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Home My WebLink AboutSA 2023-002 ROPS 23-24RESOLUTION NO. SA 2023-2 A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 23-24) AND ADMINISTRATIVE BUDGET FOR JULY 1, 2023 THROUGH JUNE 30, 2024 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 2023 through June 2024; and WHEREAS, applicable law requires that the ROPS 23-24 for the period July 1, 2023 through June 30, 2024 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, 2023 or be subject to penalties; and WHEREAS, the Successor Agency staff has prepared an administrative budget for the fiscal period commencing on July 1, 2023 and continuing through June 30, 2024 (“FY 2023-24 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 23-24 for the period July 1, 2023 through June 30, 2024. 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 2023-24. SECTION 4. The Successor Agency has examined all of the items on the ROPS FY 2023-24 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: 95AF8CFC-6FD0-4461-ABDF-AE87DD33B55F 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 10th day of January 2023. Natasha Johnson, 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 2023-1 was adopted by the Successor Agency of the City of Lake Elsinore, California, at the Regular meeting of January 10, 2023, and that the same was adopted by the following vote: AYES: Agency Members Tisdale, Sheridan, and Magee; Vice-Chair Manos; and Chair Johnson NOES: None ABSENT: None ABSTAIN: None Candice Alvarez, MMC, Secretary DocuSign Envelope ID: 95AF8CFC-6FD0-4461-ABDF-AE87DD33B55F Successor Agency:Lake Elsinore Successor Agency County:Riverside Current Period Requested Funding for Enforceable Obligations (ROPS Detail) 23-24 A Total (July - December) 23-24 B 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):8,011,907$ 8,617,138$ 16,629,045$ F RPTTF 7,804,749 8,409,981 16,214,730 G Administrative RPTTF 207,158 207,157 414,315 H Current Period Enforceable Obligations (A+E):8,563,940$ 12,786,524$ 21,350,464$ 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.Signature Date Recognized Obligation Payment Schedule (ROPS 23-24) - Summary Filed for the July 1, 2023 through June 30, 2024 Period DocuSign Envelope ID: 95AF8CFC-6FD0-4461-ABDF-AE87DD33B55F A B C D E F G H I J K L M N O P Q R S T U V W Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF 194,514,239$ 21,350,464$ -$ 262,500$ 289,533$ 7,804,749$ 207,158$ 8,563,940$ -$ 3,874,176$ 295,210$ 8,409,981$ 207,157$ 12,786,524$ 12 Summerly DDA OPA/DDA/Construction 3/11/2011 9/8/2038 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 6,807,665$ 1,640,567 1,640,567$ 3,281,134 1,885,964 5,167,098$ 13 Summerly DDA Extraordinary Infrastructure Fund OPA/DDA/Construction 3/11/2011 9/8/2038 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 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 8,409,949 N 1,192,170$ 296,521 296,521$ 593,042 302,607 895,649$ 18 City Reimbursement LERA Bonds Issued After 12/31/10 7/1/2000 2/1/2032 City of Lake Elsinore City Reimbursement LERA - Debt Service All 0 N -$ -$ -$ 20 Housing Fund Loan Third-Party Loans 12/1/1995 9/8/2038 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 4,089,965$ 2,161,971 2,161,971$ 1,927,994 1,927,994$ 22 Legal Services Fees 9/27/2005 6/30/2024 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 9/8/2038 HdL Coren & Cone Tax Projections for bond & DDA compliance All 21,890 N 21,890$ 10,945 10,945$ 10,945 10,945$ 28 Estimated Admin Cost Admin Costs 2/1/2012 9/8/2038 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 3/15/2001 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 3/15/2001 12/31/2026 Lake Elsinore Storm, LP Agreement to maintain baseball field and facilities Project III 0 N -$ -$ -$ 31 Stadium Concession Agreement Miscellaneous 1/30/2002 12/31/2026 Golden State Concessions and Catering Provision of concessions for baseball games Project III 0 N -$ -$ -$ 32 Stadium Operation and Maintenance Property Maintenance 1/1/2013 9/8/2038 Various Operation and maintenance of the baseball stadium Project III 35,000,000 N -$ -$ -$ 33 Interim Stadium Management Agmt.Miscellaneous 1/1/2013 6/30/2018 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 2/1/2012 9/8/2038 City of Lake Elsinore Repayment for City Staff Support/other All 0 N -$ -$ -$ 39 Bond Disclosure Services Fees 1/28/2015 2/15/2038 Urban Futures Bond disclosure compliance All 196,300 N 18,050$ -$ 18,050 18,050$ 40 Property Maintenance Property Maintenance 9/13/2009 6/30/2014 Various Maintenance cost on Agency property Project III 0 N -$ -$ -$ 41 Subordinated Tax Allocation Refunding Bonds, Series 2015 Bonds Issued After 12/31/10 8/25/2015 9/1/2038 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 8/1/2015 9/1/2038 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 5/1/2015 6/30/2024 Various Appraisals, Title Insurance, Escrow and Closing Cost All 12,000 N 12,000$ 6,000 6,000$ 6,000 6,000$ 45 Arbitrage Fees Fees 1/28/2015 2/15/2038 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 3/5/2018 3/1/2038 Wilmington Trust Bonds issue to refund Development Obligation Projects 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 3/5/2018 3/1/2038 Wilmington Trust Bonds issue to refund Development Obligation Projects II and III 8,386,006 N 591,932$ 295,966 295,966.00$ 295,966 295,966.00$ 48 Subordinated Tax Allocation Refunding Bonds, Series 2019A Bonds Issued After 12/31/10 3/5/2018 3/1/2038 Wilmington Trust Bonds issue to refund Development Obligation Projects II and III 12,501,500 N 876,750$ 150,000 363,375 513,375.00$ 363,375 363,375.00$ 49 Interim Stadium Management Agmt.RPTTF Shortfall 1/1/2013 6/30/2038 Lake Elsinore Storm, LP Stadium Maintenance and Management Project III 0 N -$ -$ -$ 50 Tax Allocation Refunding Bonds, Series 2019B (Housing-Set-Aside) Bonds Issued After 12/31/10 10/4/2019 10/4/2019 Wilmington Trust Bond issue to refund Tax Allocation Revenue Bonds, 2010 Series B All 2,855,594 N 722,126$ 360,696 360,696.00$ 361,430 361,430.00$ 52 Tax Allocation Refunding Bonds, Series 2020A Bonds Issued After 12/31/10 4/1/2020 4/1/2020 Wilmington Trust Bond issue to refund the Tax Allocation Revenue Bonds, 2010 Series C Project I and Project II 15,840,100 N 1,150,000$ 257,500 257,500.00$ 892,500 892,500.00$ 54 Third Lien Tax Allocation Bonds, Series 2020B Bonds Issued After 12/31/10 12/23/2020 12/23/2020 Wilmington Trust Bonds issue to refund Development Obligation Projects II and III 6,701,250 N 304,800$ 152,400 152,400.00$ 152,400 152,400.00$ 55 Third Lien Tax Allocation Bonds, Series 2020C (Federally Taxable) Bonds Issued After 12/31/10 12/23/2020 12/23/2020 Wilmington Trust Bonds issue to refund Development Obligation Projects II and III 3,985,247 N 458,306$ 229,153 229,153.00$ 229,153 229,153.00$ 56 City Reimbursement LERA Bonds Issued After 12/31/10 12/29/2021 2/1/2032 City of Lake Elsinore City Reimbursement LERA - Debt Service All 11,291,350 N 1,130,200$ 565,100 565,100.00$ 565,100 565,100.00$ Fund Sources 23-24 A Total 23-24 B (January - June) Fund Sources Lake Elsinore Recognized Obligation Payment Schedule (ROPS 23-24) - ROPS Detail July 1, 2023 through June 30, 2024 (Report Amounts in Whole Dollars) Item #Project Name/Debt Obligation Obligation Type Contract/Agreement Execution Date Contract/Agreement Termination Date Payee Description/Project Scope Project Area Total Outstanding Debt or Obligation 23-24 B TotalRetiredROPS 23-24 Total 23-24 A (July - December) DocuSign Envelope ID: 95AF8CFC-6FD0-4461-ABDF-AE87DD33B55F A B C D E F G H 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 ($193,149). 2 Revenue/Income (Actual 06/30/21) RPTTF amount should tie to the ROPS 20-21 total distribution from the County Auditor-Controller 548,923 14,225,666 Amount shown in Col. G2 includes the RPTTF received for ROPS 20-21A and ROPS 20-21B 3 Expenditures for ROPS 20-21 Enforceable Obligations (Actual 06/30/21) 2,640,405 548,923 13,736,363 Amounts shown on Col. G3 reflects expenditures paid during ROPS 20-21 and does not reflect amounts reserved for future periods as shown on Col. G4 4 Retention of Available Cash Balance (Actual 06/30/21) RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 537,500 Col. G4 - Please see ROPS 20-21 PPA 5 ROPS 20-21 RPTTF Prior Period Adjustment RPTTF amount should tie to the Agency's ROPS 20-21 PPA form submitted to the CAC 69,976 Amount ties to ROPS 20-21 PPA Form 6 Ending Actual Available Cash Balance (06/30/21) C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5) 0$ 0$ 0$ 0$ 1,749,768$ Amounts shown in Col. G6 includes Prior Period Adjustments forROPS 18-19 ($1,556,619) and ROPS 19-20 ($193,149). Lake Elsinore Recognized Obligation Payment Schedule (ROPS 23-24) - Report of Cash Balances July 1, 2020 through June 30, 2021 (Report Amounts in Whole Dollars) ROPS 20-21 Cash Balances (07/01/20 - 06/30/21) Fund Sources Comments Bond Proceeds DocuSign Envelope ID: 95AF8CFC-6FD0-4461-ABDF-AE87DD33B55F Item #Notes/Comments 12 13 18 20 22 23 28 29 Stadium License Fee is due to Successor Agency pursuant to Stadium License Agreement. The License Fee for the twelve month period covered by ROPS 23-24 is credited under the terms of the Interim Stadium Management Agreement 30 The obligations for Item 30 for the twelve month period covered by ROPS 23-24 are incorporated into Line 33 in accordance with the terms of the Interim Stadium Management Agreement. 31 The obligations for Item 31 for the twelve month period covered by ROPS 23-24 are incorporated into Line 33 in accordance with the terms of the Interim Stadium Management Agreement. 32 The obligations for Item 32 for the twelve month period covered by ROPS 23-24 are incorporated into Line 33 in accordance with the terms of the Interim Stadium Management Agreement. 33 Line 33 includes the Successor Agency obligations for Maintenance Fee, Interim Management Fee and estimated Capital Repairs under the Eighth Amendment and the First Amendment thereto and the Ninth Amendment to the Interim Stadium Management Agreement for the period July 1, 2023 through June 30, 2024. 35 39 40 41 42 44 45 46 47 48 49 50 52 54 55 56 Lake Elsinore Recognized Obligation Payment Schedule (ROPS 23-24) - Notes July 1, 2023 through June 30, 2024 DocuSign Envelope ID: 95AF8CFC-6FD0-4461-ABDF-AE87DD33B55F DESCRIPTION AMOUNT City Staff Support Costs 286,815.00$ Operating Costs:Professional/ Outside Services 75,000.00 Auditors 37,500.00 Other 15,000.00 Total Operating Costs 127,500.00$ Total Administrative Budget 414,315.00$ SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINOREADMINISTRATIVE BUDGET - FY 2023-24 DocuSign Envelope ID: 95AF8CFC-6FD0-4461-ABDF-AE87DD33B55F