Agency and the Successor Agency on the Interfund Loans. The State Controller's Office approved the payments made on the Interfund Loans. DOF approved all payments on the Interfund Loans requested on the ROPS until ROPS 14- 15B. DOF subsequently denied the Successor Agency's request for funding for payment on the Interfund Loans on ROPS 14-15B, ROPS 15-16A and ROPS 16-17. The Successor Agency attended a Meet & Confer with DOF regarding each of its denials, and was unsuccessful in obtaining DOF's approval. Housing Loan Repayment July 7, 2016 Page 3 Though the Successor Agency believes that the Interfund Loans constitute enforceable obligations under several sections of the Health & Safety Code, and notwithstanding DOF's denial of the repayment of the loan on the ROPS, the Successor Agency adopted Resolution No. 2016-010 on June 28, 2016 to clarify that it has complied with the statutory requirements for repaying a loan from the LMIHF. The Oversight Board has also made findings that the Interfund Loans constitute enforceable obligations in connection with approval of the ROPS. Further, though the Oversight Board approves the repayment of the Interfund Loans in accordance with the repayment terms set forth in the Housing Fund Loan Agreement when it approves each ROPS, the Oversight Board has not adopted a separate resolution approving repayment terms in accordance with subdivision (d)(1)(G) of Health and Safety Code section 34171 and subdivision(e)(6)(B) of Health and Safety Code section 34176. Accordingly, the attached Resolution OB 2016-00_ approves such a repayment schedule and makes certain findings with respect to the Interfund Loans. Prepared By: Barbara Leibold, Successor Agency Counsel Attachment Resolution No. OB-2016- RESOLUTION NO. OB -2016- 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 LOAN FROM THE LOW AND MODERATE INCOME HOUSING FUND TO THE PROJECT AREAS OF THE FORMER REDEVELOPMENT AGENCY IN ACCORDANCE WITH HEALTH & SAFETY CODE SECTION 34171(D)(1)(G) AND APPROVING A REPAYMENT SCHEDULE FOR THE LOAN IN ACCORDANCE WITH HEALTH & SAFETY CODE SECTION 34176(e)(6)(B) WHEREAS, the Oversight Board ("Oversight Board") to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore (the "Successor Agency") has been established to oversee the wind down of the affairs of the former Redevelopment Agency of the City of Lake Elsinore (the "Agency") in accordance with the California Health & Safety Code Section 34179; and WHEREAS, in 1995, the Agency issued bonds, deposited the proceeds of approximately $18,897,437 into its Low and Moderate Income Housing Fund (LMIHF) and authorized a loan to the Project Areas of the former Redevelopment Agency from the LMIHF (the "Interfund Loans"); and WHEREAS, the Successor Agency's Interfund Loan obligation, less any payments made to date and increased by any interest accrued to date, has been reported on the Successor Agency's Recognized Obligation Payment Schedules (ROPS); and WHEREAS, the Oversight Board has read and considered the Agency's Staff Reports and related materials and applicable statutes; and WHEREAS, the Oversight Board finds that the Interfund Loans constitute amounts borrowed from, or payments owing to, the Low and Moderate Income Housing Fund of a redevelopment agency, which had been deferred as of the date of dissolution of the Agency in accordance with subdivision (d)(1)(G) of Health & Safety Code section 34171: and WHEREAS, the Oversight Board desires to approve a repayment schedule for the Interfund Loans in accordance with subdivision (d)(1)(G) of Health & Safety Code section 34171 and subdivision(e)(6)(B) of Health & Safety Code section 34176; and WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. OVERSIGHT BOARD RESOLUTION NO. OB 2016 - Page 2 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 finds that the Interfund Loans to the Project Areas from the Low and Moderate Income Housing Fund in the original principal amount of approximately $18,897,437, plus any interest accrued to date and less any payments made to date, constitute amounts borrowed from, or payments owing to, the Low and Moderate Income Housing Fund of a redevelopment agency, which had been deferred as of the date of dissolution of the Agency in accordance with subdivision (d)(1)(G) of Health & Safety Code section 34171 and therefore constitute an enforceable obligation of the Successor Agency in accordance with Health & Safety Code Section 34171(D)(1)(G). SECTION 3. The Oversight Board finds that the Interfund Loans to the Project Areas from the Low and Moderate Income Housing Fund were made for legitimate Redevelopment purposes. SECTION 4. In accordance with Health & Safety Code Section 34171(D)(1)(G), the Oversight Board approves a repayment schedule for the Interfund Loans in an annual amount equal to the lesser of (i) the maximum repayment calculated in accordance with Section 2.05(c) of that certain Housing Fund Loan Agreement dated as of December 1, 1995, by and between the Lake Elsinore Public Financing Authority and the Agency; (ii) the maximum amount allowed for repayment calculated in accordance with Health & Safety Code Section 34176(e)(6)(B), or (iii) estimated available real property tax trust funds (RPTTF) remaining for any given annual recognized obligation payment schedule (ROPS) after payment of all other enforceable obligations. SECTION 5. Repayments made on the Interfund Loans shall be transferred to the Low and Moderate Income Housing Asset Fund established pursuant to subdivision (d) of Section 34176 as a housing asset and shall be used in a manner consistent with the affordable housing requirements of the Community Redevelopment Law (Part 1 (commencing with Section 33000)). SECTION 6. 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 7. Pursuant to Health & Safety Code Section 34179(h), this Resolution shall be effective five (5) business days after proper notification hereof is OVERSIGHT BOARD RESOLUTION NO. OB 2016 Page 3 given to the California Department of Finance unless the California Department of Finance requests a review of the actions taken in this Resolution, in which case this Resolution will be effective upon approval by the California Department of Finance. 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 7th day of July 2016 by the following vote: AYES: NOES: ABSENT: ABSTAIN: Genie Kelley, Chairperson Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ATTEST: Susan M. Domen, MMC Oversight Board Secretary City of Lake Elsinore 130 South Main Street Lake Elsinore, CA 92530 w .lake-elsinore.org Text File File Number: TMP -1565 Agenda Date: 7/7/2016 Version: 1 Status: Approval Final In Control: Oversight Board File Type: Report Agenda Number: 9) City of Lake Elsinore Page l Printed on 7/5/2016