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Home My WebLink AboutSA 2026-001 ROPS 26-27 and Administrative Budget for FY 2026-27RESOLUTION NO. SA 2026-1 A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 26-27) AND ADMINISTRATIVE BUDGET FOR JULY 1, 2026 THROUGH JUNE 30, 2027 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 2026 through June 2027; and WHEREAS, applicable law requires that the ROPS 26-27 for the period July 1, 2026 through June 30, 2027 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 2, 2026 or be subject to penalties; and WHEREAS, the Successor Agency staff has prepared an administrative budget for the fiscal period commencing on July 1, 2026 and continuing through June 30, 2027 (“FY 26-27 Administrative Budget”), substantially in the form shown in Attachment “B”, attached hereto and incorporated herein by this reference; 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 Recognized Obligation Payment Schedule 26-27 for the period July 1, 2026 through June 30, 2027. 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 26-27. SECTION 4. The Successor Agency has examined all of the items on the ROPS FY 26-27 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: 3F20A0E3-A477-4124-8438-069EF5B3A2CD SA Reso No. SA 2026-1 Page 2 of 2 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 Redevelopment Agency of the City of Lake Elsinore, California, this 13th day of January 2026. Robert E. Magee 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 of the Redevelopment Agency of the City of Lake Elsinore, California, do hereby certify that Resolution No. SA 2026-1 was adopted by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, California, at the Regular meeting of January 13, 2026 and that the same was adopted by the following vote: AYES: Agency Members Tisdale, Manos, and Carroll; Vice Chair Sheridan; and Chair Magee NOES: None ABSENT: None ABSTAIN: None Candice Alvarez, MMC Secretary Docusign Envelope ID: 3F20A0E3-A477-4124-8438-069EF5B3A2CD EXHIBIT A ROPS 26-27 Docusign Envelope ID: 3F20A0E3-A477-4124-8438-069EF5B3A2CD Recognized Obligation Payment Schedule (ROPS 26-27) - Summary Filed for the July 1, 2026 through June 30, 2027 Period Successor Agency: Lake Elsinore County: Riverside Current Period Requested Funding for Enforceable Obligations (ROPS Detail) 26-27A Total (July - December) 26-27B Total (January - June) ROPS 26-27 Total A Enforceable Obligations Funded as Follows (B+C+D) $ 1,210,000 $ - $ 1,210,000 B Bond Proceeds - - - C Reserve Balance 1,210,000 - 1,210,000 D Other Funds - - - E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 7,272,176 $ 6,740,814 $ 14,012,990 F RPTTF 7,072,605 6,541,243 13,613,848 G Administrative RPTTF 199,571 199,571 399,142 H Current Period Enforceable Obligations (A+E) $ 8,482,176 $ 6,740,814 $ 15,222,990 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: 3F20A0E3-A477-4124-8438-069EF5B3A2CD 1/13/2026 | 8:37 PM PST Robert E. Magee Chair Lake Elsinore Recognized Obligation Payment Schedule (ROPS 26-27) - ROPS Detail July 1, 2026 through June 30, 2027 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 26-27 Total ROPS 26-27A (Jul - Dec) 26-27A Total ROPS 26-27B (Jan - Jun) 26-27B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF $157,443,585 $15,222,990 $- $1,210,000 $- $7,072,605 $199,571 $8,482,176 $- $- $- $6,541,243 $199,571 $6,740,814 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 44,985,314 N $2,431,070 - - - 564,128 - $564,128 - - - 1,866,942 - $1,866,942 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 9,782,210 N $459,281 - - - 38,567 - $38,567 - - - 420,714 - $420,714 Docusign Envelope ID: 3F20A0E3-A477-4124-8438-069EF5B3A2CD 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 26-27 Total ROPS 26-27A (Jul - Dec) 26-27A Total ROPS 26-27B (Jan - Jun) 26-27B 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 7,748,344 N $1,127,362 - - - 563,681 - $563,681 - - - 563,681 - $563,681 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 23 Consultant Fees Fees 10/23/ 2007 09/08/2025 HdL Coren & Cone Tax Projections for bond & DDA compliance All 24,800 N $24,800 - - - 12,400 - $12,400 - - - 12,400 - $12,400 28 Estimated Admin Cost Admin Costs 02/01/ 2012 09/08/2038 City of Lake Elsinore City Staff Support/other admin reimbursement All 399,142 N $399,142 - - - - 199,571 $199,571 - - - - 199,571 $199,571 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 $- - - - - - $- - - - - - $- Docusign Envelope ID: 3F20A0E3-A477-4124-8438-069EF5B3A2CD 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 26-27 Total ROPS 26-27A (Jul - Dec) 26-27A Total ROPS 26-27B (Jan - Jun) 26-27B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF 32 Stadium Operation and Maintenance Property Maintenance 01/01/ 2013 09/05/2043 Various Operation and maintenance of the baseball stadium Project III 46,750,000 N $1,209,757 - - - - - $- - - - 1,209,757 - $1,209,757 33 Interim Stadium Management Agmt. Miscellaneous 01/01/ 2013 12/31/2026 Lake Elsinore Storm, LP Stadium Maintenance and Management Project III 3,432,948 N $3,432,948 - - - 3,432,948 - $3,432,948 - - - - - $- 39 Bond Disclosure Services Fees 07/01/ 2023 06/30/2026 Urban Futures Bond disclosure compliance All 265,127 N $12,768 - - - - - $- - - - 12,768 - $12,768 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 3,340,853 N $484,456 - 130,000 - 176,078 - $306,078 - - - 178,378 - $178,378 42 Fiscal Agent Fees Fees 08/01/ 2015 09/01/2038 Wilmington Trust Annual fiscal agent fees for bonds issues All 122,000 N $12,500 - - - 6,000 - $6,000 - - - 6,500 - $6,500 45 Arbitrage Fees Fees 07/01/ 2024 06/30/2026 Various Arbitrage fees for bonds All 49,800 N $19,800 - - - 16,800 - $16,800 - - - 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 2,057,269 N $153,182 - - - 76,591 - $76,591 - - - 76,591 - $76,591 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 6,611,425 N $594,232 - - - 297,116 - $297,116 - - - 297,116 - $297,116 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 10,344,500 N $893,500 - 170,000 - 359,750 - $529,750 - - - 363,750 - $363,750 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 - Y $- - - - - - $- - - - - - $- 52 Tax Allocation Refunding Bonds, Series Bonds Issued After 12/31/10 04/01/ 2020 09/01/2030 Wilmington Trust, National Bond issue to refund the Tax Allocation Project I and Project 13,050,500 N $3,125,300 - 910,000 - 1,107,100 - $2,017,100 - - - 1,108,200 - $1,108,200 Docusign Envelope ID: 3F20A0E3-A477-4124-8438-069EF5B3A2CD 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 26-27 Total ROPS 26-27A (Jul - Dec) 26-27A Total ROPS 26-27B (Jan - Jun) 26-27B Total Fund Sources Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF 2020A Association Revenue Bonds, 2010 Series C II 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 5,788,200 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 2,611,153 N $458,092 - - - 229,046 - $229,046 - - - 229,046 - $229,046 Docusign Envelope ID: 3F20A0E3-A477-4124-8438-069EF5B3A2CD Lake Elsinore Recognized Obligation Payment Schedule (ROPS 26-27) - Report of Cash Balances July 1, 2023 through June 30, 2024 (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 23-24 Cash Balances (07/01/23 - 06/30/24) 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 07/01/23) RPTTF amount should exclude "A" period distribution amount. 602,500 30,509 1,981,064 Col. G Line 1 - 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 2 Revenue/Income (Actual 06/30/24) RPTTF amount should tie to the ROPS 23-24 total distribution from the County Auditor-Controller - 345,678 17,522,985 3 Expenditures for ROPS 23-24 Enforceable Obligations (Actual 06/30/24) 602,500 289,533 18,017,584 4 Retention of Available Cash Balance (Actual 06/30/24) RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 120,000 1,260,000 5 ROPS 23-24 RPTTF Prior Period Adjustment RPTTF amount should tie to the Agency's ROPS 23-24 PPA form submitted to the CAC No entry required 35,690 6 Ending Actual Available Cash Balance (06/30/24) $- $- $- $(33,346) $190,775 Col. G Line 6 - Amount shown reflects Docusign Envelope ID: 3F20A0E3-A477-4124-8438-069EF5B3A2CD 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 23-24 Cash Balances (07/01/23 - 06/30/24) 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) ROPS 21-22 Prior Period Adjustment (PPA) ($50,754) and ROPS 22-23 PPA ($88,452), Expenditures of $88,232 due from the City for administrative expense in excess of approved ROPS Docusign Envelope ID: 3F20A0E3-A477-4124-8438-069EF5B3A2CD Lake Elsinore Recognized Obligation Payment Schedule (ROPS 26-27) - Notes July 1, 2026 through June 30, 2027 Item # Notes/Comments 12 13 18 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 26-27 “A” (July 1, 2026 – December 31, 2026) 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 26-27 “A” (July 1, 2026 – December 31, 2026) 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 26-27 “A” (July 1, 2026 – December 31, 2026) 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 26-27 “A” (July 1, 2026 – December 31, 2026) are incorporated into the Interim Stadium Management Agreement (Line 33). Upon expiration of the Interim Stadium Management Agreement Docusign Envelope ID: 3F20A0E3-A477-4124-8438-069EF5B3A2CD Lake Elsinore Recognized Obligation Payment Schedule (ROPS 26-27) - Notes July 1, 2026 through June 30, 2027 Item # Notes/Comments and underlying Stadium Operations Contracts, the operation, management and maintenance obligations must be performed by the Successor Agency through 2043. For the for the period covered by ROPS 26-27 “B” (January 1, 2027 – June 30, 2027) the Successor Agency has entered into a Stadium Operation and Maintenance Agreement with the City to perform these services. 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 for the period covered by ROPS 26-27 “A” (July 1, 2026 – December 31, 2026). The Extension to the Eleventh Amendment to the Interim Stadium Management Agreement extends the Interim Agreement 3 months to coincide with the expiration of the Stadium Operations Contracts on December 31, 2026. 39 41 42 45 46 47 48 50 52 54 55 Docusign Envelope ID: 3F20A0E3-A477-4124-8438-069EF5B3A2CD EXHIBIT B ADMINISTRATIVE BUDGET FY 26-27 Docusign Envelope ID: 3F20A0E3-A477-4124-8438-069EF5B3A2CD DESCRIPTION AMOUNT City Staff Support Costs 274,142.00$ Operating Costs:Professional/ Outside Services 85,000.00 Auditors 25,000.00 Other 15,000.00 Total Operating Costs 125,000.00 Total Administrative Budget 399,142.00$ SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINOREADMINISTRATIVE BUDGET Docusign Envelope ID: 3F20A0E3-A477-4124-8438-069EF5B3A2CD