2014 02 19 OB
OVERSIGHT BOARD OF THE SUCCESSOR AGENCY
TO THE LA QUINTA REDEVELOPMENT AGENCY
AGENDA
La Quinta City Council Chambers
78-495 Calle Tampico, La Quinta, CA
Regular Meeting on Wednesday, February 19, 2014 at 2:00 p.m.
CALL TO ORDER
Roll Call:
Board Members: Howell, Marshall, Maysels, McDaniel, Nelson, Osborne, Chairperson
Peña
PLEDGE OF ALLEGIANCE
PUBLIC COMMENT
This is the time set aside for public comment on any matter not listed on the agenda.
Okd`rd bnlokdsd ` ŮQdptdrs sn Rod`jů enql `mc khlhs xntq bnlldmsr sn sgqdd lhmtsdr-
When addressing the Oversight Board, please state your name and address.
CONFIRMATION OF AGENDA
PRESENTATIONS - NONE
APPROVAL OF MINUTES
1.MINUTES OF JANUARY 22, 2014
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 JULY 2014
THROUGH DECEMBER 2014
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 JULY 2014
THROUGH DECEMBER 2014
STUDY SESSION - NONE
REPORTS AND INFORMATIONAL ITEMS - NONE
.
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EXECUTIVE DIRECTOR ITEMS
1. VERBAL UPDATE ON SUCCESSOR AGENCY MATTERS
ADJOURNMENT
The next regular meeting of the Oversight Board will be held on March 5, 2014,
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 January 22, 2014 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 111, and the La Quinta Cove Post Office at
51-321 Avenida Bermudas, on February 13, 2014.
Dated: February 13, 2014
____________________________________
PAM NIETO
Oversight Board Secretary
Public Notices
The La Quinta City Hall Council Chambers is handicapped accessible. If special equipment is
needed for the hearing impaired, please call thd Bhsx BkdqjŬr neehbd `s '65/( 666,60/2+ svdmsx,
2
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,
`qq`mfdldmsr rgntkc ad l`cd hm `cu`mbd ax bnms`bshmf sgd Bhsx BkdqjŬr neehbd `s '65/( 666,
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 hmrodbshnm `s sgd Bhsx BkdqjŬr bntmsdq `s Bhsx
Hall located at 78-495 Calle Tampico, La Quinta, CA 92253, during normal business hours.
3
OVERSIGHT BOARD
OF THE SUCCESSOR AGENCY TO THE
LA QUINTA REDEVELOPMENT AGENCY
MINUTES
WEDNESDAY, JANUARY 22, 2014
A meeting of the Oversight Board of the Successor Agency to the La Quinta
Redevelopment Agency was called to order at 2:04 p.m. by Chairperson Peña.
PRESENT: Board Members Marshall (arrived at 2:05) Maysels, McDaniel,
Osborne and Chair Peña
ABSENT: Board Members Howell and Nelson
STAFF PRESENT: Frank J. Spevacek, Executive Director of the Successor Agency,
Kathy Jenson, City Attorney, Patrick Griffin, Interim Finance
Director, Chris Escobedo, Assistant to the City Manager, John
McMillan, Tall Man Group
PUBLIC COMMENT - None
CONFIRMATION OF AGENDA ũ Bnmehqldc
APPROVAL OF MINUTES
Lnshnm ũ @ lnshnm v`r l`cd ax An`qc Ldladqr L`xrdkr.Nranqmd sn `ooqnud sgd
Oversight Board Minutes of October 2, 2013, as submitted. Motion passed
BUSINESS SESSION
1.RESOLUTION FINDING THAT EACH LOAN ENTERED INTO BETWEEN THE
CITY OF LA QUINTA AND THE FORMER LA QUINTA REDEVELOPMENT
AGENCY WAS FOR A LEGITIMATE REDEVELOPMENT PURPOSE AND THAT
SUCH LOANS ARE ENFORCEABLE OBLIGATIONS
QDRNKTSHNM MN- NA 1/03 ũ //0
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT
AGENCY FINDING THAT EACH LOAN ENTERED INTO
BETWEEN THE CITY OF LA QUINTA AND THE FORMER
LA QUINTA REDEVELOPMENT AGENCY WAS FOR A
LEGITIMATE REDEVELOPMENT PURPOSE AND THAT
SUCH LOANS ARE ENFORCEABLE OBLIGATION
LNSHNM ũ @ lnshnm v`r l`cd ax An`qc Ldladqr L`qrg`kk.LbC`mhdk sn
adopt Resolution No. OB 2014-001. Motion passed 5 ayes, 0 noes, 2
absent.
2.RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY
TO THE LA QUINTA REDEVELOPMENT AGENCY APPROVING THE LONG
RANGE PROPERTY MANAGEMENT PLAN WHICH GOVERNS THE
DISPOSITION AND USE OF REAL PROPERTIES ACQUIRED BY THE
DISSOLVED LA QUINTA REDEVELOPMENT AGENCY
QDRNKTSHNM MN- NA 1/03 ũ //1
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE LA QUINTA
REDEVELOPMENT AGENCY APPROVING THE LONG
RANGE PROPERTY MANAGEMENT PLAN PURSUANT TO
HEALTH AND SAFETY CODE SECTION 34191.5(c)
LNSHNM ũ @ lnshnm v`r l`cd ax Anard Members Marshall/Maysels to
adopt Resolution No. OB 2014-002. 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 Maysel/Osborne
to adjourn this meeting at 2:28 p.m. Motion passed unanimously.
Respectfully submitted,
Pam Nieto
Oversight Board Secretary
OVERSIGHT BOARD MEETING 2 January 22, 2014
TO: Honorable Chair and Members of the Oversight Board
FROM: Amy McCormick
DATE: February 19, 2014
SUBJECT: Revisions to ROPS 14-15A
___________________________________________________________________________
The adjustments below have been made to the ROPS schedule. The original and
revised schedules and staff reports are attached with highlighted items
reflecting these changes.
Bond Proceeds Funding were reduced by $20,000, from $20,626,482 to
$20,606,482 due to an adjustment to the forecasted legal spend for the
Washington Street Apartments Rehabilitation Project from $50,000 to $30,000
for the period.
The Current Period RPTTF Requested Funding was reduced by $502,241, from
$17,436,122 to $16,933,881. This includes the removal of $370,376 in
Interest Income from Non-Admin RPTTF funding and a reduction in RPTTF
Admin cost allowance of $131,865, from $624,200 to $492,335.
Finally, on the Report of Cash Balances, the Expenditures for 13-14B
Enforceable Obligations estimate was originally an amount input in error of
$18,996,482; this amount has been adjusted to reflect a more accurate
forecast of anticipated expenditures in the amount of $2,166,902.
Februaary 19, 20114
OVERSIGHHT BOARD MMEETING DATTE:
AGGENDA CATTEGORY:
REESOLUTIONN OF THE OVERSIGHT
ITEM TITTLE:
BUUSINESS SESSSION:
1
BOARD OF THE SSUCCESSOOR AGENCCY TO THE LA
COONSENT CALENDAR:
QUINTA REDEVELOPMENT AGENCYY APPROVVING
THE SSUCCESSOOR AGENNCY ADDMINISTRAATIVE
STTUDY SESSION:
BUDGETT FOR THE PERIOD OOF JULY 2014 THROOUGH
DECEMBBER 2014
PUUBLIC HEARIING:
RECOMMENDED AACTION:
Adopt aa resolutionn approving the Succcessor Ageency Admiinistrative Budget forr the
period oof July 20114 through Decemberr 2014.
EXECUTTIVE SUMMMARY:
TThe La Quinta SSuccessor Agency (SA) addministers the former
RRedevelopmment AgenccxŬr vhmc,ddown activvities and tthe Oversigght Board ((OB).
AABx126 (Dissolution Act) provides for ann administrrative allowwance to ccarry
out these wwind-down activities (3% of thhe propertyy tax alloccation listed on
thhe Recognnized Obligation Paymment Scheedule subject to chaange basedd on
,
reeview and approval bby the Depaartment off Finance (DDOF)).
TThe Dissoluution Act requires the SA to prepare aan adminisstrative buudget
every six months.
OOnce the bbudget is aapproved bby the SA,, the OB iss required to review
and
approve it.
FISCAL IMPACT:
For the period ofJuly 20144 through Decemberr 2014, the propertyy tax allocaation
totals $$16,441,546. Threee percentt of this total is $$492,335 and the total
expecteed costs for the period are $4922,335.
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 195,335
Professional Contract
Services 267,000
Services 267,000
Supplies & Publications 4,000
Printing/Mailing/Advertising 1,000
Information Technology
Costs 8,000
Office & Equipment Costs 17,000
Total Administrative Costs 492,335
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).The detailed administrative budget for this time
period is included as Attachment 1.
Once the SA reviews and approves the administrative budget, the budget must be
reviewed and approved by the OB.
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
Nudqrhfgs An`qcŬr `ooqnu`k ne ` Rtbbdrrnq @fdmbxŬr `clhmhrsq`shud atcfds-
ALTERNATIVES:
As this is a requirement of the DOF, staff does not recommend an alternative.
Report prepared by: Patrick Griffin, Interim Finance Director
Report approved for submission by: Frank J. Spevacek, City Manager
Attachment: 1. Administrative Budget for July 2014 through December
2014
SUCCESSOR AGENCY/OVERSIGHT BOARDJULY - DECEMBER 2014
ADMINISTRATIVE BUDGET
PERSONNEL
BASE SALARY & BENEFITS$195,335
Successor Agency Administration$134,735
Oversight Board Administration$60,600
SUPPLIES & SERVICES
CONTRACT SERVICES$267,000
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.
Audits as required by ABx1 26$15,000
League of California Cities Dues & Seminars/Webinars related to ABx1 26$2,000
Legal Services for Successor Agency$100,000
Consulting Services for Successor Agency$150,000
SUPPLIES AND PUBLICATIONS$4,000
This account provides for various office supplies and publications to be used
by SA and OB staff and board members
Successor Agency Supplies & Publications$2,500
Oversight Board Supplies & Publications$1,500
PRINTING/MAILING/ADVERTISING$1,000
This account provides for required mailings, agenda printing, and legal
$1,000
advertising
INFORMATION TECHNOLOGY$8,000
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
$5,500
required by ABx1 26
Computer Document Storage related to Successor Agency$2,000
On-Line Muni Code related to Successor Agency$500
OFFICE & EQUIPMENT
Office space rental and equipment usage in City Hall
$17,000
Rent
$15,000
Equipment
$2,000
TOTAL ADMINISTRATIVE BUDGET$492,335
FUNDING SOURCES
3% Administrative Allowance per ROPS 13-14B492,335$
Surplus/(Excess) administrative costs 0$
RESOLUTION NO. OB 2014-
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 JULY 2014 THROUGH DECEMBER 2014
WHEREAS, the Oversight Board of the Successor Agency to La Quinta
Qdcdudknoldms @fdmbx 'ŮNudqrhfgs An`qců nq ŮRtbbdrrnq @fdmbx+ů 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 'Ů@fdmbxů( hm `bbnqc`mbd
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
Qdcdudknoldms Ok`m 'bnkkdbshudkx+ sgd ŮQdcdudknoldms Ok`mrů( otqrt`ms sn sgd
provisions of the California Community Redevelopment Law (Health and Safety
Bncd 22///+ ds rdp-( 'ŮBQKů(: `mc
WHEREAS, as part of the 2011-12 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
rdsshmf enqsg sgd Rtbbdrrnq @fdmbxŬr drshl`sdd 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
atcfds enq sgd rhw,lnmsg odqhnc Itkx 0+ 1/03 ũ Cdbdladq 20+ 1/03 'sgd
Ů@clhmhrsq`shud Atcfdsů(: `mc
Resolution No. OB 2014-
Adoption of SA Administrative Budget
Adopted: February 19, 2014
Page 2
WHEREAS, on February 18, 2014 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 19th day
of February, 2014, by the following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
_______________________________________
JOHN PEÑA, Chairperson
Oversight Board of the Successor Agency
to La Quinta Redevelopment Agency
Resolution No. OB 2014-
Adoption of SA Administrative Budget
Adopted: February 19, 2014
Page 3
ATTEST:
_________________________________
PAM NIETO
Oversight Board Secretary
Februaary 19, 20114
AGGENDA CATTEGORY:
OVERSIGHHT BOARD MMEETING DATTE:
RESOLLUTION APPROVINGG RECOGNNIZED
ITEM TITLLE:
BUUSINESS SESSSION:
2
OBLIGATTION PAAYMENT SCHEDULLE OF THE
OVERSIGGHT BOARRD OF THE SUCCESSSOR AGEENCY
COONSENT CALENDAR:
TO THEE FORMERR LA QUUINTA REDDEVELOPMMENT
STTUDY SESSION:
AGENCYY FOR THE PERIOD OOF JULY 2014 THROOUGH
DECEMBBER 2014
PUUBLIC HEARIING:
MENDED AACTION:
RECOM
Adopt aa Resolutioon approving a Recoognized Obbligation Paayment Scchedule forr the
period oof July 20114 through Decemberr 2014.
EXECUTTIVE SUMMMARY:
TThe Successor Agenncy must submit aa Recognizzed Obligaation Paymment
SSchedule (RROPS) everry six montths.
TThe attacheed ROPS ((Attachmennt 1) identifies $38,,062,604 of Enforceeable
OObligations that musst be fundded duringg the firstt six monnths of 20014;
$20,606,4882 from tax allocation bond proceeds and $16,933,881 from
property taxx incremennt revenue from the Redeveloppment Propperty Tax TTrust
Fund (RPTTTF).
FISCAL IMPACT:
The Succcessor Aggency requuests authoorization too expend $$20,606,4882 from 20002,
2004 annd 2011 bbond proceeeds, and an allocatioon of $16,9933,881 frrom the RPPTTF
on thisROPS form. The $$16,933,881 of RPTTTF fundinng includess $492,335 of
administrative exppenses (forr the six-month period). The reemaining $$16,441,5446 is
to pay bbond intereest and prinncipal paymments.
BACKGROUND/ANNALYSIS:
Every ssix monthss, the Succcessor Aggency and Oversightt Board mmust approvve a
ROPS, which is then submitted to the Depaartment oof Finance (DOF), SState
BnmsqnkkdqŬr Neehbd+ sgd Bntmsx @clhmhrsrative Officer, and the County Auditor-
Controller. The ROPS 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 ROPS must be submitted to the above-mentioned entities by March 3, 2014.
The DOF then has 45 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 ROPS is submitted late, the City will be subject to a civil fine of $10,000 per
day.
ALTERNATIVES:
As this is a requirement of the DOF, staff does not recommend an alternative.
Report prepared by: Patrick Griffin, Interim Finance Director
Report approved for submission by: Frank J. Spevacek, City Manager
Attachment: 1. ROPS for July 2014 through December 2014
RESOLUTION NO. OB 2014-
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE LA QUINTA
REDEVELOPMENT AGENCY ADOPTING RECOGNIZED
OBLIGATION PAYMENT SCHEDULE 14-15A FOR THE
PERIOD OF JULY 2014 THROUGH DECEMBER 2014
WHEREAS, the Oversight Board of the Successor Agency to the La Quinta
Qdcdudknoldms @fdmbx 'ŮNudqrhfgs An`qců) has been established to direct the
Successor Agency to La Quinta Qdcdudknoldms @fdmbx 'ŮRtbbdrrnq @fdmbxů( sn s`jd
certain actions to wind down the affairs of the former La Quinta Redevelopment
@fdmbx 'Ů@fdmbxů( hm `bbnqc`mbd vhsg sgd 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
Qdcdudknoldms Ok`m 'bnkkdbshudkx+ sgd ŮQdcdudknoldms Ok`mrů( otqrt`ms sn sgd
provisions of the California Community Redevelopment Law (Health and Safety
Code § 33000, et seq.); and
WHEREAS, as part of the 2011-12 State budget bill, the California
Kdfhrk`stqd dm`bsdc `mc sgd Fnudqmnq rhfmdc+ @rrdlakx Ahkk 15 'Ů@Aw0 15ů(
requiring that each redevelopment agency be dissolved and Assembly Bill 27
'Ů@Aw0 16ů( sg`s vntkc g`ud `kknvdc qddevelopment 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
Ůrtbbdrrnq `fdmbxů sn sgd @fdmbx: `mc
WHEREAS, on June 27, 2012, the California Legislature enacted, and the
Fnudqmnq rhfmdc+ @rrdlakx Ahkk 0373 'Ů@A 0373ů(+ vghbg+ `lnmf nsgdq sghmfr+
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,`mmt`k a`rhr+ ` ŮQdbnfmhydc Nakhf`shnm
O`xldms Rbgdctkdů 'ŮQNORů( sg`s khrsr `kk obligations of the former redevelopment
Resolution No. OB 2014-
Adoption of Recognized Obligation Payment Schedule
Adopted: February 19, 2014
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 14-15A
for the period of July 1, 2014 through December 31, 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 ROPS 14-15A. 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 14-15A attached hereto as Exhibit A as the
Recognized Obligation Payment Schedule for the period of July 2014 through
December 2014. Pursuant to Health & Safety Section 34173(e), the Successor
@fdmbxŬr kh`ahkhsx+ hmbktchmf+ ats mns khlhsdc 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 14-15A 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 2014-
Adoption of Recognized Obligation Payment Schedule
Adopted: February 19, 2014
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 19th
day of February, 2014, by the following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
_______________________________________
JOHN PEÑA, Chairperson
Oversight Board of the Successor Agency
to the La Quinta Redevelopment Agency
ATTEST:
______________________________
Pam Nieto
Oversight Board Secretary
Pursuant to Health and Safety Code section 34177(l), 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
ATTACHMENT 1
Comments
HI
(50,928)
Non-Admin and
-
5,715,5245,677,6015,677,6014,246,0079,974,536
13,053,28613,091,209
RPTTF
Admin
$
$ $
Recognized Obligation Payment Schedule (ROPS) 14-15A - Report of Cash Balances
28,87730,91859,79559,79559,795
Interest, Etc.
Grants,
$ $ $
Rent,
Other
G
reserve for next
-$ -$ -$
distributed as
bond payment
Prior ROPS
RPTTF
F
Fund Sources
Bond Proceeds Reserve Balance
(Report Amounts in Whole Dollars)
Prior ROPS period
balances and DDR
balances retained
-$ -$ -$
No entry required
E
Bonds Issued
31,264,6689,05231,273,72031,273,72040,00031,313,720
on or after
01/01/11
D
$ $ $
Bonds Issued
985002,166,9029,971,295
12,137,59912,137,69712,137,697
on or before
12/31/10
ABC
$
$$
Note that the RPTTF amount should tie to column S in the Report of PPAs.
Note that for the RPTTF, 3 + 4 should tie to columns L and Q in the Report
Note that for the RPTTF, 1 + 2 should tie to columns J and O in the Report
Note that the RPTTF amount should only include the retention of reserves
Note that the RPTTF amounts should tie to the ROPS 13-14A distribution Note that the RPTTF amounts should tie to the ROPS 13-14B distribution
9Expenditures for 13-14B Enforceable Obligations (Estimate 06/30/14)
Note that the RPTTF amounts may include the retention of reserves for
3Expenditures for ROPS 13-14A Enforceable Obligations (Actual
10Retention of Available Cash Balance (Estimate 06/30/14)
Cash Balance Information by ROPS Period
11Ending Estimated Available Cash Balance (7 + 8 - 9 -10)
4Retention of Available Cash Balance (Actual 12/31/13)
7Beginning Available Cash Balance (Actual 01/01/14)
1Beginning Available Cash Balance (Actual 07/01/13)
from the County Auditor-Controller during January 2014
(C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6)
from the County Auditor-Controller during June 2013
5ROPS 13-14A RPTTF Prior Period Adjustment
tax revenues is required by an enforceable obligation.
C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 - 5)
6 Ending Actual Available Cash Balance
for debt service approved in ROPS 13-14A
ROPS 13-14B Estimate (01/01/14 - 06/30/14)
ROPS 13-14A Actuals (07/01/13 - 12/31/13)
8Revenue/Income (Estimate 06/30/14)
debt service approved in ROPS 13-14B
2Revenue/Income (Actual 12/31/13)
of Prior Period Adjustments (PPAs)
12/31/13)
of PPAs
- - - -
20,606,48220,606,48216,933,88116,441,546492,33537,540,36316,933,88116,933,88116,933,88116,933,881NameTitleSignatureDate
Six-Month Total
$$$$
Recognized Obligation Payment Schedule (ROPS 14-15A) - Summary
Enforceable Obligations Funded with Non-Redevelopment Property Tax Trust Fund (RPTTF) Funding
County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
Successor Agency Self-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
Filed for the July 1, 2014 through December 31, 2014 Period
Less Prior Period Adjustment (Report of Prior Period Adjustments Column AA)
Less Prior Period Adjustment (Report of Prior Period Adjustments Column S)
/s/
Current Period Requested Funding for Outstanding Debt or Obligation
Enforceable Obligations Funded with RPTTF Funding (F+G):
Adjusted Current Period RPTTF Requested Funding (L-M)
Pursuant to Section 34177(m) of the Health and Safety code, I hereby
Adjusted Current Period RPTTF Requested Funding (I-J)
certify that the above is a true and accurate Recognized Obligation
HCurrent Period Enforceable Obligations (A+E):
IEnforceable Obligations funded with RPTTF (E):LEnforceable Obligations funded with RPTTF (E):
Reserve Balance Funding (ROPS Detail)
Non-Administrative Costs (ROPS Detail)
Bond Proceeds Funding (ROPS Detail)
Payment Schedule for the above named agency.
Administrative Costs (ROPS Detail)
Name of Successor Agency:La Quinta
Certification of Oversight Board Chairman:
Riverside
Other Funding (ROPS Detail)
Sources (B+C+D):
Name of County:
J
BEF
ACDKN
G
M
Six-Month Total$ 37,540,363
$ - $ - $ - $ - $ 4,012,653 $ 1,616,134 $
277,503 $ 10,000 $ 15,140 $ 150,000 $ 18,529,580 $ - $
- $ 100,000 $ - $ 50,000 $ 30,000
ABCDEFGHIJKLMNOP
$
$ 492,335
Admin
RPTTF
6/26/20059/1/2034US BankBonds to fund projects1 and 2 118,949,537 N 4,012,653 7/3/20059/1/2036US BankBonds to fund projects1 and 2 59,221,781 N
1,616,134 7/3/20059/1/2039US BankBonds to fund projects1 and 2 15,390,255 N 277,503 1 and 2 60,000 N 10,000 1 and
2 15,140 N 15,140
$ 16,441,546
Other FundsNon-Admin
$ -
Funding Source
Non-Redevelopment Property Tax Trust Fund
Bond Proceeds Reserve Balance
$ -
(Non-RPTTF)
1 742,543 N 150,000 2 18,529,580 N 18,529,580 2 756,780 N 100,000 2 300,000 N
50,000 7/1/20127/1/2013Rutan & TuckerProject Management Costs - Legal2 30,000 N 30,000
$ 20,606,482
Debt or Obligation Retired
6/20/20059/1/2033US BankBonds to fund projects1 and 2 N 6/23/20059/1/2031US BankBonds to fund projects1 N 6/24/20059/1/2037US BankBonds to fund projects1 N 6/25/20059/1/2032US BankBonds
to fund projects1 N 2 140,415 N 2 32,605 N 2 228,373 N
Total Outstanding
Recognized Obligation Payment Schedule (ROPS) 14-15A - ROPS Detail 466,848,886
July 1, 2014 through December 31, 2014
PayeeDescription/Project ScopeProject Area
(Report Amounts in Whole Dollars)
Written commitment to US Department
for Washington Street Apartments Site
rehabilitate & construct improvements Improvements & Rehabilitation Project
Street Apartments Site Improvements
8/16/200612/31/2014RBF ConsultingInfrastructure design and engineering
8/7/20117/31/2105Studio E ArchitectsArchitecture Services for Washington
to support development of SilverRock
7/3/20117/31/2015Tall Man GroupProject & Construction Management
of Agriculture-Rural Development to
10 Bond Holder FeesFees6/16/20059/1/2039US BankFees for holding administration and 7/3/20117/31/2015RGA LandscapeLandscaping for Washington Street
Time, Non Personnel to administer
7/3/20117/31/2015Altum GroupEngineering for Washington Street
1/1/20149/1/2032City of La QuintaProject Management Costs - Staff
Apartments Site Improvements & Apartments Site Improvements &
Fees1/17/20129/1/2039Willdan Financial ServicesPreparation of annual continuing
to Washington Street Apartments
rehab of 72 affordable units and
disclosure reports per Federal
distribution of bond proceeds
addition of 24 senior units
& Rehabilitation Project
Rehabilitation ProjectRehabilitation Project
regulations
10/1/200811/30/2032La Quinta Housing
Authority
Contract/Agreement
Termination Date
Contract/Agreement
Execution Date
Project Management Project Management
OPA/DDA/Constructi
Bonds Issued On or Bonds Issued On or Bonds Issued On or Bonds Issued On or Bonds Issued On or
Bonds Issued After Bonds Issued After
Project Name / Debt ObligationObligation Type
Before 12/31/10Before 12/31/10Before 12/31/10Before 12/31/10Before 12/31/10
11 SilverRock Infrastructure DesignProfessional
ProfessionalProfessionalProfessional
Maintenance
12/31/1012/31/10ServicesServicesServicesServices
Property
CostsCosts
on
12 Construction of Washington Street 13 Construction of Washington Street 14 Construction of Washington Street 15 Construction of Washington Street
16 Construction of Washington Street
Apartments Site Improvements & Apartments Site Improvements & Apartments Site Improvements & Apartments Site Improvements & Apartments Site Improvements &
2 1998 Tax Allocation Bonds - Tax 3 2001 Tax Allocation Bonds - Tax 4 2002 Tax Allocation Bonds - Tax 6 2004 Tax Allocation Bonds - Tax
17 Washington Street Apartments 18 Washington Street Apartments
9 Annual Continuing Disclosure
5 2003 Tax Allocation Bonds -
7 2011 Tax Allocation Bonds - 8 2011 Tax Allocation Bonds -
Rehabilitation ProjectRehabilitation ProjectRehabilitation ProjectRehabilitation ProjectRehabilitation ProjectRehabilitation ProjectRehabilitation Project
Statements
ExemptExemptExemptExempt
TaxableTaxableTaxable
Item #
Six-Month Total
$ 16,902 $ 30,000 $ 1,700,000 $ 492,335 $ 7,843,260 $ 1,901,618 $ 690,238
$ 75,000 $ -
ABCDEFGHIJKLMNOP
492,335
116,625,644 N1,700,000
Admin
RPTTF
12/23/20139/1/2033US BankRefund 1998, 2001, 2002, 2003 TABs1 and 2 149,369,847 N 7,843,260 12/23/20139/1/2032US BankRefund 1998, 2001, 2002, 2003 TABs1 and 2
36,221,242 N 1,901,618 1 and 2 43,497,046 N 690,238 1 and 2 75,000 N 75,000
Other FundsNon-Admin
Funding Source
Non-Redevelopment Property Tax Trust Fund
Bond Proceeds Reserve Balance
(Non-RPTTF)
2 133,098 N 16,902 7/1/20129/1/2032Rutan & TuckerProject Management Costs - Legal2 30,000 N 30,000
Debt or Obligation Retired
1 and 2 6,500,000 N
Total Outstanding
Recognized Obligation Payment Schedule (ROPS) 14-15A - ROPS Detail
July 1, 2014 through December 31, 2014
PayeeDescription/Project ScopeProject Area
(Report Amounts in Whole Dollars)
9/24/20136/30/2014Tall Man GroupAppraisals and professional consulting
Various9/1/2030City of La QuintaLoans made from the General Fund to
22 Administrative AllowanceAdmin Costs1/1/20149/1/2039City of La QuintaAdministrative Allowance per ABx1 26
Future infrastructure improvements
Time to administer development of 176-
required for future development of Sanitation System Installation and
1/4/20111/1/2066City of La QuintaProject Management Costs - Staff
fees to administer the long-range
SilverRock by Domestic Water &
property management plan
unit affordable apartments
Irrigation Agreement
the former RDA
(3% of ROPS)
6/11/200512/31/2020Coachella Valley Water
District
Contract/Agreement
Termination Date
Contract/Agreement
Execution Date
Project Management Project Management
Improvement/Infrastr
23 Series A 2013 TARBBonds Issued After 24 Series B 2013 TARBBonds Issued After on or before 6/27/11
City/County Loans
Project Name / Debt ObligationObligation Type
Professional
12/31/1012/31/10Services
ucture
CostsCosts
19 Coral Mountain Partners Disposition 20 Coral Mountain Partners Disposition
26 Long-range Property Management
25 Advances from City General Fund
21Water and Sewer Agreement for
future development at SilverRock
and Development Agreementand Development Agreement
Plan Implementation Services
approved for repayment by
Oversight Board
Item #
CAC Comments
ABCDEFGHIJ K L M NO P Q R S T UV W XY Z AA AB
the CAC. Note that CACs will need to enter their own formulas at the line item level pursuant to the manner in which they
Offset ROPS 14-15A
Requested RPTTF)
calculate the PPA. Also note that the admin amounts do not need to be listed at the line item level and may be entered Admin and Admin
(Amount Used to
-
To be completed by the CAC upon submittal of the ROPS 14-15A by the SA to Finance and
Available Actual Difference Net Difference
Net CAC Non-
PPA
$
-
$
Non-Admin CAC Admin CAC
RPTTF Expenditures
Net Lesser of
Authorized /
-
Available Actual Difference
$
ROPS 13-14A CAC PPA:
as a lump sum.
Net Lesser of
Authorized /
SA Comments
ments self-reported by SAs are subject to audit by
actual expenditures for the ROPS 13-14A (July through December 2013) period. The amount of
Offset ROPS 14-15A $ - $ - $ - $ - $
- $ - $ - $ - $ - $
- $ - $ - $ - $ - $ - $
- $ - $ - $ -
Net SA Non-Admin
Requested RPTTF)
-
(Amount Used to
and Admin PPA
Net Difference
186 (a)
(M+R)
----
eported for the ROPS 13-14A (July 1, 2013 through December 31, 2013) Period Pursuant to Health and Safety Code (HSC) section 34
$
$$$$
total difference is
$ -
authorized, the
(If total actual
exceeds total
Difference
zero)
Recognized Obligation Payment Schedule (ROPS) 14-15A - Report of Prior Period Adjustments
$
$ 265,859
Available Actual
y the SA’s self-reported ROPS 13-14A prior period adjustment. HSC Section 34186 (a) also specifies that the prior period adjust
$ 205,061
Net Lesser of
Authorized /
Admin
(Report Amounts in Whole Dollars)
distributed + all other
(ROPS 13-14A
available as of
Available
07/1/13)
RPTTF
RPTTF Expenditures
zero) Authorized
205,061
Pursuant to HSC Section 34186 (a), SAs are required to report the differences between their actual available funding and their
- 2,780,360 $ - - 1,561,641 $ - - 1,294,118 $
- - 3,962,028 $ - - 1,605,884 $ - - 273,443 $
- - $ - - $ - - $ - - $ -
- $ - - $ - - $ - - $ - $
- - $ - - $ - - $ -
(If K is less than L, $ - $ - - $ - $ -
1,347,876 $
the difference is $ -
Difference
----
$
$ $ $
12,825,350
Available Actual
-$ 1,347,876 $ -$
-
Net Lesser of
Authorized /
1,525,000 - - - $
- - - 2,780,360 $ - -
- 1,561,641 $ - - - 1,294,118 $
- - - 3,962,028 $ -
- - 1,605,884 $ 536,437 - -
- $ 122,741 - - - $
- - - 274,384 $ 17,975 -
- - $ 10,208 - - - $
20,648 - - - $ 60,000
- - - $ 40,000 - -
- $ 30,000 - - - $
Non-Admin
- - - - $
----
R
$
$
distributed + all other
$ -
(ROPS 13-14A
available as of
Available
07/1/13)
RPTTF
$
Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 14-15A (July through December 2014) period will be offset b
150,000 31,604 - - -
79,000 20,511 - -
Authorized Actual Authorized Actual Authorized Actual Authorized
12,826,291
16,902 990 - -
-
Bond ProceedsReserve BalanceOther Funds
$
1 1994 Tax Allocation - - 2 1998 Tax Allocation -
- 10 Bond Holder Fees - -
$ -
---
ROPS 13-14A Successor Agency (SA) Self-reported Prior Period Adjustments (PPA):
$
Non-RPTTF Expenditures
$ -
$ -
the county auditor-controller (CAC) and the State Controller.
$ 53,105
2,608,911
Agreement for future
3 2001 Tax Allocation 4 2002 Tax Allocation 5 2003 Tax Allocation 6 2004 Tax Allocation 7 2011 Tax Allocation
8 2011 Tax Allocation
Partners Disposition Partners Disposition
ttt
17 Washington Street 18 Washington Street
9 Annual Continuing
Debt Obligation
Washington Street Washington Street Washington Street Washington Street Washington Street
Project Name / 21 Water and Sewer
and Development and Development
Bonds - Tax ExemBonds - Tax ExemBonds - Tax Exem
Bonds - Taxable Bonds - Taxable Bonds - Taxable Improvements & Improvements & Improvements & Improvements & Improvements &
Apartments Site Apartments Site Apartments Site Apartments Site Apartments Site 19 Coral Mountain 20 Coral Mountain
12 Construction of 13 Construction of 14 Construction of 15 Construction of 16 Construction of
development at
22 Administrative
RehabilitationRehabilitationRehabilitationRehabilitationRehabilitationRehabilitationRehabilitation
Infrastructure
11 SilverRock
ppp
reementreement
StatementsApartmentsApartments
SilverRock
Disclosure
llowance
ectectectectectectect
ProProProProProProPro
AgAg
A
jjjjjjj
Item #
arket. The Department of Finance
l Development to rehabilitate and
The funding source for this project is the 2011 Bond proceeds for a written commitment to the US Department of Agriculture-Rura
These bonds were issued to refund the 1998, 2001, 2002, 2003 TAB's to take advantage of lower interest rates available in the m
Recognized Obligation Payment Schedule 14-15A - Notes
These are costs that will be disbursed to consultants to administer the long-range property management plan.
July 1, 2014 through December 31, 2014
These bonds were refunded on December 23, 2013 to take advantage of lower interest rates.
construct improvements to the Washington Street Apartments affordable housing project.
reviewed and approved the refunding transaction.
Item #Notes/Comments
Lines 23-24
Lines 2-5
Line 12Line 26
SUPERSEDED
Februaary 19, 20114
AGGENDA CATTEGORY:
OVERSIGHHT BOARD MMEETING DATTE:
RESOLLUTION APPROVINGG RECOGNNIZED
ITEM TITLLE:
BUUSINESS SESSSION:
OBLIGATTION PAAYMENT SCHEDULLE OF THE
OVERSIGGHT BOARRD OF THE SUCCESSSOR AGEENCY
COONSENT CALENDAR:
TO THEE FORMERR LA QUUINTA REDDEVELOPMMENT
STTUDY SESSION:
AGENCYY FOR THE PERIOD OOF JULY 2014 THROOUGH
DECEMBBER 2014
PUUBLIC HEARIING:
MENDED AACTION:
RECOM
Adopt aa Resolutioon approving a Recoognized Obbligation Paayment Scchedule forr the
period oof July 20114 through Decemberr 2014.
EXECUTTIVE SUMMMARY:
TThe Successor Agenncy must submit aa Recognizzed Obligaation Paymment
SSchedule (RROPS) everry six montths.
TThe attacheed ROPS ((Attachmennt 1) identifies $38,,062,604 of Enforceeable
OObligations that musst be fundded duringg the firstt six monnths of 20014;
$20,626,4882 from tax allocation bond proceeds and $17,436,122 from
property taxx incremennt revenue from the Redeveloppment Propperty Tax TTrust
Fund (RPTTTF).
FISCAL IMPACT:
The Succcessor Aggency requuests authoorization too expend $$20,626,4882 from 20002,
2004 annd 2011 bbond proceeeds, and an allocatioon of $17,3316,280 frrom the RPPTTF
on thisROPS form. The $$17,316,280 of RPTTTF fundinng includess $504,358 of
administrative exppenses (forr the six-month period). The reemaining $$16,811,9222 is
to pay bbond intereest and prinncipal paymments.
BACKGROUND/ANNALYSIS:
Every ssix monthss, the Succcessor Aggency and Oversightt Board mmust approvve a
ROPS, which is then submitted to the Depaartment oof Finance (DOF), SState
BnmsqnkkdqŬr Neehbd+ sgd Bntmsx @clhmhrsrative Officer, and the County Auditor-
Controller. The ROPS 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 ROPS must be submitted to the above-mentioned entities by March 3, 2014.
The DOF then has 45 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 ROPS is submitted late, the City will be subject to a civil fine of $10,000 per
day.
ALTERNATIVES:
As this is a requirement of the DOF, staff does not recommend an alternative.
Report prepared by: Patrick Griffin, Interim Finance Director
Report approved for submission by: Frank J. Spevacek, City Manager
Attachment: 1. ROPS for July 2014 through December 2014
- - - -
NameTitle
624,200SignatureDate
20,626,48220,626,48217,436,12216,811,92238,062,60417,436,12217,436,12217,436,12217,436,122
Six-Month Total
$ $ $ $
Recognized Obligation Payment Schedule (ROPS 14-15A) - Summary
Enforceable Obligations Funded with Non-Redevelopment Property Tax Trust Fund (RPTTF) Funding
County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
Successor Agency Self-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
Filed for the July 1, 2014 through December 31, 2014 Period
Less Prior Period Adjustment (Report of Prior Period Adjustments Column AA)
Less Prior Period Adjustment (Report of Prior Period Adjustments Column S)
/s/
Current Period Requested Funding for Outstanding Debt or Obligation
Enforceable Obligations Funded with RPTTF Funding (F+G):
Adjusted Current Period RPTTF Requested Funding (L-M)
Adjusted Current Period RPTTF Requested Funding (I-J)
hereby certify that the above is a true and accurate Recognized
Pursuant to Section 34177(m) of the Health and Safety code, I
Obligation Payment Schedule for the above named agency.
HCurrent Period Enforceable Obligations (A+E):
IEnforceable Obligations funded with RPTTF (E):LEnforceable Obligations funded with RPTTF (E):
Reserve Balance Funding (ROPS Detail)
Non-Administrative Costs (ROPS Detail)
Bond Proceeds Funding (ROPS Detail)
Administrative Costs (ROPS Detail)
Name of Successor Agency:La Quinta
Certification of Oversight Board Chairman:
Riverside
Other Funding (ROPS Detail)
Sources (B+C+D):
Name of County:
J
F
ABE
CDK
GN
M
Six-Month Total$ 38,062,604
$ - $ - $ - $ - $ 4,012,653 $ 1,616,134 $
277,503 $ 10,000 $ 15,140 $ 150,000 $ 18,529,580 $ - $
- $ 100,000 $ - $ 50,000 $ 50,000
ABCDEFGHIJKLMNOP
$
$ 624,200
Admin
RPTTF
6/26/20059/1/2034US BankBonds to fund projects1 and 2 118,949,537 N 4,012,653 7/3/20059/1/2036US BankBonds to fund projects1 and 2 59,221,781 N
1,616,134 7/3/20059/1/2039US BankBonds to fund projects1 and 2 15,390,255 N 277,503 1 and 2 60,000 N 10,000 1 and
2 15,140 N 15,140
$ 16,811,922
Other FundsNon-Admin
$ -
Funding Source
Non-Redevelopment Property Tax Trust Fund
Bond Proceeds Reserve Balance
$ -
(Non-RPTTF)
1 742,543 N 150,000 2 18,529,580 N 18,529,580 2 756,780 N 100,000 2 300,000 N
50,000 7/1/20127/1/2013Rutan & TuckerProject Management Costs - Legal2 30,000 N 50,000
$ 20,626,482
Debt or Obligation Retired
6/23/20059/1/2031US BankBonds to fund projects1 N 6/24/20059/1/2037US BankBonds to fund projects1 N 6/25/20059/1/2032US BankBonds to fund projects1 N 2 140,415 N 2
32,605 N 2 228,373 N
N
Total Outstanding
Recognized Obligation Payment Schedule (ROPS) 14-15A - ROPS Detail 467,339,030
July 1, 2014 through December 31, 2014
PayeeDescription/Project ScopeProject Area
(Report Amounts in Whole Dollars)
1 and 2
Written commitment to US Department
for Washington Street Apartments Site
rehabilitate & construct improvements Improvements & Rehabilitation Project
Street Apartments Site Improvements
to support development of SilverRock
8/16/200612/31/2014RBF ConsultingInfrastructure design and engineering
8/7/20117/31/2105Studio E ArchitectsArchitecture Services for Washington
7/3/20117/31/2015Tall Man GroupProject & Construction Management
of Agriculture-Rural Development to
10 Bond Holder FeesFees6/16/20059/1/2039US BankFees for holding administration and 7/3/20117/31/2015RGA LandscapeLandscaping for Washington Street
Time, Non Personnel to administer
7/3/20117/31/2015Altum GroupEngineering for Washington Street
1/1/20149/1/2032City of La QuintaProject Management Costs - Staff
Apartments Site Improvements & Apartments Site Improvements &
Fees1/17/20129/1/2039Willdan Financial ServicesPreparation of annual continuing
to Washington Street Apartments
rehab of 72 affordable units and
disclosure reports per Federal
distribution of bond proceeds
addition of 24 senior units
& Rehabilitation Project
Rehabilitation ProjectRehabilitation Project
Bonds to fund projects
regulations
Resort
10/1/200811/30/2032La Quinta Housing
Authority
US Bank
Contract/Agreement
Termination Date
9/1/2033
Contract/Agreement
Execution Date
6/20/2005
Project Management Project Management
OPA/DDA/Constructi
Bonds Issued On or Bonds Issued On or Bonds Issued On or Bonds Issued On or
Bonds Issued After Bonds Issued After
Project Name / Debt ObligationObligation Type
Bonds Issued On or
Before 12/31/10Before 12/31/10Before 12/31/10Before 12/31/10
ProfessionalProfessionalProfessionalProfessional
Maintenance
12/31/1012/31/10ServicesServicesServicesServices
Property
CostsCosts
on
12 Construction of Washington Street 13 Construction of Washington Street 14 Construction of Washington Street 15 Construction of Washington Street
16 Construction of Washington Street
Apartments Site Improvements & Apartments Site Improvements & Apartments Site Improvements & Apartments Site Improvements & Apartments Site Improvements &
3 2001 Tax Allocation Bonds - Tax 4 2002 Tax Allocation Bonds - Tax 6 2004 Tax Allocation Bonds - Tax
11 SilverRock Resort Infrastructure
17 Washington Street Apartments 18 Washington Street Apartments
9 Annual Continuing Disclosure
5 2003 Tax Allocation Bonds -
7 2011 Tax Allocation Bonds - 8 2011 Tax Allocation Bonds -
1998 Tax Allocation Bonds - Tax
Rehabilitation ProjectRehabilitation ProjectRehabilitation ProjectRehabilitation ProjectRehabilitation ProjectRehabilitation ProjectRehabilitation Project
Statements
ExemptExemptExempt
TaxableTaxableTaxable
Design
Item #
2
Six-Month Total
$ 16,902 $ 30,000 $ 1,700,000 $ 504,358 $ 7,843,260 $ 1,901,618 $ 690,238
$ 119,842 $ 75,000 $ 370,376
ABCDEFGHIJKLMNOP
504,358 119,842
116,625,644 N1,700,000
Admin
RPTTF
12/23/20139/1/2033US BankRefund 1998, 2001, 2002, 2003 TABs1 and 2 149,369,847 N 7,843,260 12/23/20139/1/2032US BankRefund 1998, 2001, 2002, 2003 TABs1 and 2
36,221,242 N 1,901,618 1 and 2 43,497,046 N 690,238 1 and 2 75,000 N 75,000 1 and 2
370,376 N 370,376
Other FundsNon-Admin
Funding Source
Non-Redevelopment Property Tax Trust Fund
Bond Proceeds Reserve Balance
(Non-RPTTF)
2 133,098 N 16,902 7/1/20129/1/2032Rutan & TuckerProject Management Costs - Legal2 30,000 N 30,000
Debt or Obligation Retired
1 and 2 6,500,000 N 1 and 2 119,768 N
Total Outstanding
Recognized Obligation Payment Schedule (ROPS) 14-15A - ROPS Detail
July 1, 2014 through December 31, 2014
PayeeDescription/Project ScopeProject Area
(Report Amounts in Whole Dollars)
26 Excess Administration CostsAdmin CostsN/A12/31/2014Successor AgencyAdministrative costs that exceeded the
9/24/20136/30/2014Tall Man GroupAppraisals and professional consulting
Various9/1/2030City of La QuintaLoans made from the General Fund to
22 Administrative AllowanceAdmin Costs1/1/20149/1/2039City of La QuintaAdministrative Allowance per ABx1 26
SilverRock Resort by Domestic Water
& Sanitation System Installation and
Future infrastructure improvements
Time to administer development of 176-Interest earned on loans from February
required for future development of
1/4/20111/1/2066City of La QuintaProject Management Costs - Staff
fees to administer the long-range
property management plan
unit affordable apartments
Irrigation Agreement
2011 to June 2013
the former RDA
(3% of ROPS)
3% allowance
6/11/200512/31/2020Coachella Valley Water
2/1/201112/31/2014City of La Quinta
District
Contract/Agreement
Termination Date
Contract/Agreement
Execution Date
Project Management Project Management
Improvement/Infrastr
23 Series A 2013 TARBBonds Issued After 24 Series B 2013 TARBBonds Issued After on or before 6/27/11on or before 6/27/11
25 Advances from City General FundCity/County Loans 28 Interest on AdvancesCity/County Loans
Project Name / Debt ObligationObligation Type
Professional
12/31/1012/31/10Services
ucture
CostsCosts
19 Coral Mountain Partners Disposition 20 Coral Mountain Partners Disposition
27 Long-range Property Management
future development at SilverRock
21Water and Sewer Agreement for
and Development Agreementand Development Agreement
Plan Implementation Services
Resort
Item #
payment on the ROPS, but only to the extent no other funding source is available or when payment from
Comments
ABCDEFGHI
$ (50,928)
Non-Admin and
-
5,715,524 13,053,28613,091,209$ 5,677,601$ 5,677,6014,246,0079,974,536
Other RPTTF
Admin
$
$ $
Recognized Obligation Payment Schedule (ROPS) 14-15A - Report of Cash Balances
28,877 30,918$ 59,795$ 59,795$ 59,795
Interest, Etc.
Grants,
Rent,
reserve for next
$ -$ -$ -
distributed as
bond payment
Prior ROPS
RPTTF
Fund Sources
Bond Proceeds Reserve Balance
(Report Amounts in Whole Dollars)
Prior ROPS period
balances and DDR
balances retained
$ -$ -$ -
Pursuant to Health and Safety Code section 34177(l), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of
No entry required
Bonds Issued
9,052
31,264,668$ 31,273,720$ 31,273,720 40,000$ 31,313,720
on or after
01/01/11
(6,858,285)
Bonds Issued
Report of Prior Period Adjustments (PPAs)12,137,599from the County Auditor-Controller during June 20139812,137,69712,137,697from the County Auditor-Controller during January 201450018,996,482
on or before
12/31/10
Note that the RPTTF amount should only include the retention of reserves
Note that the RPTTF amounts should tie to the ROPS 13-14A distribution Note that the RPTTF amounts should tie to the ROPS 13-14B distribution
9Expenditures for 13-14B Enforceable Obligations (Estimate 06/30/14)
Note that the RPTTF amounts may include the retention of reserves for
Note that the RPTTF amount should tie to column S in the Report of
3Expenditures for ROPS 13-14A Enforceable Obligations (Actual
Note that for the RPTTF, 3 + 4 should tie to columns L and Q in the
Note that for the RPTTF, 1 + 2 should tie to columns J and O in the
10Retention of Available Cash Balance (Estimate 06/30/14)
Cash Balance Information by ROPS Period11Ending Estimated Available Cash Balance (7 + 8 - 9 -10)
4Retention of Available Cash Balance (Actual 12/31/13)
property tax revenues is required by an enforceable obligation.
7Beginning Available Cash Balance (Actual 01/01/14)
1Beginning Available Cash Balance (Actual 07/01/13)
(C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6)
5ROPS 13-14A RPTTF Prior Period Adjustment
C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 - 5)
6 Ending Actual Available Cash Balance
for debt service approved in ROPS 13-14A
ROPS 13-14B Estimate (01/01/14 - 06/30/14)
ROPS 13-14A Actuals (07/01/13 - 12/31/13)
8Revenue/Income (Estimate 06/30/14)
debt service approved in ROPS 13-14B
2Revenue/Income (Actual 12/31/13)
ReportofPPAs
12/31/13)
PPAs.
CAC Comments
ABCDEFGHIJ K L M NO P Q R S T UV W XY Z AA AB
the CAC. Note that CACs will need to enter their own formulas at the line item level pursuant to the manner in which they
Offset ROPS 14-15A
Requested RPTTF)
calculate the PPA. Also note that the admin amounts do not need to be listed at the line item level and may be entered Admin and Admin
(Amount Used to
-
To be completed by the CAC upon submittal of the ROPS 14-15A by the SA to Finance and
Available Actual Difference Net Difference
Net CAC Non-
PPA
$
-
$
Non-Admin CAC Admin CAC
RPTTF Expenditures
Net Lesser of
Authorized /
-
Available Actual Difference
$
ROPS 13-14A CAC PPA:
as a lump sum.
Net Lesser of
Authorized /
SA Comments
ments self-reported by SAs are subject to audit by
actual expenditures for the ROPS 13-14A (July through December 2013) period. The amount of
Offset ROPS 14-15A $ - $ - $ - $ - $
- $ - $ - $ - $ - $
- $ - $ - $ - $ - $ - $
- $ - $ - $ -
Net SA Non-Admin
Requested RPTTF)
-
(Amount Used to
and Admin PPA
Net Difference
186 (a)
(M+R)
---
eported for the ROPS 13-14A (July 1, 2013 through December 31, 2013) Period Pursuant to Health and Safety Code (HSC) section 34
$
$$$
total difference is
$ -
authorized, the
(If total actual
exceeds total
Difference
zero)
Recognized Obligation Payment Schedule (ROPS) 14-15A - Report of Prior Period Adjustments
$
$ 265,859
Available Actual
y the SA’s self-reported ROPS 13-14A prior period adjustment. HSC Section 34186 (a) also specifies that the prior period adjust
$ 205,061
Net Lesser of
Authorized /
Admin
(Report Amounts in Whole Dollars)
distributed + all other
(ROPS 13-14A
available as of
Available
07/1/13)
RPTTF
RPTTF Expenditures
zero) Authorized
205,061
Pursuant to HSC Section 34186 (a), SAs are required to report the differences between their actual available funding and their
- 2,780,360 $ - - 1,561,641 $ - - 1,294,118 $
- - 3,962,028 $ - - 1,605,884 $ - - 273,443 $
- - $ - - $ - - $ - - $ -
- $ - - $ - - $ - - $ - $
- - $ - - $ - - $ -
(If K is less than L, $ - $ - - $ - $ -
1,347,876 $
the difference is $ -
Difference
---
$
$ $
12,825,350
Available Actual
-$ 1,347,876 $ -$
-
Net Lesser of
Authorized /
1,525,000 - - - $
- - - 2,780,360 $ - -
- 1,561,641 $ - - - 1,294,118 $
- - - 3,962,028 $ -
- - 1,605,884 $ 536,437 - -
- $ 122,741 - - - $
- - - 274,384 $ 17,975 -
- - $ 10,208 - - - $
20,648 - - - $ 60,000
- - - $ 40,000 - -
- $ 30,000 - - - $
Non-Admin
- - - - $
---
R
$
distributed + all other
$ -
(ROPS 13-14A
available as of
Available
07/1/13)
RPTTF
$
Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 14-15A (July through December 2014) period will be offset b
150,000 31,604 - - -
79,000 20,511 - -
Authorized Actual Authorized Actual Authorized Actual Authorized
12,826,291
16,902 990 - -
-
Bond ProceedsReserve BalanceOther Funds
$
1 1994 Tax Allocation - - 2 1998 Tax Allocation -
- 10 Bond Holder Fees - -
$ -
---
ROPS 13-14A Successor Agency (SA) Self-reported Prior Period Adjustments (PPA):
$
Non-RPTTF Expenditures
$ -
$ -
the county auditor-controller (CAC) and the State Controller.
$ 53,105
2,608,911
Agreement for future
3 2001 Tax Allocation 4 2002 Tax Allocation 5 2003 Tax Allocation 6 2004 Tax Allocation 7 2011 Tax Allocation
8 2011 Tax Allocation
Partners Disposition Partners Disposition
ttt
17 Washington Street 18 Washington Street
9 Annual Continuing
Debt Obligation
11 SilverRock Resort
Washington Street Washington Street Washington Street Washington Street Washington Street
Project Name / 21 Water and Sewer
SilverRock Resort
and Development and Development
Bonds - Tax ExemBonds - Tax ExemBonds - Tax Exem
Bonds - Taxable Bonds - Taxable Bonds - Taxable Improvements & Improvements & Improvements & Improvements & Improvements &
Apartments Site Apartments Site Apartments Site Apartments Site Apartments Site 19 Coral Mountain 20 Coral Mountain
12 Construction of 13 Construction of 14 Construction of 15 Construction of 16 Construction of
development at
22 Administrative
RehabilitationRehabilitationRehabilitationRehabilitationRehabilitationRehabilitationRehabilitation
Infrastructure
ppp
reementreement
StatementsApartmentsApartments
Disclosure
llowance
ectectectectectectect
ProProProProProProPro
AgAg
A
jjjjjjj
Item #
he loans were $41,378,966. The
arket. The Department of Finance
l Development to rehabilitate and
The DOF determined that City/RDA loans that were repaid in March and April of 2011 must be returned to the Successor Agency. T
The funding source for this project is the 2011 Bond proceeds for a written commitment to the US Department of Agriculture-Rura
These bonds were issued to refund the 1998, 2001, 2002, 2003 TAB's to take advantage of lower interest rates available in the m
Recognized Obligation Payment Schedule 14-15A - Notes
These are costs that will be disbursed to consultants to administer the long-range property management plan.
July 1, 2014 through December 31, 2014
These bonds were refunded on December 23, 2013 to take advantage of lower interest rates.
interest earned at the LAIF rate for the period February 2011 to June 2013 is $370,376.23.
construct improvements to the Washington Street Apartments affordable housing project.
reviewed and approved the refunding transaction.
Item #Notes/Comments
Lines 24-25
Lines 2-5
Line 12Line 27Line 28
SUPERSEDED
Februaary 19, 20114
OVERSIGHHT BOARD MMEETING DATTE:
AGGENDA CATTEGORY:
REESOLUTIONN OF THE OVERSIGHT
ITEM TITTLE:
BUUSINESS SESSSION:
BOARD OF THE SSUCCESSOOR AGENCCY TO THE LA
COONSENT CALENDAR:
QUINTA REDEVELOPMENT AGENCYY APPROVVING
THE SSUCCESSOOR AGENNCY ADDMINISTRAATIVE
STTUDY SESSION:
BUDGETT FOR THE PERIOD OOF JULY 2014 THROOUGH
DECEMBBER 2014
PUUBLIC HEARIING:
RECOMMENDED AACTION:
Adopt aa resolutionn approving the Succcessor Ageency Admiinistrative Budget forr the
period oof July 20114 through Decemberr 2014.
EXECUTTIVE SUMMMARY:
TThe La Quinta SSuccessor Agency (SA) addministers the former
RRedevelopmment AgenccxŬr vhmc,ddown activvities and tthe Oversigght Board ((OB).
AABx126 (Dissolution Act) provides for ann administrrative allowwance to ccarry
out these wwind-down activities (3% of thhe propertyy tax alloccation listed on
thhe Recognnized Obligation Paymment Scheedule subject to chaange basedd on
,
reeview and approval bby the Depaartment off Finance (DDOF)).
TThe Dissoluution Act requires the SA to prepare aan adminisstrative buudget
every six months.
OOnce the bbudget is aapproved bby the SA,, the OB iss required to review
and
approve it.
FISCAL IMPACT:
For the period ofJuly 20144 through Decemberr 2014, the propertyy tax allocaation
totals $$16,811,922. Threee percentt of this total is $$504,358 and the total
expecteed costs for the period are $5044,358.
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 207,358
Professional Contract
Services 267,000
Services 267,000
Supplies & Publications 4,000
Printing/Mailing/Advertising 1,000
Information Technology
Costs 8,000
Office & Equipment Costs 17,000
Total Administrative Costs 504,358
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).The detailed administrative budget for this time
period is included as Attachment 1.
Once the SA reviews and approves the administrative budget, the budget must be
reviewed and approved by the OB.
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
Nudqrhfgs An`qcŬr `ooqnu`k ne ` Rtbbdrrnq @fdmbxŬr `clhmhrsq`shud atcfds-
ALTERNATIVES:
As this is a requirement of the DOF, staff does not recommend an alternative.
Report prepared by: Patrick Griffin, Interim Finance Director
Report approved for submission by: Frank J. Spevacek, City Manager
Attachment: 1. Administrative Budget for July 2014 through December
2014
SUCCESSOR AGENCY/OVERSIGHT BOARDJULY - DECEMBER 2014
ADMINISTRATIVE BUDGET
PERSONNEL
BASE SALARY & BENEFITS$173,200
Successor Agency Administration$134,735
Oversight Board Administration$60,600
SUPPLIES & SERVICES
CONTRACT SERVICES$421,000
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.
Audits as required by ABx1 26$15,000
League of California Cities Dues & Seminars/Webinars related to ABx1 26$2,000
Legal Services for Successor Agency$100,000
Consulting Services for Successor Agency$304,000
SUPPLIES AND PUBLICATIONS$4,000
This account provides for various office supplies and publications to be used
by SA and OB staff and board members
Successor Agency Supplies & Publications$2,500
Oversight Board Supplies & Publications$1,500
PRINTING/MAILING/ADVERTISING$1,000
This account provides for required mailings, agenda printing, and legal
$1,000
advertising
INFORMATION TECHNOLOGY$8,000
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
$5,500
required by ABx1 26
Computer Document Storage related to Successor Agency$2,000
On-Line Muni Code related to Successor Agency$500
OFFICE & EQUIPMENT
Office space rental and equipment usage in City Hall
$17,000
Rent
$15,000
Equipment
$2,000
TOTAL ADMINISTRATIVE BUDGET$624,200
FUNDING SOURCES
3% Administrative Allowance per ROPS 13-14B504,358$
Surplus/(Excess) administrative costs (119,842)$