HomeMy WebLinkAboutRes SA-RDA 008 ROPS July-Dec 2012SUCCES50R AGENCY TO THE
PALM DESERT REDEVELOPMENT AGENCY
STAFF REPORT
REQUEST: ADOPT RESOLUTION SA-RDA-008 APPROVING
REVISIONS TO "EXHIBIT A" OF RESOLUTION NO. SA-
RDA-007, THE RECOGNIZED OBLIGATION PAYMENT
SCHEDULE FOR THE PERIOD OF JULY 1, 2012
THROUGH DECEMBER 31, 2012 TO INCLUDE THE
FUNDING SOURCE FOR SPECIFIC LINE ITEMS
SUBMITTED BY: Janet M. Moore, Director of Housing
DATE: June 28, 2012
CONTENTS: Resolution SA-RDA 008
List of Line Item Revisions -"Exhibit A" to SA-RDA 008
Resolution SA-RDA 007
Dept of Finance Letters Dated April 26, 2012 and May 26, 2012
Recommendation
By Minute Motion that the Successor Agency Board Adopt Resolution
SA-RDA 008 approving Revisions to "Exhibit A" of Resolution No. SA-
RDA-007, the Recognized Obligation Payment Schedule for the
period of July 1, 2012 through December 31, 2012 ("ROPS2"}, more
specifically, Project Area #1 Line items 1, 2, 3, 4, 5, 7, 8, 10, 25, and
33; Project Area #2 Line items 1, 2, 3, 8 and 45; Project Area #3 Line
items 1, 2, 3 and 25; and Project #4 Line items 1, 2, 3, 4 and 27 to
include the specific funding source.
Executive Summary
After clarifications and interpretations provided by the Department of
Finance ("DOF") regarding the requirements to identify specific sources and
amounts for enforceable obligations on ROPS2, staff has identified the line items
that are to be revised to include specific amounts from specific sources. The
totals for enforceable obligations previously identified on ROPS2 have not
changed, only the funding sources, as noted. The source of payment definitions
for "C" has also been modified to further clarify where the funds are coming from
to make each payment.
Backqround
The Successor Agency and the Oversight Board approved, ROPS2, on March
22, 2012 and April 9, 2012 respectively. As part of each payment schedule, it is
required that the Successor Agency identify a funding source(s) for each
obligation.
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12812-000111467884v1.doc � �
Staff Report
Adopt Resolution No. SA-RDA 008
June 28, 2012
Page 2 of 2
The DOF has since clarified that all agencies must identify the specific amounts
related to the specific funding sources that will be used to make payments on
enforceable obligations. Because the Successor Agency to the Palm Desert
Redevelopment Agency has reserved funds to make timely payments for
obligations, including debt service and administrative costs, during the six-month
period covered by ROPS2, we need to amend the funding source for these
specific line items and amounts.
In addition, DOF has disallowed certain obligations, in whole or in part, on the
ROPS. Staff is preparing a formal response to the DOF regarding the items that
are to be reconsidered. These items are listed in their April26, 2012 and
May 26, 2012 letters (attached) and are not addressed in the revisions that are
the subject of this staff report.
A list of the revised line items is attached. The total amount for the obligations
previously reviewed and approved on ROPS2 has not changed.
Staff recommends that the Successor Agency approve Resolution SA-RDA-008
approving revisions to ROPS2 with respect to funding sources for specific line
items as follows: Project Area #1 Line items 1, 2, 3, 4, 5, 7, 8, 10, 25, and 33;
Project Area #2 Line items 1, 2, 3, 8 and 45; Project Area #3 Line items 1, 2, 3
and 25; and Project #4 Line items 1, 2, 3, 4 and 27.
The Oversight Board will review these revisions at its meeting of June 26, 2012.
An oral report will be provided to the Successor Agency upon request.
Fiscal Analvsis
The revised line items specified above specifically identifies the funding sources
for each payment. There are no changes or additions to the amounts due for the
obligations previously reviewed and approved on ROPS2.
Submitted by:
t � \ (
�-�. ���--�--
an t M. Moore, Director of Housing
Appr I:
Paal S:�,Gibson, Director of Finance
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,� _,,
J,� n M. Wohlmuth, Executive Director
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���-�.1�Y (�YERSIGHT BOARD
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VERIFIED B �' �_ , �
Original on file wich City Glerk's Officx
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RESOLUTION NO. SA — RDA 008
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT
AGENCY APPROVING REVISONS TO "EXHIBIT A" OF RESOLUTION
NO. SA-RDA-007, THE RECOGNIZED OBLIGATION PAYMENT
SCHEDULE FOR THE SECOND SIX-MONTH PERIOD OF JULY 1, 2012
TO DECEMBER 31, 2012
RECITALS:
A. As a res�lt of the California Supreme Court's decision on AB X1 26, the
Palm Desert Redevelopment Agency (the "Redevelopment Agency"); a redevelopment
agency in the City of Palm Desert (the "City"), created pursuant to the Community
Redevelopment Law (Health and Safety Code Section 33000, et seg.), was dissolved
pursuant to Part 1.85 of AB X1 26 on February 1, 2012.
B. By its Resolution No. 2011-76, adopted on August 25, 2011, the City
Council of the City made an election to serve as the successor agency for the
Redevelopment Agency under Part 1.85 (the `Successor Agency").
C. By its Resolution No. 001, adopted on February 9, 2012, the City Council,
acting as the governing board for the Successor Agency, established rules and
regulations applicable to the governance and operation of the;Successor Agency, and
pursuant to such resolution provided that the Successor Agency will be governed by a
Board of Directors (the "Board") consisting of the members of the City Council of the
City.
D. In accordance with Health and Safety Code Section 34177(I), as modified
by the California Supreme Court, on March 22, 2012 the Successor Agency adopted
Resolution SA-RDA-007 approving the recognized obligation payment schedule for the
period July 1, 2012 through December 31, 2�12 (the "ROPS2"� for the enforceable
obligations of the former Redevelopment Agency. On April 9, 2012 the Oversight Board
of the Successor Agency approved the ROPS2. The State Department of Finance
("DOF") in a letter dated May 26, 2012, with certain exceptions identified in its letter of
April 26, 2012, approved the ROPS2.
E. According to direction from the DOF, for enforceable obligations with
multiple funding sources, the ROPS2 is required to identify specific amounts from
specific funding sources for each such obligation.
F. In addition to revising the ROPS2 to identify multiple funding sources as
described above, staff has recommended that the ROPS2 be revised to identify the
funding source as cash on hand for certain obligations.
-1-
12812-0001\1467904v1.doc 4�
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RESOLUTION N�. SA — RDA 008
G. Accordingly, the Board desires to adopt this Resolution approving
revisions to ROPS2 as follows: Project Area #1 Line items 1, 2, 3, 4, 5, 7, 8, 10, 25,
and 33; Project Area #2 Line items 1, 2, 3, 8 and 45; Project Area #3 Line items 1, 2, 3
and 25; and Project #4 Line items 1, 2, 3, 4, and 27.
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE SUCCESSOR
AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY 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. The Board hereby approves the revisions to ROPS2, attached
hereto as Exhibit A and incorporated herein.
Section 3. The officers and 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 and any such actions
previously taken by such officers are hereby ratified and confirmed.
PASSED, APPROVED AND ADOPTED this 28th day of June, 2012.
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Robert A. Spiegel, Chairman
Rachelle D. Klassen, Secretary
SUCCESSOR AGENCY TO THE
PALM DESERT REDEVELOPMENT AGENCY
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EXHIBIT A
REVISIONS TO SPECIFIC LINE ITEMS ON THE RECOGNIZED OBLIGATION
PAYMENT SCHEDULE FOR THE SECOND SIX-MONTH OF
PERIOD JULY 1, 2012 TO DECEMBER 31, 2012
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RESOLUTION N�. SA - RDA oo�
A RESOLUTtON OF THE BOARD OF DIRECTORS C�F THE
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT
AGENCY APPROVING THE SECOND RECOGNIZED OBLIGATION
PAYMENT SCHEDULE PURSUANT TO HEALTN AND SAFETY CODE
SECTION 34177 AND TAKING CERTAtN ACTIONS IN CONNECTION
THEREWITH
RECITALS;
A. AB X1 26 and AB X1 27 were signed by the Governar of Califarnia on
,lune 29, 201 �, making certain changes to the Communiry Redevelopment Law (Part 1
(commencing with Section 33000) of Division 24 of the California Health and Safety
Code} (the "Redevelopment Law"), including adding Part 1.8 (commencing with Section
34161) ("Part 1,8") and Part 1.85 (commencing with Section 34170) ("Part 1.85").
B. The Caiifarnia Redevelopment Assoc'ration and League of California Cities
filed a lawsuit in the Supreme Caurt of California (California Redevelopment
Association, et al. v. Matosantos, ef a/. (Case No. S� 94861)) alleging that AB X1 26 and
AB X1 27 are unconstitutional. On DecerrTber 29, 2011, the Supreme Court issued its
opinion in the Matosantos case largely upholding AB X1 26, invaliaating AB K1 27, and
holding that AB X1 26 may be severed from AB X1 27 and enforced ind�pendently.
C. The Supreme Court generally revised the effective dates and deadlines for
performance of ob{igations in Part 1.85 arising before May 1, 2012, to take effect four
months later.
D. As a result of the Supreme Court's decision, the Palm Desert
Redevelopment Agency (the "Redevelopment Agency"), a redevelopment agency in the
City of Palm Desert (the "City"), created pursuant to the Redevelopment Law, was
dissolved pursuant to Part 1.85 on February 1, 2012.
E. By its Resolution No. 2Q11-76, adopted on August 25, 2011, the City
Council of the Ciry made an election to serve as the successor agency for the
Redevelopment Agency under Part 1,85 (the 'Successar Agency°�.
F. By its Resolution No. 001, adopted on February 9, 2012, the City Council,
acting as the governing board for the Successor Agency, established �ufes and
regulations applicable to the governance and operatian of the Successor Agency, and
pursuant to such resolution provided that the Successor Agency will be governed by a
Board of Directors (the "Board"� consisting of the members of the City Cauncil of the
City.
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RESOLUTION NO. SA-RDA oo�
G. Heafth and Safety Code Section 34177(I), as modified by the California
Supreme Couct, provides that the Successor Agency must prepare a Recognized
Obligation Payment Schedule for the enforceable obligations of the former
Redevelopment Agency, in accordance with the requirements of paragraph (I). The
Recognized Obligation Payment Schedule must be submitted to and approved by the
oversight board. FinaVfy, after approval by the oversight board, a copy of the approved
Recognized Obligation Payment Schedule must be submitted to the county auditor-
controller, the State Controller and the State Department of �inance ("DOF"), and be
posted on the Successor Agency's web site. The second Recognized Obligation
Payment Schedule submitted to the State Controller and the DOF will be for payments
for the period of July 1, 2d12 to December 31, 2012, inclusive.
H. Accordingly, the Board desires to adopt this Resolution approving the
second Recognized Obligation Payment Schedule in accordance w'rth Paragraph G.
NOW, THEREFORE, THE BOARD �F DIRECTORS OF THE SUCCESSOR
AGENCY TO tHE PALM DESERT REDEVELOPMENT AGENCY, HEREBY FINDS,
DETERMINES, RESOLVES, AND URDERS AS FOLLOWS:
Section 1.
of this Resolution.
Section 2.
Section 34177.
The above recitals are true and correct and are a substantive part
This Resolution is adopted pursuant to Health and Safety Code
Section 3. The Board hereby approves the second Recognized Obligation
Paymen# Schedule subs#antia!►y in the form attached as Exhibit A to this Resotution and
incorporated herein by reference (ihe "ROPS2"}, The Executive Director of the
Successor Agency, in consu{tation with the Successor Agency's legai counsel, may
modify the ROPS as the Executive Director or the Successor Agency's legal counsel
deems necessary or advisable.
Section 4. The Board hereby designates Paui Gibson as the official to whom
the DOF inay make requests for review in connection with the ROPS2 and who shall
provide the DOF with the telephone number and e-mail contact information for the
purpose of comm�nicating with the DOF.
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RESOLUTIOIV NO. SA-RDA oo�
Section 5. The officers and 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, inctuding submitting the
certified Recognized Obligation Payment Schedule to the oversight board for approval,
and any such actions previously taken by such officers are hereby ratified and
confirmed.
PASSED, APPROVED AND ADOPTED this 22nd day of March, 2012.
AYES: B�soN, FINERTY, HARNIR, K1t00NEN, and SPIEGEI.
NOES: NoxE
ABSENT: Not�
ABSTAIN: Nox�
�''�, ' � � �
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--�,
'.�- � . -.- 1
ATTEST:
—�"�
R� chelle D. Klassen, Secretary
SUCCESSOR AGENCY TO THE PAL![ DESERT
RF.DEVEIAPMENT AGENCY
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RESdLUTIQH NO. SA-RDA 007
EXHIBIT A
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� DEPARTMENT OF EDMUND G, 6RawH J�. - CaOVERNOR
e,��bR��F F' 1 N A N C E 91 g L HTRCCT � nACRAMENTO CA � 9SB 1 439D6 � WWW.Obi.CAAOV
Apri126, 2012
Veronica 7apia, Accountant
City of Palm Desert
73-510 Fred Waring Drive
Palm Desert, CA 92260
Dear Ms. Tapia:
Pursuant to Health and Safety Code {HSC) section 34177 (I) (2) (G), the City of Patm Desert
Successor Agency submitted a Recognized Obligation Payment Schedule (ROPS} to the
Califomia Department of Finance {Finance) vn April 11, 2Q12 for the periods January through
June 2012 and July through December 2012. Finance staff c�ntacted you for clarification of
items listed in the ROPS.
HSC section 34171 (d} lists eniorceable obi�ation (EO) charactenstics. Based on a sampie of
line items reviewed and application of the law, the following do not qualify as EOs:
January through June 2012 ROPS:
• The foilowing line items were for pass-thru trust account obiigations totaling
$fiQ.S miAion. HSC sedion 34163 (b) prohibits a redevelopment agency (RDA) from
ente�ing into a contract with any entity after June 27, 2011. It is our understandirrg that
no cantracts are in piace for these line items.
item I Project I Page
Number Area Numbi
_--
Pass-Thru Trust Acct 4bligation $39,862,122 '.
45 2 5 Pass-Thru Trust A+cct Obligation 3,fi65,266'
25 3 8 Pass-7hru Trust Acct Obligation 8,549,775 '.
27 4 12__ t Pass-Thru Trust Acct Obliqa#ion 10.435.341 ;
• The foilowing line items are for agreements or contracts between the City of Palm Desert
and the Palm Desert Redevelopment Agency (RDA} totating $13.5 mi�lion. HSC
section 34171 (d} (2j states that agreements or contracts between the city that created
the RDA and the former RDA are not enforceable unless the agreements were entered
into within the flrst two years of the date of the creation of tMe RDA.
�
Ms. Veronica Tapia
April 26, 2012
Page 2
--- -- --------____ ___ __ �--- ----
Item Project Page
Number Area Number Pro�ect Amount
-- - _ ---- -- -- ------
5 2 4 North Sphere Hotei Land $5,50D,000
-- --__ ---------__ _ --- —
North Sphere
6 2 4 Property Acquisition 2,055,000
---- - _ --. _--... _ -----
City Loan for formation of
7 2 4 Pro'ect Area No.2-1S86 6,000,000
-- --..--_ _..___.________.
Total $13,555,OU0
• Administrative cost claimed exceeds allowance by $708,712 (see Attachment A). HSC
section 34171 {b) limits fiscal year 2011-12 administrative e�enses to five percent of
property tax ailocated to the successor agency or $250,Q00, whichever is greater.
ff I
• The following line items are for projects that do not have contracts in place in the amount
totaling $123.3 million. HSC section 84163{b) prohibits a RDA from entering into a
contract with any entity after June 27, 2011. It is our understanding that contracts for
these line items were awarded after June 27, 2011.
Ms. Veronica Tapia
April 26, 2012
Page 3
Julv to December 2012 ROPS:
• The foliowing line items were for pass-thru trust account obligations totaling
$12.4 million. HSC section 34163 (b) prohibits a RDA from entering into a contract with
any entity after June 27, 2011. It is au� understanding thai there are no contracts for
these line items.
Number
25
-___ ___ _..
45
25
z�--
Projeet Page
Area Number Project
-------
__ 1_ ___ 1 Pass-Thru Trust Acct C?bf igation
2 5 Pass-Thru Trust Acct Obfigation
_ 3 8 Pass-Thru Trust Acct Obiigation
4� 12 Pass-Thru Trust Acct Obligation
_ -- _ . _ _. _ ________--
Total
$8,66i,301
250,169
532
2.990
• The following line items are for agreements or contracts between the City of Palm Desert
and the Palm Desert RDA totaling $13.5 million. HSC section 34171 (d) (2) states that
agreements or contracts between the city that created #he RDA and ihe former RDA are
not enforceable unless the agteements were entered intv within the first two years of the
date of the creation of the RDA. Additionally, these line items were shawn as payments
in the January to June 2012 R�PS.
Item Project Page
Number /Uea Number Pro'ect Amount
__._____ __.__._-- _-- - --
5 _ 2 ___4 North S here Hotel �and $5,500,Op0
---
No�th Sphere
--- _---------
6 2 4 Property Acquisition 2,055,OQ0
City Loan for formation of
7 2 4 Pro'ec� Area No.2-1986 6,OOfl,000
--_ Total _ $13,555,Q00
�
• 7he follawing line items are for projecks #hat do not have corrtracts in place in the amount
totating $123.3 miliion. In addition, HSC section 34163(b) prohibits a redevelopment
agency from entering into a contract with any entity after June 28, 2Q11. It is our
understanding that contracis for these line items were awarded a�ter June 27, 20i 1.
Ms. Veronica Tapia
April 26, 2012
Page 4
.
As authorized by HSC section 34179 (h), Finance is returning your ROPS for your
reconsideration. This action will cause the specific ROPS items �oted above to be ineffective
until Finance approvaL Furlhermore, items listed on future ROPS will be subject to review and
may be denied as EOs.
If you believe we have reached this conclusion in error, please provide further evidence khat the
items questioned above meet the definition of an EO.
Please direct inquiries to Evefyn 5uess, Supervisor or Mindy Patterson, Lead Analyst at
(916j 322-2985.
Sincerely, .
l,�i,!/c�/�lt r '�`"`''R` _
MARK HILL
Program Budget Manager
cc: Ms. Janet Moore, Dir�ctor of Hausing, City of Palm Desert
Ms. Pam Elias, Chief Accounting Property Tax Division, County of Rive�side
Ms. April Nash, Supervising Accountani, County of Riverside
Ms. .lennifer Baechel, Business Process Analyst II, County of Riverside
��
Administrative expenses totaling $613,182 {Attachment B}. HSC section 34171 (b) limits
adrninistrative expenses to #hree perce�t of property tax aHocated to the successor
agency or $250,000, whichever is greater,
ATTACHMENT A
ADMINISTRATIVE COST CALCULATIfJN
For the Perlod January - June 2012
Project Line
Area Item
1 4
1 2
1 3
1 4
1 5
1
1
1
1
1
1
1
1
2
2
2
2
2
1
Projeci Name/Debt Obliqation
20Q2 Tax Allocation Refunding 6ond lssue
2003 Tax Allocation Bond Issue -$19,OOO,Q00
2004 Yax AllocaUon Bnnd Issue - 524,945,Q00
2006 Tax Allocation Bond Issue -$62,320,000
2007 Tax Allocation Bond Issue -$32,600,Q00
2002 Nousing Tax Ailocation Bond Issue -$12M
2007 Housing Tax Allocaklon Bond issue -$87M
Indian Springs Stipulated Agreement
__.--.--_�
UM Housing Fund Loan
Pass-thru Uust account obligations
Stipulated Judgment Case No. 51124
Replacement Reserve Fund
3g PDHA Property Management
42 PDHA Property Maintenance �
43 Agency Owned Properties
44 Additional DlsGosures on TAB's
,i NSP Rehabilitatlon
52 Santa Rosa Apartments
1 2002 Tax Allocation Refunding Bond Issue -$1;
2 2003 iax A1location 8ond Issue -$15M
3 2006 Tax Ailocation Bond Issue -$67M
4 County CIP Reimbursement fw 88/89 and 9D/91
5* NoRh Sphere Hotel land
g• North Sphere Praperty Acquisition
7* City Loan formation of Project Area No. 2-1986
g UM Housing Loan
32 SUpulated Judgment Case No. 51124
3'� PDHA Pronefir Manaaement
2 3s Replacement Reserve Fund
2 4�; Pass-Thru Trust Account Obligations
2 48 Additionat Disclosu s on TA8's �
3 1 2003 Tax Aliocatlon Bond Issue -$4,745,Oa0
g 2 2006 Tax AAocation Bond Issue - 315,029,526
3 3 VM Hausing Loa�
3 13 Stipuiated Judgment Case Na. 51124
Payment
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
1,114,664
$950,000
1,902,588
5,093,952
3,881,750
$769�449
8,418,137
$89,834
1.304.766
707
75
�
�
1�
Line Items Considered Administrative Costs
January - June 20l2 ROPS
Project Line
Araa item Descrt tion Pa ment Source Amount
� ti� Trustee Services RPTTF $1 392
1 16 Disclosure Services RPTTF $1 152
1 17 Legal Services RPTTF $8 224
1 1g Legal Services RP1"fF $648
� 19 Professional Associakion RPTTF $2 530
� 2p Auditing Services RP'TTF g1 os3
__ _.. _ _..
1 21 Reporting Services --- RPTTF $422
� 22 Banking Services }�p-r-rF $gg
1 23 Liabi{ity Insurance • RPTTF $1 160
1 24 Facilitfes Lease RPTTF $32,�0
� 27 Carrying Costs - Agency Property RPTTF $1 944
1 28 Carrying Costs - Agency Property-- -, _� RPl?F $15,d00
1 30 � Project Area Administratian RPTTF $1 247 855
1 31 Vested Employee Benefit Obligation RPTTF $332,195
2 2� Trustea Se�vices RPTT'F $7 974
2 22 Disclosure Services RPTTF $6 602
2 23 Legat Seroices RPTTF $44 268
2 24 �e9at Services RPTTF $3 715
2 25 Professional Assocfat(on RPTTF $14 498
2 26 Audit3ng Services `_ -- _._ RPTTF $6.089
2 30 Project Area AdminlstraUon RPTTF $388 676
2 31 Vested Empfoyee Benefit �bligation RP77F $103 470
2 43 Reporting Services RPTTF $2 416
2 �4 Liability Insurance RPTTF $G 645
2 47 8anking Services Rpn� $�
3 � � Project Area Administratlon RPTTF $102 283
3 12 Vested Employee Benefit Obiigation RPTTF $27 22S
3 18 Trustee Services ^ RP'TTF $4 216
3 19 ���osure Services RPTTF $3 491
3 20 Legai 5ervfces RP1TF $23 448
3 21 Legal Services RPTT� S1 965
3 22 Professionaf Association RPTTF 57,666
3 23 Auditing Services ` RPTTF $3,094
3 2q Reporting Services � RPTTF _$2,455
3 27 Liability Insurance RPTTF $3 514
3 28 Banlcting Servlces �!� RPTTF $300
4 8 Truslee Services RP't't'F �104
.q 9 Disciosure Services RPTTF �83
�
ATTACHMENT B
ADMINISTRATIVE C05T CALCUlAT10N
July — December 2012
Project Line
Area item
�
1
2
1
1
1
1
�
�
�
�
�
�
�
�
2
2
2
2
3
2
2
2
2
2
a
2
9
�o
25'
26
32
33
44
51
52
2
6•
7'
B
2s
36
45'
48
Name/Debt
200Z Tax Alioqtfon Refundi� Bond Issue -$22M
2003 Tauc Allocation Bond Issue -$19,000,000
2004 Tax Allocation Bond Issue -$24,945,000
2006 Tax Allocatfon 8ond Issue -$82,320,000
2007 Tax Alfocation Bond Issue -$32,60Q,000
2002 Housing Tax Ailucation Bond Issue - S12M
Z007 Housing Tax Aliocation Bond issue -$87M
Indian Springs Stipulated Agreernent
UM Nousing Fund Loan
Pass-thru trust account obligations �
Energy Independence Program �
Stlpulated Judgement Case No. 51124
Replacement Resen►e Fund �
PDHA Prope�ty Management
PDHA Properties � ��
PDHA Properties
PDHA Property Maintenance
_ _. __ __.
Agency Owned Properties
Additional Disclosures on TAB's �
NSP RehabiUtabian
5anta Rosa Apartments
2002 Tax Ailocation Refunding eond Issue -$17M
20U3 Tax Ailocation Bond Issue -$15M
2006 T� Ailocation Bond Issue -$67M
N�rth Sphere Hotel land
North Sphere Property Acquisition
City Loan farmatlan of Project Area No. 2-1986
UM Housing Loan
Additionak Disclosures on TAB's
Stipulated Judgement Case No. 59124
PDHA Property Management
PDHA Properties
PDHA properties T
RepNacement Reserve Fund
Pass-Thru Ttust Account Obligations
Additio�al Disclosures on TAB's
Payment
Source Amount
RPTT'F $1,114 6f
RPTTF $950 O(
RPTTF $1.983.9E
RPTTF
1
RPTTF
RPTTF
RPITF
RP1TF
301
5
��
Project Line
Area item
3 1
3 2
3 3
3 13
3 14
3 1�
�3 25`
4 3
4 4
4 21
4 23
4 24
4 25
4 26
4 2%"
4 30
_ Project Name/Debt Obligation
2003 Tax Ailocatinn Bond lssue -$4,745,000
2006 Tax Alioption Bond Issue -$15,029,526
VM Housing Loan
Stipulated Judgement Case No.�51124
Replacement Reserve Fund T
PDFIA Property Management
PDHA Properties � � T
PDMA Prnperties _ { �--�--~
Pass-Thru Trust Account Qbligations
Additional Disclosures on TAB's
1998 $11,02Q,U00 Tax Allocation Bond lssue
2001 $15,695,000 Tax Aliocation Bond Issue
2006 $19,273,089 Taac Allocation Bond Issue
LIM Housing Fund Loan
Stipulated Judgement Case fVo. 51124 y
� __---_ _ _
PDHA Property Management
PDHA Property Management
PQHA Property Management T �
Additional Disclosures an TA6's - �
Pass-Thru Trust Account Obligations
NSP Rehabilitation
Less Amount Disallowed (see line
Payment
RPTTF
RPl?F
RPTTF
F
RPTfF
RPTTF
RPTfF
RPTTF
RPTTF
RPTTF
rota� RPn
3r of 3°/. or
470
133
0
�
Line Items Considered Adrninistrative Costs
July - December 2012 ROPS
Project Line
Area item Oescri tion Pa mant Source Amount
� 15 Trustee Services RPTTF $1.419
1 18 Disclosure Services RPTTF $1,176
� 1i Legal Senrices RPTTF $7 87B
� 18 Legal Services �p�F ��a
1 19 Professianal Association RP7TF $2,560
1 20 Auditing Sarvices RPTTF �2167
� 21 Reporting Services RPTTF �430
� 22 Banking S�rvices RPTTF $1Q2
� 23 Liabifity Insurance RP1TF $1 158
� 24 Facilities Lease RPTTF $31,996
� 27 Carrying Costs - Agency Property RP1TF $1 944
� 2g Carrying Costs - Agency Property RPTTF $11 224
1 30 Project Area Administration RPTTF $860 816
� 31 Vested Employee Benefit Obtigation RPTTF $352 053
2 21 Trustee Services RPTfF $7 812
2 22 Disclosure Services RP7'fF $6,468
2 23 Legal Services RPTfF $43,386
2 24 Legal Services RPTTF $3 642
2 25 Professional Association RP1TF $94,2Q$
Z 2g Auditing Servir,�s RPTTF $5 968
2 30 Project Area Adminislration RPTTF $205,828
2 31 Vested Employee Bonefit Obligation RPTfF $109 656
2 43 Reporting Services RPTTF 52,388
2 qq Liabi(ity insurance RpTfF $6 384
2 q7 Banking Services RPTTF 558
3 � � Project Area Administration RPTTF $54165
3 �Z Vested Employee 8enefit Obiigation RPTTF ffi28 857
3 18 Trustee Services RPTTF �4134
3 19 Disclosure Services RPTTF �3,42U
3 20 Legal Services RPTTF $22 838
3 Z� Legal Services RP7TF ' �1,926
3 22 Prafessional Association RPTTF $7 513
3 23 Auditing Services RPTTF $3 156
3 24 Repo�tirtg Services RPTTF $1 252
3 27 Liabifity Insurance RPTTF $3,378
3 28 Banking Servfces RPTiF $294
� g Trustee Services RPTTF 396
4 9 Disclosure Services Rp�F $gd
�
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� DEPARTMENT OF EaMUNo ca, ewowN .lA, • C3pVERNOR
����p~�� F 1 N A N C E � 1 S L BTR[CT � OAGAAMCNTO CA � 9681 4�Ci7O6 � WWW.pOF.OA�ODV
May 26, 20'k 2
Veronica Tapia, Accountant
City of Palm Desert �
73-51 Q Fred Waring Drive
Palm Desert, CA 92260
Dear Ms. Tapia:
Subject: Recognized Obligation Payment Schedule Appr4val Letter
Pursuant to Health and Safety Code (HSC} section 34177 (I) (2) (C), the Ciiy af Palm Desert
Successor Agency submitted Recognized Obiigation Payment Schedules (ROPS) to the
California Department of Financ� (Finance) on April 11, 2Q12 for the period January to
June 2012 and April 17, 2012 for the period July to Qecember 2012 Finance is assuming
appropriate oversight board approval. Finance has completed iks review of your ROPS, which
may have included abtaining clar�cation for vari4us items.
In Finance's letter dated April 26, 2D12, the following pass-thru trust account obligations from
both ROPS periods were denied as enforceable obligations (EOs}; however, after further review
of documents, they have been accepted as E�s:
• Projec#Area 1, page 1, item 25
• Project Area 2, page 5, item 45
• ProJect Area 3, page 8, item 25
• Project Area 4, page 12, item 27
Additionally, after reca{culating administrative cost allowance, we are no longer questioning fhe
January to June 2012 administrative expenses as they are within the allowable amount. For the
July to December 2012 administrative expenses, we recalculated and reduced the questioned
amount to $239,969 from $613,182 (as stated in the Aprii 26, 2012 letter}.
Except for items disallowed in whole or in part as enforceable obligations noted in Finance's
letter dated Apri! 26, 2012, Finance is approving the remaining items listed in your ROPS for
both periods. This is our determination with respect to any iterns funded from the
Recievelopment Property Tax Trust Fund (RPTTF' for the June 1, 2012 property tax allocaEions.
If your ove�sight baard disagrees with our determination with respect to any i#ems not fundsd
with property tax, any future resolution of the disputed issue may be accommodated by
amending the ROPS far the appropriate time period. Items not questioned during this review
are subject to a subsequent review, if they are included on a future ROPS. If an item included
on a future F�OPS is not an enforceable obligation, Finance reserves the right to remove that
item from the future ROPS, even if it was not removed from the preceding RQPS.
��
Ms. Tapia
May 28, 2012
Page 2
Please refier to Exhibit 12 at h�:lJwww.dof,ca.aov/assemblv biils 26-27lview ahp for the
amount of Redevelopment Property Tax Trust Fund (RPTTF) that was approved by Finance
based on the schedule submitted.
As you are aware the amount of available RPTTF �s the same as the property tax increment that
was available prior to ABx1 26. This amount is not and never was an unlimited funding source.
Therefore as a practical matter, the ability to fund the items on the ROPS with property tax is
iimited to the amount of funding availabie in the RPTTF.
Please direct inquiries to Eveiyn Suess, SupQrvisor or Mindy Patters�n, Lead Analyst at
{916) 322-2985.
Sincerely,
��� �
MARK HlLL
Pragram Sudget Manager
cc: Ms. Janet Moore, Director of Housing, City of Palm Desert
Ms. Pam Elias, Chief Accounting Property Tax Division, County of Riverside
Ms. April Nash, Supervising Accountant, County of Riverside
Ms. Jennifer Baechel, Business Process Analyst II; County of Riverside
��