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Home My WebLink AboutSA 2022-002 ROPS 22-23RESOLUTION NO. SA 2022-2 A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 22-23) AND ADMINISTRATIVE BUDGET FOR JULY 1, 2022 THROUGH JUNE 30, 2023 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 2022 through June 2023; and Whereas, applicable law requires that the ROPS 22-23 for the period July 1, 2022 through June 30, 2023 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, 2022 or be subject to penalties; and Whereas, the Successor Agency staff has prepared an administrative budget for the fiscal period commencing on July 1, 2022 and continuing through June 30, 2023 (“FY 2022-23 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 22-23 for the period July 1, 2022 through June 30, 2023. 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. Section 3. The Successor Agency hereby approves the Schedule attached hereto as Exhibit B as the Successor Agency Administrative Budget FY 2022-23. Section 4. The Successor Agency has examined all of the items on the ROPS FY 2022-23 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. DocuSign Envelope ID: 99A822FB-E492-45E6-A521-E1F3BCD9AB09 Section 5. 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 and Adopted on this 11th day of January 2022. Timothy J. Sheridan, 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 2022-2 was adopted by the Successor Agency of the City of Lake Elsinore, California, at the Regular meeting of January 11, 2022, and that the same was adopted by the following vote: AYES: Agency Members Magee, and Tisdale; Vice-Chair Johnson; and Chair Sheridan NOES: None ABSENT: Agency Member Manos ABSTAIN: None Candice Alvarez, MMC, Secretary DocuSign Envelope ID: 99A822FB-E492-45E6-A521-E1F3BCD9AB09 Exhibit A Recognized Obligation Payment Schedule (ROPS 22-23) - Summary Filed for the July 1, 2022 through June 30, 2023 Period Successor Agency: Lake Elsinore County: Riverside Current Period Requested Funding for Enforceable Obligations (ROPS Detail) 22-23A Total (July - December) 22-23B Total (January - June) ROPS 22-23 Total A Enforceable Obligations Funded as Follows (B+C+D) $ 282,589 $ 283,856 $ 566,445 B Bond Proceeds - - - C Reserve Balance - - - D Other Funds 282,589 283,856 566,445 E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 10,969,339 $ 5,398,596 $ 16,367,935 F RPTTF 10,712,510 5,141,768 15,854,278 G Administrative RPTTF 256,829 256,828 513,657 H Current Period Enforceable Obligations (A+E) $ 11,251,928 $ 5,682,452 $ 16,934,380 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 DocuSign Envelope ID: 99A822FB-E492-45E6-A521-E1F3BCD9AB09 Lake Elsinore Recognized Obligation Payment Schedule (ROPS 22-23) - ROPS Detail July 1, 2022 through June 30, 2023 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 22-23 Total ROPS 22-23A (Jul - Dec) 22-23A Total ROPS 22-23B (Jan - Jun) 22-23B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF $191,782,070 $16,934,380 $- $- $282,589 $10,712,510 $256,829 $11,251,928 $- $- $283,856 $5,141,768 $256,828 $5,682,452 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 51,115,830 N $2,497,345 - - - 1,258,532 - $1,258,532 - - - 1,238,813 - $1,238,813 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 9,490,395 N $105,073 - - - 60,506 - $60,506 - - - 44,567 - $44,567 DocuSign Envelope ID: 99A822FB-E492-45E6-A521-E1F3BCD9AB09 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 22-23 Total ROPS 22-23A (Jul - Dec) 22-23A Total ROPS 22-23B (Jan - Jun) 22-23B 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 12,205,050 N $1,129,400 - - - 564,700 - $564,700 - - - 564,700 - $564,700 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 18,731,576 N $5,451,174 - - - 5,451,174 - $5,451,174 - - - - - $- 22 Legal Services Fees 09/27/ 2005 06/30/2023 Leibold McClendon & Mann Legal services for projects, bonds & DDA/ All 70,000 N $70,000 - - - 35,000 - $35,000 - - - 35,000 - $35,000 DocuSign Envelope ID: 99A822FB-E492-45E6-A521-E1F3BCD9AB09 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 22-23 Total ROPS 22-23A (Jul - Dec) 22-23A Total ROPS 22-23B (Jan - Jun) 22-23B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Stadium Agreement compliance. 23 Consultant Fees Fees 10/23/ 2007 09/08/2023 HdL Coren & Cone Tax Projections for bond & DDA compliance All 19,900 N $19,900 - - - 9,950 - $9,950 - - - 9,950 - $9,950 28 Estimated Admin Cost Admin Costs 02/01/ 2012 09/08/2038 City of Lake Elsinore City Staff Support/other admin reimbursement All 513,657 N $513,657 - - - - 256,829 $256,829 - - - - 256,828 $256,828 29 Stadium License Agreement Miscellaneous 03/15/ 2001 12/31/2026 Lake Elsinore Storm, LP License to use stadium for baseball games Project III 3,285,320 N $566,445 - - 282,589 - - $282,589 - - 283,856 - - $283,856 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 35,000,000 N $- - - - - - $- - - - - - $- 33 Interim Stadium Management Agmt. Miscellaneous 01/01/ 2013 09/30/2023 Lake Elsinore Storm, LP Stadium Maintenance and Management Project III 2,713,955 N $2,713,955 - - - 1,404,336 - $1,404,336 - - - 1,309,619 - $1,309,619 35 Administrative Reimbursement RPTTF Shortfall 02/01/ 2012 09/08/2038 City of Lake Elsinore Repayment for City Staff Support/other All - N $- - - - - - $- - - - - - $- 39 Bond Disclosure Services Fees 01/28/ 2015 02/15/2038 Urban Futures Bond disclosure compliance All 214,350 N $18,050 - - - - - $- - - - 18,050 - $18,050 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 All 4,439,000 N $347,656 - - - 174,778 - $174,778 - - - 172,878 - $172,878 DocuSign Envelope ID: 99A822FB-E492-45E6-A521-E1F3BCD9AB09 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 22-23 Total ROPS 22-23A (Jul - Dec) 22-23A Total ROPS 22-23B (Jan - Jun) 22-23B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Series A 42 Fiscal Agent Fees Fees 08/01/ 2015 09/01/2038 Wilmington Trust Annual fiscal agent fees for bonds issues All 150,000 N $13,900 - - - 6,500 - $6,500 - - - 7,400 - $7,400 44 Reconveyance Cost Property Dispositions 05/01/ 2015 06/30/2023 Various Appraisals, Title Insurance, Escrow and Closing Cost All 12,000 N $12,000 - - - 12,000 - $12,000 - - - - - $- 45 Arbitrage Fees Fees 01/28/ 2015 02/15/2038 Various Arbitrage fees for bonds All 59,000 N $4,500 - - - - - $- - - - 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 2,527,113 N $157,025 - - - 78,513 - $78,513 - - - 78,512 - $78,512 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 8,386,006 N $592,582 - - - 296,291 - $296,291 - - - 296,291 - $296,291 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 12,722,000 N $726,375 - - - 363,000 - $363,000 - - - 363,375 - $363,375 49 Interim Stadium Management Agmt. RPTTF Shortfall 01/01/ 2013 06/30/2038 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 2,855,594 N $720,509 - - - 359,813 - $359,813 - - - 360,696 - $360,696 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 16,097,600 N $515,000 - - - 257,500 - $257,500 - - - 257,500 - $257,500 54 Third Lien Tax Allocation Bonds, Series 2020B Bonds Issued After 12/31/10 12/23/ 2020 03/01/2038 Wilmington Trust, National Association Bond issue to refund Developer Obligation Project II and Project III 6,896,875 N $303,250 - - - 151,625 - $151,625 - - - 151,625 - $151,625 55 Third Lien Tax Allocation Bonds, Series Bonds Issued After 12/31/10 12/23/ 2020 03/01/2038 Wilmington Trust, National Bonds issue to refund Developer Project II and Project 4,276,849 N $456,584 - - - 228,292 - $228,292 - - - 228,292 - $228,292 DocuSign Envelope ID: 99A822FB-E492-45E6-A521-E1F3BCD9AB09 A B C D E F G H I J K L M N O P Q R S T U V W Item # Project Name Obligation Type Agreement Execution Date Agreement Termination Date Payee Description Project Area Total Outstanding Obligation Retired ROPS 22-23 Total ROPS 22-23A (Jul - Dec) 22-23A Total ROPS 22-23B (Jan - Jun) 22-23B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF 2020C (Federally Taxable) Association Obligation III DocuSign Envelope ID: 99A822FB-E492-45E6-A521-E1F3BCD9AB09 Lake Elsinore Recognized Obligation Payment Schedule (ROPS 22-23) - Notes July 1, 2022 through June 30, 2023 Item # Notes/Comments 12 13 18 20 22 23 28 29 The obligations for Item 29 for the twelve month period covered by ROPS 22-23 are incorporated into Line 33 in accordance with the terms of the Interim Stadium Management Agreement. 30 The obligations for Item 30 for the twelve month period covered by ROPS 22-23 are incorporated into Line 33 in accordance with the terms of the Interim Stadium Management Agreement. 31 The obligations for Item 31 for the twelve month period covered by ROPS 22-23 are incorporated into Line 33 in accordance with the terms of the Interim Stadium Management Agreement. 32 The obligations for Item 32 for the twelve month period covered by ROPS 22-23 are incorporated into Line 33 in accordance with the terms of the Interim Stadium Management Agreement. 33 Line 33 includes Successor Agency obligations for the Maintenance Fee, Interim Management Fee, and estimated Capital Repairs under the Amended and Restated Seventh Amendment and the Eighth Amendment to the Interim Stadium Management Agreement for the period July 1, 2022 through June 30, 2023. 35 39 40 41 42 44 45 46 47 48 49 50 52 54 55 DocuSign Envelope ID: 99A822FB-E492-45E6-A521-E1F3BCD9AB09 DESCRIPTION AMOUNT City Staff Support Costs 321,157.00$ Operating Costs: Professional/ Outside Services 135,000.00 Auditors 37,500.00 Other 20,000.00 Total Operating Costs 192,500.00$ Total Administrative Budget 513,657.00$ SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE ADMINISTRATIVE BUDGET - FY2022-23 Exhibit B DocuSign Envelope ID: 99A822FB-E492-45E6-A521-E1F3BCD9AB09