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Home My WebLink AboutSA 2024-02 Recognized Obligation Payment Schedule (ROPS 24-25) for July 1, 2024 through June 30, 2024RESOLUTION NO. SA 2024-2 A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 24-25) AND ADMINISTRATIVE BUDGET FOR JULY 1, 2024 THROUGH JUNE 30, 2025 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 2024 through June 2025; and WHEREAS, applicable law requires that the ROPS 24-25 for the period July 1, 2024 through June 30, 2025 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, 2024 or be subject to penalties; and WHEREAS, the Successor Agency staff has prepared an administrative budget for the fiscal period commencing on July 1, 2024 and continuing through June 30, 2025 (“FY 2024-25 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 24-25 for the period July 1, 2024 through June 30, 2025. 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 2024-25. SECTION 4. The Successor Agency has examined all of the items on the ROPS FY 2024-25 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 DocuSign Envelope ID: 794486E1-D539-4712-BC2A-4BA86B420572 Reso. No. SA 2024-2 Page 2 of 3 expeditious wind-down of the affairs of the former Redevelopment Agency of the City of Lake Elsinore. 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 at a regular meeting of the Successor Agency of the City of Lake Elsinore, California, this 9h day of January 2024. Steve Manos Chair Attest: Candice Alvarez, MMC Secretary DocuSign Envelope ID: 794486E1-D539-4712-BC2A-4BA86B420572 Reso. No. SA 2024-2 Page 3 of 3 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 City of Lake Elsinore, California, do hereby certify that Resolution No. SA 2024-2 was adopted by the Successor Agency of the City of Lake Elsinore, California, at the Regular meeting of January 9, 2024 and that the same was adopted by the following vote: AYES: Agency Members Johnson, Magee, and Sheridan; Vice Chair Tisdale; and Chair Manos NOES: None ABSENT: None ABSTAIN: None Candice Alvarez, MMC Secretary DocuSign Envelope ID: 794486E1-D539-4712-BC2A-4BA86B420572 Recognized Obligation Payment Schedule (ROPS 24-25) - Summary Filed for the July 1, 2024 through June 30, 2025 Period Successor Agency: Lake Elsinore County: Riverside Current Period Requested Funding for Enforceable Obligations (ROPS Detail) 24-25A Total (July - December) 24-25B Total (January - June) ROPS 24-25 Total A Enforceable Obligations Funded as Follows (B+C+D) $ 1,680,929 $ 307,019 $ 1,987,948 B Bond Proceeds - - - C Reserve Balance 1,260,000 -1,260,000 D Other Funds 420,929 307,019 727,948 E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 11,269,440 $ 10,572,136 $ 21,841,576 F RPTTF 11,046,620 10,349,317 21,395,937 G Administrative RPTTF 222,820 222,819 445,639 H Current Period Enforceable Obligations (A+E) $ 12,950,369 $ 10,879,155 $ 23,829,524 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 Steve Manos Chair DocuSign Envelope ID: 794486E1-D539-4712-BC2A-4BA86B420572 1/9/2024 | 8:58 PM PST Lake Elsinore Recognized Obligation Payment Schedule (ROPS 24-25) - ROPS Detail July 1, 2024 through June 30, 2025 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 24-25 Total ROPS 24-25A (Jul - Dec) 24-25A Total ROPS 24-25B (Jan - Jun) 24-25B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF $175,195,868 $23,829,524 $- $1,260,000 $420,929 $11,046,620 $222,820 $12,950,369 $- $- $307,019 $10,349,317 $222,819 $10,879,155 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 50,755,343 N $2,132,953 - - - 375,828 - $375,828 - - - 1,757,125 - $1,757,125 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 property values Project II and III 10,371,755 N $428,270 - - - 11,823 - $11,823 - - - 416,447 - $416,447 DocuSign Envelope ID: 794486E1-D539-4712-BC2A-4BA86B420572 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 24-25 Total ROPS 24-25A (Jul - Dec) 24-25A Total ROPS 24-25B (Jan - Jun) 24-25B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF 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 Bond Reimbursement Agreements 07/01/ 2000 02/01/2032 City of Lake Elsinore City Reimbursement LERA - Debt Service All - Y $- - - - - - $- - - - - - $- 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 9,774,213 N $9,774,213 - - 120,000 6,230,753 - $6,350,753 - - - 3,423,460 - $3,423,460 22 Legal Services Fees 09/27/ 2005 06/30/2025 Leibold McClendon & Mann Legal services for projects, bonds & DDA/ Stadium Agreement compliance. All 35,000 N $35,000 - - - 17,500 - $17,500 - - - 17,500 - $17,500 23 Consultant Fees Fees 10/23/ 2007 09/08/2025 HdL Coren & Cone Tax Projections for bond & DDA compliance All 25,500 N $25,500 - - - 12,750 - $12,750 - - - 12,750 - $12,750 28 Estimated Admin Costs 02/01/09/08/2038 City of Lake City Staff All 445,639 N $445,639 - - - - 222,820 $222,820 - - - - 222,819 $222,819 DocuSign Envelope ID: 794486E1-D539-4712-BC2A-4BA86B420572 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 24-25 Total ROPS 24-25A (Jul - Dec) 24-25A Total ROPS 24-25B (Jan - Jun) 24-25B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Admin Cost 2012 Elsinore Support/other admin reimbursement 29 Stadium License Agreement Miscellaneous 03/15/ 2001 12/31/2026 Lake Elsinore Storm, LP License to use stadium for baseball games Project III 2,134,132 N $607,948 - - 300,929 - - $300,929 - - 307,019 - - $307,019 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 2,624,782 N $2,624,782 - - - 1,265,849 - $1,265,849 - - - 1,358,933 - $1,358,933 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 279,000 N $24,000 - - - - - $- - - - 24,000 - $24,000 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 4,029,066 N $471,956 - 120,000 - 175,878 - $295,878 - - - 176,078 - $176,078 42 Fiscal Agent Fees Fees 08/01/ 2015 09/01/2038 Wilmington Trust Annual fiscal agent fees for bonds issues All 144,000 N $15,000 - - - 8,500 - $8,500 - - - 6,500 - $6,500 44 Reconveyance Cost Property Dispositions 05/01/ 2015 06/30/2025 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 01/28/ 2015 02/15/2038 Various Arbitrage fees for bonds All 63,000 N $9,000 - - - 6,000 - $6,000 - - - 3,000 - $3,000 DocuSign Envelope ID: 794486E1-D539-4712-BC2A-4BA86B420572 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 24-25 Total ROPS 24-25A (Jul - Dec) 24-25A Total ROPS 24-25B (Jan - Jun) 24-25B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF 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 2,370,088 N $152,794 - - - 76,397 - $76,397 - - - 76,397 - $76,397 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 7,793,425 N $590,068 - - - 295,034 - $295,034 - - - 295,034 - $295,034 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 11,782,625 N $883,875 - 157,500 - 363,375 - $520,875 - - - 363,000 - $363,000 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 2,142,586 N $1,068,445 - 347,500 - 361,430 - $708,930 - - - 359,515 - $359,515 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 15,325,100 N $2,634,600 - 635,000 - 892,500 - $1,527,500 - - - 1,107,100 - $1,107,100 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 6,398,000 N $305,000 - - - 152,500 - $152,500 - - - 152,500 - $152,500 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 3,528,664 N $459,206 - - - 229,603 - $229,603 - - - 229,603 - $229,603 58 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 10,161,950 N $1,129,275 - - - 564,900 - $564,900 - - - 564,375 - $564,375 DocuSign Envelope ID: 794486E1-D539-4712-BC2A-4BA86B420572 Lake Elsinore Recognized Obligation Payment Schedule (ROPS 24-25) - Report of Cash Balances July 1, 2021 through June 30, 2022 (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 21-22 Cash Balances (07/01/21 - 06/30/22) 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 07/01/21) RPTTF amount should exclude "A" period distribution amount. 2,093,429 2,084,986 2 Revenue/Income (Actual 06/30/22) RPTTF amount should tie to the ROPS 21-22 total distribution from the County Auditor-Controller 679,221 17,537,120 3 Expenditures for ROPS 21-22 Enforceable Obligations (Actual 06/30/22) 2,093,429 559,221 18,514,396 4 Retention of Available Cash Balance (Actual 06/30/22) RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 120,000 585,000 5 ROPS 21-22 RPTTF Prior Period Adjustment RPTTF amount should tie to the Agency's ROPS 21-22 PPA form submitted to the CAC No entry required 50,760 6 Ending Actual Available Cash Balance (06/30/22) C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5) $- $- $- $- $471,950 DocuSign Envelope ID: 794486E1-D539-4712-BC2A-4BA86B420572 Lake Elsinore Recognized Obligation Payment Schedule (ROPS 24-25) - Notes July 1, 2024 through June 30, 2025 Item # Notes/Comments 12 13 18 20 22 23 28 29 Stadium License Fee is due to the Successor Agency pursuant to the Stadium License Agreement. The License Fee for the twelve month period covered by ROP 24-25 is credited under the terms of the Interim Stadium Management Agreement. 30 The obligation for Item 30 for the twelve month period covered by ROPS 24-25 are incorporated into Line 33 in accordance with the terms of the Interim Stadium Management Agreement. 31 The obligation for Item 31 for the twelve month period covered by ROPS 24-25 are incorporated into Line 33 in accordance with the terms of the Interim Stadium Management Agreement. 32 The obligation for Item 32 for the twelve month period covered by ROPS 24-25 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 Ninth Amendment and the First Amendment thereto and the Tenth Amendment to the Interim Stadium Mangement Agreement for the period July 1, 2024 through June 30, 2025. 35 39 40 41 42 44 45 46 47 48 49 50 52 54 55 DocuSign Envelope ID: 794486E1-D539-4712-BC2A-4BA86B420572 Lake Elsinore Recognized Obligation Payment Schedule (ROPS 24-25) - Notes July 1, 2024 through June 30, 2025 Item # Notes/Comments 58 DocuSign Envelope ID: 794486E1-D539-4712-BC2A-4BA86B420572 SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE ADMINISTRATIVE BUDGET - FY 2024-25 DESCRIPTION AMOUNT City Staff Support Costs $305,639.00 Operating Costs: Professional/ Outside Services $ 85,000.00 Auditors $ 40,000.00 Other $ 15,000.00 Total Operating Costs $140,000.00 Total Administrative Budget $445,639.00 DocuSign Envelope ID: 794486E1-D539-4712-BC2A-4BA86B420572