2013 09 25 OBSepf�Gl�LrGv
OVERSIGHT BOARD OF SUCCESSOR AGENCY
TO LA QUINTA REDEVELOPMENT AGENCY
AGENDA
La Quinta City Council Chambers
78-495 Calle Tampico, La Quinta, California
SPECIAL MEETING
Wednesdav, September 25, 2013 at 3:30 p.m.
CALL TO ORDER
Roll Call:
Board Members: Marshall, Maysels, McDaniel, Nelson, Osborne, 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
PRESENTATIONS - NONE
APPROVAL OF MINUTES
1 . MINUTES OF JUNE 5, 2013
WRITTEN COMMUNICATIONS - NONE
CONSENT ITEMS - NONE
BUSINESS ITEMS
1 . RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO
THE LA QUINTA REDEVELOPMENT AGENCY APPROVING THE SUCCESSOR
AGENCY ADMINISTRATIVE BUDGET FOR THE PERIOD OF JANUARY 2014
THROUGH JUNE 2014 [RESOLUTION No. 2013-0071
2. RESOLUTION APPROVING RECOGNIZED OBLIGATION PAYMENT
SCHEDULE OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO
THE FORMER LA QUINTA REDEVELOPMENT AGENCY FOR THE PERIOD OF
JANUARY 2014 THROUGH JUNE 2014 [RESOLUTION No. 2013-008]
STUDY SESSION - NONE
REPORTS AND INFORMATIONAL ITEMS
VERBAL UPDATE FROM CITY MANAGER FRANK J. SPEVACEK REGARDING
OVERSIGHT BOARD UPCOMING ACTIVITIES/SUBJECTS TO BE CONSIDERED.
CHAIR AND BOARD MEMBERS' ITEMS
ADJOURNMENT
The next regular meeting of the Oversight Board will be held on October 2, 2013,
commencing at 2:00 p.m. at the La Quinta City Hall Council Chambers, 78-495 Calle
Tampico, La Quinta, CA 92253.
DECLARATION OF POSTING
I, Pam Nieto, Oversight Board Secretary, of the City of La Quinta, do hereby declare
that the foregoing Agenda for the Oversight Board for Successor Agency to La Quinta
Redevelopment Agency meeting of September 25, 2013, was posted on the outside
entry to the Council Chamber at 78-495 Calle Tampico, and the bulletin boards at the
Stater Brothers Supermarket at 78-630 Highway 1 1 1 , and the La Quinta Cove Post
Office at 51-321 Avenida Bermudas, on September 19, 2013.
Dated: September 19, 2013
PAM NIETO
Oversight Board Secretary
oil
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) 777-7103, 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-
7103. A one (1) week notice is required.
If background material is to be presented to the Oversight Board during a meeting, please be
advised the 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 Quinta, CA 92253, during normal business hours.
3
OVERSIGHT BOARD
OF THE SUCCESSOR AGENCY TO
LA QUINTA REDEVELOPMENT AGENCY
MINUTES
WEDNESDAY, JUNE 5, 2013
A regular meeting of the Oversight Board of the Successor Agency to La Quinta
Redevelopment Agency was called to order at 2:02 p.m. by Chairperson Pena.
PRESENT: Board Members Ellis, Maysels, Nelson, Osborne, Chair Pena
ABSENT: Board Member Marshall and McDaniel
STAFF PRESENT: Frank J. Spevacek, Executive Director of the Successor Agency,
Kathy Jenson, City Attorney
PUBLIC COMMENT - None
CONFIRMATION OF AGENDA - Confirmed
APPROVAL OF MINUTES
Motion - A motion was made by Board Members Ellis/Maysels to approve the
Oversight Board Minutes of March 13, 2013, as submitted. Motion passed
BUSINESS SESSION
Resolution of the Oversight Board of the Successor Agency to La Quinta
Redevelopment Agency approving the issuance and sale of Subordinate Tax
Allocation Refunding Bonds by the Successor Agency to the La Quinta
Redevelopment Agency and authorizing certain other actions in connection
therewith
RESOLUTION NO. OB 2013-006
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT
AGENCY APPROVING THE ISSUANCE AND SALE OF
SUBORDINATE TAX ALLOCATION REFUNDING BONDS
BY THE SUCCESSOR AGENCY TO THE LA QUINTA
REDEVELOPMENT AGENCY AND AUTHORIZING
CERTAIN OTHER ACTIONS IN CONNECTION
THEREWITH
MOTION — A motion was made by Board Members Ellis/Nelson to adopt
Resolution No. OB 2013-006. Motion passed 5 ayes, 0 noes, 2 absent.
REPORTS AND INFORMATION ITEMS - None
ADJOURNMENT
There being no further business, it was moved by Board Members Osborne/Maysels
to adjourn this meeting at 2:14 p.m. Motion passed unanimously.
Respectfully submitted,
Pam Nieto
Oversight Board Secretary
OVERSIGHT BOARD SPECIAL MEETING 2 March 13, 2013
OVERSIGHT BOARD MEETING DATE: September 25, 2013
AGENDA CATEGORY:
BUSINESS SESSION:
ITEM TITLE: RESOLUTION OF THE OVERSIGHT BOARD
OF THE SUCCESSOR AGENCY TO THE LA QUINTA CONSENT CALENDAR:
REDEVELOPMENT AGENCY APPROVING THE STUDY SESSION:
SUCCESSOR AGENCY ADMINISTRATIVE BUDGET FOR
THE PERIOD OF JANUARY 2014 THROUGH JUNE PUBLIC HEARING:
2014
RECOMMENDED ACTION:
Adopt a resolution approving the Successor Agency Administrative Budget for the
period of January 2014 through June 2014.
EXECUTIVE SUMMARY:
• The La Quinta Successor Agency (SA) administers the former Redevelopment
Agency's wind -down activities and the Oversight Board (OB).
• ABx126 (Dissolution Act) provides for an administrative allowance to carry out
these wind -down activities (3% of the property tax allocation listed on the
Recognized Obligation Payment Schedule).
• The Dissolution Act requires the SA to prepare an administrative budget every
six months.
• Once the budget is approved by the SA, the OB is required to review and
approve it.
FISCAL IMPACT:
For the period of January 2014 through June 2014, the property tax allocation totals
$9,684,016. Three percent of this total is $290,520. However, this total is subject
to change based on review and approval by the Department of Finance (DOF). The
administrative budget for this time period is included as Attachment 1 .
BACKGROUND/ANALYSIS:
The Dissolution Act provides an administrative allowance for all successor agencies to
carry out wind -down activities of the former redevelopment agencies and to administer
the oversight boards.
The estimates below include staff time required to carry out SA and OB activities:
SA Administrative Budget
Personnel Costs 173,150
Professional Contract
Services 102,370
Supplies & Publications 2,500
Printing/Mailing/Advertising 1,000
Information Technology
Costs 5,600
Office & Equipment Costs 5,900
Total Administrative Budget 290,520
The two major cost components are Personnel Costs and Professional Contract
Services. Personnel costs are related to City staff time required to manage SA affairs.
The contract services costs are legal counsel, audit, and consulting services (as may
be required).
Once the SA reviews and approves the administrative budget, the budget must be
reviewed and approved by the OB. The SA approved the Administrative Budget at the
September 17, 2013 board meeting.
While the Dissolution Act does not require the administrative budgets be submitted to
the DOF, the DOF does review the actions of oversight boards the day after the
oversight board meeting takes place. Therefore, the DOF may question an oversight
board's approval of a Successor Agency's administrative budget.
ALTERNATIVES:
None.
Report prepared by: Robbeyn Bird, Finance Director
Report approved for submission by: Frank J. Spevacek, City Manager
Attachment: 1 . Administrative Budget for January 2014 through June
2014
ATTACHMENT 1
SUCCESSOR AGENCY/OVERSIGHT BOARD JANUARY - JUNE 2014
ADMINISTRATIVE BUDGET
PERSONNEL $173,150
Includes base salary plus benefits.
Successor Agency Administration $112,548
Oversight Board Administration $60,603
SUPPLIES & SERVICES
CONTRACT SERVICES
$102,370
This account provides for legal, consulting, and audit services
plus a portion of League of California Cities and California
Redevelopment Agency dues related to technical assistance
and training for implementation of ABx1 26
Audits as required by ABx1 26
$10,450
League of California Cities Dues & Seminars/Webinars related to ABx1 26
$500
Seminars/Webinars related to ABx1 26
$0
Legal Services for Successor Agency
$71,420
Consulting Services for Successor Agency
$20,000
SUPPLIES AND PUBLICATIONS $2,500
This account provides for various office supplies and publications
to be used by SA and OB staff and board members
Successor Agency Supplies & Publications $1,550
Oversight Board Supplies & Publications $950
PRINTIN9/MAILING/ADVERTISING $1,000 $1,000
This account provides for required mailings, agenda printing,
and legal advertising
INFORMATION TECHNOLOGY $5,600
This account provides for annual replacement charges for
information technology items such as computers, printers,
and computer related items attributable to SA/OB; and
support/hosting for SA/OB web pages, which are required by
ABx1 26 $4,300
Computer Document Storage related to Successor Agency $1,200
On -Line Muni Code related to Successor Agency $100
OFFICE & EQUIPMENT $5,900
This account provides for office space rental and equipment
usage in City Hall
Rent $4,300
Equipment $1,600
TOTAL ADMINISTRATIVE BUDGET $290,520
FUNDING SOURCES:
3% ADMINISTRATIVE ALLOWANCE $290,520
RESOLUTION NO. OB 2013-
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE LA QUINTA
REDEVELOPMENT AGENCY APPROVING THE
SUCCESSOR AGENCY ADMINISTRATIVE BUDGET FOR
THE PERIOD OF JANUARY 2014 THROUGH JUNE 2014
WHEREAS, the Oversight Board of the Successor Agency to La Quinta
Redevelopment Agency ("Oversight Board" or "Successor Agency," as applicable) has
been established to direct the Successor Agency to take certain actions to wind down
the affairs of the former La Quinta Redevelopment Agency ("Agency") in accordance
with the California Health and Safety Code; and
WHEREAS, the 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 seg.) ("CRL"); and
WHEREAS, as part of the 201 1-12 State budget bill, the California
Legislature enacted and the Governor signed, ABx1 26 requiring that each
redevelopment agency be dissolved; and
WHEREAS, an action challenging the constitutionality of ABx1 26 and
companion bill ABx1 27 was filed in the California Supreme Court by the California
Redevelopment Association, the League of California Cities, and two individual
cities; and
WHEREAS, on December 29, 2011, the Court upheld ABx1 26; and
WHEREAS, Health and Safety Code Section 34177(j) requires each
successor agency to prepare a proposed administrative budget every six months
setting forth the successor agency's estimated administrative costs of carrying out
the wind -down activities of the former redevelopment agency, proposing sources of
payment for such estimated administrative costs, and proposing for arrangements
for administrative and operations services provided by a city, county and/or other
entity; and
WHEREAS, the Successor Agency has prepared a proposed administrative
budget for the six-month period January 1, 2014 - June 30, 2014 (the
"Administrative Budget"); and
Resolution No. OB 2013-
Adoption of SA Administrative Budget
Adopted: September 25, 2013
Page 2
WHEREAS, on September 17, 2013 the Successor Agency reviewed and
approved the Administrative Budget; and
WHEREAS, all other legal prerequisites to the adoption of this Resolution
have occurred.
NOW THEREFORE, BE IT RESOLVED, by the Oversight Board of Successor
Agency to La Quinta Redevelopment Agency, does hereby resolve as follows:
Section 1. Recitals. The Recitals set forth above are true and correct and
incorporated herein by reference.
Section 2. Approval of Administrative Budget. The Oversight Board hereby
approves the Administrative Budget, which is on file with the Secretary of the
Successor Agency.
Section 3. 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 Oversight Board hereby declares that it would have
adopted this Resolution irrespective of the invalidity of any particular portion
thereof.
Section 4. The Oversight Board Secretary shall certify to the adoption of this
Resolution.
PASSED, APPROVED, AND ADOPTED at the meeting of the Oversight Board
of the Successor Agency to La Quinta Redevelopment Agency held this 25th day
of September, 2013, by the following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
JOHN PEI A, Chairperson
Oversight Board of the Successor Agency
to La Quinta Redevelopment Agency
Resolution No. OB 2013-
Adoption of SA Administrative Budget
Adopted: September 25, 2013
Page 3
ATTEST:
PAM NIETO
Oversight Board Secretary
OVERSIGHT BOARD MEETING DATE: September 25, 2013
ITEM TITLE: RESOLUTION APPROVING RECOGNIZED
OBLIGATION PAYMENT SCHEDULE OF THE
OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO
THE FORMER LA QUINTA REDEVELOPMENT AGENCY
FOR THE PERIOD OF JANUARY 2014 THROUGH JUNE
2014
RECOMMENDED ACTION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Adopt a Resolution approving a Recognized Obligation Payment Schedule for the
period of January 2014 through June 2014.
EXECUTIVE SUMMARY:
• The Successor Agency must submit a Recognized Obligation Payment
Schedule (BOPS) every six months.
• The attached ROPS (Attachment 1) identifies $28,971 ,018 of Enforceable
Obligations that must be funded during the first six months of 2014;
$18,996,482 from tax allocation bond proceeds and $9,974,536 from
property tax increment revenue from the Redevelopment Property Tax Trust
Fund (RPTTF).
FISCAL IMPACT:
The Successor Agency requests authorization to expend $18,996,482 from 2002,
2004 and 2011 bond proceeds, and an allocation of $9,974,536 from the RPTTF
on this ROPS form. The $9,974,536 of RPTTF funding includes $290,520 of
administrative expenses (for the six-month period). The remaining $9,684,016 is
to pay bond interest and principal payments.
BACKGROUND/ANALYIS:
Every six months, the Successor Agency and Oversight Board must approve a
ROPS, which is then submitted to the Department of Finance (DOF), State
Controller's Office, the County Administrative Officer, and the County Auditor -
Controller. The BOPS identifies the obligations of the former Redevelopment
Agency (RDA) that the Successor Agency must fund during the first six months of
2014. These obligations include tax allocation bond debt service payments, third
party contracts, and administrative costs.
The La Quinta Housing Authority is set to proceed with the substantial
rehabilitation of Washington Street Apartments (WSA); this is being done to satisfy
a contract obligation the RDA had with the US Department of Agriculture -Rural
Development. This contract obligated the RDA, and now the Housing Authority, to
substantially rehabilitate this property. The ROPS identifies $18,799,580 in
funding for WSA. Staff is working with the Coachella Valley Housing Coalition
(CVHC) to secure tax credit funds in the spring 2014 round to underwrite the
remaining costs to substantially rehabilitate WSA.
The ROPS must be submitted to the above -mentioned entities by October 1, 2013.
The DOF then has 45 days versus 10 days to make its final determination regarding
the enforceable obligations, the dollar amounts, and funding sources. The
Successor Agency would then have five business days to request additional DOF
review and an opportunity to meet and confer on disputed items.
If the BOPS is submitted late, the City of La Quinta will be subject to a civil fine of
$10,000 per day.
ALTERNATIVES:
None.
Report prepared by: Robbeyn Bird, Finance Director
Report approved for submission by: Frank J. Spevacek, City Manager
Attachment: 1 . BOPS for January through June 2014
ATTACHMENT 1
Recognized Obligation Payment Schedule (ROPS 13-1413) - Summary
Filed for the January 1, 2014 through June 30, 2014 Period
Name of Successor Agency: La Quinta
Name of County: Riverside
Current Period Requested Funding for Outstanding Debt or Obligation
Enforceable Obligations Funded with Non -Redevelopment Property Tax Trust Fund (RPTTF) Funding
A Sources (B+C+D):
B Bond Proceeds Funding (ROPS Detail)
C Reserve Balance Funding (ROPS Detail)
D Other Funding (ROPS Detail)
E Enforceable Obligations Funded with RPTTF Funding (F+G):
F Non -Administrative Costs (ROPS Detail)
G Administrative Costs (ROPS Detail)
H Current Period Enforceable Obligations (A+E):
Six -Month Total
$ 18,996,482
18,996,482
$ 9,974,536
9,684,016
290,520
$ 28,971,018
Successor Agency Self -Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
I Enforceable Obligations funded with RPTTF (E): 9,974,536
J Less Prior Period Adjustment (Report of Prior Period Adjustments Column U) (200,000)
K Adjusted Current Period RPTTF Requested Funding (W) $ 9,774,536
County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
L Enforceable Obligations funded with RPTTF (E): 9,974,536
M Less Prior Period Adjustment (Report of Prior Period Adjustments Column AB) -
N Adjusted Current Period RPTTF Requested Funding (L-M) 9,974,536
Certification of Oversight Board Chairman:
Pursuant to Section 34177(m) 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 agency.
/s/
Name
Signature
Title
Date
Recognized Obligation Payment Schedule (ROPS) 13-14B - Report of Fund Balances
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177(I), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from property tax revenues is required by an
enforceable obligation.
A
B
C
D
E
F
G
H
I
J
K
Fund Sources
Bond Proceeds
Reserve Balance
Other
RPTTF
Review balances
retained for
Bonds Issued
Bonds Issued
approved
RPTTF balances
Rent,
on or before
on or after
enforceable
retained for bond
Grants,
Fund Balance Information by ROPS Period
12/31/10
01/01/11
obligations
reserves
Interest, Etc.
Non-Admin
Admin
Total
Comments
ROPS III Actuals 01/01/13 - 6/30/13
Beginning Available Fund Balance (Actual 01/01/13)
Note that for the RPTTF, 1 + 2 should tie to columns L and Q in the
1
Report of Prior Period Adjustments (PPAs)
12,196,019
31,293,664
23,970
$ 43,513,653
Revenue/Income (Actual 06/30113) Note that the RPTTF amounts
should tie to the ROPS III distributions from the County Auditor-
2
Controller
7,129
12,799
28,877
6,734,968
205,061
$ 6,988,834
Expenditures for ROPS III Enforceable Obligations (Actual
06/30/13) Note that for the RPTTF, 3 + 4 should tie to columns N
3
land S in the Report of PPAs
65,432
6,635,350
670,358
$ 7,371,140
Retention of Available Fund Balance (Actual 06/30/13) Note that
the Non-Admin RPTTF amount should only include the retention of
4
reserves for debt service approved in ROPS III
$
ROPS III RPTTF Prior Period Adjustment Note that the net Non-
Admin and Admin RPTTF amounts should tie to columns O and T in
No entry required
5
the Report of PPAs.
200,000
-
$ 200,000
6
Ending Actual Available Fund Balance (1 + 2 - 3 - 4 - 5)
$ 121137,716 $ 31,306,463 $ $ $ 52,847
$ (100,382)
$ (465,297)1
$ 42,931,347
ROPS 13-14A Estimate 07/01113-12/31/13
Beginning Available Fund Balance (Actual 07/01/13) (C, D, E, G,
7
and 1= 4 + 6, F = H4 + F6, and H = 5 + 6)
$ 12,137,716
$ 31,306,463
$
$
$ 52,847
$ 99,618
$ 465,297
$ 43,131,347
Revenue/Income (Estimate 12/31/13)
Note that the RPTTF amounts should tie to the ROPS 13-14A
8
distributions from the County Auditor -Controller
6,000
12,800
12,668,497
384,789
$ 13,072,086
Expenditures for 13-14A Enforceable Obligations
9
(Estimate 12/31/13)
1,915,733
12,826,291
384,789
$ 15,126,813
Retention of Available Fund Balance (Estimate 12/31/13)
Note that the RPTTF amounts may include the retention of reserves
10
for debt service approved in ROPS 13-14A
$
11
Ending Estimated Available Fund Balance (7 + 8 - 9 -10)
$ 10,227,983
$ 31,319,263
$
$
$ 52,847
$ (58,176)
$ (465,297)
$ 41,076,620
Recognized Obligation Payment Schedule (ROPS ) 13-14B - ROPS Detail
January 1, 2014 through June 30, 2014
(Report Amounts in Whole Dollars)
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Funding Source
Non -Redevelopment Property Tax Trust Fund
Non-RPTTF
RPTTF
Contract/Agreement
Contract/Agreement
Total Outstanding
Item #
Project Name / Debt Obligation
Obligation Type
Execution Date
Termination Date
Payee
Description/Project Scope
Project Area
Debt or Obligation
Retired
Bond Proceeds
Reserve Balance
Other Funds
Non-Admin
Admin
Six -Month Total
$ 442,079,685
$ 18,996,482
$
$
$ 9,684,016
$ 290,520
$ 28,971,018
1
1994 Tax Allocation Bonds -Tax
Bonds Issued On or
9/1/1994
9/1/2012
US Bank
Bonds to fund projects
1
-
Y
$ -
Exempt
Before 12/31/10
2
1998 Tax Allocation Bonds -Tax
Bonds Issued On or
6/20/2005
9/1/2033
US Bank
Bonds to fund projects
1 and 2
31,792,465
N
937,503
$ 937,503
Exempt
Before 12/31/10
3
2001 Tax Allocation Bonds - Tax
Bonds Issued On or
6/23/2005
9/1/2031
US Bank
Bonds to fund projects
1
74,743,656
N
1,978,298
$ 1,978,298
Exempt
Before 12/31/10
4
2002 Tax Allocation Bonds - Tax
Bonds Issued On or
6/24/2005
9/1/2037
US Bank
Bonds to fund projects
1
57,337,396
N
1,200,328
$ 1,200,328
Exempt
Before 12/31/10
5
2003 Tax Allocation Bonds -Taxable
Bonds Issued On or
6/25/2005
9/1/2032
US Bank
Bonds to fund projects
1
24,197,158
N
991,079
$ 991,079
Before 12/31/10
6
2004 Tax Allocation Bonds -Tax
Bonds Issued On or
6/26/2005
9/1/2034
US Bank
Bonds to fund projects
1 and 2
128,861,872
N
2,949,841
$ 2,949,841
Exempt
Before 12/31/10
7
2011 Tax Allocation Bonds -Taxable
Bonds Issued After
7/3/2005
9/1/2036
US Bank
Bonds to fund projects
1 and 2
64,605,815
N
1,345,884
$ 1,345,884
12/31/10
8
2011 Tax Allocation Bonds -Taxable
Bonds Issued After
7/3/2005
9/1/2039
US Bank
Bonds to fund projects
1 and 2
16,417,145
N
255,943
$ 255,943
12/31/10
9
Annual Continuing Disclosure
Fees
1/17/2012
9/1/2039
Willdan Financial Services
Preparation of annual continuing
1 and 2
60,000
N
10,000
$ 10,000
Statements
disclosure reports per Federal
regulations
10
Bond Holder Fees
Fees
6/16/2005
9/1/2039
US Bank
Fees for holding administration and
1 and 2
15,140
N
15,140
$ 15,140
distribution of bond proceeds
11
SilverRock Resort Infrastructure
Professional
8/16/2006
12/31/2014
RBF Consulting
Infrastructure design and engineering
1
742,543
N
150,000
$ 150,000
Design
Services
to support development of SilverRock
Resort
12
Construction of Washington Street
OPA/DDA/Constructi
10/1/2008
11/30/2032
La Quinta Housing Authority
Written commitment to US Department
2
18,529,580
N
18,529,580
$ 18,529,580
Apartments Site Improvements &
on
of Agriculture -Rural Development to
Rehabilitation Project
rehabilitate & construct improvements
to Washington Street Apartments
13
Construction of Washington Street
Professional
7/3/2011
7/31/2015
Altum Group
Engineering for Washington Street
2
140,415
N
25,000
$ 25,000
Apartments Site Improvements &
Services
Apartments Site Improvements &
Rehabilitation Project
Rehabilitation Project
14
Construction of Washington Street
Property
7/3/2011
7/31/2015
RGA Landscape
Landscaping for Washington Street
2
32,605
N
10,000
$ 10,000
Apartments Site Improvements &
Maintenance
Apartments Site Improvements &
Rehabilitation Project
Rehabilitation Project
15
Construction of Washington Street
Professional
7/3/2011
7/31/2015
Tall Man Group
Project & Construction Management
2
756,780
N
125,000
$ 125,000
Apartments Site Improvements &
Services
for Washington Street Apartments Site
Rehabilitation Project
Improvements & Rehabilitation Project
16
Construction of Washington Street
Professional
8/7/2011
7/31/2105
Studio E Architects
Architecture Services for Washington
2
228,373
N
60,000
$ 60,000
Apartments Site Improvements &
Services
Street Apartments Site Improvements
Rehabilitation Project
& Rehabilitation Project
17
Washington Street Apartments
Project Management
1/1/2014
9/1/2032
City of La Quinta
Project Management Costs - Staff
2
300,000
N
40,000
$ 40,000
Rehabilitation Project
Costs
Time, Non Personnel to administer
rehab of 72 affordable units and
addition of 24 senior units
18
Washington Street Apartments
Project Management
7/1/2012
7/1/2013
Rutan & Tucker
Project Management Costs - Legal
2
30,000
N
10,000
$ 10,000
Rehabilitation Project
Costs
Recognized Obligation Payment Schedule (ROPS ) 13-14B - ROPS Detail
January 1, 2014 through June 30, 2014
(Report Amounts in Whole Dollars)
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Item #
Project Name / Debt Obligation
Obligation Type
Contract/Agreement
Execution Date
Contract/Agreement
Termination Date
Payee
Description/Project Scope
Project Area
Total Outstanding
Debt or Obligation
Retired
Funding Source
Six -Month Total
Non -Redevelopment Property Tax Trust Fund
Non-RPTTF
RPTTF
Bond Proceeds
Reserve Balance
Other Funds
Non-Admin
Admin
19
Coral Mountain Partners Disposition
and Development Agreement
Project Management
Costs
1/4/2011
1/1/2066
City of La Quinta
Project Management Costs - Staff
Time to administer development of 176-
unit affordable apartments
2
133,098
N
16,902
$ 16,902
20
Coral Mountain Partners Disposition
and Development Agreement
Project Management
Costs
7/1/2012
9/1/2032
Rutan & Tucker
Project Management Costs - Legal
2
30,000
N
30,000
$ 30,000
21
Water and Sewer Agreement for
future development at SilverRock
Resort
Improvement/Infrastr
ucture
6/11/2005
12/31/2020
Coachella Valley Water
District
Future infrastructure improvements
required for future development of
SilverRock Resort by Domestic Water
& Sanitation System Installation and
Irrigation Agreement
1
16,625,644
N
-
$ -
22
Administrative Allowance
Admin Costs
1/1/2014
9/1/2039
City of La Quinta
Administrative Allowance per ABx1 26
(3% of ROPS)
1 and 2
6,500,000
N
290,520
$ 290,520
$
$
$
$
$
$
$
$
Recognized Obligation Payment Schedule (ROPS) 13-14B - Report of Prior Period Adjustments
Reported for the ROPS III (January 1, 2013 through June 30, 2013) Period Pursuant to Health and Safety Code (HSC) section 34186 (a)
(Report Amounts in Whole Dollars)
ROPS III Successor Agency (SA) Self -reported Prior Period Adjustments (PPA): Pursuant to HSC Section 34186 (a), SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS III (July through December 2013) period. The amount of Redevelopment Property Tax Trust Fund (RPTTF)
ROPS III CAC PPA: To be completed by the CAC upon submittal of the ROPS 13-14S by the SA to Finance and the
approved for the ROPS 13-14B Janusry through June 2014 eriod will be offset by the SAs self -reported ROPS III prior period adjustment. HSC Section 34186 a also specifies that the prior period adjustments self -reported by SAs are subject to audit b the county auditor -controller CAC and the State Controller.
CAC
A
B
C
U
E F
G
H
I
J
K
I.
M
N
O
P
Q
R
$
T
U
V
Vd
X
Y
Z
AA
AB
Non-RPTTF Expenditures
RPTTF Expenditures
LMIHF
Reserve Balance
Net CAC No
LMIHF Due Diligence
(Includes Other Funtls and Assets
Net SA Non-Admin
Admin and Admin
R.- (DDRu retained balances)
Band Proceeds
nDR retained balances)
Other Funds
Non-Admin
Admin
and Admin PPA
Non-Admin CAC
Admin CAC
PPA
Avallable
RPTTF
Available
Net Difference
Net Difference
(ROPS 111
Diffemn
RPTTF
Difference
(Amount Used to
Difference
Difference
(Amount Used to
dishibuted + all
Net Lesser of
(If M is less than
(ROPS III distributed
Net Lesser of
(If R is less than S,
Offset ROPS 13-14B
Net Lesser of
(If V is less than W.
Net Lesser of
(If Y is less than
Offset ROPS 13-14B
Project Namel Debt
other available as of
Ashorizedl
N, the difference
+ all other available
Authorized/
the difference is
Requested RPTTF
AuthorizedI
the difference is
Authorized/
Z, the difference
Requste etl RMF
ffem#
Obligation
Authorized
Aclual
Authorized
Actual
Aatlh.med
Actual
Authorized
Actual
Authorized
1/1113)
Aveilable
Aclual
s ero)
Authorized
as of i/i/13)
Available
Actual
zero)
(O+T))
Available
Actual
ero)
Available
Actual
zero)
(X+AA)
$ -
$ -
$ 2.737,402
$ 338,521
$ -
$ -
$ -
$ -
$ 6,835.350
$ -
$ 6,835,350
$ 6,635.350
$ 200,000
$ 205,061
$ -
$ 205,061
$ 670,358
$ -
$ 200,000
1 $ -
$ -
$ -
$ -
$ -
$ -
$
1994 Tax Allocation Bonds -
1
Tex Exempt
g
$
$
$ _
$
$
$
$
1998 Tax Allocation Bonds -
2
Tax Exempt
547,876
$ 547.876
547,876
$
$
$ -
$
$
$ -
$
2001 Tax Allocation Bonds -
3
Tax Exempt
1,215.360
$ 1,215,360
1,215.360
$
$
$ -
$
$
$ -
$
2002 Tax Allocation Bonds -
4
Tax Exemptt
856,641
$ 856,641
856,641
$
$
$ -
$
$
$ -
$
2003 Tax Allocation B-ds -
5
T-M.
704,118
$ 704,118
704,118
$
$
$ -
$
$
$ -
$
20N Tax Allocation Bonds -
6
Tax Exempt
1,987.028
$ 1,987.028
1,987,028
$
$
$ -
$
$
$ -
$
2011 Tax Allocation Bonds -
T
Texan.
1,085,BB4
$ 1,085,B84
1,085,B84
$
$
$ -
$
$
$ -
$
2011 Tax Allocation Bones -
B
TaxeNe
438,443
$ 438,443
238,443
$ 200,000
$
$ -
$ 200,000
$
$ -
$
Annual Continuing Disclosure
g
Stetaments
300
$
$
$
$ -
$
$
$ -
$
10
Bond Holder Fees
$
$
$
$ -
$
$
$
$
SilvalRock Resort Infrestrudture
11
Deeign
60,000
$
$
$
$ -
$
$
$ -
$
Construction of Washington
Street Apartrnems Stte
Improvements 8 Rehabilita0on
12
Project
2,000,000
$
$
$
$ -
$
$
$ -
$
Construction of Washington
Sheet Apadmems Stte
Improvements 8 RBhabllltedon
13
Project
131,600
59,073
$
$
$
$ -
$
$
$ -
$
Construction of Washington
street Apartments Site
Improvements 8 Rehabltteb.
14
Protect
29,400
14,625
$
$
$
$ -
$
$
$ -
$
Construction of Washington
Sheet Apron - Site
Improvements 8 Rahabilita0on
15
Project1
180,000
1 49,089
1
1
1$
$
$
$ -
$
$
$ -
$
Construction d Washington
Street Apartments Site
Improvements 8 Rehabilhedon
16
Project
247,500
158,365
$
$
$
$ -
$
$
$ -
$
Washingon Street Apartments
i]
Rer.Witation Prgect
60,000
53.655
$
$
$
$ -
$
$
$ -
$
Washington Street Apartments
18
RehaNlitatien Project
6,000
2.094
$
$
$
$ -
$
$
$ -
$
Coral Mountain Partners
Disposillm and Development
19
Agreement
16,902
1,320
$
$
$
$ -
$
$
$ -
$
Coral Mountain Partners
Disposition and Development
20
Agreement
6,000
$
$
$
$ -
$
$
$ -
$
water and Sewer Agreement
for futum development a1
21
SilverR.1, Resan
$
$
$
$
$
$
$ -
$
22
AdminisuAllce
etive owan
$
$
205,061
$ 205,061
670.358
$ -
$
$
$ -
$
$
$
$
$ -
$
$
$ -
it
$
$
$
$ -
$
$
$ -
$
$
$
$.
$ -
$
$
$ -
$
$
$
$
$ -
8
$
$ -
$
$
$
$
$ -
$
$
$ -
8
$
$
$
$ -
$
$
$ -
$
$
$
$.
$ -
$
$
$ -
$
$
$
$
$ -
$
$
$ -
$
$
$
$
$ -
$
$
8 -
$
Recognized Obligation Payment Schedule 13-14B - Notes
January 1, 2014 throuqh June 30, 2014
Item # I Notes/Comments
Amounts included in Prior ROPS were for bond principal only. Per the ROPS instructions, amounts now include principal and interest in Column H of the ROPS detail
Line 8-15 page
RESOLUTION NO. OB 2013-
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE LA QUINTA
REDEVELOPMENT AGENCY ADOPTING RECOGNIZED
OBLIGATION PAYMENT SCHEDULE 13-14B FOR THE
PERIOD OF JANUARY 2014 THROUGH JUNE 2014
WHEREAS, the Oversight Board of the Successor Agency to the La Quinta
Redevelopment Agency ("Oversight Board") has been established to direct the
Successor Agency to La Quinta Redevelopment Agency ("Successor Agency") to take
certain actions to wind down the affairs of the former La Quinta Redevelopment
Agency ("Agency") in accordance with the California Health and Safety Code; and
WHEREAS, the 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 seg.); and
WHEREAS, as part of the 201 1-12 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 of the City of La Quinta
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"), which, among other things,
made certain revisions to certain of the statutes added by ABx1 26; and
WHEREAS, Health and Safety Code Section 34177 requires successor
agencies to prepare and adopt, on a semi-annual basis, a "Recognized Obligation
Payment Schedule" ("ROPS") that lists all obligations of the former redevelopment
Resolution No. OB 2013-
Adoption of Recognized Obligation Payment Schedule
Adopted: September 25, 2013
Page 2 of 3
agency that are enforceable within the meaning of subdivision (d) of Section
34171; and
WHEREAS, the Successor Agency has prepared and approved ROPS 13-14B
for the period of January 1, 2014 through June 30, 2014; and
WHEREAS, all other legal prerequisites to the adoption of this Resolution
have occurred.
NOW THEREFORE, BE IT RESOLVED, by the Oversight Board of 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 BOPS 13-14B. In order to enable the Successor Agency
to strictly comply with ABx1 26, and based on the Recitals set forth above, the
Oversight Board hereby approves ROPS 13-14B attached hereto as Exhibit A as the
Recognized Obligation Payment Schedule for the period of January 2014 through
July 2014. 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 Part 1.85 of AB x1 26.
SECTION 3. Implementation. The Oversight Board hereby authorizes and directs
the Executive Director to take any action and execute any documents necessary to
implement this Resolution, and further authorizes the Executive Director to forward
ROPS 13-14B 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 Oversight Board hereby declares that it would have
adopted this Resolution irrespective of the invalidity of any particular portion
thereof.
SECTION 5. The Oversight Board Secretary shall certify to the adoption of this
Resolution.
Resolution No. OB 2013-
Adoption of Recognized Obligation Payment Schedule
Adopted: September 25, 2013
Page 3 of 3
PASSED, APPROVED, AND ADOPTED at the meeting of the Oversight Board
of the Successor Agency to the La Quinta Redevelopment Agency held this 25th
day of September, 2013, by the following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
JOHN PENA, Chairperson
Oversight Board of the Successor Agency
to the La Quinta Redevelopment Agency
ATTEST:
Pam Nieto
Oversight Board Secretary
EXHIBIT A
Recognized Obligation Payment Schedule (ROPS 13-14B) - Summary
Filed for the January 1, 2014 through June 30, 2014 Period
Name of Successor Agency: La Quinta
Name of County: Riverside
Current Period Requested Funding for Outstanding Debt or Obligation
Enforceable Obligations Funded with Non -Redevelopment Property Tax Trust Fund (RPTTF) Funding
A Sources (B+C+D):
B Bond Proceeds Funding (ROPS Detail)
C Reserve Balance Funding (ROPS Detail)
D Other Funding (ROPS Detail)
E Enforceable Obligations Funded with RPTTF Funding (F+G):
F Non -Administrative Costs (ROPS Detail)
G Administrative Costs (ROPS Detail)
H Current Period Enforceable Obligations (A+E):
Six -Month Total
$ 18,996,482
18,996,482
$ 9,974,536
9,684,016
290,520
$ 28,971,018
Successor Agency Self -Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
I Enforceable Obligations funded with RPTTF (E): 9,974,536
J Less Prior Period Adjustment (Report of Prior Period Adjustments Column U) (200,000)
K Adjusted Current Period RPTTF Requested Funding (W) $ 9,774,536
County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
L Enforceable Obligations funded with RPTTF (E): 9,974,536
M Less Prior Period Adjustment (Report of Prior Period Adjustments Column AB) -
N Adjusted Current Period RPTTF Requested Funding (L-M) 9,974,536
Certification of Oversight Board Chairman:
Pursuant to Section 34177(m) 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 agency.
/s/
Name
Signature
Title
Date
Recognized Obligation Payment Schedule (ROPS) 13-14B - Report of Fund Balances
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177(I), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from property tax revenues is required by an
enforceable obligation.
A
B
C
D
E
F
G
H
I
J
K
Fund Sources
Bond Proceeds
Reserve Balance
Other
RPTTF
Review balances
retained for
Bonds Issued
Bonds Issued
approved
RPTTF balances
Rent,
on or before
on or after
enforceable
retained for bond
Grants,
Fund Balance Information by ROPS Period
12/31/10
01/01/11
obligations
reserves
Interest, Etc.
Non-Admin
Admin
Total
Comments
ROPS III Actuals 01/01/13 - 6/30/13
Beginning Available Fund Balance (Actual 01/01/13)
Note that for the RPTTF, 1 + 2 should tie to columns L and Q in the
1
Report of Prior Period Adjustments (PPAs)
12,196,019
31,293,664
23,970
$ 43,513,653
Revenue/Income (Actual 06/30113) Note that the RPTTF amounts
should tie to the ROPS III distributions from the County Auditor-
2
Controller
7,129
12,799
28,877
6,734,968
205,061
$ 6,988,834
Expenditures for ROPS III Enforceable Obligations (Actual
06/30/13) Note that for the RPTTF, 3 + 4 should tie to columns N
3
land S in the Report of PPAs
65,432
6,635,350
670,358
$ 7,371,140
Retention of Available Fund Balance (Actual 06/30/13) Note that
the Non-Admin RPTTF amount should only include the retention of
4
reserves for debt service approved in ROPS III
$
ROPS III RPTTF Prior Period Adjustment Note that the net Non-
Admin and Admin RPTTF amounts should tie to columns O and T in
No entry required
5
the Report of PPAs.
200,000
-
$ 200,000
6
Ending Actual Available Fund Balance (1 + 2 - 3 - 4 - 5)
$ 121137,716 $ 31,306,463 $ $ $ 52,847
$ (100,382)
$ (465,297)1
$ 42,931,347
ROPS 13-14A Estimate 07/01113-12/31/13
Beginning Available Fund Balance (Actual 07/01/13) (C, D, E, G,
7
and 1= 4 + 6, F = H4 + F6, and H = 5 + 6)
$ 12,137,716
$ 31,306,463
$
$
$ 52,847
$ 99,618
$ 465,297
$ 43,131,347
Revenue/Income (Estimate 12/31/13)
Note that the RPTTF amounts should tie to the ROPS 13-14A
8
distributions from the County Auditor -Controller
6,000
12,800
12,668,497
384,789
$ 13,072,086
Expenditures for 13-14A Enforceable Obligations
9
(Estimate 12/31/13)
1,915,733
12,826,291
384,789
$ 15,126,813
Retention of Available Fund Balance (Estimate 12/31/13)
Note that the RPTTF amounts may include the retention of reserves
10
for debt service approved in ROPS 13-14A
$
11
Ending Estimated Available Fund Balance (7 + 8 - 9 -10)
$ 10,227,983
$ 31,319,263
$
$
$ 52,847
$ (58,176)
$ (465,297)
$ 41,076,620
Recognized Obligation Payment Schedule (ROPS ) 13-14B - ROPS Detail
January 1, 2014 through June 30, 2014
(Report Amounts in Whole Dollars)
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Funding Source
Non -Redevelopment Property Tax Trust Fund
Non-RPTTF
RPTTF
Contract/Agreement
Contract/Agreement
Total Outstanding
Item #
Project Name / Debt Obligation
Obligation Type
Execution Date
Termination Date
Payee
Description/Project Scope
Project Area
Debt or Obligation
Retired
Bond Proceeds
Reserve Balance
Other Funds
Non-Admin
Admin
Six -Month Total
$ 442,079,685
$ 18,996,482
$
$
$ 9,684,016
$ 290,520
$ 28,971,018
1
1994 Tax Allocation Bonds -Tax
Bonds Issued On or
9/1/1994
9/1/2012
US Bank
Bonds to fund projects
1
-
Y
$ -
Exempt
Before 12/31/10
2
1998 Tax Allocation Bonds -Tax
Bonds Issued On or
6/20/2005
9/1/2033
US Bank
Bonds to fund projects
1 and 2
31,792,465
N
937,503
$ 937,503
Exempt
Before 12/31/10
3
2001 Tax Allocation Bonds - Tax
Bonds Issued On or
6/23/2005
9/1/2031
US Bank
Bonds to fund projects
1
74,743,656
N
1,978,298
$ 1,978,298
Exempt
Before 12/31/10
4
2002 Tax Allocation Bonds - Tax
Bonds Issued On or
6/24/2005
9/1/2037
US Bank
Bonds to fund projects
1
57,337,396
N
1,200,328
$ 1,200,328
Exempt
Before 12/31/10
5
2003 Tax Allocation Bonds -Taxable
Bonds Issued On or
6/25/2005
9/1/2032
US Bank
Bonds to fund projects
1
24,197,158
N
991,079
$ 991,079
Before 12/31/10
6
2004 Tax Allocation Bonds -Tax
Bonds Issued On or
6/26/2005
9/1/2034
US Bank
Bonds to fund projects
1 and 2
128,861,872
N
2,949,841
$ 2,949,841
Exempt
Before 12/31/10
7
2011 Tax Allocation Bonds -Taxable
Bonds Issued After
7/3/2005
9/1/2036
US Bank
Bonds to fund projects
1 and 2
64,605,815
N
1,345,884
$ 1,345,884
12/31/10
8
2011 Tax Allocation Bonds -Taxable
Bonds Issued After
7/3/2005
9/1/2039
US Bank
Bonds to fund projects
1 and 2
16,417,145
N
255,943
$ 255,943
12/31/10
9
Annual Continuing Disclosure
Fees
1/17/2012
9/1/2039
Willdan Financial Services
Preparation of annual continuing
1 and 2
60,000
N
10,000
$ 10,000
Statements
disclosure reports per Federal
regulations
10
Bond Holder Fees
Fees
6/16/2005
9/1/2039
US Bank
Fees for holding administration and
1 and 2
15,140
N
15,140
$ 15,140
distribution of bond proceeds
11
SilverRock Resort Infrastructure
Professional
8/16/2006
12/31/2014
RBF Consulting
Infrastructure design and engineering
1
742,543
N
150,000
$ 150,000
Design
Services
to support development of SilverRock
Resort
12
Construction of Washington Street
OPA/DDA/Constructi
10/1/2008
11/30/2032
La Quinta Housing Authority
Written commitment to US Department
2
18,529,580
N
18,529,580
$ 18,529,580
Apartments Site Improvements &
on
of Agriculture -Rural Development to
Rehabilitation Project
rehabilitate & construct improvements
to Washington Street Apartments
13
Construction of Washington Street
Professional
7/3/2011
7/31/2015
Altum Group
Engineering for Washington Street
2
140,415
N
25,000
$ 25,000
Apartments Site Improvements &
Services
Apartments Site Improvements &
Rehabilitation Project
Rehabilitation Project
14
Construction of Washington Street
Property
7/3/2011
7/31/2015
RGA Landscape
Landscaping for Washington Street
2
32,605
N
10,000
$ 10,000
Apartments Site Improvements &
Maintenance
Apartments Site Improvements &
Rehabilitation Project
Rehabilitation Project
15
Construction of Washington Street
Professional
7/3/2011
7/31/2015
Tall Man Group
Project & Construction Management
2
756,780
N
125,000
$ 125,000
Apartments Site Improvements &
Services
for Washington Street Apartments Site
Rehabilitation Project
Improvements & Rehabilitation Project
16
Construction of Washington Street
Professional
8/7/2011
7/31/2105
Studio E Architects
Architecture Services for Washington
2
228,373
N
60,000
$ 60,000
Apartments Site Improvements &
Services
Street Apartments Site Improvements
Rehabilitation Project
& Rehabilitation Project
17
Washington Street Apartments
Project Management
1/1/2014
9/1/2032
City of La Quinta
Project Management Costs - Staff
2
300,000
N
40,000
$ 40,000
Rehabilitation Project
Costs
Time, Non Personnel to administer
rehab of 72 affordable units and
addition of 24 senior units
18
Washington Street Apartments
Project Management
7/1/2012
7/1/2013
Rutan & Tucker
Project Management Costs - Legal
2
30,000
N
10,000
$ 10,000
Rehabilitation Project
Costs
Recognized Obligation Payment Schedule (ROPS ) 13-14B - ROPS Detail
January 1, 2014 through June 30, 2014
(Report Amounts in Whole Dollars)
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Item #
Project Name / Debt Obligation
Obligation Type
Contract/Agreement
Execution Date
Contract/Agreement
Termination Date
Payee
Description/Project Scope
Project Area
Total Outstanding
Debt or Obligation
Retired
Funding Source
Six -Month Total
Non -Redevelopment Property Tax Trust Fund
Non-RPTTF
RPTTF
Bond Proceeds
Reserve Balance
Other Funds
Non-Admin
Admin
19
Coral Mountain Partners Disposition
and Development Agreement
Project Management
Costs
1/4/2011
1/1/2066
City of La Quinta
Project Management Costs - Staff
Time to administer development of 176-
unit affordable apartments
2
133,098
N
16,902
$ 16,902
20
Coral Mountain Partners Disposition
and Development Agreement
Project Management
Costs
7/1/2012
9/1/2032
Rutan & Tucker
Project Management Costs - Legal
2
30,000
N
30,000
$ 30,000
21
Water and Sewer Agreement for
future development at SilverRock
Resort
Improvement/Infrastr
ucture
6/11/2005
12/31/2020
Coachella Valley Water
District
Future infrastructure improvements
required for future development of
SilverRock Resort by Domestic Water
& Sanitation System Installation and
Irrigation Agreement
1
16,625,644
N
-
$ -
22
Administrative Allowance
Admin Costs
1/1/2014
9/1/2039
City of La Quinta
Administrative Allowance per ABx1 26
(3% of ROPS)
1 and 2
6,500,000
N
290,520
$ 290,520
$
$
$
$
$
$
$
$
Recognized Obligation Payment Schedule (ROPS) 13-14B - Report of Prior Period Adjustments
Reported for the ROPS III (January 1, 2013 through June 30, 2013) Period Pursuant to Health and Safety Code (HSC) section 34186 (a)
(Report Amounts in Whole Dollars)
ROPS III Successor Agency (SA) Self -reported Prior Period Adjustments (PPA): Pursuant to HSC Section 34186 (a), SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS III (July through December 2013) period. The amount of Redevelopment Property Tax Trust Fund (RPTTF)
ROPS III CAC PPA: To be completed by the CAC upon submittal of the ROPS 13-14S by the SA to Finance and the
approved for the ROPS 13-14B Janusry through June 2014 eriod will be offset by the SAs self -reported ROPS III prior period adjustment. HSC Section 34186 a also specifies that the prior period adjustments self -reported by SAs are subject to audit b the county auditor -controller CAC and the State Controller.
CAC
A
B
C
U
E F
G
H
I
J
K
I.
M
N
O
P
Q
R
$
T
U
V
Vd
X
Y
Z
AA
AB
Non-RPTTF Expenditures
RPTTF Expenditures
LMIHF
Reserve Balance
Net CAC No
LMIHF Due Diligence
(Includes Other Funtls and Assets
Net SA Non-Admin
Admin and Admin
R.- (DDRu retained balances)
Band Proceeds
nDR retained balances)
Other Funds
Non-Admin
Admin
and Admin PPA
Non-Admin CAC
Admin CAC
PPA
Avallable
RPTTF
Available
Net Difference
Net Difference
(ROPS 111
Diffemn
RPTTF
Difference
(Amount Used to
Difference
Difference
(Amount Used to
dishibuted + all
Net Lesser of
(If M is less than
(ROPS III distributed
Net Lesser of
(If R is less than S,
Offset ROPS 13-14B
Net Lesser of
(If V is less than W.
Net Lesser of
(If Y is less than
Offset ROPS 13-14B
Project Namel Debt
other available as of
Ashorizedl
N, the difference
+ all other available
Authorized/
the difference is
Requested RPTTF
AuthorizedI
the difference is
Authorized/
Z, the difference
Requste etl RMF
ffem#
Obligation
Authorized
Aclual
Authorized
Actual
Aatlh.med
Actual
Authorized
Actual
Authorized
1/1113)
Aveilable
Aclual
s ero)
Authorized
as of i/i/13)
Available
Actual
zero)
(O+T))
Available
Actual
ero)
Available
Actual
zero)
(X+AA)
$ -
$ -
$ 2.737,402
$ 338,521
$ -
$ -
$ -
$ -
$ 6,835.350
$ -
$ 6,835,350
$ 6,635.350
$ 200,000
$ 205,061
$ -
$ 205,061
$ 670,358
$ -
$ 200,000
1 $ -
$ -
$ -
$ -
$ -
$ -
$
1994 Tax Allocation Bonds -
1
Tex Exempt
g
$
$
$ _
$
$
$
$
1998 Tax Allocation Bonds -
2
Tax Exempt
547,876
$ 547.876
547,876
$
$
$ -
$
$
$ -
$
2001 Tax Allocation Bonds -
3
Tax Exempt
1,215.360
$ 1,215,360
1,215.360
$
$
$ -
$
$
$ -
$
2002 Tax Allocation Bonds -
4
Tax Exemptt
856,641
$ 856,641
856,641
$
$
$ -
$
$
$ -
$
2003 Tax Allocation B-ds -
5
T-M.
704,118
$ 704,118
704,118
$
$
$ -
$
$
$ -
$
20N Tax Allocation Bonds -
6
Tax Exempt
1,987.028
$ 1,987.028
1,987,028
$
$
$ -
$
$
$ -
$
2011 Tax Allocation Bonds -
T
Texan.
1,085,BB4
$ 1,085,B84
1,085,B84
$
$
$ -
$
$
$ -
$
2011 Tax Allocation Bones -
B
TaxeNe
438,443
$ 438,443
238,443
$ 200,000
$
$ -
$ 200,000
$
$ -
$
Annual Continuing Disclosure
g
Stetaments
300
$
$
$
$ -
$
$
$ -
$
10
Bond Holder Fees
$
$
$
$ -
$
$
$
$
SilvalRock Resort Infrestrudture
11
Deeign
60,000
$
$
$
$ -
$
$
$ -
$
Construction of Washington
Street Apartrnems Stte
Improvements 8 Rehabilita0on
12
Project
2,000,000
$
$
$
$ -
$
$
$ -
$
Construction of Washington
Sheet Apadmems Stte
Improvements 8 RBhabllltedon
13
Project
131,600
59,073
$
$
$
$ -
$
$
$ -
$
Construction of Washington
street Apartments Site
Improvements 8 Rehabltteb.
14
Protect
29,400
14,625
$
$
$
$ -
$
$
$ -
$
Construction of Washington
Sheet Apron - Site
Improvements 8 Rehabilita0on
15
Project1
180,000
1 49,089
1
1
1$
$
$
$ -
$
$
$ -
$
Construction d Washington
Street Apartments Site
Improvements 8 Rehabilbedon
16
Project
247,500
158,365
$
$
$
$ -
$
$
$ -
$
Washingon Street Apartments
i]
Rer.Witation Prgect
60,000
53.655
$
$
$
$ -
$
$
$ -
$
Washington Street Apartments
18
RehaNlitatien Project
6,000
2.094
$
$
$
$ -
$
$
$ -
$
Coral Mountain Partners
Disposillm and Development
19
Agreement
16,902
1,320
$
$
$
$ -
$
$
$ -
$
Coral Mountain Partners
Disposition and Development
20
Agreement
6,000
$
$
$
$ -
$
$
$ -
$
water and Sewer Agreement
for futum development a1
21
SilverR.1, Resan
$
$
$
$
$
$
$ -
$
22
Adminisuetive Allowance
$
$
205,061
$ 205,061
670,358
$ -
$
$
$ -
$
$
$
$
$ -
$
$
$ -
it
$
$
$
$ -
$
$
$ -
$
$
$
$
$ -
$
$
$ -
$
$
$
$
$ -
8
$
$ -
$
$
$
$
$ -
$
$
$ -
8
$
$
$
$ -
$
$
$ -
$
$
$
$
$ -
$
$
$ -
$
$
$
$
$ -
$
$
$ -
$
$
$
$
$ -
$
$
8 -
$
Recognized Obligation Payment Schedule 13-14B - Notes
January 1, 2014 throuqh June 30, 2014
Item # I Notes/Comments
Amounts included in Prior ROPS were for bond principal only. Per the ROPS instructions, amounts now include principal and interest in Column H of the ROPS detail
Line 8-15 page