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Home My WebLink AboutSA Reso 2020-007 Amended ROPS 20-21B January 1, 2021 through June 30,2021RESOLUTION NO. SA 2020-007 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 20- 21B) FOR JANUARY 1, 2021 THROUGH JUNE 30, 2021 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 2020 through June 2021; and, WHEREAS, SB 107 permits an amended ROPS 20-21B for the period January 1, 2021 through June 30, 2021 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, 2020 or be subject to penalties; and, WHEREAS, HSC Section 34177.7(o)(1)(E), permits an Amended ROPS 20-21B 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 20-21B period, and, WHEREAS, on September 17, 2020, the Countywide Oversight Board of the County of Riverside will consider making the finding that a revision to ROPS 20-21 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 20-21B) for January 1, 2021 through June 30, 2021, 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 20-21B for the period January 1, 2021 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. Section 3. Executive Director Yates, 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 DocuSign Envelope ID: 2A96146B-127D-4D5B-A7DC-4DE736E039A4 Resolution No. SA-2020-007 Page 2 of 3 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, APPROVED AND ADOPTED by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, California, this 8th day of September, 2020. Brian Tisdale, Chair ATTEST: Candice Alvarez, MMC Secretary STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF LAKE ELSINORE ) I, Candice Alvarez, Secretary to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, California, hereby certify that Resolution No. SA 2020-7 was adopted by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore at a Regular meeting held on the 8th day of September, 2020 by the following vote: AYES: Agency Members Manos, Johnson, and Sheridan; Vice-Chair Magee; and Chair Tisdale NOES: None ABSTAIN: None ABSENT: None Candice Alvarez, MMC, Secretary DocuSign Envelope ID: 2A96146B-127D-4D5B-A7DC-4DE736E039A4 EXHIBIT A AMENDED ROPS 20-21B attached] DocuSign Envelope ID: 2A96146B-127D-4D5B-A7DC-4DE736E039A4 Amended Recognized Obligation Payment Schedule (ROPS 20-21B) - Summary Filed for the January 1, 2021 through June 30, 2021 Period Successor Agency: Lake Elsinore County: Riverside Current Period Requested Funding for Enforceable Obligations (ROPS Detail) ROPS 20-21B Authorized Amounts ROPS 20-21B Requested Adjustments ROPS 20-21B Amended Total A Enforceable Obligations Funded as Follows (B+C+D) $ 662,124 $ 1,796,086 $ 2,458,210 B Bond Proceeds - - - C Reserve Balance 387,663 1,796,086 2,183,749 D Other Funds 274,461 - 274,461 E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 6,756,908 $ 758,152 $ 7,515,060 F RPTTF 6,566,043 758,152 7,324,195 G Administrative RPTTF 190,865 - 190,865 H Current Period Enforceable Obligations (A+E) $ 7,419,032 $ 2,554,238 $ 9,973,270 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: 2A96146B-127D-4D5B-A7DC-4DE736E039A4 Lake Elsinore Amended Recognized Obligation Payment Schedule (ROPS 20-21B) - ROPS Detail January 1, 2021 through June 30, 2021 Item Project Name Obligation Type Total Outstanding Obligation Authorized Amounts Total Requested Adjustments Total NotesFundSourcesFundSources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF 166,360,381 $- $387,663 $274,461 $6,566,043 $190,865 $7,419,032 $- $1,796,086 $- $758,152 $- $2,554,238 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 24,412,401 - 387,663 - - - $387,663 - - - - - $- 12 Summerly DDA OPA/DDA/ Construction 51,455,929 - - - 850,283 - $850,283 - 1,667,369 - 99,017 - $1,766,386 Amounts requested from Reserve Balance is based on actual amounts owed to the Developer and Master Developer. Amount requested from RPTTF are based on the 2020-21 Assessed Valuations and the resulting obligations. 13 Summerly DDA Extraordinary Infrastructure Fund OPA/DDA/ Construction 5,777,164 - - - 50,064 - $50,064 - 128,717 - 52,049 - $180,766 Amounts requested from Reserve Balance is based on actual amounts owed to the Developer. Amount requested from RPTTF are based on the 2020-21 Assessed Valuations and the resulting obligations. 18 City Reimbursement LERA Bonds Issued After 12/31/10 13,548,150 - - - 564,700 - $564,700 - - - - - $- 19 Housing Fund Loan SERAF/ERAF $- - - - - - $- - - - - - $- 20 Housing Fund Loan Third-Party Loans 28,071,817 - - - 2,491,579 - $2,491,579 - - - - - $- 22 Legal Services Fees $210,000 - - - 35,000 - $35,000 - - - - - $- 23 Consultant Fees Fees $21,037 - - - 9,329 - $9,329 - - - - - $- 28 Estimated Admin Cost Admin Costs $381,730 - - - - - $- - - - - - $- 29 Stadium License Agreement Miscellaneous $548,923 - - 274,461 - - $274,461 - - - - - $- DocuSign Envelope ID: 2A96146B-127D-4D5B-A7DC-4DE736E039A4 Item Project Name Obligation Type Total Outstanding Obligation Authorized Amounts Total Requested Adjustments Total NotesFundSourcesFundSources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF 30 Stadium Maintenance Agreement Property Maintenance 31 Stadium Concession Agreement Miscellaneous $- - - - - - $- - - - - - $- 32 Stadium Operation and Maintenance Property Maintenance 33 Interim Stadium Management Agmt. Miscellaneous $3,508,137 - - - 902,431 - $902,431 - - - 607,086 - $607,086 RPTTF funds requested are necessary to cover unbudgeted emergency/necessary repairs (ie plumbing, netting as required by minor league baseball, parking lot perimeter fencing necessary to mitigate vandalism & theft) actual costs of budgeted capital items that exceed cost estimates (ie tree replacement) 34 Riverside County Flood Control District Improvement/ Infrastructure 35 Administrative Reimbursement RPTTF Shortfall 146,540 - - - - - $- - - - - - $- 38 Contract for Auditing Services Fees $- - - - - - $- - - - - - $- 39 Bond Disclosure Services Fees $284,700 - - - 23,400 - $23,400 - - - - - $- 40 Property Maintenance Property Maintenance 41 Subordinated Tax Allocation Refunding Bonds, Series 2015 Bonds Issued After 12/31/10 6,370,350 - - - 483,378 - $483,378 - - - - - $- 42 Fiscal Agent Fees Fees $204,700 - - - 6,500 - $6,500 - - - - - $- 43 Housing Authority Admin. Cost Admin Costs $- - - - - - $- - - - - - $- 44 Reconveyance Cost Property Dispositions 18,000 - - - - - $- - - - - - $- DocuSign Envelope ID: 2A96146B-127D-4D5B-A7DC-4DE736E039A4 Item Project Name Obligation Type Total Outstanding Obligation Authorized Amounts Total Requested Adjustments Total NotesFundSourcesFundSources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF 45 Arbitrage Fees Fees $89,000 - - - 4,500 - $4,500 - - - - - $- 46 Third Lien Tax Allocation Bonds, Series 2018A Bonds Issued After 12/31/10 2,836,863 - - - 77,912 - $77,912 - - - - - $- 47 Third Lien Tax Allocation Bonds, Series 2018B Federally Taxable) Bonds Issued After 12/31/10 9,757,869 - - - 343,387 - $343,387 - - - - - $- 48 Subordinated Tax Allocation Refunding Bonds, Series 2019A Bonds Issued After 12/31/10 14,179,817 - - - 362,250 - $362,250 - - - - - $- 49 Interim Stadium Management Agmt. RPTTF Shortfall 50 Tax Allocation Refunding Bonds, Series 2019B Housing-Set- Aside) Bonds Issued After 12/31/10 4,328,774 - - - 361,330 - $361,330 - - - - - $- 51 EVMWD - Amber Ridge OPA/DDA/ Construction 61,088 - - - - - $- - - - - - $- 52 Tax Allocation Refunding Bonds, Series 2020A Bonds Issued After 12/31/10 53 MG/Chelsea Outlet OPA OPA/DDA/ Construction 39,774 - - - - - $- - - - - - $- 54 Third Lien Tax Allocation Bonds, Series 2020B Bonds Issued After 12/31/10 55 Third Lien Tax Allocation Bonds, Series 2020C Bonds Issued After 12/31/10 56 Legal Fees Litigation $107,618 - - - - - $- - - - - - $- DocuSign Envelope ID: 2A96146B-127D-4D5B-A7DC-4DE736E039A4 Item Project Name Obligation Type Total Outstanding Obligation Authorized Amounts Total Requested Adjustments Total NotesFundSourcesFundSources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Reimbursement DocuSign Envelope ID: 2A96146B-127D-4D5B-A7DC-4DE736E039A4