HomeMy WebLinkAboutSA Reso 2021-04 ROPS 21-22BRESOLUTION NO. SA 2021-4
A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT
AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA APPROVING
THE AMENDED RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS
21-22B) FOR JANUARY 1, 2022 THROUGH JUNE 30, 2022
WHEREAS, the Successor Agency of the Redevelopment Agency of the City of Lake
Elsinore (“Successor Agency”) is charged with implementing enforceable obligations and
winding down the affairs of the former Redevelopment Agency of the City of Lake Elsinore (the
“Agency”) in accordance with the California Health & Safety Code; and,
WHEREAS, Senate Bill (SB) 107, enacted in September 2016, added Health & Safety
Code (“HSC”) 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 2021 through June 2022; and,
WHEREAS, SB 107 permits an amended ROPS 21-22B for the period January 1, 2022
through June 30, 2022 to be submitted to the Department of Finance and the State Controller’s
office, after approval by the Oversight Board, no later than October 1, 2021 or be subject to
penalties; and,
WHEREAS, HSC Section 34177.7(o)(1)(E), permits an Amended ROPS 21-22B
provided that the Oversight Board makes a finding that a revision to the ROPS is necessary for
the payment of approved enforceable obligations during the ROPS 21-22B period, and,
WHEREAS, on September 16, 2021, the Countywide Oversight Board of the County of
Riverside will consider making the finding that a revision to ROPS 21-22 is necessary for the
payment of enforceable obligations during the second half of the ROPS period and consider the
approval of the Amended Recognized Obligation Payment Schedule (ROPS 21-22B) for
January 1, 2022 through June 30, 2022, in the form attached as Exhibit A; and
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 Amended Recognized Obligation Payment Schedule 21-22B for the period January 1,
2022 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.
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Resolution No. SA 2021-4
Page 2 of 2
Section 3. Executive Director Simpson, or his designee, is hereby authorized to
submit the ROPS 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 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 Successor Agency hereby declares
that it would have adopted this Resolution irrespective of the invalidity of any particular portion
thereof.
Section 5. 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 and Adopted on this 14th day of September 2021.
Robert E. Magee, Chair
Attest:
Candice Alvarez, MMC, Secretary
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Candice Alvarez, MMC, Secretary of the Successor Agency to the Redevelopment Agency of
the City of Lake Elsinore, California, do hereby certify that Resolution No. SA 2021-4 was
adopted by the Successor Agency of the City of Lake Elsinore, California, at the Regular
meeting of September 14, 2021, and that the same was adopted by the following vote:
AYES: Agency Members Tisdale, Johnson, and Manos; Vice-Chair Sheridan; and
Chair Magee
NOES: None
ABSENT: None
ABSTAIN: None
Candice Alvarez, MMC, Secretary
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Amended Recognized Obligation Payment Schedule (ROPS 21-22B) - Summary
Filed for the January 1, 2022 through June 30, 2022 Period
Successor Agency: Lake Elsinore
County: Riverside
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
ROPS 21-22B
Authorized
Amounts
ROPS 21-22B
Requested
Adjustments
ROPS 21-22B
Amended
Total
A Enforceable Obligations Funded as Follows (B+C+D) $ 1,733,282 $ 5,000 $ 1,738,282
B Bond Proceeds - - -
C Reserve Balance 1,451,955 5,000 1,456,955
D Other Funds 281,327 - 281,327
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 4,634,641 $ 4,801,000 $ 9,435,641
F RPTTF 4,427,033 4,801,000 9,228,033
G Administrative RPTTF 207,608 - 207,608
H Current Period Enforceable Obligations (A+E) $ 6,367,923 $ 4,806,000 $ 11,173,923
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
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Robert E. Magee Chairman
9/15/2021 | 1:35 PM PDT
Lake Elsinore
Amended Recognized Obligation Payment Schedule (ROPS 21-22B) - ROPS Detail
January 1, 2022 through June 30, 2022
Item
# Project Name Obligation Type Total Outstanding
Obligation
Authorized Amounts
Total
Requested Adjustments
Total Notes Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
$171,685,308 $- $1,451,955 $281,327 $4,427,033 $207,608 $6,367,923 $- $5,000 $- $4,801,000 $- $4,806,000
1 Tax Allocation Revenue Bonds, 2010
Series A
Bonds Issued On or
Before 12/31/10
$- - - - - - $- - - - - - $-
2 Tax Allocation Revenue Bonds, 2010
Series B
Bonds Issued On or
Before 12/31/10
$- - - - - - $- - - - - - $-
3 Tax Allocation Revenue Bonds, 2010
Series C
Bonds Issued On or
Before 12/31/10
$- - - - - - $- - - - - - $-
12 Summerly DDA OPA/DDA/
Construction
$50,958,713 - 1,355,631 - 806,338 - $2,161,969 - - - - - $-
13 Summerly DDA Extraordinary
Infrastructure Fund
OPA/DDA/
Construction
$9,179,191 - 96,324 - 61,891 - $158,215 - 5,000 - - - $5,000
18 City Reimbursement LERA Bonds Issued After 12/
31/10
$13,320,950 - - - 563,700 - $563,700 - - - - - $-
19 Housing Fund Loan SERAF/ERAF $- - - - - - $- - - - - - $-
20 Housing Fund Loan Third-Party Loans $27,012,366 - - - - - $- - - - 4,801,000 - $4,801,000
22 Legal Services Fees $50,000 - - - 25,000 - $25,000 - - - - - $-
23 Consultant Fees Fees $18,750 - - - 9,375 - $9,375 - - - - - $-
28 Estimated Admin Cost Admin Costs $415,217 - - - - - $- - - - - - $-
29 Stadium License Agreement Miscellaneous $3,572,143 - - 281,327 - - $281,327 - - - - - $-
30 Stadium Maintenance Agreement Property Maintenance $- - - - - - $- - - - - - $-
31 Stadium Concession Agreement Miscellaneous $- - - - - - $- - - - - - $-
32 Stadium Operation and Maintenance Property Maintenance $- - - - - - $- - - - - - $-
33 Interim Stadium Management Agmt. Miscellaneous $3,048,631 - - - 1,049,054 - $1,049,054 - - - - - $-
34 Riverside County Flood Control District Improvement/
Infrastructure
$- - - - - - $- - - - - - $-
35 Administrative Reimbursement RPTTF Shortfall $1,167 - - - - - $- - - - - - $-
38 Contract for Auditing Services Fees $- - - - - - $- - - - - - $-
39 Bond Disclosure Services Fees $252,400 - - - 18,850 - $18,850 - - - - - $-
40 Property Maintenance Property Maintenance $- - - - - - $- - - - - - $-
41 Subordinated Tax Allocation Refunding
Bonds, Series 2015
Bonds Issued After 12/
31/10
$5,405,756 - - - 174,778 - $174,778 - - - - - $-
42 Fiscal Agent Fees Fees $163,900 - - - 6,500 - $6,500 - - - - - $-
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Item
# Project Name Obligation Type Total Outstanding
Obligation
Authorized Amounts
Total
Requested Adjustments
Total Notes Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
43 Housing Authority Admin. Cost Admin Costs $- - - - - - $- - - - - - $-
44 Reconveyance Cost Property Dispositions $12,000 - - - - - $- - - - - - $-
45 Arbitrage Fees Fees $67,000 - - - 4,500 - $4,500 - - - - - $-
46 Third Lien Tax Allocation Bonds, Series
2018A
Bonds Issued After 12/
31/10
$2,806,450 - - - 76,963 - $76,963 - - - - - $-
47 Third Lien Tax Allocation Bonds, Series
2018B (Federally Taxable)
Bonds Issued After 12/
31/10
$9,626,981 - - - 342,544 - $342,544 - - - - - $-
48 Subordinated Tax Allocation Refunding
Bonds, Series 2019A
Bonds Issued After 12/
31/10
$13,446,500 - - - 363,000 - $363,000 - - - - - $-
49 Interim Stadium Management Agmt. RPTTF Shortfall $- - - - - - $- - - - - - $-
50 Tax Allocation Refunding Bonds, Series
2019B (Housing-Set-Aside)
Bonds Issued After 12/
31/10
$3,605,567 - - - 359,813 - $359,813 - - - - - $-
51 EVMWD - Amber Ridge OPA/DDA/
Construction
$- - - - - - $- - - - - - $-
52 Tax Allocation Refunding Bonds, Series
2020A
Bonds Issued After 12/
31/10
$16,707,017 - - - 257,500 - $257,500 - - - - - $-
53 MG/Chelsea Outlet OPA OPA/DDA/
Construction
$- - - - - - $- - - - - - $-
54 Third Lien Tax Allocation Bonds, Series
2020B
Bonds Issued After 12/
31/10
$7,028,625 - - - 145,625 - $145,625 - - - - - $-
55 Third Lien Tax Allocation Bonds, Series
2020C (Federally Taxable)
Bonds Issued After 12/
31/10
$4,985,984 - - - 161,602 - $161,602 - - - - - $-
56 Legal Fees Reimbursement Litigation $- - - - - - $- - - - - - $-
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