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HomeMy WebLinkAboutSA-RDA 045RESOLUTION NO. SA -RDA 049 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE SIX-MONTH FISCAL PERIOD FROM JULY 1, 2015 THROUGH DECEMBER 31, 2015, PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177 AND TAKING CERTAIN RELATED ACTIONS RECITALS: A. Pursuant to Health and Safety Code Section 34177(1), the Successor Agency to the Palm Desert Redevelopment Agency (the "Successor Agency") must prepare a proposed Recognized Obligation Payment Schedule ("ROPS") before each six-month fiscal period (commencing each January 1 and July 1) and submit each proposed ROPS to the oversight board for the Successor Agency (the "Oversight Board") for approval. B. Pursuant to Health and Safety Code Section 34177(1)(2)(B), at the same time that the Successor Agency submits a ROPS to the Oversight Board for approval, the Successor Agency must submit a copy of such ROPS to the State Department of Finance (the "DOF"), the County administrative officer, and the County Auditor - Controller. C. Pursuant to Health and Safety Code Section 34177(1)(2)(C) and (m), the Successor Agency must (1) submit the Oversight Board -approved ROPS for the six- month fiscal period from July 1, 2015 through December 31, 2015 ("ROPS 15-16A"), to the DOF, the Office of the State Controller, and the County Auditor -Controller no later than March 3, 2015; and (2) post a copy of the Oversight Board -approved ROPS 15- 16A on the Successor Agency's website. 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. This Resolution is adopted pursuant to the provisions of Health and Safety Code Section 34177. Section 3. The Board hereby approves proposed ROPS 15-16A, substantially in the form attached hereto as Exhibit A. The Executive Director of the Successor Agency, in consultation with the Successor Agency's legal counsel, may modify ROPS 15-16A as the Executive Director or the Successor Agency's legal counsel deems necessary or advisable. GlydalVeronica Tapia\Word Files\Staff Reports Successor Agency\SA Resolution Approving ROPS 15-16A 2-12-15 docx RESOLUTION NO. SA -RDA 045 Section 4. Staff is hereby authorized and directed to submit a copy of ROPS 15-16A to the Oversight Board for approval and, at the same time, transmit a copy of ROPS 15-16A 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 15-16A to the DOF, the Office of the State Controller, and the County Auditor -Controller. If the Oversight Board has not approved ROPS 15- 16A by March 3, 2015, Staff is hereby authorized and directed to transmit ROPS 15- 16A to the DOF, the Office of the State Controller, and the County Auditor -Controller by March 3, 2015, 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 6. Staff is hereby authorized and directed to post a copy of the Oversight Board -approved ROPS 15-16A on the Successor Agency's Internet website (being a page on the Internet website of the City of Palm Desert). Section 7. The officers and the staff 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 requesting additional review by the DOF and an opportunity to meet and confer on any disputed items, and any such actions previously taken by such officers and staff are hereby ratified and confirmed. PASSED, APPROVED AND ADOPTED this 12th day of February, 2015. AYES: HARNIR, JONATHAN, SPIEGEL, TANNER, and WEBER NOES: NONE ABSENT: NONE ABSTAIN: NONE Susan Marie Weber, Chair ATTEST: allaNI ' LL D. KLASSEN, ECRETARY SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY 2 G:'rda\Veronice Tapa\Word Files\Staff Reports\Successor Agency1SA Resolution Approving ROPS 15-16A 2-12-15.docx RESOLUTION NO. SA -RDA 045 EXHIBIT A SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY RECOGNIZED OBLIGATION PAYMENT SCHEDULE (July 1, 2015 — December 31, 2015) G trda\Veronica Tapia\Word Files\Staff Reports\Successor Agency\SA Resolution Approving ROPS 15-16A 2-12-15 docx RESOLUTION NO. SA -RDA 045 [This page has intentionally been left blank.] RESOLUTION NO. SA -RDA 045 Six -Month Tota 1.9 49- CO Cs1 \��40 co tri CC U. \ } ill / o if co jo. \ e t 13\ - ! o 0. CL k E } 1.42. k \ .lit a. J !- 5 # E 2 % / - 15 } b k \ /( { [ \ } / & / \ {ƒ) 2 © ( \ § co co kt t - \ / & ` } 1' g� o k ` \ / } [ ) \ [ ak( E } _ f ) ) ` & `o t ) !f7) } ƒ ) ® k \ £ o k 3 { { } \ \ ` 4' �\\ k 1\{ 2 7 I f% » ; _ ( $ £ f 3 J ƒ ;A ¥ ! ) { G # - § R ] \ ) ° ] 7 E. / f } ) } { | / %) ) \ — / m ` - Si {c- \ / ° ( 2 3\/( ƒ A 4 z 7! 2) - // }§) � 4 uJ { k \\ \.9®t E E = o= = o= - / a z z : \ J 0 0c O RESOLUTION NO. SA -RDA 045 O z a m gm 2 4, O m O o E8� r0» Qy 4 a Item # Protect Name / Debt Obiaattpp z2 z z z z z z z z 5 Semi -Annual Debt Servic 0 a E m m m tL tD 0 m a N m N 3 3 3 2y O t as v a C 4, RDA Assigned Employees Pennon Obigatio-CaIPERS Unfunded Uablities z 8 2 L. 45 z z z 8 z z Z Z Z 8 8 r�gd„=st R c5. cqm E - c _E �w �w am' c E.E.Pc Agc�R . i d v or3Sxae �'v �4o alEz 2i $ �� g ll11; :, -a"u-a45a°a45' g%a452Z--> 3 3S588 a • F, N u _ �, • �W ci 2 g ry ▪ U kg W Z 2� C o6 8 C a a a a RESOLUTION NO. SA -RDA 045 O z C t4 m Q g oa z 14 E a b $ g E z a n m t 5 m m E x$ 0 Contract/Agreement Contract/Agreement Total Outstanding Item 6 Pr Name / Debt Obt 4bon Odiaabon 7 Execution Date Termination Date P ee roi Project Area Debtor Ob ron Retired 7 ��'' /j Ak+ @jpe1 48 Pres �s Plaza Parking Lu.lmpe ImprovemenVln astr 1/12014 6/30/2015 TBD hom Unspent Bond Approveoject pursuant4o bond 1 S,f70b U00 N ucture Proceeds covenants dated 7/6/06- (Eligible upon receict of FOCI 49 Undergrounding Utilities ImprovemenUInfrastr 1/1/2014 6/30/2015 TBD horn Unspent Bond Approved project pursuant to bond 1 750,000 N ucture Proceeds covenants dated 7/6/06- (Eligible upon reo5i,/ of FOC` 50 Portola Avenue Widening Improvement/lnfrastr 1/1/2014 6/30/2015 TBD from Unspent Bond Approved project pursuant to bond 1 1,262,919 N ucture Proceeds covenants dated 7/6/06- (Eligible upon recee of FOCI, 53 Civic Center Park Community Miscellaneous 523/1990 1/1/2015 Coachella Valley Annual payment per existing contract 1 - V Recreation Center Lease Recreation 8 Park District 01523,670 for each year through 2015 Lessee if lease use is terminated 55 2002 Tax Allocation Refunding Bond Bonds Issued On or 6/192002 8/12022 ells Fargo Bank Semi -Annual Debt Service Payment 2 10,494.984 N Issue - 517.310.000 Before 12/31/10 56 2003 Tax Allocation Bond Issue - Bonds Issued On or 3/122003 8/1/2033 Welts Fargo Bank Semi -Annual Debt Service Payment 2 26,745.341 N 515,745000 Before 12/31/10 57 2006 Tax Allocation Bond Issue - Bonds Issued On or 6/27/2006 8/12036 Wells Fargo Bank Semi -Annual Debt Service Payment 2 96,093.172 N 567.618.273 Before 12/31/10 59 North Sphere Hotel land City/County Loans 3/23/1995 7/15/2038 City of Palm Desert Balance due Property Acquisition 2 5,000.000 N py� p/�62711 60 North Sphere Property Acquisition .4yLCouniy Loan 3/13/1997 7/15/2038 City of Palm Desert Loan for Property Acquisition 2 2,055,000 N On or Before 6/27/11 61 City Loan for formation of Project City/County Loans 12/5/1986 7/15/2038 City of Palm Desert Formation of PA/Prop Acquisition 2 6.000.000 N Area No. 2-1986 On or Before 627/11 z z z z g 667.246 399. 734 2009/10 SERAF Loan Repayment Payments on existing contracts related to the North area required future well sites. ;Obligation based on accrued leaves 'and current MOU. Duties required under said court order. 'Vineyards, Emerald Brook (Palm Desert 103) PDHA subsidy for 1.100 'Afford Units F 1 CVWD RDA Assigned Employees o q cc ImprovemenVlnfrastr ucture Unfunded Liabilities 1 UM Housing Loan Well Sites Vested Pension Obligation-CaIPERS Stipulated Judgement Case No. 51124 m m 5 h E E E 5 LL o mp m K a E E 95 Monterey a 1-10 Imps gal E LE 96 Portola I-101mps 100 Additional Disclosures on TABS z 0 E 02 Bond Project Overhead Costs s •g RESOLUTION NO. SA -RDA 045 z O og 2 2 >a 0 ma Eu m0 tug ;En VFo FF 1� Y4 t LLZo � E � a. 85 ELL rl WO z° w 8 rd E � E E a 0 0 a o z z z 0 0 V1 Semi -Annual Debt Service Payment 2009/10 SERAF Loan Repayment z 4 ge 00 0 C y 0 mam Nm Nm g 5 2 At it as uE a 8 0 8 8 g g C � c i E i F 5. 3 Unfunded Liabilities w a a 0 a 5 zm 0 E 2 1e 8 8 z m § 3 z z Z Z fp 3 • A 2 8 z z z gme° K 8� 88 fEaa` g 111q c m.4 ES> g'x �g X E �w .,w �Oa x1 " g� �' u`oV z 3 a3 a .tg'nl w 38S-522Ro a!LLzLLRoge, nal Disclosures on TAB 8 2 E � o r0 C 0 0 head Costs 2 8 2 D Et 0 o 0 ma 0 3 139—Falcon Crest Lot K Semi -Annual Debt Service Payment • Semi -Annual Debt Service Payment 3 3 3 C � a 5 z z z 8 x 8 a A AmAmEm RO E 0 0 h 0Eg aa' m 0 IL g a c m 0 0 RESOLUTION NO. SA -RDA 045 m a 8 0. A 0 E Z N E 5 r 2 416 Z Z Z Z 170 Bond Project Overhead Costs 8 8 69 2,000,000 2,721,429 8 8 O Q8 8 z z z zz Z z z z z z z Z Z 14.000,0001 5,000.000 2,721 429 ti , S 8 § 8 s v m s 8 8 § N V t0 a a a x x .-m 0 v v v Approved projects pursuant to bond covenants - (Eligible upon receipt of FOC) Approved project pursuant to bond covenants -(Eligible upon receipt of FOCI Approved project pursuant to bond covenants - (Eligible upon receipt of FOC) 8 8 8 8 [5,0Z 5_1.s 8:s E.. 8: Sd St it a 8 $ 8 q m 8 E w 8 w q d 3? 2? � `; ei ei ei ag q 1 dP dR. 8 8 8a Et Boa as � SODU11U1i6I1 —1 Iw -'w o� o� ,2 o vLL8o8�808 88 8 8 gg.. 1-P a` TBD from Unspent Bond Proceeds TBD from Unspent Bond Proceeds 8 8 8 8 8 8 8 m 8 8 m 8 8 8 t o o g g py. 8 8 E E E ? j j 7 o a a o1 o _0 0 o E$ o$ a 0E _E 0. at at x3 t 6 g m 7o m g 2 m e m m m£ 30 0 0 a n 0. �-0. 0. 0. a 2@2 `a� ^^2o22o22 a S S a 12 a ;2 :2 - r §' f - — - - - Improvementfnfrastr ucture OPNDDANConstructi on I mprovement/Infrastr ucture 7 7 q 8 8 8 1§ a§ f E u I i aEi v o > L ,8588.c E E E E E E El U�UO U(� Undergrounding Ufsltke Buydown Subsidies for Low -Mod Housing Sagecrest Rehabilitation al I I f E a a S S F E g d �. tt U A Z, -am yy.. E 10 l 8 g x a a E E tta` K a` D a > m P. �k'v E 8 E /K 11m co E 1 u 8 FE 'on Y 8 8 h 2 L E .' EO14 itZ Z Z 0 U Z p 0. OE 0 U E ,_ F_ 8 8 m 2 2 8 8 5 ................... 1z z z z zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz { $ # §, - !o' { ® § /k Fr \ \ || / ! k{I / J \{ / _ $ k E - k f) L) \ @ m 7 M p A gm *2 ,::; a u;rmin wn Report of Cash Balances RESOLUTION NO. SA -RDA 045 W -O a � d E 0 a. = a K 1.4 yw • S o d C Bond Proceeds N r 'n o W O n Z 0 5,085,577 $ ao 0 m r A 5A y C LN Eo' 'a Q aE a o w o c n o c 1° a N 0 c '^ 5 4 a a O a a �s "0 m E ^+ m a m ` vm 'co N 0 mro 'm c0 �"' 2,,,0 mOy£ a ou m)aE£ . j j Q J 7 0 0 y �V C O N d W _a ° m'o uT ad c`r ,¢ _ ua`(0o do d' W 7 U N a N �p M M V LL ^ O C C C T i is Q OaA O mN O A+ AWA O Mi y d m a `a m - + v m,�,,,..�{p O Lq^_mLLO O Chef m a o m o Aco Nr UNN GLN ."y V Rm a A L Nurani do o a c gx ? Ax E' `m cn Ua` O a c LL a A U u a w m o Q H U o • 5= d v a� a <' a� u L o aO' q m n. a £ w > x U : q+ urU� o u E 0 E Q? Q cQ ' N F» o c Q'" C E a m c E X ^ O a <i + W Q 0 C O a i o O w d m T O m° w ' Qil7i— m e (� .- c E _ LL C W J 9' O m y H y r c C Z y r C C_ . C C LL T y C LL F- J W M F- N d H y a I- O. v. 4 O E~ J C M w is N K�U W?0. 0' C0 E Kcew WO 4 m�? K�Uwo K� d 00 00 a N r OD 0 • Ce en N RESOLUTION NO. SA -RDA 045 . | {! } , !. ;!| i. - lit a . i� !. (� ! — . )° |)| |i ` ! I ( - }! !!5 ;-, -`! . Di 1\� } — ' — } , ..J ,,.r !?.-0, , ' I 2 !, !i - ..,. ev; !!\;! ||! L( . - .. . ..-... .....;, ... ... ..,., ..• ..... ( : \ . : - - / 3/ / 41 �� !, ! . - ,1 )} — \{ ' .4|| ;! _ |} !| / ° ,!. §. ; . /� - / '• .f . , I a{ ; . �, a ;•---' !„ -" - ..... _ .._.., ! , ... . ..... , , ... . ... IZ„ i- ` «- . , i; . ,> / . ! , a-EF, .� §..- ,, - - - . , , ! • ..,. . .....l. _ ... .... . .A. . ... ...... |I / - . E•:'!!. . - 6 ; ; ;§ :.. . . ...-T; _ : ..- ... ..: ......_ # -/ .ERE T! , , ,. i , ...,. , .....! . ... ..... 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