OB - Item 3A - ROPS Submittal - July Through December 2013TO: THE HONORABLE CHAIR AND BOARD MEMBERS
FROM: MATTHEW HAWKESWORTH. ASSISTANT CITY MANAGER
DATE: FEBRUARY 11, 2013
SUBJECT: ROPS SUBMITTAL — JULY THROUGH DECEMBER 2013
SUMMARY
The Department of Finance (DOF) requires that the Recognized Obligation Payment
Schedule (ROPS) for the July through December 2013 be submitted by March 1, 2013.
As with every previous ROPS, the layout and format of the schedules has been modified
slightly, and the schedules may look slightly different.
The new ROPS document now includes a contact information page, a summary page, a
notes page, a schedule for the current ROPS period 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 July through December
2012. Additionally, this page of the document better reflects the current period obligations
against the projected funding for the period. During the same six month period in the
previous fiscal year, the Successor Agency was underfunded by approximately $523,000
and due to the DOF's decision to fund all the Senior Housing related obligations from
Real Property Tax Trust Fund (RPTTF) and not the Low and Moderate Income Housing
Fund, the shortfall for the period is now projected at approximately $811,000. This
amount should be recouped in the second six month period of the year when the
obligations for debt service are less and the shortfall payment can be repaid.
The notes page has been modified slightly and the DOF has provided instructions on
exactly what type of information should be included on the notes. The reconciliation
worksheet has also been changed so that it only includes those obligations in which
payments were made and the Item Number is carried forward from the original ROPS in
which it was approved. 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 2013 -0001 approving the ROPS for the
period of July through December 2013.
ITEM NO. 3
Rosemead Successor Agency Oversight Board
February 11, 2013
Page 2 of 2
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process in accordance
with the Brown Act.
Prepared by:
Y'
Matthew E. HaJsworth
Assistant City Manager
Attachments: Resolution 2013 -0001
RESOLUTION: 2013 -0001
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
JULY 1, 2013 THROUGH DECEMBER 31, 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
Recognized 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 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 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 July 1, 2013
through December 31, 2013 is attached hereto as Exhibit A.
NOW THEREFORE, THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY
TO ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION HEREBY RESOLVES:
1. The ROPS for the period July 1, 2013 through December 31, 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 11th day of February 2013.
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 11th day of February 2013, by the following vote,
to wit:
AYES:
NOES:
ABSENT:
ABSTAINED:
Matthew E. Hawkesworth
Successor Agency Staff
Assistant City Manager
SUCCESSOR AGENCY CONTACT INFORMATION
Successor Agency
ID:
County:
Successor Agency:
Primary Contact
Honorific (Ms, Mr, Mrs)
First Name
Last Name
Title
Address
City
State
Lip
Phone Number
Email Address
Secondary Contact
Honorific (Ms, Mr, Mrs)
First Name
Last Name
Title
Phone Number
Email Address
139
Los Angeles
Rosemead
Matthew
Hawkesworth
Assistant City Manager
8838 E Valley Blvd
ROSEMEAD
i CA
91770
626 -569 -2107
mhawkesworth@cityofrosemead.org
Gloria
Molleda
City Clerk
626 -569 -2171
gmolleda@cityofrosemead.org
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ROSEMEAD (LOS ANGELES)
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 13-14A) -- Notes (Optional)
July 1, 2013 through December 31, 2013
Item9
Project Name/ Debt Obligation
Noes /COmmenJs
1.
2006A Tax Increment Bonds
2
2006B Tax lnaemen[BOnds
'
3
2010 Tax Increment Bonds
4
n
C ntinuingD I Bonds
- - -- _ –
- -
--
5
State Controls& Report
6
Bond T to F ees
]
Annual Audit
–
– - --
8
Hmmna Syst
_ 9
Statement oF Indebtedness
—
10
Arb Calculations
!
11
Property Tax Aud It
12
Rosemead Communi Cm . Pa Lot
I
Pending Ending of Completion.
All required
document have been submitted to the 00F.
Project amount of $13,670.
13
Rosemead C a iTy Ch. Parking t
Pend F nding of Completion.
All required
documents have been submitted to the 00F.
P roject a mount of $1
19
_ L
2apopan Park Improvements
�I
Pendin Finding of Completion.
All required
documents have been submitt m[h BO
Project mount of $1,050.000.
' 151
Rosemead Park Improvements
(Pending
Finding of Completio
All required
documents have been submitted to the DOE.
Project amount of $280,000.
lfi
Rosemead Community Rr. Parki LO�e
dog Findi ofC omp l etion.
Nl required
documents have been submitted to the BOB.
Project amount of $9,000,000.
i P
New Park a[ Rush & Wa Grow
Pendi Finding ofCompl
All required
documents haw been submitted [o the DOE.
Project amount of$600,000
. 18'S
wer systemE pension
( Pending Finding of Completion.
All required
documents have been submitted to the D0F.
Project amount of $750,000.
19
Landover, Overh Costs
Due m payroll ccrual and the accounts payable schedule from the Christmas holiday some payments r made in January. _
20
Valley Blvd.Streetlmprovemen[s
Pending Finding ofC Om pleGOn
All required
documents have been submitted to the DOF
Prot amou of $250000
21
Rosemead Park Tuff Renovations
I Pend F ding ofCompletion,
All required
documents have been submitted to the D0E
Project amount of $784,000
2.2 S Housing Land Lease- Angelus 1 Per the findings of t he Agr Upon Procedures, this enforceable obl shall now come from RPlTF and n ot LMIHF.
23 Senior Housing Operations Overhead- I Per the findings ofthe Agreed Upon Procedures, thisenforceable obligation shall now come from RPTTF and no [LMIHF.
' Angelus
24 Senior Housing Shortfall Subsidy - Angelus ( Per the findings of the Agreed Upon Pr« edures,t his enforceable obligation shall now come from RPlTF and not LMIHF.
251Senior Housing L dLease -G Ga rvey ( Per findings of the
Agreed upon Procedures, this enforceable obligation shall now come fr mRPTfF and not LMIHF. _
26'. senior Housing Operations Overhead ' Per the of the Agreed Upon Procedures, this enforceable obligabon hall now come from RPTTF and not LMIHF.
Garvey
. 27 Senior Houzing 6h rfall Subsidy Garvey tPerthe findings of Agreed Upon Procedures, this enforceable ob0gaEOn shall now come from RPTTF and not LMIHF
28 Bond Payment R rve - - - T
Oversight Board Approval Dare:
ROSEMEAD (LOS ANGELES)
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 13 -14A)
July 1, 2013 through December 31, 2013
ROSEMEAD (LOS ANGELES)
Pursuant to Health and Safety Code section 34186 (a)
PRIOR PERIOD ESTIMATED OBLIGATIONS vs. ACTUAL PAYMENTS
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (POPS II)
July 1, 2012 through December 31, 2012
ItemN
Project Name/ Debt Obligation
Payee
Description /Project Scope
Project Area
LMIHF
Band Proceeds
Reserve Balance
Admin Allowance
RPTTF
Other
Estimate
Actual
Estimate
Actual
Estimate
Actual
Estimate
Actual
Estimate
Actual
Estimate
Actual
$229,406
$206,976
$0
$0"
$D
$0
$119,505
$2,735,831
- $2,]35,831
$0
$0
1)
2006A Tax Increment Bonds
US Bank
Tax Increment Bond Debt Service
Merged
1,158,466
1,158,466
2)
2006B Tax Increment Bonds
US Bank
Tax Increment Bond Debt Service
Merged
595,468
595,468
3)
2010 Tax Increment Bonds
US Bank
Tax Increment Bond Debt Service
Merged
981,897
981,897
4
Continuing Dlscolsum on Bonds
Urban Futures
Continuing discolors service for 2006A, 2006B and 2010A Don
Merged
5,200
0
5)
State Contollers' Report
RAMS
Preperation of annual report
Merged
0
1,000
6
Bond Trustee Fees
US Bank
Banking fees related to the 2DD6A, B and 2010A Bonds
Merged
0
1,000
7)
Annual Audit
RAMS
Annual audit services
Merged
0
8,076
8)
Finance System
Bank of the West
Lease Obligaton for Finance System
Merged
5,800
5,800
9)
Statement of Indebtedness
Redevelopment Reporting Solut
Preperation of annual report
Merged
0
0
10)
Arbitrage Calculations
Willdan
Preperation of Arbitrage Rebate Calculation
Merged
0
0
11)Property
Tax Audds /Monitoring
HDL
Monitor Property Tax Collections& Appeals to ensure BO
Merged
6,300
6,300
19)
Emloyee /Overhead Costs
Successor Agency- City of Roses
Acminisbalive Costs (Staffing, audits, legal, supplies, etc.)
Merged
302,205
97,329
22)
Senior Housing Land Lease - Angelus
Rosemead Housing Developme
Cost of annual land lease for property
Merged
45,600
45,600
23)
Senior Housing Operations/ Overhead - A
Rosemead Housing Developme
Cost of annual operations and overhead subsidy provide I
Merged
56,550
56,550
24)
Senior Housing Shortfall Subsidy - Angel
Rosemead Housing Developmer
Cost to cover shortfall between rents and operations /ma
Merged
8,202
0
25)
Senior Housing Land Lease - Garvey
Rosemead Housing Developmer
Cost of annual land lease for property
Merged
46,099
46,099
26)
Senior Housing Operations/ Overhead - G
Rosemead Housing Developmer
Cost of annual operations and overhead subsidy provide
Merged
56,550
56,550
27)
Senior Housing Shortfall Subsidy - Garve
Rosemead Housing Developmer
Cost to cover shortfall between rents and operations /ma
Merged
16,4DS
2,177