CC - Item 4B - ROPS Submittal for July 2020 Throught June 2021ROSEMEAD SUCCESSOR
AGENCY BOARD
TO:
THE HONORABLE CHAIR AND BOARD MEMBERSR
FROM:
GLORIA MOLLEDA, EXECUTIVE DIRECTO, l) ^ \ -
DATE: DECEMBER 17, 2019
SUBJECT: ROPS SUBMITTAL — JULY 2020 THROUGH JUNE 2021
SUMMARY
The Department of Finance (DOF) requires the Recognized Obligation Payment Schedule
(ROPS) for the period July 1, 2020 through June 30, 2021 be submitted to the DOF by February
1, 2020. 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 23, 2019.
STAFF RECOMMENDATION
That the Rosemead Successor Agency Board approve Resolution 2019-14 SA, approving the
ROPS for the period of July 1, 2020 through June 30, 2021 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 20-21 A and B
(July 1, 2020 through June 30, 2021). As in prior years, Items 1-2 and 4-21 will no
longer be used. 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
17-18.
4. Exhibit 4: Reports "Prior Period Adjustments". The LA County Auditor -Controller has
made a Prior Period Adjustment (PPA), disallowing $269,382 in prior period
AGENDA ITEM 5.13
Rosemead Successor Agency Board
December 17, 2019
Page 2 of 2
administrative cost funding requested by the Rosemead Successor Agency, as a result of
actual Agency expenditures being lower than authorized expenditures.
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:
Robert Torrez, Interim Finance Director
Attachment A: Resolution No. 2019-14 SA
Attachemetn B: Draft Oversight Board Resolution
Exhibits 1-5
Attachment A
Resolution No. 2019-14 SA
RESOLUTION NO. 2019-14 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, 2020 THROUGH JUNE 30, 2021
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, 2020; 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, 2020
through June 30, 2021 is attached hereto.
NOW THEREFORE, THE SUCCESSOR AGENCY TO THE ROSEMEAD
COMMUNITY DEVELOPMENT COMMISSION HEREBY RESOLVES:
1. The ROPS for the period July 1, 2020 through June 30, 2021 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 17th day of December 2019.
Margaret Clark, Chairperson
ATTEST:
Ericka Hernandez
Successor Agency Secretary
Rachel Richman
Successor Agency Attorney
Attachment B
Draft Oversight Board Resolution
RESOLUTION NO. 2019-
A RESOLUTION OF THE LOS ANGELES COUNTY FIRST
SUPERVISORIAL DISTRICT CONSOLIDATED OVERSIGHT BOARD
APPROVING THE RECOGNIZED OBLIGATION PAYMENT
SCHEDULES AND ADMINISTRATIVE BUDGETS FOR THE PERIOD
OF JULY 1, 2020 THROUGH JUNE 30, 2021 OF THE SUCCESSOR
AGENCY OF THE FORMER REDEVELOPMENT AGENCY TO THE
CITY OF ROSEMEAD.
WHEREAS, pursuant to Abx 126, enacted on June 28, 2011, and as
subsequently amended by AB 1484, SB 341 and SB 107 (Dissolution Act), the Redevelopment
Agency to the City of Rosemead was dissolved as of February 1, 2012, and the City of Rosemead
elected to serve as the Successor Agency to the former Redevelopment Agency to the City of
Rosemead; and
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, 2020; 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 and Administrative Budget for
the period July 1, 2020 through June 30, 2021 are attached hereto.
NOW THEREFORE, THE LOS ANGELES COUNTY FIRST SUPERVISORIAL
DISTRICT CONSOLIDATED OVERSIGHT BOARD DOES HEREBY RESOLVE AND
FIND AS FOLLOWS:
Section 1. Pursuant to its responsibility set forth in Section 34180(g) of the California Health and
Safety Code, the First District Consolidated Oversight Board hereby approves the Successor
Agency's Recognized Obligation Payment Schedule (ROPS), attached hereto.,
Section 2: The First District Consolidated Oversight Board's Clerk Shall certify the adoption of
this Resolution.
Section 3. The Successor Agency's officials and staff are hereby authorized and directed to
transmit this Resolution and take all other necessary and appropriate actions as required by law in
order to effectuate its purposes.
SIGNATURE BLOCK:
PASSED, APPROVED AND ADOPTED this 13th day of January 2020, by the following vote:
Ayes:
Noes:
Abstain:
Absent:
Michael Gregoryk, First Supervisorial District
Consolidated Oversight Board, Chair
ATTEST:
Deputy Clerk
Attachment B
Exhibit 1 - 5
EXHIBIT 1
Rosemead
Recognized Obligation Payment Schedule (ROPS 20-21) - ROPS Detail
July 1, 2020 through June 30, 2021
A
B
C
D
E
F
G
H
I
J
K
L
M
I N
1 O
P
Q
R
I S
I T
U
V
W
ROPS 20-21A (Jul - Dec)
ROPS 20-21 B (Jan - Jun)
Item
Obligation
Agreement
Agreement
Project
Total
ROPS
20-21A
20-21B
Fund Sources
Fund Sources
#
Project Name
Type
Execution
Termination
Payee
Description
Area
Outstanding
Retired
20-21
Total
Date
Date
Obligation
Total
Bond
Reserve
Other
Admin
Bond
Reserve
Other
RPTTF
AdminTotal
Proceeds
Balance
Funds
;;RPTTF
RPTTF
Proceeds
Balance
Funds
RPTTF
$48,517,614
$4,082,075
$-
$-
$-
92,225
$60,000
$3,252,225
$-
$-
$-
$769,850
$60,000
$829,850
3
2010 Tax
Bonds Issued
06/29/
12/01/2023
US Bank
Tax
Merged
4,723,625
N
$1,188,000
1,105,875
-
$1,105,875
82,125
-
$82,125
Increment
On or Before
2010
Increment
Bonds
12/31/10
Bond Debt
Service
22
Senior
Miscellaneous
08/13/
12/31/2099
Rosemead
Cost of
Merged
1,824,000
N
$91,200
45,600
-
$45,600
45,600
-
$45,600
Housing Land
2002
Housing
annual land
Lease -
Development
lease for
Angelus
Corporation
property
23
Senior
Miscellaneous
08/13/
12/31/2099
Rosemead
Cost of
Merged
2,262,000
N
$113,100
56,550
-
$56,550
56,550
-
$56,550
Housing
2002
Housing
annual
Operations
Development
operations
Overhead -
Corporation
and overhead
Angelus
subsidy
24
Senior
Miscellaneous
08/13/
12/31/2099
Rosemead
Cost to cover
Merged
2,785,088
N
$32,000
16,000
-
$16,000
16,000
$16,000
Housing
2002
Housing
shortfall
Shortfall
Development
between
Subsidy -
Corporation
rents and
Angelus
operations/
maintenance
25
Senior
Miscellaneous
08/13/
12/31/2099
Rosemead
Cost of
Merged
3,465,184
N
$181,300
-
126,275
-
$126,275
-
55,025
$55,025
Housing Land
2002
Housing
annual land
Lease -
Development
lease for
Garvey
Corporation
property
26
Senior
Miscellaneous
08/13/
12/31/2099
Rosemead
Cost of
Merged
4,250,675
N
$113,100
-
56,550
-
$56,550
-
56,550
$56,550
Housing
2002
Housing
annual
Operations
Development
operations
Overhead -
Corporation
and overhead
Garvey
subsidy
27
Senior
Miscellaneous
08/13/
12/31/2099
Rosemead
Cost to cover
Merged
1,282,729
N
$10,000
5,000
$5,000
5,000
$5,000
Housing
2002
Housing
shortfall
Shortfall
Development
between
Subsidy -
Corporation
rents and
Garvey
operations/
maintenance
30
Loan
Bond Funded
09/18/
06/30/2014
City of
Short-term
Merged
538
N$
-
Repayment to
Project -
2013
Rosemead
loan from City
City of
Pre -2011
to front the
Rosemead
costs of Bond
Proceeds
A
B
C
D
E
F
G
H
I
J
K
L
M
I N
1 O
P
Q
R
I S
I T
U
V
W
ROPS 20-21A (Jul - Dec)
ROPS 20-21 B (Jan - Jun)
Item
Obligation
Agreement
Agreement
Project
Total
ROPS
20-21A
20-21B
Fund Sources
Fund Sources
Project Name
Execution
Termination
Payee
Description
Outstanding
Retired
20-21
Bond
Reserve
Other
Admin
Bond
Reserve
Other
Admin
#
Type
Date
Date
Area
Obligation
Total
Total
Total
Proceeds
Balance
Funds
RPTTF
RPTTF
Proceeds
Balance
Funds
RPTTF
RPTTF
Funded
Projects.
34
Administrative
Admin Costs
07/01/
06/30/2015
City of
Administrative
Merged
120,000
N
$120,000
-
60,000
$60,000
-
60,000
$60,000
Cost
2014
Rosemead
Cost
Allowance
Allowance
35
2016
Bonds Issued
12/14/
10/01/2033
US Bank
Tax
27,803,775
N
$2,233,375
1,780,375
-
$1,780,375
453,000
-
$453,000
Subordinate
After 12/31/10
2016
Increment
Tax Allocation
Bond Debt
Bonds
Service
EXHIBIT 2
Recognized Obligation Payment Schedule (ROPS 20-21) - Summary
Filed for the July 1, 2020 through June 30, 2021 Period
Successor Agency: Rosemead
County: Los Angeles
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
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)
F RPTTF
G Administrative RPTTF
H Current Period Enforceable Obligations (A+E)
Certification of Oversight Board Chairman
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.
20-21A Total 20-21B Total ROPS 20-21
(July - (January - Total
December) June)
$ 3,252,225 $ 829,850 $ 4,082,075
3,192,225 769,850 3,962,075
60,000 60,000 120,000
$ 3,252,225 $ 829,850 $ 4,082,075
Name Title
/s/
Signature Date
EXHIBIT 3
Rosemead
Recognized Obligation Payment Schedule (ROPS 20-21) - Report of Cash Balances
July 1, 2017 through June 30, 2018
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 (1), 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
ROPS 17-18 Cash Balances
Fund Sources
Comments
(07/01/17 - 06/30/18)
Bond Proceeds
Reserve Balance
Other Funds
RPTTF
Bonds issued
Bonds issued
Prior ROPS
Rent, grants,
Non -Admin
on or before
on or after
RPTTF and
interest, etc.
and Admin
12/31/10
01/01/11
Reserve
Balances retained
for future
period(s)
1
Beginning Available Cash Balance (Actual 07/01/17)
522,518
-
RPTTF amount should exclude "A" period distribution
amount.
2
Revenue/Income (Actual 06/30/18)
522,306
4,414,852
RPTTF amount should tie to the ROPS 17-18 total
distribution from the County Auditor -Controller
3
Expenditures for ROPS 17-18 Enforceable Obligations
1,044,019
4,182,615
(Actual 06/30/18)
4
Retention of Available Cash Balance (Actual 06/30/18)
RPTTF amount retained should only include the amounts
distributed as reserve for future period(s)
5
ROPS 17-18 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 17-18 PPA
No entry required
form submitted to the CAC
6
Ending Actual Available Cash Balance (06/30/18)
$805
$-
$-
$-
$232,237
C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)
Rosemead
Recognized Obligation Payment Schedule (ROPS 20-21) - Notes
July 1, 2020 through June 30, 2021
I Item # I Notes/Comments I
22
23
24
25 Lease agreement requires annual CPI adjustment and Agency has not increased the lease payment
:since 2011. According the CPI index the increase for FY 2011-12 to FY 2016-17 each annual increase
:was 2%, FY 2017-18 was 3.9%, FY 18-19 was 3.2% and FY 2019-20 was projected 2%.
Rosemead
Report of Prior Period Adjustments
ROPS 17-18 Period (July 1, 2017 to June 30, 2018)
(Repo Amounts in Whole Dollars)
EXHIBIT 4
A
B
C I D I E I F I G H
I J K L I M I N 1 O P Q R S
T
U V I W I X I Y I Z AA
AB
SA Reported
Non-RPTTF Expenditures
SA Reported
RPTTF Expenditures
CAC Reported
RPTTF Expenditures
RPTTF
RPTTF
and
and
Item
Project
Bond Proceeds
Reserve Balance
Other Funds
RPTTF
Admin RPTTF
AdminSA
RPTTF
Admin RPTTF
Admin
CAC
#
Name
RPTTF
Comments
RPPAF
Comments
Lesserof
Lesserof
Total
Lesser of
Lesserof
Total
Authorized
Actual
Authorized
Actual
Authorized
Actual
Authorized
Available
Authorized
Actual
Difference
Authorized
Available
Authorized
Actual
Difference
Difference
Authorized
Actual
Difference
Authorized
Actual
Difference
/Available
/Available
(M+R)
/Available
/Available
Difference
522,191
521,9801
4,164,852
4,164,852
4,164,852
4,126,516
38,3361
250,000
250,000
250,000
54,450
195,5501
233,886
4,164,852
4,091,020
73,8321
250,000
54,450
195,5501
269,382
3
2010 Tax
-
-
-
-
-
-
1,198,788
1,198,788
1,198,788
1,198,788
-
-
-
-
-
-
-
1,198,788
1,178,729
20,059
-
-
-
-
Proof of
Increment
Payment is
Bonds
$1,178,729
22
Senior
-
-
-
-
-
-
91,200
91,200
91,200
91,200
-
-
-
-
-
-
-
91,200
91,200
-
-
-
-
-
Proof of
Housing
Payment is
Land Lease
$91,200
- Angelus
23
Senior
-
-
-
-
-
-
113,100
113,100
113,100
113,100
-
-
-
-
-
-
-
113,100
113,100
-
-
-
-
-
Proof of
Housing
Payment is
Operations
$113,100
Overhead -
Angelus
24
Senior
-
-
-
-
-
-
16,404
16,404
16,404
10,878
5,526
-
-
-
-
-
-
16,404
8,202
8,202
-
-
-
-
Proof of
Housing
Payment is
Shortfall
$8,202
Subsidy -
Angelus
25
Senior
-
-
-
-
-
-
92,200
92,200
92,200
92,200
-
-
-
-
-
-
-
92,200
92,200
-
-
-
-
-
Proof of
Housing
Payment is
Land Lease
$92,200
Garvey
26
Senior
-
-
-
-
-
-
113,100
113,100
113,100
113,100
-
-
-
-
-
-
-
113,100
113,100
-
-
-
-
-
Proof of
Housing
Payment is
Operations
$113,100
Overhead -
Garvey
27
Senior
-
-
-
-
-
-
32,810
32,810
32,810
-
32,810
-
-
-
-
-
-
32,810
-
32,810
-
-
-
-
Housing
Shortfall
Subsidy -
Garvey
30
Loan
522,191
521,980
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Repayment
to City of
Rosemead
35
2016
-
-
-
-
-
-
2,507,250
2,507,250
2,507,250
2,507,250
-
-
-
-
-
-
-
H+H
-
-
Proof of
Subordinate
Payment is
Tax
$2,494,489.33
Allocation
Bonds
EXHIBIT 5
SUCCESSOR AGENCY OF THE FORMER REDEVELOPMENT AGENCY
ADMINISTRATIVE BUDGET
(JULY 1, 2020 TO JUNE 30, 2021)
ROPS FY 20-21
SALARIES AND BENEFITS
PROFESSIONAL SERVICES
$ 60,000.00
Auditing Services
$
5,000.00
Legal Services
$
5,000.00
Property Tax Services
$
12,600.00
Continuing Disclosure Services
$
6,400.00
Trustee Fees
$
6,000.00
Consulting Services
$
25,000.00
TOTAL
$ 120,000.00
Note: The Administrative Budget covers the costs incurred by the City of Rosemead
and professional services for the operations to the Successor Agency of the
Rosemead Community Development Commission