HomeMy WebLinkAboutRes SA-RDA 077 - ROPS Jul2019 - June2020STAFF REPORT
SUCCESSOR AGENCY TO THE
PALM DESERT REDEVELOPMENT AGENCY/
MEETING DATE: August 22, 2019
SUBMITTED BY: Veronica Tapia, Senior Management Analyst
REQUEST: ADOPT RESOLUTION NO. SA-RDA o77 ADOPTING AN
AMENDMENT TO THE RECOGNIZED OBLIGATION PAYMENT
SCHEDULE FOR THE PERIOD FROM JANUARY 1, 2020
THROUGH JUNE 30, 2020, PURSUANT TO HEALTH AND
SAFETY CODE SECTION 34177 AND TAKING CERTAIN
RELATED ACTIONS
Recommendation
That the Successor Agency Board adopt:
1) Resolution SA-RDA ��� approving an Amendment to the Recognized Obligation
Payment Schedule for the period from January 1, 2020 through June 30, 2020,
and taking certain related actions.
Strateqic Plan
There is no direct correlation to the strategic plan.
Backqround and Analvsis
Each year, the Successor Agency must prepare a Recognized Obligation Payment
Schedule ("ROPS"). The ROPS must be approved by the Riverside County Countywide
Oversight Board (the "Oversight Board"). The Oversight Board-approved ROPS must be
further submitted to the State Department of Finance (the "DOF") for review no later than
February 1. The ROPS lists the enforceable obligations anticipated to be paid during the
upcoming fiscal year (July 1 through June 30). The Successor Agency may only make
payments approved on a DOF-approved ROPS.
In January 2019, the Successor Agency submitted the Oversight Board-approved ROPS
for fiscal year 2019-20 ("ROPS 19-20") to the DOF for review. The submitted ROPS 19-
20 included multiple items (Line Items 59, 60, 61, 178 and 179), pertaining to the
repayment of loans incurred respectively in 1986, 1995, 1996 and 1997 (each, a"City
Loan") and owed to the City of Palm Desert.
By a formula set forth in the Redevelopment Dissolution Act, the Successor Agency may
include up to $7,085,598 for repayment of the City Loans (the "Loan Repayment AmounY')
on ROPS 19-20. The ROPS 19-20, as approved by the Oversight Board, provided that
the full Loan Repayment Amount of $7,085,598 would be applied to Line Item 61 (for the
1986 City Loan).
August 22, 2019 - Staff Report
AMENDMENT TO RECOGNIZED OBLIGATION PAYMENT SCHEDULE 2019-20
Page 2 of 2
The DOF, initially, by a letter dated April 15, 2019, disapproved Line Item 61 and all of
the other ROPS 19-20 Line Items relating to the City Loans. The Successor Agency
disagreed with the DOF's determination. After a meet and confer between the Successor
Agency and the DOF and the DOF's review of additional information, the DOF issued a
letter on May 17, 2019 (the "May 17th Letter"), revising its determination.
As indicated in the May 17th Letter, the DOF continues to deny Line Item 61, but has now
reversed its disapproval of all of the other City Loans line items (i.e., Line Items 59, 60,
177, 178 and 179). In light of the DOF's revised determination, the Successor Agency
has prepared an amendment to ROPS 19-20 (the "ROPS 19-20 Amendment"), to re-
allocate the $7,085,598 Loan Repayment Amount (originally listed for Line Item 61) to the
other City Loans line items that have been approved by the DOF. The breakdown is as
fOIIOWS:
ROPS Line Item Loan Description Amount Re uested
Line 59 1995 $8 Million Loan $1,400,000
Line 60 1997 $2.055 Million Loan $1,400,000
Line 177 1995 $8 Million Loan $1,400,000
Line 178 1999 $6.6 Million Loan $1,400,000
Line 179 1999 $6.6 Million Loan $1,485,598
TOTAL AMENDED REQUEST $7,085,598
For each annual ROPS, the Successor Agency may submit one amendment, to be
effective for the second half of the fiscal year period. The Successor Agency must submit
the ROPS 19-20 Amendment, after approval by the Oversight Board, to the DOF no later
than October 1, 2019. The DOF is required to notify the Successor Agency of its
determination regarding the ROPS 19-20 Amendment no later than December 19, 2019.
Staff requests approval of ROPS 19-20 Amendment, as submitted.
Fiscal Analvsis
Approval of this amendment will provide the first repayment to the City for the City Loans
LEGAL REVIEW
DEPT. REVIEW
FINANCIAL REVIEW I CITY MANAGER
NIA
Reviewed by RWG
Robert W.
Hargreaves
Citv Attornev
ATTACHMENTS
�t Moore �
Director of Finance
daa�t Moore ' I'Lauri Aylaian
Director of Finance City Manager
Resolution No. SA-RDA o77
AMENDMENT TO ROPS 2019-20
G:1rda\Veronica Tapia\Word Files\StaH Reports\Successor Agency\Palm Desert - SA staH report fa Amended ROPS 8-22-19 rev docx
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RESOLUTION NO. SA-RDA o��
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE PALM DESERT
REDEVELOPMENT AGENCY APPROVING AN AMENDMENT TO
THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR
THE FISCAL PERIOD FROM JULY 1, 2019 THROUGH JUNE 30,
2020, AND TAKING CERTAIN RELATED ACTIONS
RECITALS:
A. Pursuant to Health and Safety Code ("HSC") Section 34177(0), the
Successor Agency to the Palm Desert Redevelopment Agency (the "Successor
Agency"), as the successor entity to the former Palm Desert Redevelopment Agency (the
"Former Agency") must prepare a Recognized Obligation Payment Schedule listing the
anticipated payments for enforceable obligations to be made by the Successor Agency
during the fiscal period from July 1, 2019 through June 30, 2020 ("ROPS 19-20") and
submit ROPS 19-20 to the oversight board of the Successor Agency and the State
Department of Finance (the "DOF") for approval.
B. Pursuant to HSC Section 34179(j), commencing on and after July 1, 2018,
the Riverside Countywide Oversight Board (the "Oversight Board") has jurisdiction over
the Successor Agency.
C. On January 17, 2019, the Oversight Board adopted Resolution No, 2019-
0004, approving ROPS 19-20, as submitted by the Successor Agency.
D. As approved by the Oversight Board, ROPS 19-20 included, among others,
Line Items 59, 60, 61, 177, 178 and 179, all of which pertain to loans incurred respectively
in 1986, 1995, 1996 and 1997 (each, a"City Loan" and collectively, the "City Loans"),
owed to the City of Palm Desert (the "City").
E. By operation of HSC Section 34191.4(b)(3)(A) and (B), the Successor
Agency may include $7,085,598, in total, for repayment of the City Loans (the "Loan
Repayment Amount") on ROPS 19-20. (The Loan Repayment Amount equals: (i) one-
half of dollar amount distributed to the taxing entities during fiscal year 2018-19 from the
Redevelopment Property Tax Trust Fund pursuant to HSC Section 34183(a)(4), less
$630,750 to be deposited in to the Low and Moderate Income Housing Asset Fund as
repayment of certain loans made by the Former Agency's Low and Moderate Housing
Fund).
F. ROPS 19-20, as approved by the Oversight Board, provided that the full
Loan Repayment Amount of $7,085,598 would be applied to Line Item 61, pertaining to
the 1986 City Loan.
G. The DOF initially, by a letter dated April 15, 2019, disapproved Line Item 61
and all of the other ROPS 19-20 Line Items relating to the City Loans.
G:\rda\Veronica "I'apia\Word Files\Staff Reports�.Successor Agency�Palm Uesert SA - SA reso for Amended ROPS 19-20.docx
Resolution No.
H. The Successor Agency disagreed with the DOF's determination.
I. After a meet and confer between the Successor Agency and the DOF
pursuant to HSC Section 34117(0)(1) and the DOF's review of additional information, the
DOF issued a letter on May 17, 2019 (the "May 17th Letter"), revising its determination
regarding ROPS 19-20.
J. As indicated in the May 17th Letter, the DOF continues to deny Line Item
61 (for the 1986 Loan), but has now reversed its disapproval of all of the other City Loans
line items (i.e., Line Items 59, 60, 177, 178 and 179).
K. In light of the DOF's revised determination, the Successor Agency has
prepared an amendment to ROPS 19-20 (the "ROPS 19-20 Amendment"), to re-allocate
the $7,085,598 Loan Repayment Amount (originally listed for Line Item 61) to the other
City Loans line items which have been approved by the DOF.
L. ROPS 19-20 Amendment, in the form prescribed by the DOF, is attached
to this Resolution as Exhibit A.
M. Pursuant to HSC Section 34177(0)(1)(E), the Successor Agency must
submit the ROPS 19-20 Amendment, after approval by the Oversight Board, to the DOF
no later than October 1, 2019.
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE SUCCESSOR
AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY (THE "BOARD"),
HEREBY FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS:
Section 1. The above recitals are true and correct and are a substantive part
of this Resolution.
Section 2. ROPS 19-20 Amendment, substantially in the form attached hereto
as Exhibit A, is hereby approved.
Section 3. The Executive Director of the Successor Agency, in consultation
with the Successor Agency's legal counsel, may modify ROPS 19-20 Amendment as the
Executive Director or the Successor Agency's legal counsel deems necessary or
advisable.
Section 4. Staff is hereby authorized and directed to submit a copy of ROPS
19-20 Amendment to the Oversight Board for approval and, at the same time, transmit a
copy of ROPS 19-20 Amendment to the DOF, the County Auditor-Controller and the
County administrative officer as designated by the County.
Section 5. Staff is hereby authorized and directed to submit a copy of Oversight
Board-approved ROPS 19-20 Amendment to the DOF, the Office of the State Controller,
and the County Auditor-Controller.
(i:Uda\Vcronica Tapia\Word Files\Staff Reports�.Successor Agency�Palm Desert SA - SA reso for Amcnded ROPS 19-20.docx
Resolution No.
Section 6. Staff is hereby authorized and directed to post a copy of the Oversight
Board-approved ROPS 19-20 Amendment on the Successor Agency's Internet website
(being a page on the Internet website of the City).
Section 7. The officers and the other Staff members of the Successor Agency
are hereby authorized and directed, jointly and severally, to do any and all things which
they may deem necessary or advisable to effectuate this Resolution, including but not
limited to requesting additional review by the DOF and an opportunity to meet and confer
on any disputed items, and making adjustments to ROPS 19-20 Amendment pursuant to
the DOF's instructions, and any such actions previously taken are hereby ratified and
confirmed.
PASSED, APPROVED AND ADOPTED this day of , 2019.
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Rachelle D. Klassen,
Secretary to the
Successor Agency to the
Palm Desert Redevelopment Agency
Susan Marie Weber, Chair
G:Uda\Veronica Tapia\Word Filcs\Staff Reports\Succcssor Agency�Palm Desert SA - SA reso for Amcnded ROPS 19-20.docx
Resolution No.
EXHIBIT A
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AMENDED RECOGNIZED OBLIGATION PAYMENT SCHEDULE
(January 1, 2020 — June 30, 2020)
G:\rda\Veronica Tapia\Word I�iles\Staff Rcports\Successor AgencylPalm Desert SA - SA reso for Amended ROPS 19-20.docx
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Palm Desert
ROPS 2019-20 Amended
S�i�mary D �il Submission
Requested Funding for Obligations
A Obligations Funded as Follows (e+c+o)
B Bond Proceeds
C Reserve ealance
D Other Funds
E Redevelopment Property Tax Trust Fund
(RPTTF) (F+�)
F RPTTF
G Administrative RPTTF
Authorized Requested
Amounts Adjustments
__ .
496,443 0
0 0
0 0
496,443 0
Amended Total
496,443
0
0
496,443
H Current Period Obligations (n+e)
hitPS:....................y.,.,�....,,,,..,,...,...,... �..r..,.,.....,,...��
12,903,343 7,085,598 19,988,941
12,903,343 7,085,598 19,988,941
0 0 0
13,399,786 7,085,598 20,485,384
1/1
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Resolution No.
EXHIBIT B
Supporting Documents
G:\rda\Veronica Tapia\Word �ilcs\Staff Reports\Successor Agency\Palm Desert SA - SA reso for Amended ROPS 19-20.docx
���NT �o� �Z
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.� DEPARTMENT OF
����aM`� F' � IV A N C..' E
OFFIGE OF TME �IRECTOR
May 17, 2019
GAVIN N�WSqM C30VERNQR
STAT6 CAPITOL � 1200M 7 74�3 A 9ACiL4MCNT0 CA � 9',5674'4998 � WWW.00�.G.mOV
Ms. Veronica Tapia, Management Analyst ll
City of Pafm Desert
73-510 Fred Waring Drive
Palm Desert, CA 92260
Dear Ms. Tapia:
Subject: 2019-20 Annual Recognized Obligation Payment Schedule
This letter supersedes the California Department of Finance's {Finance) Recognized Obligation
Payment Schedule (ROPS) letter dated April 15, 2019. Pursuant to Health and Safety
Code (HSC) section 34177 (o) (1), the Palm Desert Successor Agency (Agency) submitted an
annual ROPS for the period July 1, 2019 through June 30, 2020 (ROPS 19-20) to Finance on
January 17, 2019. The Agency requested a Meet and Confer on one or more of the
determinations made by Finance. The Meet and Confer was held on April 22, 2Q19.
Based on a review of additional information and documentation provided to Finance during the
Meet and Confer process, Finance has completed its review of the specific determinations being
disputed:
• Item Nos, 59, 60, 61, 177, 178, and 179 — Various loans between the former Palm Desert
Redevelopment Agency {RDA) and the City of Palm Desert (City) in the total combined
outstanding amount of $28,432,025. �inance no longer denies Item Nos. 59, 60, 177,
178, and 179. However, Finance confinues to deny Item No. 61 in the total outstanding
balance of $7,530,000 as follows:
The Agency provided resolutions for the Ioan issued in 1986 from both the City and the
former RDA documenting the amount appropriated to the Redevelopment Revolving
Fund (Fund). However, the accounting records already provided did not demonstrate
there was an actual transfer of money from the City to the RDA for the 1986 loan, nor did
the Agency provide new supporting documentation.
HSC section 34171 (d) (1) (B) defines loans as loans of moneys borrowed by the
redevelopment agency for a lawful purpose, to the extent they are Iegally required to be
repaid pursuant to a required repayment schedule or other mandatory loan terms.
Further, a loan agreement is defined under HSC section 34191.4 {b} (2) (A} as loans of
money entered into between the former redevelopment agency and the city that created
the former redevelopment agency in which the city transferred money to ihe former
redevelopment agency for use by the former redevelopment agency for a lawful purpose,
and where the former redevelopment agency was obligated to repay the money it
received pursuant to a required repayment schedule.
Ms. Veronica Tapia
May 17, 2019
Page 2
Therefore, the 198fi loan remains ineligible for payment and the requested
Redevelopment Property Tax Trust Fund (RPTTF} funding is not allowed as summarized
in the table below:
_ ` .. K :� `Re.u+►'
;EtC3P5 `f�ar Principaf�t?�l : .
'tter�i No; , ,�tmou'rit 'l;oara7ernas _
61 1986 $6,000,000 Yes
n�s '.. f�P�TF 1Vot
f.
sfer5 of `.., . .�Ifcjwetl�
��e �
No $7,085,598
In addition, per Finance's letter dated April 15, 2019, we continue to make the following
determinations not contested by the Agency during the Meet and Confer review:
The claimed administrative costs exceed the allowance by $202.
HSC section 34171 (b) (3} limifs the fiscal year Administrative Cost Allowance (ACA) to
three percent of actual RPTTF distributed in the preceding fiscal year or $250,000,
whichever is greater; not to exceed 50 percent of the RPTTF distributed in the preceding
fiscal year. As a result, the Agency's maximum ACA is $941,654 for fiscal year 2019-20.
Although $941,856 in �ther Funds is claimed for ACA, only $941,654 is available
pursuant to the cap. Therefore, as noted in the table below, $202 in excess ACA
requested from Other Funds is not allowed:
Administratfve Cost Allowance Calculation
Actuai rtt� i i r aistnputea ror nscai year zu�ts-�y
Less distributed Administrative RPTTF
RPTTF distributed for 2018-19 aRer adjustments
ACA Cap for 2019-20 per HSC section 34171 (b)
ACA requested for 2019-20
ACA in Excess of the Cap
32, 356,416
967,937
31, 388,479
941,654
941,856
On the ROPS 19-20 form, the Agency reported cash balances and activity for the period
July 1, 2016 through June 30, 2017 (ROPS 16-17}. According to our review, the Agency
has approximately $27,424 in Other Funds available to fund enforceable obiigations on
the ROPS 19-20. HSC section 34177 {I) (1) {E� requires these balances to be used prior
to requesting RPTTF. Therefore, with the Agency's concurrence, the funding source for
the following item has been reclassified in the amount specified below:
o Item No. 9— Indian Springs Stipulated Agreement in the amount of
$139,674 is partially reclassified. This item does not require payment
from property tax revenues. Therefore, Finance is approving RPTT'F in
the amount of $112,254 and the use of Other Funds in the amount of
$27,424, totaling $139,674.
Pursuant to HSC section 34186, successor agencies are required to report differences between
actual payments and past estimated obfigations. Reported differences in RPTTF are used to
offset current RPTTF distributions. The amount of RPTTF approved in the table on Page 4
includes the prior periad adjustment resulting from the County Auditor-Controller's review of the
prior period adjustment form submitted by the Agency.
The Agency's maximum approved RPTTF distribution for the reporting period is $27,558,741 as
summarized in the Approved RPTTF Distribution table on Page 4(see Attachment).
RPTTF distributions occur biannually, one distribution for the July 1 through December 31 period
(ROPS A period), and one distribution for the January 1 through June 30 period (ROPS B period}
based on Finance approved amounts. Since this determination is for the entire ROPS 19-20
Ms. Veronica Tapia
May 17, 2019
Page 3
period, the Agency is authorized to receive up to the maximum approved RPTTF through the
combined ROPS A and B period distributions.
This is Finance's final determination regarding the obligations listed on the ROPS 19-20. This
determination only applies to items when funding was requested for the 12-month period. If a
denial by Finance in a previous ROPS is currently the subject of litigation, the item will continue to
be denied until the matter is resolved.
The ROPS 19-20 form submitted by the Agency and this determination letter will be posted on
our website:
http:i/dof.ca.qov/Proqrams/RedevelopmenUROPS/
This determination is effective for the ROPS 19-20 period only and should not be conclusively
relied upon for future ROPS periods. All items listed on a future ROPS are subject to review and
may be denied even if not denied on this ROPS or a preceding ROPS. The only exception is for
items that have received a Final and Conclusive determination from Finance pursuant to
HSC section 34177.5 (i). Finance's review of Final and Conclusive items is limited to confirming
the scheduled payments as required by the obligation.
The amount available from RPTTF is the same as the amount of property tax increment available
prior to the enactment of redevelopment dissolution law. Therefore, as a practical matter, the
ability to fund the items on the ROPS with property tax increment is limited to the amount of
funding available to the Agency in RPTTF.
Please direct inquiries to Joshua Mortimer, Supervisor, or Chikako Takagi-Galamba, Manager, at
(916) 322-2985.
Sincerely,
,, ;t
��i � ;_,�; � � �� �'' � ` i 1� '�, f. } 1 `, �� l' .�-�--,
4. " �• JENNIFER WHITAKER
" Program Budget Manager
cc: Ms. Janet Moore, Director of Housing, City of Palm Desert
Ms. Pam Elias, Chief Accountant Property Tax Division, Riverside County
Ms. Veronica Tapia
May 17, 2019
Page 4
F Requested
iistrative RPTTF Requested
RPTTF Requested
TTF Requested
ustments
Item No. 9
Item No. 61
Authorized
Attachment
Approved RP17F Distribution
For the period of July 1, 2019 through June 30, 2020
ROPS A Perlod ROPS B Perlod I
$ 18,369,162 $ 16,446,142 $
0 0
15,369,162 16,446,142
18,369,162 16,446,142
(27,424} 0
14,798,939 12, 903,343
Administrative RPTTF Authorized'* 0 0
Total RPTTF Authorized for Obligations 14,798,939 12,903,343
Prior Period Adjustment (143,541) 0
Total RPTTF Approved for Distribution $ 14,655,398 S 42,903,343
"Amfnistrative costs of $941,654 in Other Funds are authorized for ROPS 19-20.
19•20 Total
34,815,304
a
34,815,304
34,815, 304
(27,424)
7,085,598
7,113,022
27,702,282
0
27,702,282
1( 43,541)
27,558,741
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