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2012 08 08 OBOVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT AGENCY AGENDA La Quinta City Council Chambers 78-495 Calle Tampico, La Quinta, California Regular Meeting WEDNESDAY, AUGUST 8, 2012 2:00 p.m. Beginning Resolution No. 2012-014 CALL TO ORDER Roll Call: Board Members Ellis, Marshall, Maysels, McDaniel, Nelson, Osborne and Chairperson Pena PLEDGE OF ALLEGIANCE PUBLIC COMMENT This is the time set aside for public comment on any matter not listed on the agenda. Please complete a "Request to Speak" form and limit your comments to three minutes. When addressing the Oversight Board, please state your name and address. CONFIRMATION OF AGENDA APPROVAL OF MINUTES 1. Approval of Oversight Board Minutes of Regular Meeting on June 6, 2012 BUSINESS ITEMS 1. Adoption of a Resolution Approving a Recognized Obligation Payment Schedule of the Former La Quinta Redevelopment Agency for the Period of January 2013 through June 2013 REPORTS AND INFORMATIONAL ITEMS 1. Summary of Redevelopment Agency Dissolution Budget Trailer Bill ADJOURNMENT DECLARATION OF POSTING I, Lori Lafond, Oversight Board Secretary, do hereby declare that the foregoing Agenda for Oversight Board of the Successor Agency to La Quinta Redevelopment Agency meeting of August 8, 2012, was posted on the outside entry to the Council Chamber, 78-495 Calle Tampico, the bulletin board at the La Quinta Post Office located at 51-321 Avenida Bermudas, La Quints, California and 78-630 Highway 111, La Quints, California on August 2, 2012. Dated: August 2, 2012 (�� C11L (Q/V- OL LORILAFOND Oversight Board S etary Public Notices The La Quinta City Hall Council Chambers is handicapped accessible. If special equipment is needed for the hearing impaired, please call the City Clerk's office at (760) 777-7123, twenty-four (24) hours in advance of the meeting and accommodations will be made. If special electronic equipment is needed to make presentations to the Oversight Board, arrangements should be made in advance by contacting the City Clerk's office at (760) 777- 7123. A one (1) week notice is required. If background material is to be presented to the Oversight Board during a Board meeting, please be advised that ten (10) copies of all documents, exhibits, etc., must be supplied to the Oversight Board Secretary for distribution. It is requested that this take place prior to the beginning of the meeting. Any writings or documents provided to a majority of the Oversight Board regarding any item on this agenda will be made available for public inspection at the City Clerk's counter at City Hall located at 78-495 Calle Tampico, La Quints, CA 92253, during normal business hours. Oversight Board Agenda August 8, 2012 2 Taf 4 44 Q" AGENDA CATEGORY: OVERSIGHT BOARD MEETING DATE: August 8, 201 2 ITEM TITLE: Adoption of a Resolution Approving a BUSINESS SESSION: Recognized Obligation Payment Schedule of the CONSENT CALENDAR: _ Former La Quinta Redevelopment Agency for the Period of January 2013 through June 2013 STUDY SESSION: PUBLIC HEARING: RECOMMENDATION: Adopt a Resolution approving a Recognized Obligation Payment Schedule for the period of January 2013 through June 2013; approving the continued implementation of the Washington Street Apartments Rehabilitation Project; approving the expenditure of $3,006,360 in 2004 tax-exempt housing bond proceeds and $15,523,220 in 2011 taxable housing bond proceeds over the course of the implementation and $2,450,250 of the $3,006,360 in 2004 tax- exempt bond proceeds during the January — June 2013 ROPS period; and reconfirming that the housing bond proceeds are "Housing Assets" that are to be transferred to the Housing Authoritypursuant to Health & Safety Code Section 34176(b) in accordance with the ROPS schedule. FISCAL IMPLICATIONS: The Recognized Obligation Payment Schedule ("ROPS" - Attachment 1) requests $6,835,350, plus an additional $205,061 administrative allowance (total of $7,040,41 1) allocated from the Redevelopment Property Tax Trust Fund (RPTTF) to the Successor Agency. The remainder of the enforceable obligations would be paid from bond proceeds. BACKGROUND AND OVERVIEW: Recognized Obligation Payment Schedule ABx1 26 and the recently -approved State budget trailer bill, AB 1484, govern the redevelopment unwinding process. Every six months, the Successor Agency and Oversight Board must approve a BOPS, which is then submitted to the Department of Finance (DOF), State Controller's Office, the County Administrative Officer, and the County Auditor -Controller. II AB 1484 changed the DOF's timeframe to request review of ROPS items from three business days to five business days. The DOF then has 45 days versus 10 days to make its final determination of the enforceable obligations, the amounts, and funding sources listed. The Successor Agency would then have five business days .to request additional DOF review and an opportunity to meet and confer on disputed items. i The BOPS must then be submitted to the above -mentioned entities by September 1, 2012. If the ROPS is submitted ;late, the city that created the former redevelopment agency will be subject to a civil fine of $10,000 per day. The BOPS includes a 3% administrative cost allowance, provided by AB 1484, in the amount of $205,061. DOF revised its BOPS form which was circulated on, which is quite different from the previous form. Rather than list monthly estimated expenditures, the DOF is only seeking the total estimated expenditures for the six month period. Staff is completing the "Prior Period Estimated Obligations vs. Actual Payments for January — June 2012" worksheet. A complete BOPS form will be handed out at the Oversight Board meeting. Washington Street Apartments In June 2012, the Successor Agency and Oversight Board approved the implementation of the Washington Street Apartments Rehabilitation project. A revised ROPS was sent to the DOF, listing 2004 tax-exempt and 2011 taxable housing bond proceeds as the funding source. The DOF did not challenge the revised BOPS. However, should the DOF view Washington Street Apartments as a new obligation on this BOPS, it is recommended the Oversight Board reaffirms its previous findings via the attached resolution. FINDINGS AND ALTERNATIVES: The alternatives available to the Oversight Board include: 1. Adopt a Resolution approving a Recognized Obligation Payment Schedule for the period of January 2013 through June 2013; approving the continued implementation of the Washington � Street Apartments Rehabilitation Project; approving the expenditure of $3,006,360 in 2004 tax-exempt housing bond proceeds and $15,523,220 in 2011 taxable housing bond proceeds over the course of the implementation and �$2,450,250 of the $3,006,360 in 2004 tax-exempt bond proceeds during !the January - June 2013 ROPS period; and reconfirming that the housing bond proceeds are "Housing Assets" that 2' are to be transferred to the Housing Authority pursuant to Health & Safety Code Section 34176(b) in accordance with the BOPS schedule; or 2. Provide staff with alternative direction. Respectfully submitted, -P'b'bt"� Debbie Powell Economic Development/Housing Manager for subm FF5—nfC J. S vace xecutive Director of the Su cessor A ncy to La Quinta Redevelop aencv Attachment: 1. 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N T � m 8 � � r may+ u m_ s a s « T � S 3 « m o 8 Z m 8 « m 3 � 3 8 w a 88 $888888888 $ 8 8 8 8 8 s 8 s 8 8 8 $ sss 88 esssse 8 s s 8 8 s 8 8 $ s s s 8 «m 3 m O S m Reports & Informational Item No. R1 OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT AGENCY MEMORANDUM TO: Honorable Chairperson and Members of the Oversight Board FROM: Debbie Powell, Economic Development/Housing Manager��,_O1L DATE: August 8, 2012 SUBJECT: Summary of Redevelopment Agency Dissolution Budget Trailer Bill On June 27, 2012, the State legislature passed Assembly Bill 1484 (AB 1484) as part of its Fiscal Year 2012/2013 budget package. The primary purpose of AB 1484 was to make technical and substantive amendments to the Redevelopment Dissolution Act (ABx1 26). The following is a summary of key provisions affecting the La Quinta and the Oversight Board ("OB".) Oversight Board Oversight Board Membership - One OB member is selected from the largest taxing agency, by property tax share, within the former RDA's jurisdiction; however, there were disputes throughout the State. AB 1484 gives the County Auditor -Controller authority to make this determination. Fortunately, La Quinta relied on the County Auditor -Controller's calculations to determine the largest taxing agency, which is the Coachella Valley Water District. In regards to the dissolved RDA employee OB member (Susan Maysels), AB 1484 clarifies there is no conflict of interest when the member votes to approve a contract or item related to an enforceable obligation. (This was previously unclear in ABx1 26 - it was thought a conflict might exist by virtue of being an employee of the sponsoring City/Successor Agency.) Oversight Board Actions - All OB actions must now be adopted by resolution, and proposed actions (i.e., OB agenda items) must be transmitted to the County Administrative Officer, the County Auditor -Controller, and the Department of Finance ("DOF"). The DOF now has 5 days (versus 3) to call up any action for review, and another 40 days (versus 10) to make its determination. Oversight Board Staffing - The OB can direct the Successor Agency ("SA") to provide additional legal or financial advice independent from SA staff. Oversight Board Powers - Pre viously, the SA wa s guaranteed a minimum of M0,000 administrative cost allowance per fiscal year. The OB can now reduce that amount as it sees fit. Additionally, all OB decisions within its purview supersede SA decisions. Oversight Board Immunities - Previously, OB members had "personal immunity" from suits regarding actions taken within their responsibility as OB members. Now, OB members have the same immunities applicable to public entities and public employees pursuant to Government Code Section 820 at seq., which are more limited than "personal immunity." However, the above -noted Code Section does provide for immunity for "discretionary acts," which would likely cover actions taken by OB members. Housing Assets - AB 1484 requires the Housing Successor (the La Quinta Housing Authority) to provide a list of all housing assets to the DOF by August 1, 2012. Housing assets include real property, encumbered housing funds, loans receivable, rents and payments from operations, housing bond proceeds, and mixed use assets. The DOF has 30 days to object to items on the list, and any asset deemed not to be a housing asset must be returned to the Successor Agency and becomes subject to "clawback" (i.e., sale of the asset.) It should be noted La Quinta's Oversight Board formally approved the transfer of housing properties to the La Quinta Housing Authority via resolution numbers OB 2012-008 and OB 2012-009. However, this does not protect the assets from "clawback" per AB 1484. (A copy of the La Quinta's list is included as Attachment 1.) Successor Agency Per AB 1484, the Successor Agency is a separate legal entity from the sponsoring community; and therefore, may sue and be sued in its own name (rather than under the auspices of the sponsoring community). The Successor Agency retains the liabilities of the dissolved RDA, and can enter into contracts, hire staff and consultants, and procure insurance to complete approved enforceable obligations and conduct wind -down activities of the dissolved RDA. ROPS Issues As noted in today's staff report, the DOF's timeframe for ROPS review has increased. There is a "meet and confer" process included in AB 1484, whereby the SA may meet with the DOF to discuss disputed items; however, the process and timeframe are not defined. In addition, if the OB-approved ROPS is filed past the deadline, a fine of $10,000 per day is assessed. Further penalties apply the later the BOPS is filed. 2 Housing Assets AB 1484 requires the Housing Successor (the La Quinta Housing Authority) to provide a list of all housing assets to the DOF by August 1, 2012. Housing assets include real property, encumbered housing funds, loans receivable, rents and payments from operations, housing bond proceeds, and mixed use assets. The DOF has 30 days to object to items on the list, and any asset deemed not to be a housing asset must be returned to the Successor Agency and becomes subject to "clawback" (i.e., sale of the asset.) It should be noted La Quinta's Oversight Board formally approved the transfer of housing properties to the La Quinta Housing Authority via resolution numbers OB 2012-008 and OB 2012-009. However, this does not protect the assets from "clawback" per AB 1484. Audits The Successor Agency must contract with a licensed accounting firm, approved by the County Auditor -Controller, to conduct a "due diligence review." This review will determine the unobligated balances available for distribution to taxing entities. A review of the Low/Moderate Income Housing Fund must be submitted to the OB, DOF, the State Controller, and the County Auditor -Controller by October 1, 2012; and a review of all other funds must be submitted by December 1, 2012. Upon receipt of these reviews, the OB must convene a public comment session (i.e., a public meeting) at least five business days before it meets to approve the reviews. Then, by October 15, 2012 and December 15, 2012 respectively, the OB must transmit its determination of cash/cash equivalents to be distributed to taxing agencies. The DOF will complete its review by November 9, 2012 and April 1, 2013, respectively. The Successor Agency then has five business days to transmit the funds to the County Auditor -Controller Riverside County has approved the City's audit firm, Lance, Sol, & Lunghard to conduct these reviews. The due diligence review will take place along with the City's annual audit. If the SA does not turn over unobligated funds identified in the due diligence review, the DOF can then retain the City's sales and uses taxes, or property taxes, and may further levy penalties and interest. Finding of Completion Once the Successor Agency has gone through the above due diligence review and made required payments, it will be granted a "Finding of Completion" by the DOF. The Finding of Completion allows the Successor Agency (with Oversight Board and DOF approval) to: 3 1) Create and implement a "Property Management Plan" which permits the retention of property for public use or future development, the use of the property to fulfill an enforceable obligation, or the sale of the property. The dissolved La Quinta RDA held a few landscape lots which will be transferred to the property owner's association through this process. 2) Reinstate city/dissolved RDA loans, if the OB finds the loan was made for legitimate . redevelopment purposes. The City of La Quinta/dissolved La Quinta RDA had no loans in place at the time of dissolution. 3) Expend unencumbered pre-2011 bond proceeds — the Successor Agency currently holds approximately $9.1 million in 2002 tax-exempt bond proceeds and $3.0 million in 2004 tax-exempt housing bond proceeds. The La Quinta OB has authorized using the 2004 tax-exempt housing bond proceeds for Washington Street Apartments. Once it receives the Finding of Completion, the Successor Agency will request OB approval to use the 2002 bond proceeds for SilverRock infrastructure/canal relocation construction. The text of AB 1484 is available in the City Manager's office, and on the DOF website, www.dof.ca.gov. Staff and legal counsel will be available at the Oversight Board meeting to answer questions. Attachment: 1. Housing Assets List 0 - 4 x'. 2� n � n o n a 0 c cc 0 ao c wo o wo o O o mmo Ad�wo d d Noc n4<o ri 3 .%fin j' - 0 0ONaa't 0 OtOObOAVwO +_aCdTd3 ,.. d c C O d O »p paJ3m `2adN dVNCO". 'ONNg'y�i m 3 OO : ba.*68 m�dwSOmJ ?rNOU00O r1 1 dOZ .�,. mwL Z i O f0 mNoOdwS' w�gO .. ' d O ddn wU m y G J Oy 01 y, 4 b1 f9 b1 (A N + N N W A N U W O p i�y O �Yx W N 0 O U O O U W Ol V 91 U P. O ed a p �Z��✓y.�tq�{n + U o U U O Ol O �,im oa " 2 o Z O Z 0 Z 0 Z 0 Z 0 Z o w ^ w N O O £ O NN t � TCVyNO 6�0 .r..�Yp� �s3 (`U%Pet 1 d d d d d W N� •t:. �}`'.j�. 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