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OBRES 2014-007RESOLUTION NO. OB 2014 - 007 A RESOLUTION OF. THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE LA QUINTA REDEVELOPMENT AGENCY ADOPTING RECOGNIZED OBLIGATION PAYMENT SCHEDULE 14-15B FOR THE PERIOD OF JANUARY 1, 2015 THROUGH JUNE 30, 2015 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 .seq.); 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, 201 1; 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 Resolution No. OB 2014-007 Adoption of Recognized Obligation Payment Schedule Adopted: September 17, 2014 Page 2 of 3 Payment Schedule ("BOPS") that lists all obligations of the former redevelopment agency that are enforceable within _the. meaning of subdivision (d) of Section 34171; and WHEREAS, the Successor Agency has prepared and approved BOPS 14-15B for the period of January 1, 2015 through June 30, 2015; 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 14-15B. 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 14-15B attached hereto as Exhibit A as the Recognized Obligation Payment Schedule for the period of January 1, 2015 through June 30, 2015. 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 14-15B 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 2014-007 Adoption of Recognized Obligation Payment Schedule Adopted: September 17, 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 17th day of September, 2014, by the following vote: AYES: Board Members Howell, Maysels, Novak, Osborne, Chair Pena NOES: None ABSENT: Board Members Marshall and Nelson ABSTAIN: None JOHN-PQJA, gairperson Oversight Board of the Successor Agency to the La Quinta Redevelopment Agency ATTEST: R= Qeo�ns-� Pam Nieto Oversight Board Secretary EXHIBIT A Recognized Obligation Payment Schedule (ROPS 14-1513) - Summary Filed for the January 1, 2015 through June 30, 2015 Period Name of Successor Agency: La Quinta Name of County: Riverside A B C D E F G H Enforceable Obligations Funded with Non -Redevelopment Property Tax Trust Fund (RPTTF) Funding Sources (B+C+D): Bond Proceeds Funding (ROPS Detail) Reserve Balance Funding (ROPS Detail) Other Funding (ROPS Detail) Enforceable Obligations Funded with RPTTF Funding (F+G): Non -Administrative Costs (ROPS Detail) Administrative Costs (ROPS Detail) Current Period Enforceable Obligations (A+E): Successor Agency Self -Reported Prior Period Adjustment to Current Period RPTTF I Enforceable Obligations funded with RPTTF (E): J Less Prior Period Adjustment (Report of Prior Period Adjustments Column S) K Adjusted Current Period RPTTF Requested Funding (ICJ) 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. Name Fundin Six -Month Total Title /s/ Signature Date Recognized Obligation Payment Schedule (ROPS 14-159) - ROPS Detail January 1, 2015 through June 30, 2015 (Report Amounts In Whole Do0e,.) A B C 0 E F G H 1 J K L M N O P Funding Source Non -Redevelopment Property Tax Trust Fund N -RPTrFj RPTTF Reserve ConDaeVAgreement Contm,VAg... ment Total Outstanding hem ii Project Name I Debt Obll allon Obll atlon Tyne Execution Data Termination Date Pa ee D... rl tlan/Pra act Scope Project Area Debt or OEII anon Retired Bond Proceeds Balanro Other Fund. Non -Adman Adman SIx•Monih Total 40 481'235- - '25781482 S J 14,167,917 3 425038- 1D374437 2 1998Tx ll—tha Bonds•Tax Bond. Issued On or 6I20Q005 9112033 US Bank Bonds to fund raises 1 and - N - - - 3 2001 Tax ADacallan Bonds - Tax Bands Issued On or 6R3/2005 9/112031 US Bank Bonds to fund projects 1 N - Exam t Before 12/31/10 42002Tax Allocation Bonds -Tax Bonds Issued On or 61242005 9/1R037 US Bank Bands to fund projects 1 N Exam t 8efore 12/31110 'S 2003 Tax Allocation Bontla- Taxable Bontla Issued On or 625I2005 91112032 US Bank Bonds to fund projects 7 N Before 12131110 a M4 Tax A9locat1on Bontls - Tax Bond.Issued Onor M61MS 9/112034 US Bank Bonds to fund projects 7and 2 N Exempt Before 12/31110 7 2011 Tax Allocation Bontls -Taxable Bontls Issued After 7IN200S 911/2036 US Bank Bonds to fund projects 7 and 2 58,157,793 N 1.616,134 1,616.134 12y31170 82011 Tax Allocation Bonds - Taxable Bonds Issued Alter 71312005 911/2039 US Bank Bonds to fund projects 7and 2 15,153.833 N 277,503 277,503 IM1110 9 Annual Continuing DlsclDsure Fee. 1/17/2012 911/2039 - Wilklm Financial Service. preparation of annual continuing 1 and 2 60,000 N 10,000 -- iD,f100 Statements di.d..ure reports per Federal ulalions -- '10 Bond Holder Fees Fees 6I76/2005 WIM39 US Bank Fees far holding adminisiratian and I and 2 15,140 N 15,140 15,140 distribution of bond roceeds 11 SiNerRock Infrastructure Design Prof e..larval Services 11116R006 12/312014 RBF Consufting Infrastructure design andengineering to 1 742,543 N 25.000 25,000 ort deveb mental SiNerRock " 12 Construction of Washington Sheet OPAIDOA/Conslrucli 70/7/2008 11/30I2032 La Qulnta Hauling Authority Wrl9an commitment to USDepartmenl 2 78,529,580 N 18,529,580 18,529,580 Apartment. Site Improvements It an of Agriculture -Rural Development to Rehabilitation Project rehabllitale 8 construct improvements to - Washington Street Apartment. 13 Construction of Washington Street Pefe.si.nel Services 7IN2011 7/31/2015 Aftum Group Engl... ring far Washington Street 2 140,415 N Apartments Site Improvement. S _ Apartments Site Improvements S Rehab Illation Project Rehab'flation Project -'-14 Construction of Washington Street Property Maintenance 7/312011 7I37/2015 RGA Landscape Landscaping for Washington Street 2 32,605 N - - Apartments SR, Improvements 8 Apartments Site Improvements S Rehab I tatlon Project Rehabilitation Project 15 Canatruchon of Washington Street Professional Services 7I31M11 7131MIS Tag Man Group Project 8 Construction Management for 2 756,78D N IOaDO0 . 700,000 Apartments Site Improvement, 8 Washington Street Apartments Site - Rehabilitation Project Improvements 8 Rehabilitation Project - 16 Construction of Washington Street Professional Services 8/7/2017 7/3112015 Studio E Architects Architecture Services far Washington 2 228,373 N '- Apartments Site Improvements 8 Street Apartments Slle Improvements 8 - Rehab btatlon Project Rehab titebon Project 17 Washington Street Apartments Project Management 7/7/2014 9/1/2032 City of La Quanta Project Management Casts - Staff Time, 2 30D,000 N 50,ODO ,::-0.000 '.RehabRRaCmn Project Casts Nan Personnel to administer rehab of 72 affordable units and sisa lon of 24 senior units 18 Washington Street Apartments Project Management 7/1R012 7/1/2015 Rutan B Tucker Project Management Costs - Legal 2 30.000 N 30,000 -." ': 3D,000 Rehabllilatlon Pro act Costs 19 Coral Mountain Partners Disposition Project Management 1/412011 1/1/2066 City of La Oulnta Project Management Costs - Staff Time 2 133,098 y 16,902 ,16,902 and Development Agreement Costs to administer development of 176-unit affordable a ertment. 20 Coral Mountain PeRnere Dlsposltion Project Management 7/1/2012 9112032 Rutan 8 Tucker Project Management Costs - Legal 2 30,000 V 30,000 3D,000 antl Develo mentA re meat Casts .:27 Water and Sewer Agreement far ImprovemenVlnfmslr 61112005 17/312020 Coachella Valley Water Future Infrastructure improvements 7 76,625,644 N -. future development at SilverRack "lure District required for future Development of SilverRack by Domestic Water 8 Sanitation System Installation and ' Imitation Areement 22 AdminislretHe Allar-raxi Adman Costs 11IM14 9I1R039 City of La Quint. AdmlNstrat'-All—ce per ABx126 1and 2 6,500,001) N 425,038 425,036 3% of ROPS 23 Series A 2013 TARE Bonds Issued After 12/23R013 911/2033 US Bank Refund 1898, 2601, 2002, 2.3 TABS 141,526,585 N 7,843,26D 7,843,260 IV31/f0 '.' 24 Series B M13 TARB Bonds Issued After 12121R013 9112032 US Bank Refund 1998, 2001, 2002.2003 TABS 34,319,624 N 1,901,618 1,901,618 72/37/f0 25 Advances from City General Fund City/County Loans 6KID/1994 9/112030 City of La Quint. Loans made ham the General Fund to 35,534,214 N 602,644 602.644 approved for repayment by Oversight On or Before 6127/11 the farmer RDA Board 26 Long-range Property Management Professional Services 9242013 613012014 Tell Man Group Appraisals and professional consulting 75,000 T Plan Implementation Services fees to administer the long-range meal plan 272014 Bonds Bonds Issued After 7MIM14 9/1R034 US Bank - Raw`12004 Bands 7and 2 65,600,000 N 1,901,618 1,D01,618 12131/10 11SilverRac1, lnlfasnuclure Professional Services611112005 17/3112020 Various Roadwork and Improvements to support 1 7,000,000 N 7,000,000 7AOD,000 di,viiiparrent 291N 30 N Recognized Obligation Payment Schedule (ROPS 14-15B) - Report of Cash Balances (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177 (1), 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. For tips on how to complete the Report of Cash Balances Form, see https://rad.dof.ca.gov/rad- sa/pdf/Cash Balance Agency Tips Sheet.pdf. A I B C D E F G H I Prior ROPS Prior ROI period balances RPTTF Bonds Issued Bonds Issued and DDR RPTTF distributed as Rent, Non-Admin on or before on or after balances reserve for Grants, and Cash Balance Information by ROPS Period 12/31/10 01/01/11 retained future period(s) Interest, Etc. Admin Comments ROPE 13-14B Adtbals"' 01/01114' - 06/30/14 _. 1 I Beginning Available Cash Balance (Actual 01/01/14) 2,568,830 31,279,316 30,918 6,880,787 2 Revenue/Income (Actual 06/30/14) RPTTF amounts should tie to the ROPS 13-14B distribution from the County Auditor -Controller during January 2014 81 526 42,228 20,011,681 Includes ROPS 14-15A $15.765,674 3 Expenditures for ROPS 13-14B Enforceable Obligations (Actual 06/30/14) RPTTF amounts, H3 plus H4 should equal total reported actual expenditures in the Report of PPA, Columns L and Q 1,430,540 4 Retention of Available Cash Balance (Actual 06/30/14) RPTTF amount retained should only include the amounts distributed for debt service reserve(s) approved in ROPS 13-14B 1,937,653 6 ROPS 13-14B RPTTF Prior Period Adjustment r RPTTF amount should tie to the self -reported ROPS 13-14B PPA in the No entry required Report of PPA, Column S $,015,467' 6 I Ending Actual Available Cash_Balance 000�aao©oo©a©©ooa000 Recognized Ohllgadon Payment Schedule (ROPS 14.15B( - Notes Jenne I n_ h_ ao Ms I-0 1 Nok.ICo.—.