OB - Item 3B - ROPS Submittal - January Through June 2013S
O � 9
ROSEMEAD SUCCESSOR
AGENCY STAFF REPORT
/i ✓CORPORALEO 1050
TO: THE HONORABLE CHAIR AND BOARD MEMBERS
FROM: MATTHEW HAWKESWORTH. ASSISTANT CITY MANAGER
DATE: AUGUST 13, 2012
SUBJECT: ROPS SUBMITTAL —JANUARY THROUGH JUNE 2013
SUMMARY
On July 18, 2012 the Board approved the ROPS for the period of January through June
2013 in order to ensure the due date of September 1, 2012 is met. On August 1, 2012
the DOF released a new template for the ROPS which requires additional data and
information that allows for a reconciliation of prior ROPS periods to determine,exactly
how much tax increment is required to meet the enforceable obligations. All of the
enforceable obligations contained in the ROPS that was approved on July 18` remain
the same; however, there are three additional worksheets in addition to the ROPS.
The new ROPS document now includes a summary page, a notes page and a
reconciliation page. The summary page provides a total of all outstanding obligations, a
summary of current obligations and a reconciliation summary of the prior period of
January through June 2012. The second new worksheet is a notes page. The notes
page is provided so that the Successor Agency can provide detailed comments to the
DOF in regards to specific items listed on the ROPS. The last new page is a
reconciliation of the previous six month period of January through June 2012. Printed
copies of the entire new ROPS document have been included with this report for
approval by the Board.
Staff Recommendation:
That the Oversight Board approve Resolution 2012 -0009 approving the ROPS for the
period of January through June 2013.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process in
accordance with the Brown Act.
Prepared by:
Matthew E. Hawkesworth
Assistant City Manager
Attachments: Resolution 2012 -0009
ITEM NOo ' _
RESOLUTION: 2012 -0009
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, 2013 THROUGH JUNE 30, 2013
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 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,
2013 through June 30, 2013 is attached hereto as Exhibit A.
NOW THEREFORE, THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY
TO ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION HEREBY RESOLVES:
The ROPS for the period January 1, 2013 through June 30, 2013 attached hereto as
Exhibit A is hereby approved.
2. 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 13th day of August 2012.
Chairperson
r_IIIIIr:619
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 13 day of August 2013, by the following vote,
to wit:
AYES:
NOES:
ABSENT:
ABSTAINED:
Matthew E. Hawkesworth
Successor Agency Staff
Assistant City Manager
Successor Agency Contact Information
Name of Successor Agency:
County:
City of Rosemead
Los Angeles
Primary Contact Name:
Primary Contact Title:
Address
Contact Phone Number:
Contact E -Mail Address:
Secondary Contact Name:
Secondary Contact Title:
Secondary Contact Phone Number:
Secondary Contact E -Mail Address:
Matthew Hawkesworth
Assistant City Manager
8838 E Valley Blvd
626 - 569 -2107
m hawkesworth(aDcitvofrosemead. org
Gloria Molleda
City Clerk
626 - 569 -2171
omolleda(@cityofrosemead. oro
SUMMARY OF RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Filed for the January 1, 2013 to June 30, 2013 Period
Name of Successor Agency. City: of Rosemead
Certification of Oversight Board Chairman:
Pursuant to Section 34177(m) 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 agency.
Total Outstanding
Debt or Obligation
Outstanding Debt or Obligation
$`91,519,1581
Current Period Outstanding Debt or Obligation
Six -Month Total
A
B
C
D
Available Revenues Other Than Anticipated RPTTF Funding
Enforceable Obligations Funded with RPTTF
Administrative Allowance Funded with RPTTF
Total RPTTF Funded B + C = D
229406
' 13154a4
1268a5
:,1441769
E
F
Total Current Period Outstanding Debt or Obligation (A + B + C = E) Should be same amount as RODS form six -month total
Enter Total Six -Month Anticipated RPTTF Funding
Variance (D - E = F) Maximum RPTTF Allowable should not exceed Total Anticipated RPTTF Funding
$ .
'1;671,'195
$ ,
i'(1,441 ,789)
Prior Period (January 1, 2012 through June 30, 2012) Estimated vs. Actual Payments (as required in HSC section 34186 (a))
G
H
1
J
Enter Estimated Obligations Funded by RPTTF (Should be the same amount as RPTTF approved by Finance, including admin allowance)
Enter Actual Obligations Paid with RPTTF
Enter Actual Administrative Expenses Paid with RPTTF
Adjustment to Redevelopment Obligation Retirement Fund G - H + I = J
1155366
966165
161952
- - - 27249
K
Adi. ustment to RPTTF
$
. :_1,414,540.00
Certification of Oversight Board Chairman:
Pursuant to Section 34177(m) 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 agency.
Name of Successor Agency:
County:
ad
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS III)
January 1. 2013 through Juno 30. 2013
Oversight Board Approval
Item #
Project Name / Debt Obligation
Contract/Agreement
Execution Date
Contract/Agreement
Termination Date
Payee
Description/Project Scope
Pro ect Area
Total
Outstanding
Debt or
Obligation
Total Due During
Fiscal Year
2012 -13
Funding Source
LMIHF
Bond
Proceeds
Reserve
Balance
Admin
Allowance
RPTTF
Other
Six -Month Total
Grand Total - -- "- - -
$ 91,519,158
$ 11,863,405
$ 229,406
$ - -
$ -
$ 126,345
$ 1,315,444
$ -
$ 1,671,195
1
2006A Tax Increment Bonds
02/23/2006
10/01/2022
US Bank
Tax Increment Bond Debt Service
-- merged
9,415,162.60
1,333,206 26
176,578
176,578
2
2006B Tax Increment Bonds
12121/2006
10/01/2033
US Bank
Tax Increment Bond Debt Service
Merged
38,695,71642
1,110,048.76
514,068
514,068'
3
2010 Tax Increment Bonds
06/29/2010
12101/2023
US Bank
Tax Increment Bond Debt Service
Merged
13,330,150.06
666,793.76
220,647
_ 220,647.
4
Comnuing Disclosure on Bonds
06/01/2008
Ongoing
Urban Futures
Continuing Disclosure service for 2006A, 20068 and 2010 Bonds
Merged
104,00000
5,200.00
5
State Controllers' Re ort
04/12/2011
06/3012016
RAMS
Pre erasion of Annual Report
Merged
4,000.00
1,000 00
1,000
1,000
6
Bond Trustee Fees
02/2312006
10/01/2033
US Bank
Banking fees related to Me 2006A, B and 2010 Bonds
Merged
40,280.00
2,01400
2,014
- 2,014
7
Annual Audit
04/12/2011
06/3012016
RAMS
Annual audit services
Merged
32,304.00
8,076
8,076
- "'8,076
8
Finance System
03/28/2011
04/01/2016
Bank of the West
Lease Obligation for finance system
Merged
46,400.00
11,600
5,800
5,800
9
Statement of Indebtedness
05/06/2011
Ongoing
Redevelopment Reporting SOIL
Preparation of Annual Report
Merged
20,000.00
1,000
- -
10
Arbitrage Calculations
07/11/2001
Ongoing
Willdan
Preparation of arbitrage rebate calculation
Merged
82,000.00
4,100
4,100
-4,100
11
Property Tax Audits/Monitoring
06/13/2007
Ongoing
HDL
Monitor property tax collections and appeals to ensure bor
Merged
252,000.00
12,600
3,150
3,150
12
Rosemead Community Ctr. Parking Lot
04/19/2011
06/30/2011
Boghossian Engineering
Community center parking lot design
Merged
13,670.00
13,670
-
13
Rosemead Community Ctr. Parking Lot
08/10/2011
03/31/2012
Willdan
Material testing for parking lolengineering
Merged
12,720.00
12,720
14
Za o an Park Improvements
ADA accessibility & additional parking
Merged
1,050,000.00
1,050,000
15
Rosemead Park Improvements
ADA accessibility improvements
Merged
280,000.00
280,000
-
16
Rosemead Community Ctr. Parking Lot
ADA accessibility, teen center & outdoor space
Merged
4,000,000.00
4,000,000
17
New Park at Rush & Walnut Grove
Community infrastructure improvements
Merged
500,000.00
500,000
'
18
Sewer System Expansion
Sewer main replacement/upgrade on Garvey Ave.
Merged
750,000.00
750,000
"
19
Employee Overhead Costs
City of Rosemead
Administrative costs (staffing, audits, legal, supplies, etc.)
Merged
4,419,016.00
204,410
102,205
- 102,205
20
Valley Blvd. Street Improvements
Infrastructure improvements - Downtown Corridor
Merged
250,000.00
250,000
-
21
Rosemead Park Turf Renovations
Community infrastructure improvements
Merged
784,000.00
784,000
22
Senior Housinq Land Lease - Angelus
08/13/2002
Not less than 55 years
Rosemead Housind Develo m
Cost of annual land lease for property
Merged
2,553,600.00
91,200
45,600
45,600
23
Senior Housing Operations Overhead -
08/13/2002
Not less than 55 years
Rosemead Housind Develo m
Cost of annual operations and overhead subsidy
Merged
3,166,800.00
113,100
56,550
56,550
24
Senior Housing Shorfall Subsidy - An a
08/13/2002
Not less than 55 years
Rosemead Housind Develo m
Cost to cover shortfall between rents and operations /main
Merged
459,340.00
16,405
8,202
8,202
25
Senior HDusmq Land Lease - Garvey
08/13/2002
Not less than 55 years
Rosemead Housind Develo m
Cost of annual land lease for property
Merged
4,202,783.31
92,200
46,099
46,099
26
Senior Housing Operations Overhead -
08/13/2002
Not less than 55 years
Rosemead Housind Develo ir
Cost of annual operations and overhead subsidy
Merged
5,155,475.00
113,100
56,550
- 56,550
27
Senior Housing Shorfall Subsidy - Gary
08/13/2002
Not less than 55 years
Rosemead Housind Develo m
Cost to cover shortfall between rents and operations/main
Merged
1,495,589.19
32,810
16,405
16,405
28
Bond Payment Reserve
US Bank
Debt service funding shortfall from the July- December 20
Merged
404,151.44
404,151
404,151
404,151
29
30
31
32
33
34
35
36
37
Name of Successor Agency: Cib
County: Ios
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS III) — Notes (Optional)
January 1 2M3 through .lung 30. 2n13
Item #
Notes /Comments
4
The ongoing term of this agreement relates to the life of the bonds. This contract would end when the bonds are paid
in full.
9
The ongoing term of this agreement relates to the life of the bonds. This contract would end when the bonds are paid
in full.
10
The ongoing term of this agreement relates to the life of the bonds. This contract would end when the bonds are paid
in full.
11
The ongoing term of this agreement relates to the life of the bonds. This contract would end when the bonds are paid
in full.
12
This project was put on hold since the construction funding may not be allocated from the bond proceeds until a finding of completion is received.
13
This project was put on hold since the construction funding may not be allocated from the bond proceeds until a finding of completion is received.
14
This CIP Pro'ect is to be funded from exisitnq bond proceeds as allowable under AB 1484 once the finding of completion
is received.
15
This CIP Project is to be funded from exisitnq bond proceeds as allowable under AB 1484 once the finding of completion
is received.
16
This CIP Project is to be funded from exisitnq bond proceeds as allowable under AB 1484 once the finding of completion
is received.
17
This CIP Project is to be funded from exisitng bond proceeds as allowable under AB 1484 once the finding of completion
is received.
18
1 This CIP Project is to be funded from exisitnq bond proceeds as allowable under AB 1484 once the finding of completion
is received.
20
This CIP Project is to be funded from exisitnq bond proceeds as allowable under AB 1484 once the finding of completion
is received.
21
This CIP Project is to be funded from exisitnq bond proceeds as allowable under AB 1484 once the finding of completion
is received.
28
As permitted under H &S Code Section 34171 d 1 a , this amount is being requested to establish a reserve for the
anticipated shortfall in funding in the July- December 2013 period based upon the funding shortage realized with the Jul -
December 2012 ROPS. From the June 2, 2012 RPTTF distribution, the Successor Agency received $404,151.44 less than necessary to make debt service payments on bonds.
Name of Successor Agency:
County:
Los Angeles
Pursuant to Health and Safety Code section 34166 (a)
PRIOR PERIOD ESTIMATED OBLIGATIONS vs. ACTUAL PAYMENTS
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 1)
January 1, 2012 through June 30, 2012
Page/Form
Line
Project Name / Debt Obligation
Payee
Description/Project Scope
Pro ect Area
LMIHF
Bond Proceeds
Reserve Balance
Admin Allowance
RPTTF
Other
Estimate
Actual
Estimate
Actual
Estimate
Actual
Estimate
Actual
Estimate
Actual
Estimate
Actual
Grand Total -'
$ 229,407
$ 221,009
$- .._
$ _ -:. _
$ _
$. _ _
$ .210,515
$ 148,222
$ 966,077
$ 966,165
$ -
$
1.00
1
2006A Taz Increment Bonds
US Bank
Tax Increment Bond Debt Service
Merged
193,486
$ 193,465.63
1.00
2
2006B Taz Increment Bonds
US Bank
Tax Increment Bond Debt Service
Merged
515,469
$ 515,468.13
1.00
3
12010 Tax Increment Bonds
US Bank
Taz Increment Bond Debt Service
Merged
231,897
$ 231,896.88
1.00
4
Continuing Disclosure on Bonds
Urban Futures
Continuing Disclosure service for 2006A, 20066
Merged
5,200
10,400
1.00
5
State Controllers Re ort
RAMS
Pre ration of Annual Report
Merged
1,000
1.00
6
Bond Trustee Fees
US Bank
Banking fees related to the 2006A. B and 2010 B
Merged
2,014
2,014
1.00
7
Annual Audit
RAMS
Annual audit services
Merged
8,076
876
1.00
8
Finance System
Bank of the West
Lease Obligation for finance system
Merged
5,800
5,800
1.00
9
Statement of Indebtedness
Redevelopment Reporting
Preparation of Annual Report
Merged
1.00
10
Arbitrage Calculations
Willdan
Preparation of arbitrage rebate calculation
Merged
4,100
1.00
11
Property Tax Audits/Monitoring
HDL
Monitor property tax collections and appeal
Merged
6,300
9,450
1.00
12
Rosemead Community Ctr. Parkin L
Boghossian Engineering
Community center parking lot design
Merged
1.00
13
Rosemead Community Ctr. Parkin L
Willdan
Matenal testing for parking lot engineering
Merged
1.00
14
Za o an Park Improvements
ADA accessibility & additional parking
Merged
1.00
15
Rosemead Park Improvements
ADA accessibility improvements
Merged
1.00
16
Rosemead Community Ctr. Parking Lot
ADA accessibility, teen center & outdoor sp
Merged
1.00
17
New Park at Rush & Walnut Grove
Community infrastructure improvements
Merged
1.00
18
Sewer System Expansion
Sewer main replacement/upgrade on Garve
Merged
1.00
19
Employee Overhead Costs
City of Rosemead
Administrative costs (staffing, audits, legal,
Merged
178,025
119,682
1.00
20
Valley Blvd. Street Improvements
Infrastructure improvements - Downtown Cc
Mer ed
1.00
21
Rosemead Park Turf Renovations
Community infrastructure improvements
Mer ed
1.00
22
Senior Housing Land Lease - Angelus
Rosemead Housind Develc
Cost of annual land lease for property
Merged
45,600
45,600
1.00
23
Senior Housing Operations Overhead
Rosemead Housind Develc
Cost of annual operations and overhead sul
Mer ed
56,550
56,550
1.00
24
Senior Housing Shorfall Subsidy - Ang
Rosemead Housind Develc
Cost to cover shortfall between rents and or
Mer ed
8,202
8,202
1.00
25
Senior Housing Land Lease - Garvey
Rosemead Housind Develc
Cost of annual land lease for property
Mer ed
46,100
46,100
1.00
26
Senior Housing Operations Overhead
Rosemead Housind Develc
Cost of annual operations and overhead sul
Merged
56,550
56,550
1.00
27
Senior Housing Shorfall Subsidy - Gar
Rosemead Housind Develk
Cost to cover shortfall between rents and or
Merged
16,405
8,007
1.00
28
Chamber Operating Agreement
Chamber of Commerce
Operating Assistance for the Chamber of C
Merged
4,000
4,000
1.00
29
Housing Agency Staff
City of Rosemead
Administrative costs (staffing, audits, legal, i
Merged
21,225
21,334