HomeMy WebLinkAboutItem No. 15 Recognized Obligation Payment Schedule (ROPS 25-26) for July 1, 2025 through June 30, 202615)Recognized Obligation Payment Schedule (ROPS 25-26) for July 1, 2025 through
June 30, 2026
1.Find that the project is exempt from the California Environmental Quality Act (CEQA)
pursuant to Section 15061(b)(3) of the State CEQA Guidelines; and
2.Adopt a RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT
AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING THE
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 25-26) AND
ADMINISTRATIVE BUDGET FOR THE PERIOD JULY 1, 2025, THROUGH JUNE 30,
2026
Page 1 of 2
REPORT TO THE SUCCESSOR AGENCY OF THE
REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE
To:Honorable Chair and Members of the Successor Agency
From:Jason Simpson, Executive Director
Prepared by:Barbara Leibold, Agency Attorney
Date:January 14, 2025
Subject:Recognized Obligation Payment Schedule (ROPS 25-26) for July 1, 2025
through June 30, 2026
Recommendation
1. Find that the project is exempt from the California Environmental Quality Act (CEQA) pursuant
to Section 15061(b)(3) of the State CEQA Guidelines; and
2. Adopt a RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT
AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING THE
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 25-26) AND
ADMINISTRATIVE BUDGET FOR THE PERIOD JULY 1, 2025, THROUGH JUNE 30, 2026
Background
As part of the dissolution of the former Redevelopment Agency, Health and Safety Code Section
34177 (added by AB 1X 26, as amended to date) requires the Successor Agency to adopt a
Recognized Obligation Payment Schedule (ROPS) that lists all obligations of the former
redevelopment agency that are enforceable within the meaning of subdivision (d) of Section
34167 for each twelve month period of each fiscal year. The Successor Agency has previously
adopted ROPS for prior twelve month periods. The previous ROPS have been approved by the
Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake
Elsinore and the State Department of Finance (DOF).
Discussion
Applicable law requires that the ROPS for July 2025 through June 2026 be submitted to DOF and
the State Controller’s office, after approval by the Riverside Countywide Oversight Board, no later
than February 1, 2025. The DOF has five (5) days after submittal to request a review and forty-
five (45) days to review the ROPS if it decides to do so. If the ROPS is not submitted by the
deadline, the City is subject to a $10,000 fine for every day the ROPS is late and the administrative
cost allowance for the Successor Agency is reduced by 25% after 10 days.
ROPS 25-26 Approval
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The attached ROPS 25-26 for the period July 1, 2025 – June 30, 2026 follows the form prescribed
by the DOF and incorporates all of the remaining obligations identified in the previous ROPS.
Notably, the Housing Fund Loan (Line 20) has been retired along with other less significant
obligations. As a result, the RPTTF required to fund the Successor Agency’s enforceable
obligations in the 25-26 ROPS is reduced by more than $8.2 million compared to the 24-25 ROPS
period. As the Successor Agency winds down the former Redevelopment Agency, the primary
remaining enforceable obligations are the outstanding bonds, Stadium operation and
maintenance, and the Summerly Disposition and Development Agreement. No new line items
have been added.
In compliance with DOF guidance, all administrative costs have been combined into one line item
and Successor Agency staff has prepared the attached administrative budget for the fiscal period
commencing on July 1, 2025 and continuing through June 30, 2026 (“FY 2025 - 2026
Administrative Budget”). The Successor Agency is entitled to an administrative cost allowance
(the “Administrative Cost Allowance”) pursuant to Health and Safety Code Sections 34171(b) and
34183(a)(3) in the approximate amount of $549,329 for the 2025-25 fiscal year of which
approximately $274,665 will be disbursed July 1, 2025 and approximately $274,665 will be
disbursed January 2, 2026.
The attached ROPS 25-26 and FY 2025-2026 Administrative Budget will be considered by the
Riverside Countywide Oversight Board on January 16, 2025 and subsequently submitted to the
State Department of Finance.
CEQA Exemption
Pursuant to the California Environmental Quality Act (CEQA), based upon a review of the
evidence and information presented on the matter, adoption of the ROPS FY 2025-26 and the
Administrative Budget FY 2025-26 is categorically exempt from CEQA pursuant to Section
15061(b)(3) of the State CEQA Guidelines because there is no possibility that the activities in
question will have a significant impact on the environment and the amendment is merely the
adoption of annual budget; it will not require any construction activities and will not lead to any
direct or reasonably foreseeable indirect physical environmental impacts.
Attachments
Attachment 1 – Resolution
Exhibit A – ROPS 25-26
Exhibit B – Administrative Budget FY 25-26
City Attorney
RESOLUTION NO. SA-2025-___
A RESOLUTION OF THE SUCCESSOR AGENCY OF THE
REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE
APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE
(ROPS 25-26) AND ADMINISTRATIVE BUDGET FOR JULY 1, 2025
THROUGH JUNE 30, 2026
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 2025 through June 2026; and
WHEREAS, applicable law requires that the ROPS 25-26 for the period July 1, 2025
through June 30, 2026 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,
2025 or be subject to penalties; and
WHEREAS, the Successor Agency staff has prepared an administrative budget for the
fiscal period commencing on July 1, 2025 and continuing through June 30, 2026 (“FY 2025-26
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 25-26 for the period July 1, 2025
through June 30, 2026. 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 2025-26.
SECTION 4.The Successor Agency has examined all of the items on the ROPS FY
2025-26 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
Reso. No. SA-2025____
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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.
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, APPROVED AND ADOPTED at a regular meeting of the Successor Agency
of the Redevelopment Agency of the City of Lake Elsinore, held this 14th day of January 2025.
Brian Tisdale
Chair
Attest:
Candice Alvarez, MMC
Agency Secretary
Reso. No. SA-2025____
Page 3 of 5
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-2025- was adopted
by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore at a
Regular meeting held on the 14th day of January 2025 by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
Candice Alvarez, MMC
Agency Secretary
EXHIBIT A
ROPS 25-26
EXHIBIT B
ADMINISTRATIVE BUDGET FY 25-26
Recognized Obligation Payment Schedule (ROPS 25-26) - Summary
Filed for the July 1, 2025 through June 30, 2026 Period
Successor Agency: Lake Elsinore
County: Riverside
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
25-26A Total
(July -
December)
25-26B Total
(January -
June)
ROPS 25-26
Total
A Enforceable Obligations Funded as Follows (B+C+D) $ 1,517,500 $ - $ 1,517,500
B Bond Proceeds - - -
C Reserve Balance 1,517,500 - 1,517,500
D Other Funds - - -
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 5,982,967 $ 7,912,632 $ 13,895,599
F RPTTF 5,708,302 7,637,968 13,346,270
G Administrative RPTTF 274,665 274,664 549,329
H Current Period Enforceable Obligations (A+E) $ 7,500,467 $ 7,912,632 $ 15,413,099
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 25-26) - ROPS Detail
July 1, 2025 through June 30, 2026
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
25-26 Total
ROPS 25-26A (Jul - Dec)
25-26A
Total
ROPS 25-26B (Jan - Jun)
25-26B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
$155,972,531 $15,413,099 $- $1,517,500 $- $5,708,302 $274,665 $7,500,467 $- $- $- $7,637,968 $274,664 $7,912,632
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
47,996,173 N $2,312,473 - - - 106,742 - $106,742 - - - 2,205,731 - $2,205,731
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
Project
II and
III
10,390,035 N $476,265 - - - 99,146 - $99,146 - - - 377,119 - $377,119
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
25-26 Total
ROPS 25-26A (Jul - Dec)
25-26A
Total
ROPS 25-26B (Jan - Jun)
25-26B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
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.
18 City
Reimbursement
LERA
Bond
Reimbursement
Agreements
07/01/
2000
02/01/2032 City of Lake
Elsinore
City
Reimbursement
LERA - Debt
Service
All 8,861,850 N $1,127,213 - - - 563,606 - $563,606 - - - 563,607 - $563,607
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 - Y $- - - - - - $- - - - - - $-
22 Legal Services Fees 07/01/
2024
09/01/2039 Leibold
McClendon
& Mann
Legal services
for projects,
bonds & DDA/
Stadium
Agreement
compliance.
All 80,000 N $80,000 - - - 40,000 - $40,000 - - - 40,000 - $40,000
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
25-26 Total
ROPS 25-26A (Jul - Dec)
25-26A
Total
ROPS 25-26B (Jan - Jun)
25-26B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
23 Consultant
Fees
Fees 10/23/
2007
09/08/2025 HdL Coren
& Cone
Tax Projections
for bond & DDA
compliance
All 24,176 N $24,176 - - - 12,088 - $12,088 - - - 12,088 - $12,088
28 Estimated
Admin Cost
Admin Costs 02/01/
2012
09/08/2038 City of Lake
Elsinore
City Staff
Support/other
admin
reimbursement
All 549,329 N $549,329 - - - - 274,665 $274,665 - - - - 274,664 $274,664
29 Stadium
License
Agreement
Miscellaneous 03/15/
2001
12/31/2026 Lake
Elsinore
Storm, LP
License to use
stadium for
baseball games
Project
III
- N $- - - - - - $- - - - - - $-
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
09/03/2043 Various Operation and
maintenance of
the baseball
stadium
Project
III
34,000,000 N $- - - - - - $- - - - - - $-
33 Interim Stadium
Management
Agmt.
Miscellaneous 01/01/
2013
09/30/2026 Lake
Elsinore
Storm, LP
Stadium
Maintenance
and
Management
Project
III
4,126,750 N $4,126,750 - - - 2,114,492 - $2,114,492 - - - 2,012,258 - $2,012,258
35 Administrative
Reimbursement
RPTTF
Shortfall
02/01/
2012
09/08/2038 City of Lake
Elsinore
Repayment for
City Staff
Support/other
All - Y $- - - - - - $- - - - - - $-
39 Bond
Disclosure
Services
Fees 07/01/
2023
06/30/2026 Urban
Futures
Bond
disclosure
compliance
All 212,260 N $18,300 - - - - - $- - - - 18,300 - $18,300
40 Property
Maintenance
Property
Maintenance
09/13/
2009
06/30/2019 Various Maintenance
cost on Agency
property
Project
III
- Y $- - - - - - $- - - - - - $-
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 3,687,809 N $477,156 - 125,000 - 176,078 - $301,078 - - - 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 131,000 N $13,000 - - - 6,500 - $6,500 - - - 6,500 - $6,500
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
25-26 Total
ROPS 25-26A (Jul - Dec)
25-26A
Total
ROPS 25-26B (Jan - Jun)
25-26B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
44 Reconveyance
Cost
Property
Dispositions
05/01/
2015
06/30/2025 Various Appraisals,
Title Insurance,
Escrow and
Closing Cost
All - Y $- - - - - - $- - - - - - $-
45 Arbitrage Fees Fees 07/01/
2024
06/30/2026 Various Arbitrage fees
for bonds
All 36,600 N $6,600 - - - 3,600 - $3,600 - - - 3,000 - $3,000
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
2,210,063 N $155,544 - - - 77,772 - $77,772 - - - 77,772 - $77,772
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
7,201,494 N $592,882 - - - 296,441 - $296,441 - - - 296,441 - $296,441
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
11,063,375 N $887,750 - 165,000 - 363,000 - $528,000 - - - 359,750 - $359,750
49 Interim Stadium
Management
Agmt.
RPTTF
Shortfall
01/01/
2013
06/30/2038 Lake
Elsinore
Storm, LP
Stadium
Maintenance
and
Management
Project
III
- Y $- - - - - - $- - - - - - $-
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 1,427,959 N $712,014 - 352,500 - 359,514 - $712,014 - - - - - $-
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
14,810,100 N $3,089,200 - 875,000 - 1,107,100 - $1,982,100 - - - 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
6,093,200 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
3,070,358 N $459,447 - - - 229,723 - $229,723 - - - 229,724 - $229,724
Lake Elsinore
Recognized Obligation Payment Schedule (ROPS 25-26) - Report of Cash Balances
July 1, 2022 through June 30, 2023
(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 22-23 Cash Balances
(07/01/22 - 06/30/23)
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 07/01/22)
RPTTF amount should exclude "A" period distribution
amount.
- 585,000 239,337 3,290,686 Col G Line 1 - Amount shown reflects ROPS
19-20 Prior Period Adjustment (PPA)
($1,309,622), ROPS 20-21 PPA ($1,986,721)
and ROPS 21-22 PPA ($50,760),
expenditures of $50,760 due from the City for
administrative expense in excess of approved
ROPS
2 Revenue/Income (Actual 06/30/23)
RPTTF amount should tie to the ROPS 22-23 total
distribution from the County Auditor-Controller
- - 17,126,701
3 Expenditures for ROPS 22-23 Enforceable Obligations
(Actual 06/30/23)
- 585,000 33,431 18,483,116
4 Retention of Available Cash Balance (Actual 06/30/23)
RPTTF amount retained should only include the amounts
distributed as reserve for future period(s)
- - 120,000 602,500
5 ROPS 22-23 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 22-23 PPA
form submitted to the CAC
No entry required 41,531
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 22-23 Cash Balances
(07/01/22 - 06/30/23)
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
6 Ending Actual Available Cash Balance (06/30/23)
C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)
$- $- $- $85,906 $1,290,240 Col G Line 6 - Amount shown reflects
ROPS 20-21 Prior Period Adjustment
(PPA) ($1,986,721) and ROPS 21-22 PPA
($50,760), expenditures of $56,417 due
from the City for administrative expense in
excess of approved ROPS
Lake Elsinore
Recognized Obligation Payment Schedule (ROPS 25-26) - Notes
July 1, 2025 through June 30, 2026
Item # Notes/Comments
12
13
18
20
22
23
28
29 The Stadium License Agreement (Line 29), the Stadium Maintenance Agreement (Line 30) and the
Stadium Concession Agreement (Line 32) (collectively “Stadium Operations Contract”) set forth the
rights and obligations of the former Redevelopment Agency on the one hand and the Storm and its
affiliates on the other hand with respect to the use, operation, maintenance, and management of the
Diamond Stadium. Upon dissolution of the former Redevelopment Agency, the Successor Agency and
the Storm entered into the Interim Stadium Management Agreement and subsequent amendments
thereto (Line 33) which incorporate the Stadium Operations Agreements by reference. Under the
Interim Stadium Management Agreement (Line 33) the License Fee for the period covered by ROPS
25-26 is waived as part of the compensation to the Storm for its performance of the operation,
maintenance and management of the Diamond Stadium.
30 The Stadium License Agreement (Line 29), the Stadium Maintenance Agreement (Line 30) and the
Stadium Concession Agreement (Line 32) (collectively “Stadium Operations Contract”) set forth the
rights and obligations of the former Redevelopment Agency on the one hand and the Storm and its
affiliates on the other hand with respect to the use, operation, maintenance, and management of the
Diamond Stadium. Upon dissolution of the former Redevelopment Agency, the Successor Agency and
the Storm entered into the Interim Stadium Management Agreement and subsequent amendments
thereto (Line 33) which incorporate the Stadium Operations Agreements by reference. Under the
Interim Stadium Management Agreement (Line 33) the Maintenance Fee for the period covered by
ROPS 25-26 is included as part of the compensation to the Storm for its performance of the operation,
maintenance and management of the Diamond Stadium.
31 The Stadium License Agreement (Line 29), the Stadium Maintenance Agreement (Line 30) and the
Stadium Concession Agreement (Line 32) (collectively “Stadium Operations Contract”) set forth the
rights and obligations of the former Redevelopment Agency on the one hand and the Storm and its
affiliates on the other hand with respect to the use, operation, maintenance, and management of the
Diamond Stadium. Upon dissolution of the former Redevelopment Agency, the Successor Agency and
the Storm entered into the Interim Stadium Management Agreement and subsequent amendments
thereto (Line 33) which incorporate the Stadium Operations Agreements by reference. Under the
Interim Stadium Management Agreement (Line 33) the Concession Fee covered by ROPS 25-26 is
credited and assigned to the Storm as part of the compensation to the Storm for its performance of the
operation, maintenance and management of the Diamond Stadium.
32 The Diamond Stadium site was donated to the Former Redevelopment Agency in 1993 subject to a
50-year covenant obligating the Agency to own and operate the Diamond Stadium as a minor league
baseball stadium. The operation, maintenance and management obligations for the period covered by
ROPS 25-26 are incorporated into the Interim Stadium Management Agreement (Line 33). Upon
expiration of the Interim Stadium Management Agreement, the operation, management and
Lake Elsinore
Recognized Obligation Payment Schedule (ROPS 25-26) - Notes
July 1, 2025 through June 30, 2026
Item # Notes/Comments
maintenance obligations must be performed by the Successor Agency through 2043.
33 The Interim Stadium Management Agreement incorporates all of the obligations under the Stadium
Operations Contract (Lines 29-31) and the operation and maintenance obligations under Line 32. The
obligations under the Interim Stadium Management Agreement include compensation to the Storm for
the performance of the management, maintenance and operation services of the Diamond Stadium
and necessary Capital Repairs.
35
39
40
41
42
44
45
46
47
48
49
50
52
54
55
DESCRIPTION AMOUNT
City Staff Support Costs 405,129.00$
Operating Costs:
Professional/ Outside Services 87,550.00
Auditors 41,200.00
Other 15,450.00
Total Operating Costs 144,200.00$
Total Administrative Budget 549,329.00$
SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE
ADMINISTRATIVE BUDGET - FY2025-26