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Home My WebLink AboutSA 2022-006 Amended ROPS 22-23B for January 1 2023 - June 30 2023_RESOLUTION NO. SA 2022-6 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 22-23B) FOR JANUARY 1, 2023 THROUGH JUNE 30, 2023 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 2022 through June 2023; and, WHEREAS, SB 107 permits an amended ROPS 22-23B for the period January 1, 2023 through June 30, 2023 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, 2022 or be subject to penalties; and, WHEREAS, HSC Section 34177.7(o)(1)(E), permits an Amended ROPS 22-23B 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 22-23B period, and, WHEREAS, on September 15, 2022, the Countywide Oversight Board of the County of Riverside will consider making the finding that a revision to ROPS 22-23 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 22-23B) for January 1, 2023 through June 30, 2023, 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 22-23B for the period January 1, 2023 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. 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 DocuSign Envelope ID: 71508690-7894-4924-80E7-EA449D410E8E Reso. No. SA 2022-6 Page 2 of 2 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 13th day of September 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 2022-6 was adopted by the Successor Agency of the City of Lake Elsinore, California, at the Regular meeting of September 13, 2022, and that the same was adopted by the following vote: AYES: Agency Members Magee, Tisdale, and Manos; Vice-Chair Johnson; and Chair Sheridan NOES: None ABSENT: None ABSTAIN: None Candice Alvarez, MMC, Secretary DocuSign Envelope ID: 71508690-7894-4924-80E7-EA449D410E8E Amended Recognized Obligation Payment Schedule (ROPS 22-23B) - Summary Filed for the January 1, 2023 through June 30, 2023 Period Successor Agency: Lake Elsinore County: Riverside Current Period Requested Funding for Enforceable Obligations (ROPS Detail) ROPS 22-23B Authorized Amounts ROPS 22-23B Requested Adjustments ROPS 22-23B Amended Total A Enforceable Obligations Funded as Follows (B+C+D) $ 283,856 $ -$ 283,856 B Bond Proceeds - - - C Reserve Balance - - - D Other Funds 283,856 -283,856 E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 5,107,907 $ 3,598,510 $ 8,706,417 F RPTTF 4,851,079 3,598,510 8,449,589 G Administrative RPTTF 256,828 -256,828 H Current Period Enforceable Obligations (A+E) $ 5,391,763 $ 3,598,510 $ 8,990,273 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 Timothy J. Sheridan Chair DocuSign Envelope ID: 71508690-7894-4924-80E7-EA449D410E8E 9/13/2022 | 7:57 PM PDT Lake Elsinore Amended Recognized Obligation Payment Schedule (ROPS 22-23B) - ROPS Detail January 1, 2023 through June 30, 2023 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 $191,782,070 $- $- $283,856 $4,851,079 $256,828 $5,391,763 $- $- $- $3,598,510 $- $3,598,510 12 Summerly DDA OPA/DDA/ Construction $51,115,830 - - - 954,770 - $954,770 - - - - - $- 13 Summerly DDA Extraordinary Infrastructure Fund OPA/DDA/ Construction $9,490,395 - - - 37,921 - $37,921 - - - - - $- 18 City Reimbursement LERA Bonds Issued After 12/31/10 $12,205,050 - - - 564,700 - $564,700 - - - - - $- 20 Housing Fund Loan Third-Party Loans $18,731,576 - - - - - $- - - - 3,456,500 - $3,456,500 22 Legal Services Fees $70,000 - - - 35,000 - $35,000 - - - - - $- 23 Consultant Fees Fees $19,900 - - - 9,950 - $9,950 - - - - - $- 28 Estimated Admin Cost Admin Costs $513,657 - - - - - $- - - - - - $- 29 Stadium License Agreement Miscellaneous $3,285,320 - - 283,856 - - $283,856 - - - - - $- 30 Stadium Maintenance Agreement Property Maintenance $- - - - - - $- - - - - - $- 31 Stadium Concession Agreement Miscellaneous $- - - - - - $- - - - - - $- 32 Stadium Operation and Maintenance Property Maintenance $35,000,000 - - - - - $- - - - - - $- 33 Interim Stadium Management Agmt. Miscellaneous $2,713,955 - - - 1,309,619 - $1,309,619 - - - 142,010 - $142,010 35 Administrative Reimbursement RPTTF Shortfall $- - - - - - $- - - - - - $- 39 Bond Disclosure Services Fees $214,350 - - - 18,050 - $18,050 - - - - - $- 40 Property Maintenance Property Maintenance $- - - - - - $- - - - - - $- 41 Subordinated Tax Allocation Refunding Bonds, Series 2015 Bonds Issued After 12/31/10 $4,439,000 - - - 172,878 - $172,878 - - - - - $- 42 Fiscal Agent Fees Fees $150,000 - - - 7,400 - $7,400 - - - - - $- 44 Reconveyance Cost Property Dispositions $12,000 - - - - - $- - - - - - $- 45 Arbitrage Fees Fees $59,000 - - - 4,500 - $4,500 - - - - - $- 46 Third Lien Tax Allocation Bonds, Series 2018A Bonds Issued After 12/31/10 $2,527,113 - - - 78,512 - $78,512 - - - - - $- 47 Third Lien Tax Allocation Bonds, Series 2018B (Federally Taxable) Bonds Issued After 12/31/10 $8,386,006 - - - 296,291 - $296,291 - - - - - $- 48 Subordinated Tax Allocation Refunding Bonds, Series 2019A Bonds Issued After 12/31/10 $12,722,000 - - - 363,375 - $363,375 - - - - - $- DocuSign Envelope ID: 71508690-7894-4924-80E7-EA449D410E8E 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 49 Interim Stadium Management Agmt. RPTTF Shortfall $- - - - - - $- - - - - - $- 50 Tax Allocation Refunding Bonds, Series 2019B (Housing-Set-Aside) Bonds Issued After 12/31/10 $2,855,594 - - - 360,696 - $360,696 - - - - - $- 52 Tax Allocation Refunding Bonds, Series 2020A Bonds Issued After 12/31/10 $16,097,600 - - - 257,500 - $257,500 - - - - - $- 54 Third Lien Tax Allocation Bonds, Series 2020B Bonds Issued After 12/31/10 $6,896,875 - - - 151,625 - $151,625 - - - - - $- 55 Third Lien Tax Allocation Bonds, Series 2020C (Federally Taxable) Bonds Issued After 12/31/10 $4,276,849 - - - 228,292 - $228,292 - - - - - $- DocuSign Envelope ID: 71508690-7894-4924-80E7-EA449D410E8E