CC - Item 4F - Recognized Obligation Payment Schedule (ROPS) Submittal - July 2021 Through June 2022 E M k.
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TO: THE HONORABLE CHAIR AND BOARD MEMBERS
FROM: GLORIA MOLLEDA,EXECUTIVE DIRECTOR,0 •
DATE: DECEMBER 8, 2020
SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS)
SUBMITTAL—JULY 2021 THROUGH JUNE 2022
SUMMARY
The California State Department of Finance (DOF) requires the Recognized Obligation Payment
Schedule (ROPS) for the period July 1, 2021 through June 30, 2022 be submitted to the DOF by
February 1, 2021. Prior to that, the ROPS must be reviewed and approved by the Los Angeles
County Consolidated Oversight Board. The deadline to submit the ROPS to the Oversight Board
is December 21, 2020.
STAFF RECOMMENDATION
That the Rosemead Successor Agency Board approve Resolution 2020-19 SA, approving the
ROPS for the period of July 1, 2021 through June 30, 2022 and, further, directing that staff
submit the ROPS to the Los Angeles County Consolidated Oversight Board.
ANALYSIS
The following worksheets are included, as follows:
1. Exhibit 1: The "ROPS Detail" report reflects the ROPS period of FY 21-22 A and B
(July 1, 2021 through June 30, 2022). As in prior years, Items 1-2 and 4-21 will no
longer be used. Also, items 22-24 and items 25-27 have been consolidated into items 24
and 27, respectively. Item 34 is used to consolidate all administrative costs into one line.
Item 35 is used to represent the 2016 Subordinate Tax Allocation Refunding Bonds.
2. Exhibit 2: The "Summary" worksheet summarizes the amounts on both the ROPS Detail
report and the Report of Cash Balances.
3. Exhibit 3: The "Report of Cash Balances" includes cash balance information for ROPS
18-19.
AGENDA ITEM 4.F
Rosemead Successor Agency Board
December 8,2020
Page 2 of 2
1
4. Exhibit 4: Reports "Prior Period Adjustments". The LA County Auditor-Controller has
made a Prior Period Adjustment (PPA), disallowing $56,127 in prior period funding
requested by the Rosemead Successor Agency, as a result of actual Agency expenditures
being lower than authorized expenditures. At the time of this report we disagree with the
County's "Prior Period Adjustments" Amount and we are working with the LA County
Auditor-Controller Office to corrct their calculations.
5. Exhibit 5: Reports the Successor Agency "Administrative Budget".
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process in accordance with
the Brown Act.
Prepared by:
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Scott Mi11eInterim Finance Director
Attachment A: Resolution No. 2020-19 SA
Attachemetn B: Draft Oversight Board Resolution
Exhibits 1-5i
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Attachment A
Resolution No. 2020-19 SA
RESOLUTION NO. 2020-19 SA
A RESOLUTION OF THE SUCCESSOR AGENCY TO THE ROSEMEAD
COMMUNITY DEVELOPMENT COMMISSION APPROVING THE
RECOGNIZED OBLIGATION PAYMENT SCHEDULES FOR THE
PERIOD OF JULY 1,2021 THROUGH JUNE 30,2022
WHEREAS, pursuant to California Health and Safety Code Section 34179 (q),
commencing on and after July 1, 2018, the County of Los Angeles shall have five consolidated
oversight boards encompassing five supervisorial districts; and
WHEREAS, the First Supervisorial District Consolidated Oversight Board (Oversight
Board) has jurisdiction over the Successor Agency to the Former Redevelopment Agency to the
City of Rosemead; and
WHEREAS, Section 34177 requires each Successor Agency to prepare a draft
Recognized Obligation Payment Schedule (ROPS) and section 34180 requires the First
Supervisorial District Consolidated Oversight Board to approve same; and
WHEREAS, Section 34177 provides that each ROPS shall be forward looking to the
next full year; and
WHEREAS, Section 34177 requires that the ROPS be transmitted to the County
Auditor-Controller,the State Controller and the State Department of Finance; and
WHEREAS, notwithstanding the sequencing contemplated in section 34177, the
Department of Finance (DOF) is requesting the ROPS be considered by the Oversight Board and
transmitted to the DOF no later than February 1, 2021; and
WHEREAS, the County will not make any payments of property taxes to the Successor
Agency for use in payment of the obligations listed on the ROPS until the ROPS has been
approved by the Oversight Board. Any delay in payment could impair the Successor Agency's
ability to make payments for the enforceable obligations; and
WHEREAS, the Successor Agency prepared draft ROPS for the period July 1, 2021
through June 30, 2022 is attached hereto.
NOW THEREFORE, THE SUCCESSOR AGENCY TO THE ROSEMEAD
COMMUNITY DEVELOPMENT COMMISSION HEREBY RESOLVES:
1. The ROPS for the period July 1, 2021 through June 30, 2022 attached hereto is
hereby approved.
2. Successor Agency staff is directed to provide to the First Supervisorial District
Consolidated Oversight Board (a) a copy of this Resolution along with (b) the
Successor Agency approved ROPS and (c) a Resolution for the Oversight Board
to approve.
PASSED, APPROVED AND ADOPTED this 8th day of December 2020.
Sandra Armenta, Chair
ATTEST:
Ericka Hernandez
Successor Agency Secretary
APPROVED AS TO FORM:
Rachel Richman
Successor Agency Attorney
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) §
CITY OF ROSEMEAD )
I, Ericka Hernandez, Successor Agency Clerk to the Successor Agency to the Rosemead
Community Development Commission of the City of Rosemead, California, do hereby certify
that the foregoing Successor Agency Resolution, No. 2020-19 SA, was duly adopted by the
Board of the Successor Agency, at a regular meeting thereof held on the 8th day of December,
2020,by the following vote to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
Ericka Hernandez, Successor Agency Clerk
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Attachment B
Draft Oversight Board Resolution
Exhibits 1-5
EXHIBIT 2
Recognized Obligation Payment Schedule (ROPS 21-22) - Summary
Filed for the July 1, 2021 through June 30, 2022 Period
Successor Agency: Rosemead
County: Los Angeles
21-22A Total 21-22B Total
Current Period Requested Funding for Enforceable ROPS 21-22
(July - (January -
Obligations (ROPS Detail) Total
December) June)
A Enforceable Obligations Funded as Follows (B+C+D) $ - $ - $
B Bond Proceeds - - -
C Reserve Balance - -
D Other Funds -
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 3,349,675 $ 819,674 $ 4,169,349`
F RPTTF 3,349,675 819,674 4,169,3497
G Administrative RPTTF - -
H Current Period Enforceable Obligations (A+E) $ 3,349,675 $ 819,674 $ 4,169,349'
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
EXHIBIT 1
Rosemead
Recognized Obligation Payment Schedule(ROPS 21-22)-ROPS Detail
July 1,2021 through June 30, 2022
A B C D E F G H I J K N 0 P Q T U V W
ROPS 21-22A(Jul-Dec) ROPS 21-22B(Jan-
Agreement Agreement Total ROPS [ Jun)
Item Obligation Project 21-22A 21-22B
Project Name Execution Termination Payee Description Outstanding Retired 21-22 Fund Sources Fund Sources
# Type Date Date Area Obligation Total Total Total
Other Admin Other Admin
Funds RPTTF RPTTF
RPTTF Funds RPTTF
$36,616,933 $4,169,349 $- $3,349,675 $- $3,349,675 $- $819,674 $ $819,674
3 2010 Tax Increment Bonds Issued 06/29/ 12/01/2023 US Bank Tax Increment Bond Debt Merged 3,535,625 N $1,211,750 - 1,155,875 - $1,155,875 - 55,875 - $55,875
Bonds On or Before 2010 Service
12/31/10
22 Senior Housing Miscellaneous 08/13/ 12/31/2099 Rosemead Housing Cost of annual land lease Merged - N $- - - - $- - - - $-
Land Lease- 2002 Development for property
Angelus Corporation
23 Senior Housing Miscellaneous 08/13/ 12/31/2099 Rosemead Housing Cost of annual operations Merged - N $- - - - $- - - - $-
Operations 2002 Development and overhead subsidy
Overhead-Angelus Corporation
24 Senior Housing Miscellaneous 08/13/ 12/31/2099 Rosemead Housing Cost to cover shortfall Merged 2,684,172 N $255,874 - 127,937 - $127,937 - 127,937 - $127,937
Shortfall Subsidy- 2002 Development between rents and
Angelus Corporation operations/maintenance
25 Senior Housing Miscellaneous 08/13/ 12/31/2099 Rosemead Housing Cost of annual land lease Merged - N $- - - - $- - - - $-
Land Lease- 2002 Development for property
Garvey Corporation
26 Senior Housing Miscellaneous 08/13/ 12/31/2099 Rosemead Housing Cost of annual operations Merged - N $- - - - $- - - - $-
Operations 2002 Development and overhead subsidy
Overhead-Garvey Corporation
27 Senior Housing Miscellaneous 08/13/ 12/31/2099 Rosemead Housing Cost to cover shortfall Merged 1,826,736 N $183,475 - 91,738 - $91,738 - 91,737 - $91,737
Shortfall Subsidy- 2002 Development between rents and
Garvey Corporation operations/maintenance
34 Administrative Cost Admin Costs 07/01/ 06/30/2015 City of Rosemead Administrative Cost Merged 3,000,000 N $250,000 - 125,000 - $125,000 - 125,000 - $125,000
Allowance 2014 Allowance
35 2016 Subordinate Bonds Issued 12/14/ 10/01/2033 US Bank Tax Increment Bond Debt 25,570,400 N $2,268,250 - 1,849,125 - $1,849,125 - 419,125 - $419,125
Tax Allocation After 12/31/10 2016 Service
Bonds
EXHIBIT 3
Rosemead
Recognized Obligation Payment Schedule (ROPS 21-22) - Report of Cash Balances
July 1, 2018 through June 30, 2019
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 (I), 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
Fund Sources
Bond Proceeds Reserve Balance Other Funds RPTTF
ROPS 18-19 Cash Balances Prior ROPS
(07/01/18 -06/30/19) Bonds issued Bonds issued RPTTF and Comments
on or before on or after Reserve Rent, grants, Non-Admin
12/31/10 01/01/11 Balances retained interest, etc. and Admin
for future
period(s)
1 Beginning Available Cash Balance (Actual 07/01/18) 1,123,000 - C-1 is debt service reserve fund held by Bond
RPTTF amount should exclude "A" period distribution Trustee bank
amount.
2 Revenue/Income (Actual 06/30/19) 4,102,511
RPTTF amount should tie to the ROPS 18-19 total
distribution from the County Auditor-Controller
3 Expenditures for ROPS 18-19 Enforceable Obligations 4,075,230
(Actual 06/30/19)
4 Retention of Available Cash Balance (Actual 06/30/19) 1,123,000 C-4 is debt service reserve fund held by Bond
RPTTF amount retained should only include the amounts Trustee bank
distributed as reserve for future period(s)
5 ROPS 18-19 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 18-19 PPA No entry required
form submitted to the CAC
6 Ending Actual Available Cash Balance (06/30/19) $- $- $- $- $27,281
C to F = (1 + 2 -3 -4), G = (1 + 2 -3 -4 - 5)
Rosemead
Recognized Obligation Payment Schedule (ROPS 21-22) - Notes
July 1, 2021 through June 30, 2022
Item# Notes/Comments
3
22
23
24
25
26
27
34
35