OBRES 2015-001RESOLUTION NO. OB 2015 - 001
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE LA QUINTA
REDEVELOPMENT AGENCY ADOPTING RECOGNIZED
OBLIGATION PAYMENT SCHEDULE 15-16A FOR THE
PERIOD OF JULY 1, 2015 THROUGH DECEMBER 31,
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 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
Resolution No. OB 2015-001
Adoption of Recognized Obligation Payment Schedule
Adopted: February 18, 2015
Page 2 of 3
Payment Schedule" ("ROPS") that lists all obligations of the former redevelopment
agency that are enforceable within the meaning of subdivision (d) of Section
34171; and
WHEREAS, the Successor Agency has prepared and approved ROPS 15-16A
for the period of July 1, 2015 through December 31, 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 BOPS 15-16A. 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 BOPS 15-16A attached hereto as Exhibit A as the
Recognized Obligation Payment Schedule for the period of July 1, 2015 through
December 31, 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 15-16A 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 2015-001
Adoption of Recognized Obligation Payment Schedule
Adopted: February 18, 2015
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 18th
day of February 2015, by the following vote:
AYES: Board Members Henderson, Howell, Maysels, Nelson, Novak and Chair
Osborne
NOES: None
ABSENT: Board Member Marshall
ABSTAIN: None
LEE BORNE , Chairperson
verslght Board of the Successor Agency
to the La Quinta Redevelopment Agency
ATTEST:
��
r - �\-�
Pam Nieto
Oversight Board Secretary
i EXHIBIT A
Recognized Obligation Payment Schedule (ROPS 15-16A) - Summary
Filed for the July 1, 2015 through December 31, 2015 Period
Name of Successor Agency:' La Quinta
Name of County: Riverside
_Current Period Requested Funding for Outstanding Debt or Obligation . Six -Month Total
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 (BOPS Detail)
G Administrative Costs (ROPS Detail)
H Current Period Enforceable Obligations (A+E),,
Successor
Prior
to
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 (1-J)
County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
L Enforceable Obligations funded with RPTTF (E): 12,548,994
M Less Prior Period Adjustment (Report of Prior Period Adjustments Cplumn'"AA) -
N Adjusted Current Period RPTTF Requested Funding (L-M) 12,548,994
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
Title
W
Signature Date
Recognized Obligation Payment Schedule (ROPS 15-16A) - ROPS Detail
July 1, 2015 through December 31, 2015
(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
•
Ncn-RPTTFI
RPTTF
Contract/Agreement
Contract/Agreement
Total Outstanding
Item ft
Project Name I Debt Obligation
Obligation Type
Execution Dale
Termination Date
Payee
Description/Project Scope
Project Area
Debt or Obligation
Retired
Band Proceeds
Reserve Balance
Other Funds
Non-Admin
Admin
Six -Month Total
S 425375'796
,':>"
Sr'-'2672038
,.. ..� '.:
.. � ,,.';.
'12183489
S �.. `36 50
7
201 Tax Allocatlon Bonds -Taxable
Bonds Issued After
71312005
9112036
US Bank
Bonds to fund projects
1 and 2
56,526,814
N
1,628,984
'^: 1,628,984
r 8
2011 Tax Allocation Bonds - Taxable
Bonds Issued After
7132005
9/12039
US Bank
Bonds to fund projects
1 and 2
14,877,400
N
276.428
E; 276;428
12/31/10
9
Annual Continuing Disclosure
Fees
1/172012
9/12039
Wllldan Financial Servicea
Preparation of annual continuing
1 and 2
60,000
N
$�
Statements
disclosure reports per Federal
regulations
10
Bond Holder Fees
Fees
6/162005
9/1/2039
US Bank
Fees for holding administration and
1 and 2
15,140
N
$'
distribution of bond proceeds
-.' ^'
>.' 11
SiIverRock Infrastructure Design
Professional
8/16/2006
1213112014
RBF Consulting
Infrastructure design and engineering
1
742,543
N
350,000
' $ 350;000
Services
to support development of SiIverRock
'
-12
Construction of Washington Street
OPA/DDAJConstructi
10/12008
11/302032
La Quints Housing Authority
Written commitment to US Department
2
18,529.580
N
2,142,038
:: $ : :: '= 2,142038
'
Apartments Site Improvements &
on
-
of Agriculture -Rural Development to
-
Rehabilitation Project
rehabilitate & construct Improvements
to Washington Street Apartments
. -13
Construction of Washington Street
Professional
7132011
7131/2015
Aftum Group
Engineering for Washington Street
2
140,415
Y
$
Apartments Site Improvements &
Services
Apartments Site Improvements &
`
Rehabilitation Project
Rehabilitation Project
14
Construction of Washington Street
Property
7132011
7/312015
RGA Landscape
Landscaping for Washington Street
2
32,605
Y
$.'
Apartments Site Improvements &
Maintenance
Apartments Site Improvements &
_
Rehabilitation Project
Rehabilitation Project
'
15
Construction of Washington Street
Professional
7I3/2011
7/312015
Tall Man Group
Project B Construction Management
2
756,760
N
100,000
<$ a00i000
Apartments Site Improvements &
Services
for Washington Street Apartments Site
Rehabilitation Project
Improvements & Rehabilitation Project
-, 16
Construction of Washington Street
Professional
8/7/2011
7/312015
Studio E Architects
Architecture Services for Washington
2
228,373
Y
$._
Apartments Site Improvements &
Services
Street Apartments Site Improvements
Rehabilitation Project
& Rehabilitation Project
• 17
Washington Street Apartments
Project Management
1112014
9/12032
City of La Qulnta
Project Management Costs - Staff
2
300,000
N
50.000
.3.r S0,000
-
Rehabilitation Project
Costs
Time.Non Personnel to administer
rehab of 72 affordable units and
addition of 24 senior units
'18
Washington Street Apartments
Project Management
7112012
7/112015
Rutan&Tucker
Project Management Costs - Legal
2
30,000
N
30.000
25 .",,, 30,000
Rehabllitaticn Prc ea
Costs
21
Water and Serer Agreement for
Improvementllnfraslr
6/112005
12/312020
Coachella Valley Water
Future Infrastructure improvements
1
16,625,644
N
.. :'
future development at SiNerRock
ucture
District
required for future development of
SiNerRock by Domestic Water &
'
Sanitation System Installation and
_
Irrigation Areement
-. 22
Administrative Allowance
Admin Costs
111/2014
9/1/2039
City of La Qulnta
Administrative Allowance per ABxt 26
1 and 2
365,505
N
365,505
3% of ROPS
+, 23
Series A 2013 TARS
Bonds Issued After
12r232013
9112033
US Bank
Refund 1998, 2001, 2002. 2003 TABS
139,308,281
N
5,623,306
-S,623;306
12/31110
'... 24
Series 0 2013 TAR B
Bonds Issued After
121232013
9112032
US Bank
Refund 1998, 2001. 2002, 2003 TABS
33.800,353
N
1,384,271
`•$J. i 1'384;271
12131110
•�. 26
Advances from City General Fund
City/County Loans
6130/1994
9112030
City of La Quints
Loans made from the General Fund to
33,777,113
N
approved for repayment by
On or Before 627/11
the former RDA
Oversight Board
-�
k
22
2014 Bonds
Bonds Issued After •
7/912014
9/12034
US Bank
Refund 2004 Bonds
103,257,250
N
3,270,500
12131/10
Recognized Obligation Payment Schedule (ROPS 15.16A) - ROPS Detail
July 1, 2015 through December 31, 2015
(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
-
Nan-RPTTF
RPTTF
Contract7Agreement
Contract/Agreement
Total Outstanding
Item H
Project Name / Debt Obll ation
Obligation Type
Execution Date
Termination Date
Payee
Deecri tlon/Pre ect Scope
Pro ect Area
Debt or Obligation
Retired
Bond Proceeds
Reserve Balance
Other Funds
Non-Admin
Admin
6M-Month Total
.B
SII—Rock Infrastructure
Professional
services
6/7112005
12/31Y2020
Various
Roadwork and improvements to
supportdevelopment;/t
7,000,000
N
�`�zi
Recognized Obligation Payment Schedule (ROPS 15-16A) - Report of Cash Balances
trcepon Hmounis in vvnoie uwarsl
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:Hrad.dof.ca.gov/rad-
B
C•
G I H
Fund Sources
Bond"Froceeds :
Resenie; Balance V
Other "".
RPTTF
Prior ROPS
Prior ROPS
period balances
RPTTF
Bonds Issued on
and DDR RPTTF
distributed as
Rent,
Non-Admin
or before
Bonds Issued on
balances
reserve for future
Grants,
and
Cash Balance Information by ROPS Period
12/31/10
or after 01/01/11
retained
period(s)'
Interest, Etc.
Admin
Comments
ROPS 1415A Actuals' 07/01/14-12/31/14 ":
1
Beginning Available Cash Balance (Actual 07101/14)
10,932,027
31,274,803
3,590,876
18,826,467
2
Revenue/Income (Actual 12131/14)
RPTTF amounts should tie to the ROPS 14-15A distribution from the
County Auditor -Controller during June 2014
1,040
3
Expenditures for ROPS 14-15A Enforceable Obligations (Actual
12/31/14)
RPTTF amounts, H3 plus H4 should equal total reported actual
expenditures in the Report of PPA, Columns L and O
477,889
16,103,270
4
Retention of Available Cash Balance (Actual 12/31114)
RPTTF amount reteined should only include the amounts distributed as
reserve for future period(s)
5
ROPS.14-15A RPTTF Prior Period Adjustment
Q�
RPTTF amount should tie to the self -reported ROPS 14-15A PPA in the
�
{ 5s r
Na entry require
Report of PPA, Column S
_
�€
s
;125,927+
6
,Ending Actual AvailablerCashHalance '.
,
N
CfoG,.(�+2 3 4)?'H... (1+33 4=S)
$ ..:10,932,027h
1,040
$ e=.2,597;270
ROPS 14-15B Estimate 01/01/.15 - 06/30/15
7
Cash Balance (Actual 01101/15)
1136glfi'ningFAvailaible
$ ;.10' 932,02Z
$ °31 �274 803
�4 ' .3;1.12,987
8
Revenue/Income (Estimate 06130/15)
RPTTF amounts should tie to the ROPS 14-15B distribution from the
County Auditor -Controller during January 2015
2,749,294
9
Expenditures for ROPS 14-16B Enforceable Obligations (Estimate
06/30115)
2,422,749
5,539,456
10
Retention of Available Cash Balance (Estimate 06/30/16)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
'93
Recognized Obligation Payment Schedule (ROPS 15-16A) -Report of Prior Period Adjustments
Reported for the ROPS 14.15A (July 1, 2014 through December 31, 2014) Period Pursuant to Health and Safety Code (HSC) section 34186 (a)
(Report Amounts In Whole Dollars)
ROPS 14-15A 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 RODS 14-15A (July through December 2014) period. The amount of
Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 15.16A (July through December 2015) period will be offset by the SA's self -reported ROPS 14.15A prior period adjustment. HSC Section 34186 (a) also specifies that the prior period adjustments self -reported by SAS are subject to audit by the
county auditor -controller CAC and the Stale Controller.
A B C D E F Is H I J K L M N O P O R S
Non-RPTTF Expenditures RPTTF Expenditures
Net SA Non-Admin
and Ad In PPA
(Amount used to
Offset RDPS 15-16A
Bond Proceeds
Reserve Balance
Other Funds
Non-Admin
Admin
Requested RPTTF)
Available
Available
Difference
RPTTF
RPTTF
flf total actual
(ROPS 14-15A
Difference
(ROPE 14-15A
exceeds total
distributed+ all other
Net Lesser of
(If K Is less than L,
distributed+ all other
Net Lesser of
authorized, the
Project Name I
available as of
Authorized /
the difference Is
available as of
Authorized I
total difference Is
Net Difference
Item0
Debt Obligation
Authorized
Actual
Authorized
Actual
Authorized
Actual
Authorized
07/1/14)
Available
Actual
zero)
Authorized
- 0711114)
Available
Actual
zero)
(M-R)
$:+20,808,482
S_„�,844,755-3�1,f88.127•gS�'*<,477889-LS
.a;r�r
$, �-"�a4'•.+b
:16;441,546,
, 1b,J6t8M
$, 15,7�5 D08.
$•��b 625,381
$��`c 126,927;
S 492,3355
S
=n'%f+;,
477,889
$`•e. .:1.=
$'�, ,125,827
2
1998 Tax Allocation
.
$%>
3
2001 Tax Allocation
4
2002 Tax Allocation
Bonds -Tax Exempt
5
2003 Tax Allocation
_
$
g
g
Bonds -Taxable
, .a
6
2004 Tax Allocation
4,012,653
4.012,653
$ 4012653
4.012853
Bonds - Tax Exam t
£
7
2011 Tex Allocation
1.616,134
1.616,134
$ 1818134"
1,611 621
.S .: 4 513:
Bonds - Taxable
8
2011 Tax Allocation
1
1
277.803
277603
&.,.. '977503:.
27552a
I R' ,1 g]7i
a-.`•:9 .:.1 e]].
Washington Street
$
$.
'
$
Apartments Sita
Improvements&
Rehabilitation
_
Project
13
Censtrucbon of
$ f
$
$
WeStreet
Apartments Site
Improvements &
i
Rehabilitation
Project
S ry
q
14
Constriction of
WeStreet
_
_�
$ x.
$ _`
$
Apartments Site
-
5`,,
3,}.<x
..
Improvements &
,•_
Recognized Obligation Payment Schedule (ROPS 15-16A) -Report of Prior Period Adjustments
Reported for the ROPS 14.15A (July 1, 2014 through December 31, 2014) Period Pursuant to Health and Safety Code (HSC) section 34186 (a)
(Report Amounts in Whole Dollars)
zS 14-15A 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 14-15A (July through December 2014) period. The amount of
evelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 15-16A (July through December 2015) period will be offset by the SA's self -reported ROPS 14-15A prior period adjustment. HSC Section 34186 (a) also specifies that the prior period adjustments self -reported by SAs are subject to audit by the
ity auditor-cohtroller CAC and the State Controller.
A B C D E F O 'H I J K L M N O P O R $
Non-RPTTF Expenditures RPTTF Expenditures
Bold Proceeds Reserve Balance Other Funds Non-Admin
Available
RPTTF
(ROPS 14-ISA Difference
distributed+ all other Net Lesser of (If K Is less than L,
Project Name I available es of Authorized I the difference Is
hemp Debt O611nation Authorized Actual Authorized Actual Authorized Actual Authorized 0711114) Available Actual zero)
Street
Site
its 5
n
n of
Street
Silo
As 8
1
Net SA Non-Admin
and Admin PPA
(Amount Used to
Offset ROPS 15.16A
Available Difference
RPTTF (If total actual
(ROPS 14-15A exceeds total
distributed+allother Net Lesser of authorized, the
available as of Authorized / total difference Is Net Difference
07/1/141 Available Actual zero) fM+RI
Partners Dlsposhon
and Development
Agreement
z-••;
"
20
Carat Mountain
30,000
$
$
Partners Dispositlon
r
and Development
Agreement
21
Water and Sewer
1.700,000
1.644,755
$
$••
$ +.•
Agreement far futur e
development at
Silver Rock
22
Administrahve
Allowance
477,669
477,889
$
$, ;,
492,335
477,669
$ a
23
Series A 2013 11
7 xea yen I>
ann pan
¢ ..-a ae� non.
>
nnn ee>
a -... ..n cam•...
. - .,,.�,.,,
Recognized Obligation Payment Schedule (ROPS 1546A) • Report of Prior Period Adjustments
Reported for the ROPS 14.15A (July 1, 2014 through December 31, 2014) Period Pursuant to Health and Safety Code (HSC) section 34186 (a)
(Report Amounts In Whale Dollars
ROPS 14-15A Successor Agency (SA) Self -reported Prior Period Adjustments (PPA): Pursuant jd HSC Section 34186 (a), SAS are required to report the differences between their actual available funding and their actual expenditures for the ROPS 14-15A (July through December 2014) period. The amount of
Redevelopment Property Tex Trust Fund (RPTTF) approved for the ROPS 15-16A (July through December 2015) period will be offset by the SA's self -reported ROPS 14-15A prior period adjustment. HSC Section 34186 (a) also specifies that the prior period adjustments self -reported by SAS are subject to audit by the
county auditor -controller CAC and the Stale Controller. '
A
B
C D
E
F
G
N
I
J
K
L
M
N
O
P
O
R
S
Non-RPTTF Expenditures
RPTTF Expenditures
Not SA Non-Admin
and Admin PPA
(Amount Used to
Offset ROPS 15.16A
and Proceeds
Reserve Balance
Other Funds
Non-Admin
Admin
Requested RPTTF)
Available
Available
Difference
RPTTF
RPTTF
(lf total actual
(BOPS 14-15A
Difference
(ROPS 14.15A
..coeds total
distributed +e0 other
Net Lesser of
(If K Is less than L,
distributed. all other
Net Lesser of
authorized, the
Project Name I
a fl.ble es of
Authorized I
the difforenee Is
available as of
Authorized I
total difference Is
Net Difference
Item
Debt Obligation
Authorized
Actual
Authorized
Actual
Authorized
Actual
Authorized
0711/14)
Available
Aetual
zero)
Authorized
0711114)
Available
Actual
zero)
(M-R)
i0,6a6,482
S :...;a1,644,755
S:`a1,168,127�:5'-
477,989.
'$ ., ;:.--
$. , ;=.,
,S_�.16,441,546..
-
$ 15751,30a
$ - 15,751,308
.S^`-d 15625,381,
5-.. ,. 125r927T
$,,,492,335
$ -
:...Jjk, ;.=
477,859
S
24
Series B 2013
1,901,618
1,901,618
$ 190181a
189584
2
$ p 90341:
$,'�� 9,03 4,
TARB
25
Advances from City
690,238
690,238
General Fund
approved for
repayment by
Oversight Board
26
Long-range
Property
-
75.000
75,000
S 75000�
-
$„£ 750gB',
$�'` 1 75000�
Management Plan
--
Implementation
Service.
2 '
Recognized Obligation Payment Schedule (ROPS 15-16A) - Notes
July 1, 2015 through December 30, 2015
Item # I Notes/Comments