HomeMy WebLinkAboutSA-RDA 077RESOLUTION NO. SA -RDA 077
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A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
610 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(o), 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 341790), 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.
OPM 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.
blo
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RESOLUTION NO. SA -RDA 077
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(o)(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(o)(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.
G:Vda\Veronica Tapia\Word Files\Staff Reports\Successor Agency\Palm Desert SA - SA reso for Amended ROPS 19-20.docx
RESOLUTION NO. SA -RDA 077
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.
E.211�
60
PASSED, APPROVED AND ADOPTED this 22nd day of August 2019.
AYES: HARNIK, JONATHAN, KELLY, NESTANDE, and WEBER
NOES: NONE
ABSENT: NONE
U1:1•01r_1121
Susan Marie Weber, Chair
ATTEST:
achelle D. Klassen,
Secretary to the
Successor Agency to the
Palm Desert Redevelopment Agency
G:\rdaNeronica TapiaMord Files\Staff Reports\Successor Agency\Palm Desert SA - SA reso for Amended ROPS 19-20.docx
RESOLUTION NO. SA -RDA 077
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I
RESOLUTION NO. SA -RDA 077
EXHIBIT A
bw SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AMENDED RECOGNIZED OBLIGATION PAYMENT SCHEDULE
(January 1, 2020 — June 30, 2020)
r
60
OF"
60
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RESOLUTION NO. SA -RDA 077
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nnn
RESOLUTION NO. SA -RDA 077
Palm Desert
po" ROPS 2019-20 Amended
Ir Slo_llay Ot t� Submission
Authorized
Requested
Requested Funding for Obligations
Amounts
Adjustments
Amended Total
A Obligations Funded as Follows (e+c+p)
496,443
0
496,443
B Bond Proceeds
0
0
0
C Reserve Balance
0
0
0
D Other Funds
496,443
0
496,443
Redevelopment Property Tax Trust Fund
E
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12,903,343
7,085,598
19,988,941
F RPTTF
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7,085,598
19,988,941
G Administrative RPTTF
0
0
0
H Current Period Obligations (A+E)
13,399,786
7,085,598
20,485,384
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RESOLUTION NO. SA -RDA 077
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