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HomeMy WebLinkAboutED ROPS; 2015 Jan - JuneDepartment; City Manager Prepared by: Stephanie Lovettes Economic Development Manger Agenda • * Date: August i 2014 Approva . ) at i-- L SUBJECT: RESOLUTION OF i OF OF 1RAFAEL IN THE CITY'S CAPACITY !l 1 AGENCY i RAF/EL !XEDEVELOPMENT AGENCY, APPROVING 1 RECOGNIZED OBLIGATION PAYMENT SCHEDULE i PERIOD i 11 ! THROUGH 2015, AND FPIRECTING THE CITY MANAGER 1 ! 1 1 DESIGNEE TAKE ALL ACTION NECESSARY AND APPROPRIATE ! ! ! ! !1 BEHALF 1 1' UNDERAGENCY 1 O'MENT LAW IN CONNECTION THE APPROVED ! ! RECOGNIZED OBLIGATION ' 1 SCHEDULE "COMMENDATION: Adopt a resolution of the City Council, in the capacity as governing board of the successor agency to the former Redevelopment Agency, approving the Recognized Obligation Payment Schedule for the period of January — June 2015 (BOPS 14-158) and authorizing the City Manager to take such actions and execute such other documents as are appropriate to effectuate the intent of the resolution. OVERVIEW; The California state legislature enacted Assembly Bill x1 26 (the "Dissolution Act") to dissolve redevelopment agencies formed under the Community Redevelopment Law. The California Supreme Court in its decision in California redevelopment association v. Matosantos, issued December 29, 2011 (the "Supreme Court Decision"), declared the Dissolution Act to be constitutional. Linder the Dissolution Act, all California redevelopment agencies were dissolved effective February 1, 2012, and various actions are novo required by successor agencies to unwind the affairs of all former redevelopment agencies. BACKGROUND AND DISCUSSION: On January 3, 2012 the City Council of the City of San Rafael (the "City Council") adopted a resolution accepting for the City the role of successor agency (the "Successor Agency") to the Redevelopment Agency of the City of San Rafael (the "'Redevelopment Agency"). An oversight board (the "Oversight Board"), consisting of members representing the County,, the City. ! various educationi to Boardapprove and direct certain actions of the City as Successor Agency. The actions of the Oversight must be ! t .e* iG' No.: Council Meeting. 45� 44 SZM�� The San Rafael Successor Agency and the Oversight Board have approved Recognized Obligation Payment Schedules and administrative budgets for each six month period since May 2012. The CA State Department of Finance has approved funding for all the ROPS submitted by San Rafael. The Oversight Board met on July 16, 2014 to address the ROPS 14-15B for the period of January - June 2015. FISCAL IMPACT: The Law allows Successor Agency's to receive tax increment for administrative costs. The Law allowed a minimum of $250,,000 per year, with a slightly higher allowance in the initial year. The Oversight Board approved an administrative budget of $244,878 for the five month period of February 2012 -June 2012 and $125,000 for each subsequent ROPS. The statute specifies payments to be made for obligations on each January 2nd and June 1St. The County of Marin follows a different schedule, paying San Rafael in arrears. Therefore, 13 nerefore,, the ROPS lists approved and unpaid obligations. 0 OPTIONS. • Adopt the Resolution approving the ROPS 14-158. • Modify the Resolution approving the ROPS 14-15B. • Request further information • Reject the staff recommendation ACTION REQUIRED: Staff recommends that the Council,, as Successor Agency adopt the Resolution. Attachment A —Recognized Obligation Payment Schedule 14-15B for the period of January -June 2015 as approved by the Oversight Board on July 16, 2014. W RESOLUTION OF i OF OF a RAFAEL IN THE CITY'S CAPACITY AS SUCCESSOR AGENCY OF THE SAN RAFAEL REDEVELOPMENT AGENCY, APPROVING RECOGNIZED OBLIGATION PAYMENT i FOR THE " PERIOD JANUARY THROUGH1 l DIRECTING MANAGER i MANAGER'S TO TAKE ALL ACTION NECESSARY DAPPROPRIATE i OF i UNDER THE COMMUNITY REDEVELOPMENT LAW IN Ci i !!'i ! RECOGNIZED Oi iSCHEDULE WHEREAS, the California state legislature enacted Assembly Bill x 1 26 (the "Dissolution Act") to dissolve redevelopment agencies formed under the Community Redevelopment Law (Health and Safety Code Section 33000 et seg.); and WHEREAS, on January 3, 2012 and pursuant to Health and Safety Code Section 34173, the City Council of the City of San Rafael (the "City Council") declared that the City of San Rafael, a municipal corporation (the "City"), would act as successor agency (the "Successor Agency") for the dissolved Redevelopment Agency of the City of San Rafael (the "Former RDA") effective February 1, 2012; and WHEREAS, on February 1, 2012, the Former RDA was dissolved pursuant to Health and Safety Code Section 34172; and WHEREAS, the Dissolution Act provides for the appointment of an oversight board (the "Oversight Board") with specific duties to approve certain Successor Agency actions pursuant to Health and Safety Code Section 34180 and to direct the Successor Agency in certain other actions pursuant to Health and Safety Code Section 34181; and WHEREAS, on January 30, 2012, the Former RDA adopted an enforceable obligation payment schedule (the "RDA EOPS") as required pursuant to Health and Safety Code Section 34169(g); and WHEREAS, on June 18, 2012, the Successor Agency approved an Amended EOPS for the i`i of August -December 2011 and approved # Second Amended ` period of January-Julyand WHEREAS, the Oversight Board has approved the First, Second, Third and Fourth RODS and R PS 13-14A and B, and 14-15 A and B and the approved Successor Agency Administrative Budgets pursuant to Health and Safety Code Sections 34177(l(2(B) and 341770), respectively. WHEREAS, The CA Department of Finance approved the actions of the Oversight Board approving ROPE 1-4, R(,PS 13-14A and B and ROPE 14- A; and WHEREAS, on July 16, 2014 the Oversight Board approved ROPS : and WHEREAS, Agency staff will submit the ROPS 14-15B to the CA Department of Finance by September 1, 2014 pursuant to HSC Section 34177(m). NOW, THEREFORE, BE IT RESOLVED that the City Council, acting as the Governing Board of the Successor Agency, hereby approves the ROPS 14-15B and the Successor Agency Administrative Budget for January -June 2015, which contains the Successor Agency Administrative Cost Estimates. Copies of the ROPS 14-15B and the Successor Agency Administrative Budget are on file with the City Clerk. BE IT FURTHER RESOLVED that the City Council, acting as the Governing Board of the Successor Agency, hereby authorizes and directs the City Manager or the City Manager's designee, acting on behalf of the Successor Agency, to take other actions pursuant to this Resolution. BE IT FURTHER RESOLVED, that this Resolution shall take immediate effect upon adoption. 1. Esther C. Beirne, Secretary to the Successor Agency, hereby certify that the foregoing Resolution was duly and regularly introduced and adopted at a regular meeting of the San Rafael Successor Agency, held on Monday, the eighteenth day of August, 2014, by the following vote, to wit: AYES: Members: Bushey, Colin, Connolly, McCullough & Chairman Phillips NOES: Members: None ABSENT: Members: None Esther C. Beirne, Agency Secretary Recognized Obligation Payment Schedule (ROPS 14-1513) - Summary Filed for the January 1, 2015 through June 30, 2015 Period Name of Successor Agency: San Rafael Name of County: Marin Current Period Requested Funding for Outstanding Debt or Obligation Six -Month Total Enforceable Obligations Funded with Non -Redevelopment Property Tax Trust Fund (RPTTF) Funding A Sources (B+C+D): $ B Bond Proceeds Funding (ROPS Detail) C Reserve Balance Funding (ROPS Detail) D Other Funding (ROPS Detail) E Enforceable Obligations Funded with RPTTF Funding (F+G): F Non -Administrative Costs (ROPS Detail) G Administrative Costs (ROPS Detail) - H Current Period Enforceable Obligations (A+E): $ 31920,580 31795,580 3v920,580 Successor Agency Self -Reported Prior Period Adjustment to Current Period RPTTF Requested Funding I Enforceable Obligations funded with RPTTF (E): 31920,580 J Less Prior Period Adjustment (Report of Prior Period Adjustments Column S) - K Adjusted Current Period RPTTF Requested Funding (W) $ 3,9201580 County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding Signature Date Recognized Obligation Payment Schedule (ROPS 14-1513) January 1, 2015 through June 30, 2015 (Report Amounts in Whole Dollars) A B C D E F G H I J K L M N 0 P 1`-"un�diource Non -Redevelopment Property Tax Trust Fund (Non-RPTTF RPTTF Contract/Agreement Contract/Agreement Total Outstanding Item # Project Name / Debt Obligation Obligation Type Execution Date Termination Date Payee Description/Project Scope Project Area Debt or Obligation Retired Bond Proceeds Reserve Balance Funds Non -Admin Admin Six -Month Total $ 38,571,576 $ $ _Other s7 - $ 3,795,580 $ 125000 $ 3920580 1 Series 1999 TA Bonds Bonds Issued On or 12/1/1999 12/30/2022 US Bank Bond Issue CABS paid 2018-2022 Central 7,830,000 N - 2 Series 2002 TA bonds Bonds Issued On or 1211/2002 6/30/2022 US Bank Bond issue Dec pymt Central 10,792,063 N AL- $ Before 12/31/10 3 Series 2009 TA Bonds Bonds Issued On or 12/1/2009 6/30/2023 US Bank Bond issue Dec Pymt Central 13,465,550 N $ Before 12/31/10 4 Bond indenture obligations 1999 Bonds Issued On or 12/111999 12/30/2022 US Bank Bond issue Central - N $ TAB Before 12/31 /10 5 Bond indenture obligations 2002 Bonds Issued On or 12/112002 6/30/2022 US Bank Bond issue Central - N $ TAB Before 12/31/10 6 Bond indenture obligations 2009 Bonds Issued On or 12/112009 6/30/2023 US Bank Bond issue Cantrell - N $ - TAB Before 12/31/10 7 Continuing Disclosure Services Bonds Issued On or 1211/2009 613012023 Wildan Disclosure Services bonds Central 10,000 N 10,000 $ 10,000 (FY14-15) Before 12/31/10 8 San Rafael NSD (FY 14-15) Miscellaneous 3/112000 12/30/2022 San Rafael HSD Payment per HSC 33401 Central 1,432,000 N 179,000 $ 179,000 9 Agency Admin cost allowance (FYI 4, Admin Costs 6130/2011 12/30/2023 Agency Admin cost Agency Admin cost allowance Central 125,000 N 125,000 $ 125,000 15 - 2nd half) allowance 12 RDA Pension Obligation (FY14-15) Unfunded Liabilities 11/20/1972 6/30/2023 City of San Rafael unfunded actuarial accrued liability 10 Central 1,333,102 N $ - yr amortization schedule 13 RDA OPER obligation (FY14-15) Unfunded Liabilities 11/20/1972 6130/2023 City of San Rafael unfunded actuarial accrued liability 9 Central 446,222 N 55,778 $ 55,778 yr amortization schedule 14 Unpaid ROPS III RPTTF Shortfall 6/1/2013 1/2/2015 San Rafael Successor Unpaid ROPS Ill. Central N $ - Agency 15 Repay dry period loan from Marin RPTTF Shortfall 611/2013 11212015 Marin County Loan from Marin County for December Central - N County 2013 bond payment Listed at request of Marin CAC 16 SR Corporation Yard Clean Up Improvement/Infrastr 3/1/2000 ucture 3/1/2000 Blank Blank Blank - N $ 17 Community Economic Development Improvement/Infrastr 3/1/2000 3/1/2000 Blank Blank Blank - N $ opportunity ucture 18 Grand Avenue Bridge widening Improvement/Infrastr 3/1/2000 ucture 3/1/2000 Blank Blank Blank - N 19 Mission -Lincoln widening Improvement/Infrastr 311/2000 3/1/2000 Blank Blank Blank - N $ ucture 20 Francisco Blvd East Improvement/Infrastr 311/2000 3/1/2000 Blank Blank Blank - N $ ucture 21 Andersen Du Bois Improvement/Infrastr 3/1/2000 3/1/2000 Blank Blank Blank - N $ ucture 22 Third-Cijos Improvement/Infrastr 3/112000 3/112000 Blank Blank Blank - N $ ucture 23 Fifth -D Improvement/Infrastr mmoo 3/1/2000 Blank Blank Blank - N $ ucture 24 Lootens-3rd Improvement/Infrastr 31112000 311/2000 Blank Blank Blank - N $ ucture 25 Legal services for wind down of Litigation 2/14/2014 3115/2015 Goldfarb & Lipman True up payment lawsuit (HSC Central Y $ Agency True up eymt lawsuit 34183.5 (b) required by DOF 26 Series 2002 TA Bonds Bonds Issued On or 12/112002 6130/2022 US Bank Bond issue June 2015 Central N 187,013 $ 187,013 Before 12/31/10 27 Series 2009 TA Bonds Bonds Issued On or 12/1/2009 6/30/2023 US Bank Bond issue June 2015 Central N 226,150 $ 226,150 Before 12/31/10 28 Unpaid ROPS 13-14B RPTTF Shortfall 1/1/2014 6/30/2014 San Rafael Successor Unpaid ROPS 13-14B Central N $ - Agency 29 Unpaid ROPS 14-15A RPTTF Shortfall 7/1/2014 12131/2014 San Rafael Successor Unpaid ROPS 14-15A Central 3,137,639 N 3,137,639 $ 3,137,639 Agency $ Aecognized Obligation Payment Schedule 14-15B - Alotes January 1, 2015 through June 30, 2015 Item # Notes/Comments 12 The annual pension obligation is $190,443. This amount was listed on line 13 in ROPS 14-15 A instead of the proper line 12. 13 The annual OPEB obligation is $5-5,-7-78—. ROPS 14-15A improperly listed the pension obligation on Line 13 instead of line 12. 29 Unpaid from ROPS 14-15A 019 USE THIS FORM WITH EACH SUBMITTAL OF A CONTRACT, AGREEMENT, ORDINANCE OR RESOLUTION BEFORE APPROVAL BY COUNCIL / AGENCY. SRRA / SRCC AGENDA ITEM NO. mal a 11 111111111 11 11 11 1111111ir llllri�il��� 11 �mm FROM- Stephanie Lovette P 111111i ill! DATE: August 5, 2014 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL IN THE CITYS CAPACITY AS SUCCESSOR AGENCY OF THE SAN RAFAEL REDEVELOPMENT AGENCY,, APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE (14-15B) FOR THE PERIOD JANUARY THROUGH JUNE 2015, AND DIRECTING THE CITY MANAGER OR THE CITY MANAGER'S DESIGNEE TO TAKE ALL ACTION NECESSARY AND APPROPRIATE ON BEHALF OF THE CITY AS SUCCESSOR AGENCY UNDER THE COMMUNITY REDEVELOPMENT LAW IN CONNECTION WITH THE APPROVED RECOGNIZED OB VIG TION�PAYMENT SCHEDULE palment Headl(signature) (LOWER HALF OF FORM FOR APPROVALS ONLY) APPROVED AS COUNCIL / AGENCY AGENDA ITEM: saffloam APPROVED AS TO FORM: 6111 City Attorney {Sign u }