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Home My WebLink AboutItem No. 33 - Supplemental Document ROPS 23-24 draftRecognized Obligation Payment Schedule (ROPS 23-24) - Summary Filed for the July 1, 2023 through June 30, 2024 Period Successor Agency: Lake Elsinore County: Riverside Current Period Requested Funding for Enforceable Obligations (ROPS Detail) 23-24A Total (July - December) 23-24B Total (January - June) ROPS 23-24 Total A Enforceable Obligations Funded as Follows (B+C+D) $ 552,033 $ 4,169,386 $ 4,721,419 B Bond Proceeds - - - C Reserve Balance 262,500 3,874,176 4,136,676 D Other Funds 289,533 295,210 584,743 E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 8,436,907 $ 9,042,138 $ 17,479,045 F RPTTF 8,229,749 8,834,981 17,064,730 G Administrative RPTTF 207,158 207,157 414,315 H Current Period Enforceable Obligations (A+E) $ 8,988,940 $ 13,211,524 $ 22,200,464 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 Lake Elsinore Recognized Obligation Payment Schedule (ROPS 23-24) - ROPS Detail July 1, 2023 through June 30, 2024 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 23-24 Total ROPS 23-24A (Jul - Dec) 23-24A Total ROPS 23-24B (Jan - Jun) 23-24B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF $194,514,239 $22,200,464 $- $262,500 $289,533 $8,229,749 $207,158 $8,988,940 $- $3,874,176 $295,210 $8,834,981 $207,157 $13,211,524 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 56,374,979 N $6,080,557 - - - 1,277,013 - $1,277,013 - 3,281,134 - 1,522,410 - $4,803,544 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 tax revenue growth at 2% per annum. If Project II and III 8,409,949 N $919,278 - - - 160,075 - $160,075 - 593,042 - 166,161 - $759,203 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 23-24 Total ROPS 23-24A (Jul - Dec) 23-24A Total ROPS 23-24B (Jan - Jun) 23-24B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF 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 11,291,350 N $1,130,200 - - - 565,100 - $565,100 - - - 565,100 - $565,100 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 20,377,079 N $5,939,965 - - - 3,086,971 - $3,086,971 - - - 2,852,994 - $2,852,994 22 Legal Services Fees 09/27/ 2005 06/30/2023 Leibold McClendon & Mann Legal services for projects, bonds & DDA/ Stadium Agreement compliance. All 40,000 N $40,000 - - - 20,000 - $20,000 - - - 20,000 - $20,000 23 Consultant Fees Fees 10/23/ 2007 09/08/2023 HdL Coren & Cone Tax Projections for bond & DDA compliance All 21,890 N $21,890 - - - 10,945 - $10,945 - - - 10,945 - $10,945 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 23-24 Total ROPS 23-24A (Jul - Dec) 23-24A Total ROPS 23-24B (Jan - Jun) 23-24B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF 28 Estimated Admin Cost Admin Costs 02/01/ 2012 09/08/2038 City of Lake Elsinore City Staff Support/other admin reimbursement All 414,315 N $414,315 - - - - 207,158 $207,158 - - - - 207,157 $207,157 29 Stadium License Agreement Miscellaneous 03/15/ 2001 12/31/2026 Lake Elsinore Storm, LP License to use stadium for baseball games Project III 2,718,875 N $584,743 - - 289,533 - - $289,533 - - 295,210 - - $295,210 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 2,295,870 N $2,295,870 - - - 1,185,164 - $1,185,164 - - - 1,110,706 - $1,110,706 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 196,300 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 Series A All 4,374,222 N $461,256 - 112,500 - 172,878 - $285,378 - - - 175,878 - $175,878 42 Fiscal Agent Fees Fees 08/01/ 2015 09/01/2038 Wilmington Trust Annual fiscal agent fees for bonds issues All 136,100 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 - - - 6,000 - $6,000 - - - 6,000 - $6,000 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 23-24 Total ROPS 23-24A (Jul - Dec) 23-24A Total ROPS 23-24B (Jan - Jun) 23-24B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF 45 Arbitrage Fees Fees 01/28/ 2015 02/15/2038 Various Arbitrage fees for bonds All 54,500 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 $160,026 - - - 80,013 - $80,013 - - - 80,013 - $80,013 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 $591,932 - - - 295,966 - $295,966 - - - 295,966 - $295,966 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 12,501,500 N $876,750 - 150,000 - 363,375 - $513,375 - - - 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 $722,126 - - - 360,696 - $360,696 - - - 361,430 - $361,430 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 15,840,100 N $1,150,000 - - - 257,500 - $257,500 - - - 892,500 - $892,500 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 6,701,250 N $304,800 - - - 152,400 - $152,400 - - - 152,400 - $152,400 55 Third Lien Tax Allocation Bonds, Series 2020C (Federally Taxable) Bonds Issued After 12/31/10 12/23/ 2020 03/01/2038 Wilmington Trust, National Association Bonds issue to refund Developer Obligation Project II and Project III 3,985,247 N $458,306 - - - 229,153 - $229,153 - - - 229,153 - $229,153 57 City Reimbursement LERA Bonds Issued After 12/31/10 12/29/ 2021 02/01/2032 City of Lake Elsinore City Reimbursement LERA - Debt Service All - Y $- - - - - - $- - - - - - $- Lake Elsinore Recognized Obligation Payment Schedule (ROPS 23-24) - Report of Cash Balances July 1, 2020 through June 30, 2021 (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177 (l), 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 ROPS 20-21 Cash Balances (07/01/20 - 06/30/21) Fund Sources Comments Bond Proceeds Reserve Balance Other Funds RPTTF Bonds issued on or before 12/31/10 Bonds issued on or after 01/01/11 Prior ROPS RPTTF and Reserve Balances retained for future period(s) Rent, grants, interest, etc. Non-Admin and Admin 1 Beginning Available Cash Balance (Actual 07/01/20) RPTTF amount should exclude "A" period distribution amount. 2,640,405 1,867,941 Amounts shown in Col. G1 includes Prior Period Adjustments for ROPS 17-18 ($118,173), ROPS 18-19 ($1,556,619) and ROPS 19-20 ($193,149). 2 Revenue/Income (Actual 06/30/21) RPTTF amount should tie to the ROPS 20-21 total distribution from the County Auditor-Controller 548,923 14,225,666 Amount shown in Col. G2 includes the RPTTF received for ROPS 20-21A and ROPS 20-21B 3 Expenditures for ROPS 20-21 Enforceable Obligations (Actual 06/30/21) 2,640,405 548,923 13,736,363 Amounts shown on Col. G3 reflects expenditures paid during ROPS 20-21 and does not reflect amounts reserved for future periods as shown on Col. G4 4 Retention of Available Cash Balance (Actual 06/30/21) RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 537,500 Col. G4 - Please see ROPS 20-21 PPA 5 ROPS 20-21 RPTTF Prior Period Adjustment RPTTF amount should tie to the Agency's ROPS 20-21 PPA form submitted to the CAC No entry required 69,976 Amount ties to ROPS 20-21 PPA Form 6 Ending Actual Available Cash Balance (06/30/21) $- $- $- $- $1,749,768 Amounts shown in Col. G6 includes Prior Pursuant to Health and Safety Code section 34177 (l), 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 ROPS 20-21 Cash Balances (07/01/20 - 06/30/21) Fund Sources Comments Bond Proceeds Reserve Balance Other Funds RPTTF Bonds issued on or before 12/31/10 Bonds issued on or after 01/01/11 Prior ROPS RPTTF and Reserve Balances retained for future period(s) Rent, grants, interest, etc. Non-Admin and Admin C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5) Period Adjustments forROPS 18-19 ($1,556,619) and ROPS 19-20 ($193,149). Lake Elsinore Recognized Obligation Payment Schedule (ROPS 23-24) - Notes July 1, 2023 through June 30, 2024 Item # Notes/Comments 12 13 18 20 22 23 28 29 Stadium License Fee is due to Successor Agency pursuant to Stadium License Agreement. The License Fee for the twelve month period covered by ROPS 23-24 is credited under the terms of the Interim Stadium Management Agreement 30 The obligations for Item 30 for the twelve month period covered by ROPS 23-24 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 23-24 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 23-24 are incorporated into Line 33 in accordance with the terms of the Interim Stadium Management Agreement. 33 Line 33 includes the Successor Agency obligations for Maintenance Fee, Interim Management Fee and estimated Capital Repairs under the Eighth Amendment and the First Amendment thereto and the Ninth Amendment to the Interim Stadium Management Agreement for the period July 1, 2023 through June 30, 2024. 35 39 40 41 42 44 45 46 47 48 49 50 52 54 55 Lake Elsinore Recognized Obligation Payment Schedule (ROPS 23-24) - Notes July 1, 2023 through June 30, 2024 Item # Notes/Comments 57