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OB - Item 3F - Recognize Obligation Payments Schedule ApprovalROSEMEAD SUCCESSOR ��*� AGENCY STAFF REPORT TO: THE HONORABLE CHAIR AND BOARD MEMBERS FROM: MATTHEW HAWKESWORTH, ASSISTANT CITY MANAGER DATE: APRIL 25, 2012 SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE APPROVAL SUMMARY California Health and Safety Code section 34177 requires each Successor Agency to prepare a Recognized Obligation Payment Schedule ( "ROPS ") and section 34180 requires the Oversight Board to approve the ROPS. The approved ROPS is then required to be transmitted to the County Auditor - Controller, the State Controller's Office and the State Department of Finance. A ROPS will be prepared and presented to the Oversight Board for each six month period. Due to the unique timing of the establishment of the Oversight Board and its first meeting, ROPS for the periods of January through June 2012 and July through December 2012 have both been prepared and are submitted for the Board's approval. Staff Recommendation: That the Oversight Board approve Resolution 2012 -0003 approving the ROPS for the periods of January through June 2012 and July through December 2012. PUBLIC NOTICE PROCESS This item has been noticed through the regular agenda notification process in accordance with the Brown Act. Prepared by: l� s Matthew E. Hawkesworth Assistant City Manager ITEM NO. - SE - ,. , RESOLUTION: 2012 -0003 A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULES FOR THE PERIOD OF JANUARY 1, 2012 THROUGH JUNE 30, 2012 AND JULY 1, 2012 THROUGH DECEMBER 31, 2012 WHEREAS, California Health and Safety Code section 34179 requires that each Successor Agency have an Oversight Board; and WHEREAS, Section 34177 requires each Successor Agency to prepare a draft Obligation Payment Schedule ( "ROPS ") and section 34180 requires the Oversight Board to approve same; and WHEREAS, Section 34177 provides that each ROPS shall be forward looking to the next six months; and WHEREAS, section 34177 requires that the draft ROPS prepared by the Successor Agency be certified by an external auditor designated by the County Auditor - Controller and then submitted to the Oversight Board for approval, after which it is to 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 is requesting the ROPS be considered by the Oversight Board and transmitted as soon as possible; and WHEREAS, the County of Los Angeles has assigned an auditor, but has not indicated when it will complete the external audits of the draft ROPS; 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 such payment could impair the Successor Agency's ability to make payments for the enforceable obligations; and WHEREAS, the Successor Agency prepared a draft ROPS for the period January 1, 2012 through June 30, 2012 is attached hereto as Exhibit A. The Successor Agency prepared draft ROPS for the period July 1, 2012 through December 31, 2012 is attached hereto as Exhibit B. NOW THEREFORE, THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION HEREBY RESOLVES: 1. The ROPS for the period January 1, 2012 through June 30, 2012 attached hereto as Exhibit A is hereby approved. 2. The ROPS for the period July 1, 2012 through December 31, 2012 attached hereto as Exhibit B is hereby approved. 3. Successor Agency staff is directed to provide a copy of this Resolution along with the approved ROPS to the County Auditor - Controller, the State Controller's Office and the State Department of Finance. PASSED, APPROVED AND ADOPTED this 25th day of April 2012. Chairperson ATTEST: Matthew E. Hawkesworth Successor Agency Staff Assistant City Manager HEREBY CERTIFY that the above and foregoing resolution was duly passed and adopted by the Oversight Board for the Successor Agency to the Rosemead Community Development Commission at its special meeting held on the 25 day of April 2012, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAINED: Matthew E. Hawkesworth Successor Agency Staff Assistant City Manager Name of Redevelopment Agency: Project Areas) RECOGNIZED OBLIGATION PAYMENT SCHEDULE Per AB 26 - Section 34167 and 34169 (`) Pagel of 1 Pages This Enforceable Obligation. Payment Schedule (EOPS) is W lu adopted by the Oversight Board and approved by the State Department of Finance. Include only payments to be made after February 1, 2012 and prior to June 30, 2012. These figures are estimated based upon 2010 -11 actual figures. The agreement states the tax increment fund must offset an shortfalls due to necessary maintenance and overhead caste. Project Name /Debt Obligation Pa Description Cate Funding Source Tota A 42 . 294�0O2.014.00 ing Debt ion Total Due During Fiscal Year Payments b month Jan Feb Mar Apr May June Towl 2006ATax Increment Bonds US Bank Tax Increment Bond Debt Service 1 -Bonds Tax Threat Fund Redevelo Pro ru 149 1333206.26 193,485.63 $ 193,485.63 _ 1 1 2 2006B Tax Increment Bonds US Bank Tax Increment Bond Debt Service 1 -Bonds Redevelopment Property Tax Trust Fund 481 1110048 .76 515,468.63 $ 515,468.63 3 2010 Tax Increment Bonds US Bank Tax Increment Bond Debt Samoa 1 - Bonds Redevelopment Pro party Tax Trust Fund 158 666,]93.]6 231,89&88 $ 231,896.88 4 Continuing Decolsure on Bonds Urban F.W. re Continuing discalure service for 2006 2006B and 2010A Bonds 8- Conimcls or A for conlinuedoeration Administrative Cost Allowance 00 5,200.00 5200.00 $ 5,200.00 5 Slate Contellers' Rep RAMS Preparation of annual ort re 8- Contracts orAgreements for continued operation Adminishative Cost Allowance .00 1000.00 1000.00 $ 1,000.00 6 Bond Trustee Fees US Bank Banking fees related to Me 2006A B and 201 DA Bonds 8- Contacts or m maenls for continued o Administrative Cos(Allowance 00 2,014.00 2,014.00 $ 2,014.00 ] ) Annual Audit RAMS Annual autlit services 8- Contracts or Agreements for continued operation Administrative Cos( Allowance 169,596.00 8,076.00 8076.00 $ 8,076.00 8 FinanceSystem Bank of the West Lease Obli alon for Finance System 8- Contracts or Agreements for continued operation Administrative Cost Allowance 47,400.00 11,600.00 966.67 988.67 966.67 966.67 966.67 966.67 $ 5,800.02 9 Statement of Indebtedness Redevelopment Reporfinal Solutions Pre eralion of annual report 8- Contracts or Apreemands for conlinuedoperation Administrative Cost Allowance 21,000.00 1,000.00 1 $ L01 Arbitra eCalculations WIIEan Reparation of ArNtra a Rebate Calculation 8- Contracts or Agreements for conlinuedoperation Administrative Cost Allowance 86,100.00 4100.00 4100.00 $ 4,100.00 Ill Property Tax Audia/Maniftoring HDL Monitor Property Tax Collections& Appeals W ensure Bond Coverage 8- Contracts or Agreemmids for continued operation Administrative Cost Allowance 264,600.00 12600.00 3,150.00 3150.00 $ 6,300.00 12 Rosemead Community Center Parkina Lot Boghossian Engineering Community Center parking lot design 7- Agreements or related obligations Bond Proceeds 13,670.00 13,670.00 $ L31 Rosemead Community Center Parking Lot Wlltlan Material Testing for p arking lot en ineenn 7- Agreements or related obligations Bond Proceeds 12,720.00 12720.00 $ L41 Za o an Park lm rovements ADA accessibility &additional parking 7- Agreements or related obligations Bond Proceeds 1,050,000.00 1,050000.00 $ L51 Rosemead Park Improvements ADA accessibility improvements 7 -A reements or related obligations Bond Proceeds 280.000.00 280.000.00 $ 16 Rosemead Community Center& Public Plaza Expansion ADA accessibility teen center B outdoor Men 7 -A reernnts or misled oblihniboars Bond Proceeds 4,00.000.00 4.000 00 $ 17 New Park at Rush and Walnut Grove Community Infrastructure Improvement 7 -A reements or related obligation Bond Proceeds 50.000.00 500000.00 $ 18 Siwrer System Expansion Sewer Main ReplacemenWpqrade on Garmy Ave. 7 -Armaments or related obligations Bond Proceeds 75.000.00 750000.00 $ L91 Em Io ee/Owmead Costs Successor Agency - City at Rosemead Administrative Costs (Staffing. audits legal. supplies etc. 4. Salaries& Benefits. 8- Contracts orA reements for continuedoperations Administrative Cost Allowance 4,292,610.00 204.410.00 92,854.00 1],034.1] 1],034.1] 17034.17 17,034.17 17034.17 $ 178024.85 L01 Valle Blvd Street Improvements Infrastructure Improvement - Downlawn Corridor 7 -A reements or related obligations Bond Proceeds 25.000.00 250,000.00 L11 Rosemead Park Tuff Renovations Community Infrastructure Improvement ] -Armaments or related mbli ations Bond Proceeds 784,000.00 784,000.00 $ 22 Senior Housing Land Lease - Angelus Rosemead Housing Udmlo merit Cars Cost of annual land lease Wr propery 7 -A reements or related obligations Low and Moderate Income HDusina Fund 2553,600.00 91200.00 7,600.00 7,600.00 7,600.00 7600.00 7,800.00 7600.00 $ 45,60D.00 L31 Senior Housing erations/Overhead - Angelus Rosemead Housinn Development Com Cost of annual operations and overhead subsidy provide by City 7- Agreements or related obligations Low and Moderate Income F[Duaming Fund 3166.800.00 113,100.00 9,425.00 9,425.00 9,425.00 9425.00 9425.00 9425.00 $ 56,55D.00 L41 Senior Housing Shortfall Suload - Anelus Rosemead Housina Develo Carta. Cost 0 cover shortfall between rents andoeretions/malnlenance 7- Ame.meads or related obliations Low and Moderate Income Housing Fund 459,340.00 16,405.00 1367.08 1,367.08 1,367.08 1367.08 1,367.08 1367.08 $ 8,202.48 L51 Senior Housing Land Lease - Garve Rosemead Housing Development Corp. Cost of annual land lease far property 7- Agreements or related obligations Low and Moderate Income Housing Fund 4,202,783.31 92200.00 7,683.33 7,683.33 7,683.33 7683.33 7,683.33 7683.33 $ 46,099.98 L61 Senior Housing Oeratione/Overhead - Garve Rosemead Housing Develo Corp. Coal of annual o and overhead subsidy rwride by City 7- Aqm.m.n1smre1a [edoblialions Low and Moderate Income Housing Fund 5155,475.00 113,100.00 9425.00 9.425.00 9,425.00 9425.00 9,425.00 9425.00 $ 56,550.00 L71 Senior Housing Shortfall Subsidy - Garvey Rosemead Housing Develo Cora Cost to cover shortfall between rents andoerations /mainlemmw ] - Agne ... ats or related obli Low and Moderate Income Housing Fund 1,495,589.19 32,810.00 2734.17 2,734.17 2,]34.1] 2]34.1] 2,734.17 2]34.1] $ 16,405.02 26 Chamber Doweling Agreement Rosemead Chamber of Commerce Op eramarl agreement with the Chamber of Commerce 7- Agreements or related obligations Redevelopment Property Tax Trust Fund 48,000.00 2800000 4000.00 $ 4,000.00 29 Housin ; Amm.v Stalin Successor Aqea.y - City of Rosemead Administrative Costs (Stuffing, audits. legal, supplies, etc. 4- Salaries& Benefits, 8- Contracts or Awmannerls for continued operations Low and Moderate Income Housing Fund 715,600.00 715600.00 21225.00 $ 21,225.00 31 32) Totals - This Page Total Redevelopment Property Tax Trust Funtl Total Administrative Cost Allowance Total Bond Proceeds Total Low and Modera Income Housing Fund 98015470.38 $ 12202853.78 $15728025 $ 56,235.42 $ 56235.42 $ 768339.68 $ 59249.42 $308,658.30 $1405,998.49 $ - $ 3138 048.78 $ - $ - $ - $ $ _ _ $ $ - $ z5a ooa.00 $ - $ - $ - 8 _ $ _ _ 8 $ $ 7,640,390.00 $ $ $ $ $ $ $ $ 1,1 74,415.oD $ $ $ M $ g $ This Enforceable Obligation. Payment Schedule (EOPS) is W lu adopted by the Oversight Board and approved by the State Department of Finance. Include only payments to be made after February 1, 2012 and prior to June 30, 2012. These figures are estimated based upon 2010 -11 actual figures. The agreement states the tax increment fund must offset an shortfalls due to necessary maintenance and overhead caste. Name of Redevelopment Agency: Rosemead C mm nil De,elopment Commissars Pagel ges Propel Area( -) Merged Protect Areas RECOGNIZED OBLIGATION PAYMENT SCHEDULE Per AS 26 - Section 34167 and 34169 (') This Enforceable Obligation Payment Schedule (EOPS) is to be adopted by the Oversight Board and approved by the State Department of Finance. Include only payments to be made after February 1, 2012 and prior to June 30, 2012. `These figures are estimated based upon 2010 -11 actual figures. The agreement states the her increment fund must offset an shortfalls due to necessary maintenance and overhead costs. Payments by month Total Outstanding Total Due During Project Name /Debt Obligation Pa ee Description Category Funding Source Debt or Obli align Fiscal Year Jul Sept Oct Nov Dec Total 1 2006A Tax Increment Bonds US Bank Tax Increment Bond Debt Service 1 -Bonds Redevelo Pro Tax Trust Fund 11,906,834.49 1.333,20626 1158465.63 $1158465.63 2006B Tax Increment Bond. US Dank Tax Increment Bond Debt Service 1 -Bontls Redevelo Pro Tax Trust Fund 40403,520.81 1,110,04876 595,468.13 $595468.13 _ 2 1 3 2010 Tax Increment Bonds US Dank Tax Increment Bond Debt Service t -Bonds Redevelopment Property Tax Trust Fund 15,213,737.58 666.]93.]6 F966.67 981,896.88 $ 981 896.86 4 C Discelsum on Bands Urban Futures Conlinuin discolure service la-2006A, 2006B and 2010A Bonds 8- Contracts or Agreements for continued operation Administrative Cost Allowance 109,200.00 5.200.00 5,200.00 $ 5200.00 5 ort State Conlollers'Re HAMS Preparation of annual report 8- Contracts or for conlinuedoperation Administrative Cost Allowance 21000.00 11000.00 $ 6 Bontl Trustee Fees US Bank Bankin fees related to the 2006A. B and 2010A Bonds 8- Contracts or Agreements for continued o Administrative Cost Allowance 42294.00 2,014.00 $ - ] Annual Auirt RAMS Annual audit services 8- Contracls or A for continued o - Maninistrative Cast Allowance 169596.00 6076.00 $ - 8 Finance Bank of the West Lease Oblialon for Finance System 8- C.nbects orA ... ments for continued o Administrative Cast Allowance 47400.00 11600.00 966.67 966.67 966.67 966.6] 966.67 $ 5,800.02 A Statemenld Indebtedness Redevelopment Reporting Solutions p of annual report 8- C.ntrects or Nuse for centinueoperation AdministraOVe Cast Allowance 21000.00 1000.00 $ - 101 Aibitra eCalculalion. Wlldan Pre eration af)i,bltrarre Rebate Calculation 8- Contracts or Agreements for centinuetl DipanWon Administrative Cost Allowance 86100.00 4100.00 S - jil Property Tax Audits HDL Monitor Property Tax Collections $Appeals to ensure Bond Coverage 8- Contracts or Amaerne nIs for centnueoperation Administrative Cost Allowance 264600.00 12600.00 3,150.00 1 3,150.00 S 6300.00 U21 Rosemead Community Center Pending Lot Boghossian Engineering Community Center parldnq lot deli n 7- Agreements or related obligations Bond Proceeds 136]0.00 13670.00 13,670.00 $ 13670.00 L3 Rosemead Community Center Parltin Lot Willdan Material Testing for parking lot ruiumering 7 -Agreements or related obliflartans Bond Proceeds 12720.00 12720.00 12,720.00 $ 12720.00 U1 Zapoppan Park Improvements ADA accessibility &additional parking 7- Agreenuu1s or relaletl obli ations Bond Proceeds 1050000.00 1050000.00 1,050,000.00 $1050,000.00 151 Rosemead Park Improvements ADA accessibility improvements 7- Agreements or related obli ations Bond Proceeds 280000.00 280000.00 280000.00 $ 280000.00 j6j Rosemead Community Center 6 Public Plaza Expansion ADA accessibility, men center 8 outdoor plaze 7- Aneements or relaletl obli ations Bond Proceeds 4000000.00 4000000.00 667,000.00 667000.00 667,000.00 667,000.00 667000.00 665000.00 $4000000.00 17 New Park at Rush and Walnut Grove Community Infrastructure lm rovemenl 7- Agreements or relaletl obligate Bond Proceeds 500000.00 500000.00 $ - L81 SewarSystem Expansion Sewer Main ReplacennentMpgrade on Garvey Ave. 7- Agreements or relaletl Dbifirialio ns Bond Proceeds 750000.00 750000.00 750000.00 $ 750000.00 191 EnniployeelOverbead Costs Successor. en - City of Rosemead Administrative Costs (Starting. audit al su oplies, etc. 4- Salaries B Benefits, 8- Contracts or Agmereents for continued o erodons Adminatralive Cost Allowance 4292fi10.00 204410.00 9,034.17 17034.17 1],034.1] 1 17,034.17 17034.17 17034.17 $ 102 05.02 L02 Valley Blvd Street Improvements Inf lm rovemenl - Downtown Condor ]- reemenls or related obli ations Bond Proceeds 250000.00 250000.00 250000.00 $ 250,000.00 L11 Rosemead Park Turf Renrvalions Community Infrastructure lm rovement ] - Agreements or related obli ations Bond Proceeds 784000.00 784000.00 $ - L21 Senior Housing lantl Lease -Angelus Rosemead Housing Development Cor Cost of annual land lease for pro 7- Agreements or related obli ations Low and Moderate Income Hou.inxi Fund 2553600.00 91200.00 7,800.00 7600.00 1 7,600.00 7,600.00 7,600.00 7600.00 $ 45,600.00 23 Senior Housing O erabons/OVerhead -Angelus Rosemead Housing Development Cor Cost of annual operators and overhead sulbalcy provide b City ]- reemenls or relaletl obli ations Low and Moderate Income Housino Fund 3166800.00 113100.00 9,425.00 9425.00 1 9,425.00 9,425.00 9,425.00 1 9425.00 $ 56,550.00 2 Senior Housing Shortfall Subsidy - Angelus Rosemead Housing Development Cm. Cost to rover shortfall between rents and operationsfirnefintemance 7- AgreemenIs or related obligate Low and Moderate Income Housing Fund 459340.00 16405.00 1,367.08 1367.08 1 1,367.08 1,367.08 1367.08 1367.08 $ 8,202.48 25 Senior Housing Land Lease - Garve Rosemead Housing Develo Cor Cost of annual land lease far pro 7- A or relaletl obliations Low and Moderate Income Housing Fund 420278131 92200.0 7,683.33 7683.33 1 7,683.33 7,683.33 7683.33 7683.33 S 46,099.98 26 Senior Housina 0 erations/Overtnead - Gawey Rosemead Housing Development Cor Cost d annual operations and overhead subsidy ro,ide by City ] - Agreements m related .1:1410tons Low and Moderate Income Housing Fund 5155475.00 113100.00 9,425.00 9425.00 1 9.425.00 9,425.00 9425.00 9425.00 $ 56,550.00 27 Senior Housing Shortfall Subsidy - Galway Rosemead Housirm Develo menl Corp. Cost to cover shortfall between rent and o eration. /maintenance` 7- Aamernents or related obli ations Low and Moderate Income Housirm Fund 1495589.19 32810.00 2,734.17 2734.17 1 2,]34.1] 2,734.17 2]34.1] 2734.17 $ 16,405.02 28 i $ 29 $ 30 31 32) $ Toles - This Page 9]2518]0.38 11459253.78 $]49,625.42 $723235.42 $ ]26,385.42 $2,477169.16 $723235.42 $4041482.30 $9441,133.16 $ $ 3110048.]8 $ - $ - $ - $ $ $ - Total Redevelopment Property Tax Trust Fund $ $ 250000.00 $ - $ - $ - $ $ $ - Total Administrative Cast nimence $ $ 7 $ - $ - $ - $ $ - $ - Total Bond Proceeds $ - $ 458,815.00 $ - $ - $ $ - $ - $ Total Low and Moderate Income Housing Fund This Enforceable Obligation Payment Schedule (EOPS) is to be adopted by the Oversight Board and approved by the State Department of Finance. Include only payments to be made after February 1, 2012 and prior to June 30, 2012. `These figures are estimated based upon 2010 -11 actual figures. The agreement states the her increment fund must offset an shortfalls due to necessary maintenance and overhead costs.