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Home My WebLink AboutSA-RDA 0821 RESOLUTION NO. SA -RDA 082 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE AND ADMINISTRATIVE BUDGETS FOR THE FISCAL PERIOD FROM JULY 1, 2021 THROUGH JUNE 30, 2022, PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177 AND TAKING CERTAIN RELATED ACTIONS RECITALS: A. Pursuant to Health and Safety Code ("HSC") Section 34177(o), the Successor Agency to the Palm Desert Redevelopment Agency (the "Successor 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, 2021 through June 30, 2022 ("ROPS 21-22") and submit ROPS 21-22 to the oversight board of the Successor Agency 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. Pursuant to HSC 34177(I)(2)(B), at the same time that the Successor Agency submits ROPS 21-22 to the Oversight Board for approval, the Successor Agency must submit a copy of such ROPS 21-22 to the State Department of Finance (the "DOF"), the County administrative officer, and the County Auditor -Controller. D. Pursuant to HSC Section 34177(j), the Successor Agency must prepare a proposed administrative budget for each six-month fiscal period (commencing each January 1 and July 1) and submit each proposed administrative budget to the Oversight Board for approval. E. Each proposed administrative budget shall include all of the following: (1) estimated amounts for Successor Agency administrative costs for the upcoming six- month fiscal period; (2) proposed sources of payment for the costs identified in (1); and (3) proposals for arrangements for administrative and operations services provided by the City of Palm Desert or another entity. F. Pursuant to HSC Section 34177(I)(2)(C) and Section 34177(o)(1), the Successor Agency must: (i) submit the Oversight Board -approved ROPS 21-22 to the DOF, the Office of the State Controller, and the County Auditor -Controller no later than February 1, 2021, and (ii) post a copy of the Oversight Board -approved ROPS 21-22 on the Successor Agency's website. G.1C8yClrk\Gloria Sanchez\Res SA -RDA 082 docx RESOLUTION NO. SA -RDA 082 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 21-22, substantially in the form attached hereto as Exhibit A, is hereby approved. Section 3. Each of Administrative Budget 21-22A (covering the period from July 1, 2021 through December 30, 2021) and Administrative Budget 21-22B (covering the period from January 1, 2022 through June 30, 2022) (together, "Administrative Budgets 21-22"), substantially in the form attached hereto as Exhibit B, is hereby approved. Section 4. The Executive Director of the Successor Agency, in consultation with the Successor Agency's legal counsel, may modify ROPS 21-22 and/or the Administrative Budgets 21-22 as the Executive Director or the Successor Agency's legal counsel deems necessary or advisable. Section 5. Staff is hereby authorized and directed to submit a copy of ROPS 21-22 to the Oversight Board for approval and, at the same time, transmit a copy of ROPS 21-22 to the DOF, the County Auditor -Controller and the County administrative officer as designated by the County. Section 6. Staff is hereby authorized and directed to also submit the proposed Administrative Budgets to the Oversight Board for approval. Section 7. Staff is hereby authorized and directed to submit a copy of Oversight Board -approved ROPS 21-22 to the DOF, the Office of the State Controller, and the County Auditor -Controller. If the Oversight Board has not approved ROPS 21-22 by February 1, 2021, Staff is hereby authorized and directed to transmit ROPS 21-22 to the DOF, the Office of the State Controller, and the County Auditor -Controller by February 1, 2021, with a written notification regarding the status of the Oversight Board's review. Written notice and information regarding the action of the Oversight Board shall be provided to the DOF by electronic means and in a manner of DOF's choosing. Section 8. This Board hereby represents and warrants to the Oversight Board that it examined all of the items on the ROPS 21-22 and finds that each of them is necessary for the continued maintenance and preservation of property owned by the Successor Agency until disposition in accordance with the Dissolution Act, the continued administration of the ongoing enforceable obligations, or the expeditious wind -down of the affairs of the former Palm Desert Redevelopment Agency by the Successor Agency. Section 9. Staff is hereby authorized and directed to post a copy of the Oversight Board -approved ROPS 21-22 on the Successor Agency's Internet website (being a page on the Internet website of the City of Palm Desert). G\CilyClrk\Gloria Sanchez\Res SA -RDA 082.docx RESOLUTION NO. SA -RDA 082 Section 10. 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 21-22 and/or Administrative Budgets 21-22 pursuant to the DOF's instructions, and any such actions previously taken are hereby ratified and confirmed. PASSED, APPROVED AND ADOPTED this 14th day of January, 2021. AYES: HARNIK, JONATHAN, NESTANDE, QUINTANILLA, and KELLY NOES: NONE ABSENT: NONE ABSTAIN: NONE ATTEST: rla KATH LEEN LLY �"HAI '1t t��,�.� GRANGE L. ROCHA, INTERIM SECRETARY SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY G.1CityClrkVGloria Sanchez Res SA -RDA 082 docx RESOLUTION NO. SA -RDA 082 [This page has intentionally been left blank.] 1 1 RESOLUTION NO. SA -RDA 082 EXHIBIT A SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY RECOGNIZED OBLIGATION PAYMENT SCHEDULE (July 1, 2021 — June 30, 2022) G.\CityClrk\Gloria Sanchez Res SA -RDA 082 docx RESOLUTION NO. SA -RDA 082 [This page has intentionally been left blank.] 1 1 RESOLUTION NO. SA -RDA 082 1 1 Recognized Obligation Payment Schedule (ROPS 21-22) - Summary Filed for the July 1, 2021 through June 30, 2022 Period Successor Agency: Palm Desert County: Riverside 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: 21-22A Total 21-22B Total ROPS 21-22 (July - (January - Total December) June) $ 132,818 $ 133,947 $ 266,765 132,818 133,947 266,765 $ 20,257,245 $ 13,585,786 $ 33,843,031 20,000,040 13,328,311 33,328,351 257,205 257,475 514,680 $ 20,390,063 $ 13,719,733 $ 34,109,796 Name Title 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. /s/ Signature Date Palm Desert Recognized Obligation Payment Schedule (ROPS 21-22) - ROPS Detail July 1, 2021 through June 30, 2022 rn cn 0 r C A Item # B Project Name C Obligation Type D Agreement Execution Date E Agreement Termination Date F Payee G Description H Area I Total Outstanding Obligation J Retired K ROPS 21-22 Tota L IMINI 0 I P ROPS 21-22A (Jul - Dec) O 21-22A Total R Bond Proceeds I S Reserve Balance I T Fund Sources Other Funds I U RPTTF V Admin RPTTF W 21-22B Total i 1 Bond Proceeds Reserve Balance Fund Sources Other Funds RPTTF Admin RPTTF $632,584.326 $34,109,796 $- $- $132,818 $20,000,040 $257,205 $20,390,063 9 Indian Springs Stipulated Agreement Litigation 02/27/ 2009 02/27/2039 Indian Springs Mobilehome Park Judgement related to ISMHP 1 7,374,438 N $139,674 - - - 69,837 - $69,837 - - - 69,837 - $69,837' 32 Stipulated Judgement Case No. 51124 Litigation 11/20/ 1991 11/25/2032 Various Duties required under said court order. Desert Rose, Etc. PDHA subsidy for 1,100 Afford Units 1 221,173,384 N $- - - - - - $- - - - $4 43 Agency Owned Properties Property Maintenance 07/01/ 2013 06/30/2022 Utilities, Maint Services, HOA Dues, Etc. Agency owned properties monthly carrying costs prior to disposition. 1 450,000 N $150,000 - - - 52,500 - $52,500 - - - 97.500 - $97,500 44 Additional Disclosures on TAB's Fees 07/01/ 2013 06/30/2022 Willdan Additional disclosures that will be required to report changes in the allocation of tax increment and the payment on tax allocation bonds due to AB 26 These disclosures would not have been necessary without this legislative change. 1 30,000 N 51.500 - - - 750 - $750 - - - 750 - $750 56 2003 Tax Bonds 03/121 08/01/2033 US Bank Semi -Annual 2 21,746,800 N $769,006 - - - 384,503 - $384,503 - - - 384,503 - $384,503 A B C D E F G H 1 J K Item Obligation Agreement Agreement # Project Name Type Execution Termination Date Date Total RPS Payee Description P eat Outstanding RetiredAre21 202 Tota Obligation Allocation Issued On or 2003 Debt Service Bond Issue - Before 12/ Payment $15,745,000 31/10 59 North Sphere City/County 03/23/ 07/15/2038 City of Palm Balance due 2 Hotel land Loan (Prior 1995 Desert Property 06/28/11), Acquisition Cash exchange 5.235,436 N $5,235,436 m L M N 0 P 0 R J S L T U l V I W ROPS 21-22A (Jul - Dec) ROPS 21-22B (Jan - J' 21-228 Total .� r) Z Z - 5,235,436 - $5,235,436 - - - $- D `und Sources 21-22A Fund Sources Bond Reserve Other RPTTF Admin Total Bond Reserve Other RPTTF Admin Proceeds Balance Funds RPTTF Proceeds Balance Funds RPTTF J) r 71 .'7 60 North Sphere City/County 03/13/ 07/15/2038 City of Palm Loan for 2 Property Loan (Prior 1997 Desert Property Acquisition 06/28/11), Acquisition Cash exchange 7,783 N 57,783 7,783 $7,783 61 City Loan for City/County 12/05/ 07/15/2038 City of Palm Formation of 2 j formation of Loan (Prior 1986 Desert PA/Prop Project Area 06/28/11), Acquisition No.2-1986 Cash exchange �i■■��L.` 71 5- 86 Stipulated Litigation 11/20/ Judgement 1991 Case No. 51124 119 Stipulated Litigation 11/20/ Judgement 1991 Case No. 51124 160 Stipulated Litigation 11/20/ Judgement 1991 Case No. 07/15/2038 Various Duties 2 required under said court order Vineyards, Emerald Brook (Palm Desert 103) PDHA subsidy for 1,100 Afford Units 07/15/2038 Vanous Duties 3 16,602,589 N required under said court order. Falcon Crest Afford Housing Dev Homeowners at lots 1 through 93, et al. PDHA Subsidy for 1,100 Affordable Units 07/15/2038 Vanous Duties 4 49,236,464 N S- required under said 63.072.039 N $- 5- $- $- S- m A B C D E F G H I J K Agreement Agreement Item Obligation Project Total ROPS Project Name Execution Termination Payee Description Outstanding Retired # Type Date Date Area Obligation 21-22 Tots 51124 court order. PDHA subsidy for 1,100 Affordable L I M I N I 0 I P O R S T U I V W 21-22B Total ROPS 21-22A (Jul - Dec) 1 21-22A Total Fund Sources Bond Reserve Other RPTTF Admin Proceeds Balance Funds RPTTF -- ------ Fund Sources Bond Reserve Other RPTTF Admin Proceeds Balance Funds RPTTF 177 Units North Sphere Property Acquisition City/County Loan (Prior 06/28/11), Cash exchange 03/23/ 1995 07/15/2032 City of Palm Desert Balance due Property Acquisition (Eligible upon receipt of FOC) 1 11,418 N $11,418 - - 11,418 - $11,418 - - - - - $- ' , t 178 North Sphere Property Acquisition City/County Loan (Prior 06/28/11), Cash exchange 08/16/ 1999 07/15/2032 City of Palm Desert Balance due Property Acquisition (Eligible upon receipt of FOC) 1 1,647,720 N $1,647,720 - - - 1,647,720 - $1,647,720 - - - - - $- 179 North Sphere Property Acquisition City/County Loan (Prior 06/28/11), Cash exchange 08/16/ 1999 07/15/2038 City of Palm Desert Balance due Property Acquisition (Eligible upon receipt of FOC) 2 10,346 N $10,346 - - - 10,346 - $10,346 - - - - - $- 189 Project Area Administration Admin Costs 11/25/ 1981 07/19/2044 Various Allowable Costs per Admin Plan - staff, utilities, professional services, etc. 1-4 8,033,143 N $781,445 - - 132,818 - 257,205 $390,023 - - 133,947 - 257,475 $391,422 190 Costs Associated with Disposition of Assets Property Dispositions 07/01/ 2013 06/30/2022 City of Palm Desert Remediation of Health and Safety Issues and costs related to sale of properties owned by former RDA 1-4 350,000 N $60,000 - - - 25,000 - $25,000 - - - 35,000 - $35,000 192 2017 NHA Tax Allocation Refunding Bond Issue - $52,390,000 Bonds Issued After 12/31/10 01/23/ 2017 10/01/2033 US Bank Semi -Annual Debt Service Payment 1-4 53,843,500 N $5,184,000 - - - 2,596,500 - $2,596,500 - - - 2,587,500 - $2,587,500 193 2017 NHB Tax Allocation Refunding Bond Issue - $140,130,000 Bonds Issued After 12/31/10 01/23/ 2017 10/01/2041 US Bank Semi -Annual Debt Service Payment 1-4 149,619,444 N $13,063,900 - - - 6,433,319 - $6,433,319 - - - 6,630,581 - $6,630,581 A B Item Project Name 194 2017 HA Tax Allocation Refunding Bond Issue - $7,365,000 195 2017 HB Tax Allocation Refunding Bond Issue - $45.815,000 C D E F G H I Obligation Agreement Agreement Execution Termination Payee Descnption Type Date Date Bonds 01/23/ Issued After 2017 12/31/10 Bonds 01/23/ Issued After 2017 12/31/10 10/01/2031 US Bank 10/01/2023 US Bank Project Area Semi -Annual HA Debt Service Payment J Total Outstanding Retired Obligation 7,390,166 N K L 'MINI 0 ROPS 21.22A (Jul • Dec) ROPS Fund Sources 21-22 Total Bond Reserve Other Proceeds Balance Funds RPTTF $681.893 - Semi -Annual HA 18,859,656 N $6,365,675 Debt Service Payment - 342,384 - 3,182,544 P Admin RPTTF 73 m Q R I s J r) u J v w i BOPS 21-22B (Jan -Jun► I 21.22A 'und Sources 21-22B C Total Bond Reserve Other RPTTF Admin Total Proceeds Balance Funds RPTTF $342,384 339,509 $339,509 S Z O $3,182,544 - - - 3,183,131 $3,183,131 Cl) r v 0 o0 Palm Desert Recognized Obligation Payment Schedule (ROPS 21-22) - Report of Cash Balances July 1, 2018 through June 30, 2019 (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177 (I), 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 ROPS 18-19 Cash Balances (07/01/18 - 06/30/19) 1 Beginning Available Cash Balance (Actual 07/01/18) RPTTF amount should exclude "A" period distribution amount. 2 Revenue/Income (Actual 06/30/19) RPTTF amount should tie to the ROPS 18-19 total distribution from the County Auditor -Controller 3 Expenditures for ROPS 18-19 Enforceable Obligations (Actual 06/30/19) 4 Retention of Available Cash Balance (Actual 06/30/19) RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 5 ROPS 18-19 RPTTF Prior Period Adjustment RPTTF amount should tie to the Agency's ROPS 18-19 PPA form submitted to the CAC C 1 Bond Proceeds Bonds issued on or before 12/31/10 Bonds issued on or after 01 /01 /11 D 1 E I F 1 G Fund Sources Reserve Balance Other Funds RPTTF Prior ROPS RPTTF and Reserve Rent, grants, Non-Admin Balances retained interest, etc. and Admin for future period(s) 1,218,433 1,923,097 3,711,063 283,682 32,347,416 457,433 3,865,525 32,213,469 761,000 1,635,817 No entry required 283,682 133,947 H Comments Line G5 from PY Cash Balance plus bal not shown on other funds last year Includes PMP Sales, Interest, and RPTTF Dep Include PMP Sales Proceeds to CAC, reduction to energy investment, permitted amounts from other on 18/19 ROPS, ROPS *DDR/Other Restricted Cash: Energy Investment ($761,000)/($51,953)/Reso 119/($1,136,539) distributed from balance in 19/20 distribution/($731,007) distributed from balance in 20/21 Amount remaining matches PPA Z80 VO1:I-VS 'ON NOIll1OS321 Pursuant to Health and Safety Code section 34177 (I), 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 6 ROPS 18-19 Cash Balances (07/01/18 - 06/30/19) Bonds issued Bonds issued on or before on or after 12/31/10 01/01/11 Ending Actual Available Cash Balance (06/30/19) CtoF=(1+2-3-4),G=(1+2-3-4-5) $- C I D I E I F I G Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Prior ROPS RPTTF and Reserve Rent, grants, Non-Admin Balances retained interest, etc. and Admin for future period(s) 1 $- $132,8181 $- Comments Amount remaining from other funds RESOLUTION NO. SA -RDA 082 Item # 9 Palm Desert Recognized Obligation Payment Schedule (ROPS 21-22) - Notes July 1, 2021 through June 30, 2022 Notes/Comments 32 43 44 56 59 60 61 86 119 160 177 178 179 189 190 192 193 194 195 1 RESOLUTION NO. SA -RDA 082 EXHIBIT B SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY ADMINISTRATIVE BUDGETS (July 1, 2021 — December 31, 2021); and (January 1, 2022 - June 30, 2022) G1CityClrk\Gloria Sanchez\Res SA -RDA 082 docx RESOLUTION NO. SA -RDA 082 [This page has intentionally been left blank.] RESOLUTION NO. SA -RDA 082 Exhibit "B" 1 1 1 Successor Agency to the Palm Desert Redevelopment Agency July 1, 2021 through December 31, 2021 BASED ON ESTIMATED RPTTF DEPOSIT Administrative Cost Allowance Jul 1 - Dec 31, 2021 Estimated @ 3% 390,023 ROPS 21-22A Budget Source of ADMINISTRATIVE COSTS Jul 1 - Dec 31, 2021 Payment Auditing Service 8,500 A Bank Fees 7,500 A Consulting Services 5,000 A Legal Services 50,000 A Personnel Expenditures' 319,023 2 A, B Total Administrative Costs 390,023 A - Administrative Allowance, B - City General Fund ' Includes salaries, training, travel, meetings, supplies, etc. 2City staff time reimbursement costs in excess of SARDA allowable administrative costs (as adjusted per Department of Finance) will be borne by the City's General Fund. 12/20/2020 8:59 PM Proposed Administrative Budgets A&B - June 30, 2022 1.14.20 RESOLUTION NO. SA -RDA 082 Exhibit "B" Successor Agency to the Palm Desert Redevelopment Agency January 1 through June 30, 2022 BASED ON ESTIMATED RPTTF DEPOSIT Administrative Cost Allowance Jan -June, 2022 Estimated @ 3% 391,422 ROPS 21-22B Budget ADMINISTRATIVE COSTS Jan -June, 2022 Auditing Service 5,000 Bank Fees 15,000 Consulting Services 5,000 Legal Services 50,000 Personnel Expenditures' 316,422 Total Administrative Costs 391,422 A - Administrative Allowance, B - City General Fund 1 Includes salaries, training, travel, meetings, supplies, etc. 2 Source of Payment A A A A A, B 2City staff time reimbursement costs in excess of SARDA allowable administrative costs (as adjusted per Department of Finance) will be borne by the City's General Fund. 12/20/2020 8:59 PM Proposed Administrative Budgets A&B - June 30, 2022 1.14.20