The URL can be used to link to this page

Home My WebLink AboutItem No. 11 ROPS 20-21 July 1, 2020 - June 30, 2021Text File City of Lake Elsinore 130 South Main Street Lake Elsinore, CA 92530 www.lake-elsinore.org File Number: ID# 19-445 Agenda Date: 1/14/2020 Status: Approval FinalVersion: 1 File Type: Successor Consent Calendar In Control: City Council / Successor Agency Agenda Number: 11) Page 1 City of Lake Elsinore Printed on 1/9/2020 REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE CHAIR AND MEMBERS OF THE SUCCESSOR AGENCY FROM: GRANT YATES, EXECUTIVE DIRECTOR DATE: January 14, 2020 SUBJECT: Recognized Obligation Payment Schedule (ROPS 20-21) for July 1, 2020 through June 30, 2021 Recommendation Adopt A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 20-21) AND ADMINISTRATIVE BUDGET FOR JULY 1, 2020 THROUGH JUNE 30, 2021 Background As part of the dissolution of the former Redevelopment Agency, Health and Safety Code Section 34177 (added by AB 1X 26, as amended to date) requires the Successor Agency to adopt a Recognized Obligation Payment Schedule (ROPS) that lists all obligations of the former redevelopment agency that are enforceable within the meaning of subdivision (d) of Section 34167 for each twelve month period of each fiscal year. The Successor Agency has previously adopted ROPS for prior twelve month periods. The previous ROPS have been approved by the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore and the State Department of Finance (DOF). Discussion Applicable law requires that the ROPS for July 2020 through June 2021 be submitted to DOF and the State Controller’s office, after approval by the Riverside Countywide Oversight Board, no later than February 1, 2020. The DOF has five (5) days after submittal to request a review and forty-five (45) days to review the ROPS if it decides to do so. If the ROPS is not submitted by the deadline, the City is subject to a $10,000 fine for every day the ROPS is late and the administrative cost allowance for the Successor Agency is reduced by 25% after 10 days. As the Successor Agency winds down the former Redevelopment Agency, the primary remaining enforceable obligations are the outstanding bonds, Stadium operation and maintenance, Housing Fund Loan Repayment, and the Summerly Disposition and Development Agreement. New Line Items 52, 54 and 55 have been added to the ROPS 20- Approval of ROPS 20-21 January 14, 2020 Page 2 21 in anticipation to the issuance later this year of Subordinated Tax Allocation Refunding Bonds, Series 2020A,B and C. In addition, Line Item 35 has been added to make up the shortfall in RPTTF allocation to the Successor Agency from ROPS 19-20B that reduced funding for Successor Agency Administrative Expenses. Finally, pursuant to Health & Safety Code Section 34171(d)(1)(F)(ii), a new Line Item 56 has been added for reimbursement of legal expenses incurred by the City’s LMIHAF in connection with the litigation against DOF relating to the Housing Fund Loan (ROPS Item #20). The City and the Successor Agency obtained a Final Judgment determining that the Housing Fund Loan (ROPS Item #20) is an enforceable obligation payable from RPTTF. These items are presented on the ROPS in a manner consistent with previous ROPS. In compliance with DOF guidance, all administrative costs, including city staff support costs, professional outside services, auditors and other administrative expenses have been combined into one line item. The annual administrative cost budget incorporated into the ROPS is $ 381,730. The attached ROPS 20-21 for the period July 1, 2020 – June 30, 2021 follows the form prescribed by the DOF and incorporates all of the remaining obligations identified in the previous ROPS. The attached ROPS 20-21 will be considered by the Riverside Countywide Oversight Board on January 30, 2020. Prepared By: Barbara Leibold, Successor Agency Counsel Approved By: Grant Yates, Executive Director Attachments: Successor Agency Resolution No. SA-2020-___ Recognized Obligation Payment Schedule of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore for the period of July 1, 2020 through June 30, 2021 (ROPS 20-21) Administrative Budget (ROPS 20-21) RESOLUTION NO. SA-2020-___ A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 20-21) AND ADMINISTRATIVE BUDGET FOR JULY 1, 2020 THROUGH JUNE 30, 2021 WHEREAS, the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore (the “Successor Agency”) is charged with implementing 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; and WHEREAS, Senate Bill (SB) 107, enacted in September 2016, added Health and Safety Code Section 34177(o) requiring the Successor Agency to prepare and adopt a “Recognized Obligation Payment Schedule” that lists all obligations of the former redevelopment agency that are enforceable within the meaning of subdivision (d) of Section 34171 for twelve month periods, including July 2020 through June 2021; and WHEREAS, applicable law requires that the ROPS 20-21 for the period July 1, 2020 through June 30, 2021 be submitted to the Department of Finance and the State Controller’s office, after approval by the Riverside Countywide Oversight Board, no later than February 1, 2020 or be subject to penalties; and WHEREAS, the Successor Agency staff has prepared an administrative budget for the fiscal period commencing on July 1, 20 20 and continuing through June 30, 2021 (“FY 2020-21 Administrative Budget”), substantially in the form shown in Attachment “B”, attached hereto and incorporated herein by this reference; WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. NOW, THEREFORE, 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 Successor Agency hereby approves the Schedule attached hereto as Exhibit A as the Recognized Obligation Payment Schedule 20-21 for the period July 1, 2020 through June 30, 2021. Pursuant to Health & Safety Code Section 34173, the Successor Agency’s liability, including, but not limited to, its liability for the obligations on the attached schedule, is limited to the total sum of property tax revenues it receives pursuant to Part 1.85 of AB X1 26. SUCCESSOR AGENCY RESOLUTION NO. SA 2020-___ Page 2 SECTION 3. The Successor Agency hereby approves the Schedule attached hereto as Exhibit B as the Successor Agency Administrative Budget FY 20 20-21. SECTION 4. The Successor Agency has examined all of the items on the ROPS FY 2020-21 and finds that each of them is necessary for the continued maintenance and preservation of property owned by the Successor Agency until disposition in accordance with the Dissolution Act, the continued administration of the ongoing enforceable obligations, or the expeditious wind-down of the affairs of the former Redevelopment Agency of the City of Lake Elsinore. SECTION 5. Executive Director Yates, or his designee, is hereby authorized to make necessary minor corrections or adjustments and to submit the ROPS to the Riverside Countywide Oversight Board and to such parties as may be required in accordance with the Health & Safety Code, and to take such other actions on behalf of the Successor Agency with respect to the ROPS as may be necessary in accordance with applicable law. 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 Successor Agency hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof. SECTION 7. 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 Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, held this 14th day of January, 2020. Brian Tisdale, Chair Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ATTEST: Candice Alvarez, MMC, Agency Secretary EXHIBIT A ROPS 20-21 EXHIBIT B ADMINISTRATIVE BUDGET Recognized Obligation Payment Schedule (ROPS 20-21) - Summary Filed for the July 1, 2020 through June 30, 2021 Period Successor Agency: Lake Elsinore County: Riverside Current Period Requested Funding for Enforceable Obligations (ROPS Detail) 20-21A Total (July - December) 20-21B Total (January - June) ROPS 20-21 Total A Enforceable Obligations Funded as Follows (B+C+D) $ 1,731,281 $ 274,461 $ 2,005,742 B Bond Proceeds - - - C Reserve Balance 1,456,819 - 1,456,819 D Other Funds 274,462 274,461 548,923 E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 6,665,086 $ 8,413,030 $ 15,078,116 F RPTTF 6,474,221 8,222,165 14,696,386 G Administrative RPTTF 190,865 190,865 381,730 H Current Period Enforceable Obligations (A+E) $ 8,396,367 $ 8,687,491 $ 17,083,858 Certification of Oversight Board Chairman: Name Title Pursuant to Section 34177 (o) of the Health and Safety code, I hereby certify that the above is a true and accurate Recognized Obligation Payment Schedule for the above named successor agency. /s/ Signature Date Lake Elsinore Recognized Obligation Payment Schedule (ROPS 20-21) - ROPS Detail July 1, 2020 through June 30, 2021 A B C D E F G H I J K L M N O P Q R S T U V W Item # Project Name Obligation Type Agreement Execution Date Agreement Termination Date Payee Description Project Area Total Outstanding Obligation Retired ROPS 20-21 Total ROPS 20-21A (Jul - Dec) 20-21A Total ROPS 20-21B (Jan - Jun) 20-21B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF $166,360,381 $17,083,858 $- $1,456,819 $274,462 $6,474,221 $190,865 $8,396,367 $- $- $274,461 $8,222,165 $190,865 $8,687,491 1 Tax Allocation Revenue Bonds, 2010 Series A Bonds Issued On or Before 12/31/10 02/01/ 2010 09/01/2033 Wilmington Trust Bond issue to fund housing & non- housing projects All - N $- - - - - - $- - - - - - $- 2 Tax Allocation Revenue Bonds, 2010 Series B Bonds Issued On or Before 12/31/10 05/01/ 2010 09/01/2025 Wilmington Trust Bond issue to fund housing projects Housing - N $- - - - - - $- - - - - - $- 3 Tax Allocation Revenue Bonds, 2010 Series C Bonds Issued On or Before 12/31/10 11/01/ 2010 09/01/2030 Wilmington Trust Bond issue to fund non-housing projects Project I and II 24,412,401 N $2,918,111 - 697,500 - 2,220,611 - $2,918,111 - - - - - $- 12 Summerly DDA OPA/DDA/ Construction 03/11/2011 09/08/2038 McMillin Summerly LLC and Civic Partners- Elsinore LLC DDA pledges a portion of property tax revenues through 2038. Total outstanding debt or obligation is estimated based on projections of tax revenue growth at 2% per annum. If property values and corresponding revenues grow at a higher or lower rate than 2% per annum, the total obligation will similarly increase or decreased. DDA pledges a portion of tax increment for so long as the Agency receives tax increment Project II and III 51,455,929 N $1,276,507 - 39,319 - 386,905 - $426,224 - - - 850,283 - $850,283 13 Summerly DDA Extraordinary Infrastructure Fund OPA/DDA/ Construction 03/11/2011 09/08/2038 Mc Millin Summerly LLC DDA pledges a portion of property tax revenues through 2038. Total outstanding debt or obligation is estimated based on projections of Project II and III 5,777,164 N $52,010 - - - 1,946 - $1,946 - - - 50,064 - $50,064 A B C D E F G H I J K L M N O P Q R S T U V W Item # Project Name Obligation Type Agreement Execution Date Agreement Termination Date Payee Description Project Area Total Outstanding Obligation Retired ROPS 20-21 Total ROPS 20-21A (Jul - Dec) 20-21A Total ROPS 20-21B (Jan - Jun) 20-21B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF tax revenue growth at 2% per annum. If property values and corresponding revenues grow at a higher or lower rate than 2% per annum, the total obligation will similarly increase or decreased. DDA pledges a portion of tax increment for so long as the Agency receives tax increment. 18 City Reimbursement LERA Bonds Issued After 12/31/10 07/01/ 2000 02/01/2032 City of Lake Elsinore City Reimbursement LERA - Debt Service All 13,548,150 N $1,129,400 - - - 564,700 - $564,700 - - - 564,700 - $564,700 19 Housing Fund Loan SERAF/ERAF 05/01/ 2010 09/08/2038 Housing Fund Repayment of SERAF All - N $- - - - - - $- - - - - - $- 20 Housing Fund Loan Third-Party Loans 12/01/ 1995 09/08/2038 Housing Fund Payments on principal and interest on loan of bond proceeds from the housing fund. Payments made in any given fiscal year are calculated and disbursed based on available property tax revenue funds after deductions for payment of all other debts and obligations of the Agency. All 28,071,817 N $6,324,317 - - - 1,274,185 - $1,274,185 - - - 5,050,132 - $5,050,132 22 Legal Services Fees 09/27/ 2005 06/30/2023 Leibold McClendon & Mann Legal services for projects, bonds & DDA/Stadium Agreement compliance. All 210,000 N $70,000 - - - 35,000 - $35,000 - - - 35,000 - $35,000 23 Consultant Fees Fees 10/23/ 2007 09/08/2038 HdL Coren & Cone Tax Projections for bond & DDA compliance All 21,037 N $21,037 - - - 11,708 - $11,708 - - - 9,329 - $9,329 28 Estimated Admin Costs 02/01/09/08/2038 City of Lake City Staff Support/All 381,730 N $381,730 - - - - 190,865 $190,865 - - - - 190,865 $190,865 A B C D E F G H I J K L M N O P Q R S T U V W Item # Project Name Obligation Type Agreement Execution Date Agreement Termination Date Payee Description Project Area Total Outstanding Obligation Retired ROPS 20-21 Total ROPS 20-21A (Jul - Dec) 20-21A Total ROPS 20-21B (Jan - Jun) 20-21B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Admin Cost 2012 Elsinore other admin reimbursement 29 Stadium License Agreement Miscellaneous 03/15/ 2001 12/31/2026 Lake Elsinore Storm, LP License to use stadium for baseball games Project III 548,923 N $548,923 - - 274,462 - - $274,462 - - 274,461 - - $274,461 30 Stadium Maintenance Agreement Property Maintenance 03/15/ 2001 12/31/2026 Lake Elsinore Storm, LP Agreement to maintain baseball field and facilities Project III - N $- - - - - - $- - - - - - $- 31 Stadium Concession Agreement Miscellaneous 01/30/ 2002 12/31/2026 Golden State Concessions and Catering Provision of concessions for baseball games Project III - N $- - - - - - $- - - - - - $- 32 Stadium Operation and Maintenance Property Maintenance 01/01/ 2013 09/08/2038 Various Operation and maintenance of the baseball stadium Project III - N $- - - - - - $- - - - - - $- 33 Interim Stadium Management Agmt. Miscellaneous 01/01/ 2013 09/30/2020 Lake Elsinore Storm, LP Stadium Maintenance and Management Project III 3,508,137 N $- - - - - - $- - - - - - $- 34 Riverside County Flood Control District Improvement/ Infrastructure 12/26/ 1989 07/18/2034 None None Project I and II - N $- - - - - - $- - - - - - $- 35 Administrative Reimbursement RPTTF Shortfall 02/01/ 2012 09/08/2038 City of Lake Elsinore Repayment for City Staff Support/ other All 146,540 N $146,540 - - - 146,540 - $146,540 - - - - - $- 38 Contract for Auditing Services Fees 06/25/ 2013 06/25/2018 TRS Bond disclosure compliance All - N $- - - - - - $- - - - - - $- 39 Bond Disclosure Services Fees 01/28/ 2015 02/15/2038 Urban Futures Bond disclosure compliance All 284,700 N $28,000 - - - 4,600 - $4,600 - - - 23,400 - $23,400 40 Property Maintenance Property Maintenance 09/13/ 2009 06/30/2019 Various Maintenance cost on Agency property Project III - N $- - - - - - $- - - - - - $- 41 Subordinated Tax Allocation Refunding Bonds, Series 2015 Bonds Issued After 12/31/10 08/25/ 2015 09/01/2038 Wilmington Trust Bond issue to refund Tax Allocation Revenue Bonds, 2011 Series A and Local Agency Revenue Bonds, 2011 Series A All 6,370,350 N $1,360,675 - 395,000 - 482,297 - $877,297 - - - 483,378 - $483,378 42 Fiscal Agent Fees Fees 08/01/ 2015 09/01/2038 Wilmington Trust Annual fiscal agent fees for bonds issues All 204,700 N $15,300 - - - 8,800 - $8,800 - - - 6,500 - $6,500 43 Housing Authority Admin Costs 02/18/ 2014 12/31/2018 Lake Elsinore Administrative Cost All - N $- - - - - - $- - - - - - $- A B C D E F G H I J K L M N O P Q R S T U V W Item # Project Name Obligation Type Agreement Execution Date Agreement Termination Date Payee Description Project Area Total Outstanding Obligation Retired ROPS 20-21 Total ROPS 20-21A (Jul - Dec) 20-21A Total ROPS 20-21B (Jan - Jun) 20-21B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Admin. Cost Housing Successor 44 Reconveyance Cost Property Dispositions 05/01/ 2015 06/30/2019 Various Appraisals, Title Insurance, Escrow and Closing Cost All 18,000 N $18,000 - - - 18,000 - $18,000 - - - - - $- 45 Arbitrage Fees Fees 01/28/ 2015 02/15/2038 Various Arbitrage fees for bonds All 89,000 N $10,000 - - - 5,500 - $5,500 - - - 4,500 - $4,500 46 Third Lien Tax Allocation Bonds, Series 2018A Bonds Issued After 12/31/10 03/05/ 2018 03/01/2038 Wilmington Trust Bond issue to refund Developer Obligation II and III 2,836,863 N $157,675 - - - 79,763 - $79,763 - - - 77,912 - $77,912 47 Third Lien Tax Allocation Bonds, Series 2018B (Federally Taxable) Bonds Issued After 12/31/10 03/05/ 2018 03/01/2038 Wilmington Trust Bond issue to refund Developer Obligation II and III 9,757,869 N $686,775 - - - 343,388 - $343,388 - - - 343,387 - $343,387 48 Subordinated Tax Allocation Refunding Bonds, Series 2019A Bonds Issued After 12/31/10 03/05/ 2018 03/01/2038 Wilmington Trust Bond issue to refund Developer Obligation II and III 14,179,817 N $678,750 - - - 316,500 - $316,500 - - - 362,250 - $362,250 49 Interim Stadium Management Agmt. RPTTF Shortfall 01/01/ 2013 06/30/2020 Lake Elsinore Storm, LP Stadium Maintenance and Management Project III - N $- - - - - - $- - - - - - $- 50 Tax Allocation Refunding Bonds, Series 2019B (Housing-Set- Aside) Bonds Issued After 12/31/10 10/04/ 2019 09/01/2025 Wilmington Trust, National Association Bond issue to refund Tax Allocation Revenue Bonds, 2010 Series B ALL 4,328,774 N $1,051,628 - 325,000 - 365,298 - $690,298 - - - 361,330 - $361,330 51 EVMWD - Amber Ridge OPA/DDA/ Construction 03/18/ 1993 07/01/2020 EVMWD Property tax revenue reimbursement Project III 61,088 N $61,088 - - - 61,088 - $61,088 - - - - - $- 52 Tax Allocation Refunding Bonds, Series 2020A Bonds Issued After 12/31/10 04/01/ 2020 09/01/2030 Wilmington Trust, National Association Bond issue to refund the Tax Allocation Revenue Bonds, 2010 Series C Project I and Project II - N $- - - - - - $- - - - - - $- 53 MG/Chelsea Outlet OPA OPA/DDA/ Construction 12/16/ 1989 07/07/2015 MG/Chelsea Property Tax Reimbursement Project I 39,774 N $39,774 - - - 39,774 - $39,774 - - - - - $- 54 Third Lien Tax Allocation Bonds, Series 2020B Bonds Issued After 12/31/10 07/01/ 2020 03/01/2038 Wilmington Trust, National Association Bond issue to refund Developer Obligation Project II and Project III - N $- - - - - - $- - - - - - $- 55 Third Lien Tax Allocation Bonds, Series 2020C Bonds Issued After 12/31/10 07/01/ 2020 03/01/2038 Wilmington Trust, National Association Bonds issue to refund Developer Obligation Project II and Project III - N $- - - - - - $- - - - - - $- A B C D E F G H I J K L M N O P Q R S T U V W Item # Project Name Obligation Type Agreement Execution Date Agreement Termination Date Payee Description Project Area Total Outstanding Obligation Retired ROPS 20-21 Total ROPS 20-21A (Jul - Dec) 20-21A Total ROPS 20-21B (Jan - Jun) 20-21B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF 56 Legal Fees Reimbursement Litigation 04/11/ 2017 10/31/2019 City of Lake Elsinore Reimbursement pursuant to H&S Code Section 34171(d)(1)(F)(ii) for legal services provided by General Agency Counsel and Special Litigation Counsel; Case No. 34-2017-80002762 All 107,618 N $107,618 - - - 107,618 - $107,618 - - - - - $- Lake Elsinore Recognized Obligation Payment Schedule (ROPS 20-21) - Report of Cash Balances July 1, 2017 through June 30, 2018 (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177 (l), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation. A B C D E F G H ROPS 17-18 Cash Balances (07/01/17 - 06/30/18) Fund Sources Comments Bond Proceeds Reserve Balance Other Funds RPTTF Bonds issued on or before 12/31/10 Bonds issued on or after 01/01/11 Prior ROPS RPTTF and Reserve Balances retained for future period(s) Rent, grants, interest, etc. Non-Admin and Admin 1 Beginning Available Cash Balance (Actual 07/01/17) RPTTF amount should exclude "A" period distribution amount. 6,845,126 1,181,211 191,614 Column G reflects 16-17 PPA 2 Revenue/Income (Actual 06/30/18) RPTTF amount should tie to the ROPS 17-18 total distribution from the County Auditor-Controller - 889,899 11,661,091 3 Expenditures for ROPS 17-18 Enforceable Obligations (Actual 06/30/18) 5,108,657 1,678,594 6,774,564 4 Retention of Available Cash Balance (Actual 06/30/18) RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 1,736,469 392,516 4,886,527 5 ROPS 17-18 RPTTF Prior Period Adjustment RPTTF amount should tie to the Agency's ROPS 17-18 PPA form submitted to the CAC No entry required - 6 Ending Actual Available Cash Balance (06/30/18) C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5) $- $- $- $- $191,614 Column G reflects 16-17 PPA Lake Elsinore Recognized Obligation Payment Schedule (ROPS 20-21) - Notes July 1, 2020 through June 30, 2021 Item # Notes/Comments 1 2 3 Due to an anticipated ROPS 20-21B RPTTF Shortfall Amount shown in Column O is reserved for debt service due during the ROPS 20-21B Period 12 The Developer/Master Developer Obligation are net of the amounts not necessary to pay debt service on the Third Lien Tax Allocation Bonds, Series 2018B (Federally Taxable). 13 The Developer Obligation are net of the amounts not necessary to pay debt service on the Third Lien Tax Allocation Bonds, Series 2018A. 18 Amount shown in Column O includes $337,500 reserved for debt service due during the ROPS 20-21B Period 19 20 Amount shown reflects projected RPTTF revenues available after payment of all enforceable obligations including Administrative Costs. In the event the RPTTF revenues are lower than anticipated, this payment amount will be adjusted accordingly in order to first satisfy all other obligations. 22 23 Due to an increase cost for the ROPS 19-20 period, the amount requested in Column O includes $2,379 to be paid during the ROPS 20-21 period. 28 29 The obligations for Item 29 for the twelve month period covered by ROPS 20-21 are incorporated into line 33 in accordance with the terms of the Interim Stadium Management Agreement 30 The obligations for Item 30 for the twelve month period covered by ROPS 20-21 are incorporated into line 33 in accordance with the terms of the Interim Stadium Management Agreement 31 The obligations for Item 31 for the twelve month period covered by ROPS 20-21 are incorporated into line 33 in accordance with the terms of the Interim Stadium Management Agreement 32 The obligations for Item 32 for the twelve month period covered by ROPS 20-21 are incorporated into line 33 in accordance with the terms of the Interim Stadium Management Agreement 33 This line items references the Interim Stadium Management Agreement for Maintenance Fee, Interim Management Fee, Capital Expenditures for July 1, 2019 □ September 30, 2019 under the Fifth Amendment and Oct 1, 2019 □ June 30, 2020 under the Sixth Amendment and July 1, 2020 - June 30, 2021 under the proposed Seventh Amendment. Amount shown on Column O includes $1,703,276 of estimated unspent RPTTF from prior period. 34 35 38 39 Includes anticipated cost for services related to the proposed 2020 Bonds. 40 41 Amount shown in Column U includes $402,500 reserved for debt service due during the ROPS 21-22A Period. 42 Includes anticipated cost for services related to the proposed 2020 Bonds. 43 44 45 46 47 48 49 50 51 Formerly Item No. 11 52 Proposed 2020 Bonds to refinance the 2010C Bonds (Line Item 1) 53 Formerly Item No. 8 54 Bonds proposed to be issued during 2020 55 Bonds proposed to be issued during 2020 56 DESCRIPTION AMOUNT City Staff Support Costs 236,730.00$ Operating Costs: Professional/ Outside Services 100,000.00 Auditors 35,000.00 Other 10,000.00 Total Operating Costs 145,000.00 Total Administrative Budget 381,730.00$ SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE ADMINISTRATIVE BUDGET