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Home My WebLink AboutItem no. 19 ROPS 21-22 July 1, 2021 through June 20, 2022City of Lake Elsinore LW811-Si no 130 South Main Street Lake Elsinore, CA 92530 www.lake - elsinore.org Ne °— IKikr- ' City Council Agenda Report File Number: TMP 20 -0016 Agenda Date: 1/12/2021 Version: 1 Status: Approval Final In Control: City Council / Successor Aqency File Type: Successor Consent Calendar Agenda Number: 19) Recognized Obligation Payment Schedule (ROPS 21 -22) for July 1, 2021 through June 30, 2022 Adopt A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 21 -22) AND ADMINISTRATIVE BUDGET FOR JULY 1, 2021 THROUGH JUNE 30, 2022. City of Lake Elsinore Page 1 Printed on 11712021 CITY OF LAKE '. E i 0?,LS1110KE ,, DREAM EXTREME TY1 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 12, 2021 SUBJECT: Recognized Obligation Payment Schedule (ROPS 21 -22) for July 1, 2021 through June 30, 2022 Recommendation Adopt Resolution No. SA -2021- A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 21 -22) AND ADMINISTRATIVE BUDGET FOR JULY 1, 2021 THROUGH JUNE 30, 2022 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 2021 through June 2022 be submitted to DOF and the State Controller's office, after approval by the Riverside Countywide Oversight Board, no later than February 1, 2021. 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. Approval of ROPS 21 -22 January 12, 2021 Page 2 In compliance with DOF guidance, all administrative costs have been combined into one line item. The annual administrative cost budget incorporated into the ROPS is as follows: City Staff Support Costs Operating Costs: $255,217.00 Professional/ Outside Services $110,000.00 Auditors $ 35,000.00 Other $ 15,000.00 Total Operating Costs $160,000.00 Total Administrative Budget $415,217.00 The attached ROPS 21 -22 for the period July 1, 2021 — June 30, 2022 follows the form prescribed by the DOF and incorporates all of the remaining obligations identified in the previous ROPS. The attached ROPS 21 -22 will be considered by the Riverside Countywide Oversight Board on January 21, 2021. Prepared By: Barbara Leibold, Successor Agency Counsel Approved By: Grant Yates, Executive Director Attachments: Successor Agency Resolution No. SA- 2021 - Recognized Obligation Payment Schedule of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore for the period of July 1, 2021 through June 30, 2022 (ROPS 21 -22) RESOLUTION NO. SA -2021- A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 21 -22) AND ADMINISTRATIVE BUDGET FOR JULY 1, 2021 THROUGH JUNE 30, 2022 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(0) 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 2021 through June 2022; and WHEREAS, applicable law requires that the ROPS 21 -22 for the period July 1, 2021 through June 30, 2022 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, 2021 or be subject to penalties; and WHEREAS, the Successor Agency staff has prepared an administrative budget for the fiscal period commencing on July 1, 2021 and continuing through June 30, 2022 ( "FY 2021 -22 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 21 -22 for the period July 1, 2021 through June 30, 2022. 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 2021 - Page 2 SECTION 3. The Successor Agency hereby approves the Schedule attached hereto as Exhibit B as the Successor Agency Administrative Budget FY 2021 -22. SECTION 4. The Successor Agency has examined all of the items on the ROPS FY 2021 -22 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. Assistant Executive Director Simpson, 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 12th day of January, 2021. Robert E. Magee, Chair Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ATTEST: Candice Alvarez, MMC, Agency Secretary ROPS 21 -22 ADMINISTRATIVE BUDGET Recognized Obligation Payment Schedule (ROPS 21 -22) - Summary Filed for the July 1, 2021 through June 30, 2022 Period Successor Agency: Lake Elsinore County: Riverside Current Period Requested Funding for Enforceable Obligations (ROPS Detail) A Enforceable Obligations Funded as Follows (B +C +D) B Bond Proceeds C Reserve Balance D Other Funds E Redevelopment Property Tax Trust Fund ( RPTTF) (F +G F RPTTF G Administrative RPTTF H Current Period Enforceable Obligations (A +E) Certification of Oversight Board Chairman: Pursuant to Section 34177 (o) of the Health and Safety code, I hereby certify that the above is a true and accurate Recognized Obligation Payment Schedule for the above named successor agency. 21 -22A Total 21 -22B Total ROPS 21 -22 (July - (January - Total December) June) $ 277,894 $ 1,733,282 $ 2,011,176 - 1,451,955 1,451,955 277,894 281,327 559,221 $ 11,205,404 $ 4,634,641 $ 15,840,045 10,997,795 4,427,033 15,424,828 207,609 207,608 415,217 $ 11,483,298 $ 6,367,923 $ 17,851,221 Name Title /s/ Signature Date Lake Elsinore Recognized Obligation Payment Schedule (ROPS 21 -22) - ROPS Detail July 1, 2021 through June 30, 2022 A B C D E F G H I J K L M I N 1 O P Q R S I T U V W ROPS 21 -22A (Jul - Dec) ROPS 21 -22B (Jan - Jun) Item Obligation Agreement Agreement Project Total ROPS 21 -22A 21 -22B Fund Sources Fund Sources # Project Name Type Execution Termination Payee Description Area Outstanding Retired 21 -22 Total Total Total Date Date Obligation Bond Reserve Other RPTTF Admin Bond Reserve Other RPTTF Admin Proceeds Balance Funds RPTTF Proceeds Balance Funds RPTTF $171,685,308 $17,851,221 $- $- $277,894 $10,997,795 $207,609 $11,483,298 $- $1,451,955 $281,327 $4,427,033 $207,608 $6,367,923 1 Tax Allocation Bonds Issued 02/01/ 09/01/2033 Wilmington Bond issue to fund All - Y $- Revenue On or Before 2010 Trust housing & non - Bonds, 2010 12/31/10 housing projects Series A 2 Tax Allocation Bonds Issued 05/01/ 09/01/2025 Wilmington Bond issue to fund Housing - Y $- Revenue On or Before 2010 Trust housing projects Bonds, 2010 12/31/10 Series B 3 Tax Allocation Bonds Issued 11/01/ 09/01/2030 Wilmington Bond issue to fund Project I - Y $- Revenue On or Before 2010 Trust non - housing and 11 Bonds, 2010 12/31/10 projects Series C 12 Summerly DDA OPA /DDA/ 03/11/2011 09/08/2038 McMillin DDA pledges a Project 50,958,713 N $3,615,572 - - - 1,453,603 - $1,453,603 - 1,355,631 - 806,338 - $2,161,969 Construction Summerly portion of property 11 and III LLC and tax revenues Civic through 2038. Partners- Total outstanding Elsinore LLC 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 13 Summerly DDA OPA /DDA/ 03/11/2011 09/08/2038 Mc Millin DDA pledges a Project 9,179,191 N $573,045 - - - 414,830 - $414,830 - 96,324 - 61,891 - $158,215 Extraordinary Construction Summerly portion of property 11 and III Infrastructure LLC tax revenues Fund through 2038. Total outstanding debt or obligation is estimated based on projections of A B C D E F G H I J K L M I N 1 O P Q R S I T U V W ROPS 21 -22A (Jul - Dec) ROPS 21 -22B (Jan - Jun) Item Obligation Agreement Agreement Project Total ROPS 21 -22A 21 -22B Fund Sources Fund Sources # Project Name Type Execution Termination Payee Description Area Outstanding Retired 21 -22 Total Total Total Date Date Obligation Bond Reserve Other RPTTF Admin Bond Reserve Other RPTTF Admin Proceeds Balance Funds RPTTF Proceeds Balance Funds 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 Bonds Issued 07/01/ 02/01/2032 City of Lake City All 13,320,950 N $1,127,400 - - - 563,700 - $563,700 - - - 563,700 - $563,700 Reimbursement After 12/31/10 2000 Elsinore Reimbursement LERA LERA - Debt Service 19 Housing Fund SERAF /ERAF 05/01/ 09/08/2038 Housing Repayment of All - Y $- - - - - - $- - - - - - $_ Loan 2010 Fund SERAF 20 Housing Fund Third -Party 12/01/ 09/08/2038 Housing Payments on All 27,012,366 N $4,446,429 - - - 4,446,429 - $4,446,429 - - - - - $_ Loan Loans 1995 Fund 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. 22 Legal Services Fees 09/27/ 06/30/2023 Leibold Legal services for All 50,000 N $50,000 - - - 25,000 - $25,000 - - - 25,000 - $25,000 2005 McClendon projects, bonds & & Mann DDA /Stadium Agreement compliance. 23 Consultant Fees 10/23/ 09/08/2038 HdL Coren Tax Projections for All 18,750 N $18,750 - - - 9,375 - $9,375 - - - 9,375 - $9,375 Fees 2007 & Cone bond & DDA compliance 28 Estimated Admin Costs 02/01/ 09/08/2038 City of Lake City Staff Support/ All 415,217 N $415,217 - - - - 207,609 $207,609 - - - - 207,608 $207,608 A B C D E F G H I J K L M I N 1 O P Q R S T I U V W ROPS 21 -22A (Jul - Dec) ROPS 21 -22B (Jan - Jun) Item Obligation Agreement Agreement Project Total ROPS 21 -22A 21 -22B Fund Sources Fund Sources # Project Name Type Execution Termination Payee Description Area Outstanding Retired 21 -22 Total Total Total Date Date Obligation Bond Reserve Other RPTTF Admin Bond Reserve Other RPTTF Admin Proceeds Balance Funds RPTTF Proceeds Balance Funds RPTTF Admin Cost 2012 Elsinore other admin reimbursement 29 Stadium Miscellaneous 03/15/ 12/31/2026 Lake License to use Project 3,572,143 N $559,221 - - 277,894 - - $277,894 - - 281,327 - - $281,327 License 2001 Elsinore stadium for III Agreement Storm, LP baseball games 30 Stadium Property 03/15/ 12/31/2026 Lake Agreement to Project - N $- Maintenance Maintenance 2001 Elsinore maintain baseball III Agreement Storm, LP field and facilities 31 Stadium Miscellaneous 01/30/ 12/31/2026 Golden Provision of Project - N $- Concession 2002 State concessions for III Agreement Concessions baseball games and Catering 32 Stadium Property 01/01/ 09/08/2038 Various Operation and Project - N $- Operation and Maintenance 2013 maintenance of III Maintenance the baseball stadium 33 Interim Stadium Miscellaneous 01/01/ 09/30/2022 Lake Stadium Project 3,048,631 N $3,048,631 - - - 1,999,577 - $1,999,577 - - - 1,049,054 - $1,049,054 Management 2013 Elsinore Maintenance and III Agmt. Storm, LP Management 34 Riverside Improvement/ 12/26/ 07/18/2034 None None Project I - Y $- - - - - - $- - - - - - $- County Flood Infrastructure 1989 and II Control District 35 Administrative RPTTF 02/01/ 09/08/2038 City of Lake Repayment for All 1,167 N $1,167 - - - 1,167 - $1,167 - - - - - $- Reimbursement Shortfall 2012 Elsinore City Staff Support/ other 38 Contract for Fees 06/25/ 06/25/2018 TRS Bond disclosure All - Y $- - - - - - $- - - - - - $- Auditing 2013 compliance Services 39 Bond Fees 01/28/ 02/15/2038 Urban Bond disclosure All 252,400 N $19,600 - - - 750 - $750 - - - 18,850 - $18,850 Disclosure 2015 Futures compliance Services 40 Property Property 09/13/ 06/30/2019 Various Maintenance cost Project - N $- - - - - - $- - - - - - $- Maintenance Maintenance 2009 on Agency III property 41 Subordinated Bonds Issued 08/25/ 09/01/2038 Wilmington Bond issue to All 5,405,756 N $658,156 - - - 483,378 - $483,378 - - - 174,778 - $174,778 Tax Allocation After 12/31/10 2015 Trust refund Tax Refunding Allocation Bonds, Series Revenue Bonds, 2015 2011 Series A and Local Agency Revenue Bonds, 2011 Series A 42 Fiscal Agent Fees 08/01/ 09/01/2038 Wilmington Annual fiscal agent All 163,900 N $13,900 - - - 7,400 - $7,400 - - - 6,500 - $6,500 Fees 2015 Trust fees for bonds issues 43 Housing Admin Costs 02/18/ 12/31/2018 Lake Administrative All - Y $- - - - - - $- - - - - - $- Authority 2014 Elsinore Cost Admin. Cost Housing A B C D E F G H I J K L M I N 1 O P Q R S T I U V W ROPS 21 -22A (Jul - Dec) ROPS 21 -22B (Jan - Jun) Item Obligation Agreement Agreement Project Total ROPS 21 -22A 21 -226 Fund Sources Fund Sources # Project Name Type Execution Termination Payee Description Area Outstanding Retired 21 -22 Total Total Total Date Date Obligation Bond Reserve Other RPTTF Admin Bond Reserve Other RPTTF Admin Proceeds Balance Funds RPTTF Proceeds Balance Funds RPTTF Successor 44 Reconveyance Property 05/01/ 06/30/2022 Various Appraisals, Title All 12,000 N $12,000 - - - 12,000 - $12,000 - - - - - $- Cost Dispositions 2015 Insurance, Escrow and Closing Cost 45 Arbitrage Fees Fees 01/28/ 02/15/2038 Various Arbitrage fees for All 67,000 N $4,500 - - - - - $- - - - 4,500 - $4,500 2015 bonds 46 Third Lien Tax Bonds Issued 03/05/ 03/01/2038 Wilmington Bond issue to 11 and III 2,806,450 N $153,925 - - - 76,962 - $76,962 - - - 76,963 - $76,963 Allocation After 12/31/10 2018 Trust refund Developer Bonds, Series Obligation 2018A 47 Third Lien Tax Bonds Issued 03/05/ 03/01/2038 Wilmington Bond issue to 11 and 111 9,626,981 N $685,088 - - - 342,544 - $342,544 - - - 342,544 - $342,544 Allocation After 12/31/10 2018 Trust refund Developer Bonds, Series Obligation 2018B (Federally Taxable) 48 Subordinated Bonds Issued 03/05/ 03/01/2038 Wilmington Bond issue to II and III 13,446,500 N $725,250 - - - 362,250 - $362,250 - - - 363,000 - $363,000 Tax Allocation After 12/31/10 2018 Trust refund Developer Refunding Obligation Bonds, Series 2019A 49 Interim Stadium RPTTF 01/01/ 06/30/2038 Lake Stadium Project - N $- - - - - - $- - - - - - $- Management Shortfall 2013 Elsinore Maintenance and III Agmt. Storm, LP Management 50 Tax Allocation Bonds Issued 10/04/ 09/01/2025 Wilmington Bond issue to ALL 3,605,567 N $721,143 - - - 361,330 - $361,330 - - - 359,813 - $359,813 Refunding After 12/31/10 2019 Trust, refund Tax Bonds, Series National Allocation 2019B Association Revenue Bonds, (Housing -Set- 2010 Series B Aside) 51 EVMWD - OPA/DDA/ 03/18/ 07/01/2020 EVMWD Property tax Project - Y $- - - - - - $- - - - - - $- Amber Ridge Construction 1993 revenue III reimbursement 52 Tax Allocation Bonds Issued 04/01/ 09/01/2030 Wilmington Bond issue to Project 1 16,707,017 N $515,000 - - - 257,500 - $257,500 - - - 257,500 - $257,500 Refunding After 12/31/10 2020 Trust, refund the Tax and Bonds, Series National Allocation Project 2020A Association Revenue Bonds, 11 2010 Series C 53 MG /Chelsea OPA/DDA/ 12/16/ 07/07/2015 MG /Chelsea Property Tax Project I - Y $- - - - - - $- - - - - - $- Outlet OPA Construction 1989 Reimbursement 54 Third Lien Tax Bonds Issued 12/23/ 03/01/2038 Wilmington Bond issue to Project 7,028,625 N $195,625 - - - 50,000 - $50,000 - - - 145,625 - $145,625 Allocation After 12/31/10 2020 Trust, refund Developer II and Bonds, Series National Obligation Project 2020B Association I I I 55 Third Lien Tax Bonds Issued 12/23/ 03/01/2038 Wilmington Bonds issue to Project 4,985,984 N $291,602 - - - 130,000 - $130,000 - - - 161,602 - $161,602 Allocation After 12/31/10 2020 Trust, refund Developer 11 and Bonds, Series National Obligation Project 2020C Association I I I (Federally A B C D E F G H I J K L M I N 1 O P Q R S I T U V W ROPS 21 -22A (Jul - Dec) ROPS 21 -22B (Jan - Jun) Agreement Agreement Total Item Project Name Obligation Execution Termination Payee Description Project Outstanding Retired ROPS Fund Sources 21 -22A Fund Sources 21 -22B Bond Reserve Other Admin Bond Reserve Other Admin # Type Date Date Area Obligation 21 -22 Total Total Total RPTTF RPTTF Proceeds Balance Funds RPTTF Proceeds Balance Funds RPTTF Taxable) 56 Legal Fees Litigation 04/11/ 10/31/2019 City of Lake Reimbursement All - Y $- Reimbursement 2017 Elsinore 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 Lake Elsinore Recognized Obligation Payment Schedule (ROPS 21 -22) - Report of Cash Balances July 1, 2018 through June 30, 2019 (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177 (1), 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 Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Prior ROPS ROPS 18 -19 Cash Balances RPTTF and Comments (07/01/18 - 06/30/19) Bonds issued Bonds issued Reserve Rent, grants, Non - Admin r before on or before on or after Balances retained interest, etc. and Admin 01/01/11 for future period(s) 1 Beginning Available Cash Balance (Actual 07101/18) 6,599,858 2,151,992 210,460 RPTTF amount should exclude "A" period distribution amount. 2 Revenue /Income (Actual 06/30/19) - 621,468 11,349,740 RPTTF amount should tie to the ROPS 18 -19 total distribution from the County Auditor - Controller 3 Expenditures for ROPS 18 -19 Enforceable Obligations 5,216,930 959,070 6,940,073 (Actual 06/30/19) 4 Retention of Available Cash Balance (Actual 06/30/19) 1,382,928 1,814,390 2,861,808 RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 5 ROPS 18 -19 RPTTF Prior Period Adjustment 1,740,708 RPTTF amount should tie to the Agency's ROPS 18 -19 PPA No entry required form submitted to the CAC 6 Ending Actual Available Cash Balance (06/30/19) $- $- $- $- $17,611 C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5) Lake Elsinore Recognized Obligation Payment Schedule (ROPS 21 -22) - Notes July 1, 2021 through June 30, 2022 Item # Notes /Comments 1 ................................ : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 ................................................................................................................................................................................................................................................................................................................................................ ............................... 3 ............................................................................................................................................................................................................................................................................................................................. ............................... 12 ::The Successor Agency obligations to the Developer /Master Developer are net of the amounts necessary to pay debt service on Lines 47, 54 and 55. The amount of RPTTF also includes Successor ;Agency obligations accrued under the DDA from 2011 -12 through 2018 -19 previously approved by DOF, but questioned by CAC during the 17 -18 PPA review based upon CAC directions /guidance limiting reserves to debt service. DOF issued a Final and Conclusive determination for the DDA and has approved the reserve amounts consistent with the Successor Agency DDA obligations. ............................................................................................................................................................................................................................................................................................................................................... ............................... 13 : The Successor Agency obligations to the Developer are net of the amounts necessary to pay debt :service on Lines 41 and 46. The amount of RPTTF also includes Successor Agency obligations :accrued under the DDA from 2011 -12 through 2018 -19 previously approved by DOF, but questioned by CAC during the 17 -18 PPA review based upon CAC directions /guidance limiting reserves to debt :service. DOF issued a Final and Conclusive determination for the DDA and has approved the reserve amounts consistent with the Successor Agency DDA obligations. . ............................... ............................................................................................................................................................................................................................................................................................................... ............................... 18 ................................:............................................................................................................................................................................................................................................................................................................... ............................... 19 ............................................................................................................................................................................................................................................................................................................................................... ............................... 20 ................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 ................................ : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 ................................................................................................................................................................................................................................................................................................................................................ ............................... 28 ............................................................................................................................................................................................................................................................................................................................................... ............................... 29 :The obligations for Item 29 for the twelve month period covered by ROPS 21 -22 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 21 -22 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 21 -22 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 21 -22 are incorporated into Line 33 in accordance with the terms of the Interim Stadium Management Agreement. ................................ _ . . . . . . .. . .. . . .. . . ... ... . ... . ... . ... . ... ... . ... . ... . ... . ... . .. . ... . ... . ... . ... . ... ... . ... . ... . .. . . ... ... . ... . ... . .. . . ... . ... ... . ... . ... . .. . . .. . . .. . . .. . ... . ... . ... . ... ... . ... . ... . ... . ... ... . ... . ... . ... . ... . .. . ... . ..... .. . ... . ... ... . ... . . .. . .. . . ... ..... .. . ... . ... . ... . .. . ... . ... . .. . . .. . . ... ... . ... . ... . .. . . .. . . .. . . .. . . .. . .. . . ... . .. . ..... 33 Line 33 includes Successor Agency obligations for the Maintenance Fee, Interim Management Fee, : and estimated Capital Repairs under the Amended and Restated Seventh Amendment to the Interim Stadium Management Agreement for the period July 1, 2021 through June 30, 2022. Capital : expenditures under the Amended and Restated Seventh Amendment were partially funded in the .amount of $1,075,000 under ROPS 20 -21. Column U reflects an additional $675,000 for capital repairs for the second year of the term of the Amended and Restated Seventh Amendment. The :amount shown in Column O includes $1,630,085 of unspent RPTTF from prior period 18 -19 and :expended in the ROPS 19 -20 period. 34 Lake Elsinore Recognized Obligation Payment Schedule (ROPS 21 -22) - Notes July 1, 2021 through June 30, 2022 Item # Notes /Comments 35 Interest due on Administrative Loan per Loan Agreement. 38 SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE ADMINISTRATIVE BUDGET DESCRIPTION City Staff Support Costs Operating Costs: Professional/ Outside Services Auditors Other AMOUNT $255,217.00 110,000.00 35,000.00 15,000.00 Total Operating Costs 160,000.00 Total Administrative Budget $415,217.00