SA Resolution 2017-002RESOLUTION NO. SA 2017 - 002
A RESOLUTION OF THE SUCCESSOR AGENCY TO THE LA
QUINTA REDEVELOPMENT AGENCY ADOPTING THE
RECOGNIZED OBLIGATION PAYMENT SCHEDULE 17-18
FOR THE PERIOD OF JULY 1, 2017 THROUGH JUNE 30,
2018
WHEREAS, the City Council of the City of La Quinta ("City Council" or "City," as
applicable) previously approved and adopted (i) the Redevelopment Plan for La Quinta
Project Area No. 1 ("Project Area No. 1" or "Project Area No. 1 Redevelopment Plan," as
applicable); and (ii) the Redevelopment Plan for La Quinta Redevelopment Project Area No.
2 ("Project Area No. 2" or "Project Area No. 2 Redevelopment Plan," as applicable); and
WHEREAS, the former La Quinta Redevelopment Agency ("Agency") was
engaged in activities to execute and implement the Project Area No. 1 Redevelopment
Plan and the Project Area No. 2 Redevelopment Plan (collectively, the "Redevelopment
Plans") pursuant to the provisions of the California Community Redevelopment Law
(Health and Safety Code § 33000, et seq.) ("CRL"); and
WHEREAS, as part of the 2011/2012 State budget bill, the California Legislature
enacted and the Governor signed, Assembly Bill 26 ("ABx1 26") requiring that each
redevelopment agency be dissolved and Assembly Bill 27 ("ABx1 27") that would have
allowed redevelopment agencies to remain in existence if certain remittance
payments were made; and
WHEREAS, an action challenging the constitutionality of ABx1 26 and ABx1 27
was filed in the California Supreme Court; and
WHEREAS, on December 29, 2011, the Court upheld ABx1 26 and struck down
ABx1 27 as unconstitutional; and
WHEREAS, on January 2, 2012, the City Council adopted City Council Resolution
No. 2012-002, affirmatively electing to be the "successor agency" to the Agency; and
WHEREAS, on June 27, 2012, the California Legislature enacted, and the
Governor signed, Assembly Bill 1484 ("AB 1484"), and on September 22, 2015, Senate
Bill 107 ("SB 107"), which, among other things, made certain revisions to certain of the
statutes added by ABx1 26, and all other bills that have amended ABx1 26, are
collectively referred to as the "redevelopment dissolution law" (Part 1.85 of Division 24
of the Health and Safety Code); and
WHEREAS, Health and Safety Code Section 34177 requires successor agencies
to prepare and adopt, on an annual basis, a "Recognized Obligation Payment
Resolution No. SA 2017-002
Adoption of Recognized Obligation Payment Schedule
Adopted: January 17, 2017
Page 2 of 3
Schedule" ("ROPS") that lists all obligations of the former redevelopment agency that
are enforceable within the meaning of subdivision (d) of Section 34171; and
WHEREAS, Successor Agency to the La Quinta Redevelopment Agency
("Successor Agency") staff have prepared ROPS 17-18 for the period of July 1, 2017 to
June 30, 2018; and
WHEREAS, all other legal prerequisites to the adoption of this Resolution have
occurred.
NOW THEREFORE, BE IT RESOLVED, by the Successor Agency to the La Quinta
Redevelopment Agency, as follows:
SECTION 1. Recitals. The Recitals set forth above are true and correct and
incorporated herein by reference.
SECTION 2. Approval of RODS 17-18. In order to enable the Successor Agency to
strictly comply with the redevelopment dissolution law, and based on the Recitals set
forth above, the Successor Agency hereby approves ROPS 17-18 attached hereto as
Exhibit A as the Recognized Obligation Payment Schedule for the period of July 1,
2017 through June 30, 2018. Pursuant to Health & Safety Section 34173(e), the
Successor Agency's liability, including, but not limited to, its liability for the obligations
on the attached schedule, is limited to the total sum of property tax revenues it
receives pursuant to the redevelopment dissolution law.
SECTION 3. Implementation. The Successor Agency hereby authorizes and directs
the Executive Director to submit ROPS 17-18 to the Oversight Board of the City as
Successor Agency to the La Quinta Redevelopment Agency (the "Oversight Board")
and, after approval by the Oversight Board, to submit a copy of the approved ROPS 17-
18 to the Department of Finance, State Controller, County Administrative Officer, and
County Auditor -Controller.
SECTION 4. Severability. If any provision of this Resolution or the application thereof
to any person or circumstance is held invalid, such invalidity shall not affect other
provisions or applications of this Resolution which can be given effect without the
invalid provision or application, and to this end the provisions of this Resolution are
severable. The Successor Agency hereby declares that it would have adopted this
Resolution irrespective of the invalidity of any particular portion thereof.
SECTION 5. The Successor Agency Secretary shall certify to the adoption of this
Resolution.
Resolution No. SA 2017-002
Adoption of Recognized Obligation Payment Schedule
Adopted: January 17, 2017
Page 3 of 3
PASSED, APPROVED, AND ADOPTED at the meeting of the Successor Agency to
the La Quinta Redevelopment Agency held this 17th of January 2017, by the following
vote:
AYES: Agency Members Fitzpatrick, Pena, Radi, Sanchez, Chair Evans
NOES: None
ABSENT: None
ABSTAIN: None
LINDA EVANS, Chairperson
City of La Quinta Acting as Successor Agency
to the La Quinta Redevelopment Agency
ATTEST:
SUSAN MAYSELS, Secr ory
City of La Quinta Acting as Successor
Agency to the La Quints Redevelopment Agency
(AGENCY SEAL)
APPROVED AS TO FORM:
WILLIAM H. IHRKE, Counsel
City of La Quinta Acting as Successor
Agency to the La Quinta Redevelopment Agency
EXHIBIT A
Recognized Obligation Payment Schedule (ROPS 17-18) - Summary
Filed for the July 1, 2017 through June 30, 2018 Period
Successor Agency: La Quinta
County: Riverside
17-18A Total 17-18B Total
Current Period Requested Funding for Enforceable Obligations ROPS Detail (July - December) (January -June) ROPS 17-18 Total
A Enforceable Obligations Funded as Follows (B+C+D):
$ 35,367,485 $
$
35,367,485
B Bond Proceeds
33.801.238
33,801,238
C Reserve Balance
-
D Other Funds
1,566,247
1,566,247
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G):
$ 11,765,650 $
7,799,898 $
19,565,548
F RPTTF
11,640,650
7,674,898
19,315.548
G Administrative RPTTF
125,000
125.000
250,000
H Current Period Enforceable Obligations (A+E):
$ 47,133,135 $
7,799,898 $
54,933,033
Certification of Oversight Board Chairman:
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/
Name Title
Signature Date
La Quinta Recognized Obligation Payment Schedule (ROPS 17-18) - Report of Cash Balances
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177(1),Redevelo rnent Prooerty Tax Trust Fund (FtPTTF) may be listed as a source of oa went on the ROPS but only to the extent no other funding source is availabte
or when oavment from cracerty tax revenues is required by an enforceable oblieation. For tias an how to comolete the Retlort of Cash Balances Form, see Cash Baiance Tics Sheet,
A
B
C
D
E
F G H
I
Fund Sources
Bond Proceeds
Reserve Balance
Other
RPTTF
Prior ROPS
Prior ROPS
period balances
RPTTF
Bonds issued on
and DDR RPTTF
distributed as
Rent,
Non-Admin
or before
Bonds issued on
balances
reserve for future
grants,
and
Cash Balance Information by ROPS Period
12/31/10
or after 01/01/11
retained
period(s)
interest, etc
Admin
Comments
ROPS 15-16B Actuals 101/01/16 - 06/30/161
1
Beginning Available Cash Balance (Actual 01/01116)
9,051,389
27,980,719
1527830
18,280
2
Revenuelincome (Actual 06/30/16)
RPTTF amounts should tie to the ROPS 15-16B distribution from the
County Auditor -Controller during January 2016
772
38.417
7.681,139
3
Expenditures for ROPS 15-16B Enforceable Obligations (Actual
06/30/16)
323308
1
7,807,847
4
Retention of Available Cash Balance (Actual 06130116)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
5
ROPS 15-16B RPTTF Balances Remaining
No entry required
6
Ending Actual Available Cash Balance
CtoG=(1+2-3-4),H=(1+2-3.4-5)
S 8.728.081
S 27.981.491
S
S
$ 1.566.247
$ (108.428
La Quinta Recognized Obligation Payment Schedule (ROPS 17-18) - Notes July 1, 2017 through June 30, 2018
Item #
7
6
9
25
31
Notes/Comments
On 12-22-2016, the Successor Agency to the City of La Quinta issued $35,055,000 La Quinta Redevelopment Project Area No. 1 and 2, Subordinate Tax Allocation
Refunding Bonds, 2016 Taxable Series A, A portion of the proceeds of the 2016 Bonds was used to refund and defease the outstanding 2011 Bonds
On 12-22-2016, the Successor Agency to the City of La Quinta issued $35,055,000 La Quinta Redevelopment Project Area No, 1 and 2, Subordinate Tax Allocation
Refunding Bonds, 2016 Taxable Series A_ A portion of the proceeds of the 2016 Bonds was used to refund and defease the outstanding 2011 Bonds
An increase of $1,500 is reflected for additional annual reporting as required under SB 1029
As outlined in SB 107 the City is recognizing the outstanding principal and interest on an approved Advance from the City General Fund Interest is being calculated at
3% simple interest on the quarterly basis starting with the balance as of July 1, 2014 The City is not seeking reimbursement of outstanding interest at this time but
rather a recognition of such interest for future repayments after principal.
As approved by DOF on 9-12-2016; on 12-22-2016, the Successor Agency to the City of La Quinta issued $35,055.000 La Quinta Redevelopment Project Area No. 1
and 2, Subordinate Tax Allocation Refunding Bonds, 2016 Taxable Series A, Debt service payments are due on March 1st and September 1st of each year until
Imaturity on 9-1-2039.
32
As approved by DOF on August 23, 2016 and the Oversight Board on July 6, 2016, the City of La Quinta, the La Quinta Housing Authority, and the Successor Agency
to the City of La Quinta Redevelopment Agency have entered into a bond expenditure agreement to expend excess bond proceeds. This portion represents Non-
Housing proceeds,
33
As approved by DOF on August 23, 2016 and the Oversight Board on July 6, 2016; the City of La Quinta, the La Quinta Housing Authority, and the Successor Agency
to the City of La Quinta Redevelopment Agency have entered into a bond expenditure agreement to expend excess bond proceeds. This portion represents Housing
proceeds,