2015 09 16 OBSepf�Gl�LrGv
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 Wednesda.y, September 16, 2015 at 2:00 p.m.
CALL TO ORDER
Roll Call:
Board Members: Henderson, Howell, Marshall, Maysels, Nelson, Novak, Chair Osborne
PLEDGE OF ALLEGIANCE
PUBLIC COMMENT
This is the time set aside for public comment on any matter not listed on the agenda.
Please complete a "Request to Speak" form and limit your comments to three minutes.
When addressing the Oversight Board, please state your name and address.
CONFIRMATION OF AGENDA
PRESENTATIONS - NONE
WRITTEN COMMUNICATIONS - NONE
CONSENT ITEMS
1. MINUTES OF FEBRUARY 18, 2015
BUSINESS ITEMS
1. ADOPT RESOLUTION APPROVING THE RECOGNIZED OBLIGATION PAYMENT
SCHEDULE FOR THE PERIOD OF JANUARY 1 THROUGH JUNE 30, 2016.
(Resolution No. OB 2015-003)
2. ADOPT RESOLUTION APPROVING SUCCESSOR AGENCY ADMINISTRATIVE BUDGET
FOR JANUARY 1 THROUGH JUNE 30, 2016 (Resolution No. OB 2015-004 )
STUDY SESSION - NONE
REPORTS AND INFORMATIONAL ITEMS - NONE
CHAIR AND BOARD MEMBERS' ITEMS
EXECUTIVE DIRECTOR ITEMS
1. VERBAL UPDATE ON SUCCESSOR AGENCY MATTERS
ADJOURNMENT
The next regular meeting of the Oversight Board will be held on October 7, 2015
commencing at 2:00 p.m. at the La Quinta City Hall Council Chambers, 78-495 Calle
Tampico, La Quinta, CA 92253.
DECLARATION OF POSTING
I, Pam Nieto, Oversight Board Secretary, of the City of La Quinta, do hereby declare that
the foregoing Agenda for the Oversight Board for Successor Agency to La Quinta
Redevelopment Agency meeting of September 16, 2015 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 September 11, 2015.
Dated: September 11, 2015
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 the City Clerk's office at (760) 777-7103, twenty-
four (24) hours in advance of the meeting and accommodations will be made.
If special electronic equipment is needed to make presentations to the Oversight Board,
arrangements should be made in advance by contacting the City Clerk's office at (760) 777-
7103. A one (1) week notice is required.
If background material is to be presented to the Oversight Board during a meeting, please be
advised the ten (10) copies of all documents, exhibits, etc., must be supplied to the Oversight
Board Secretary for distribution. It is requested that this take place prior to the beginning of
the meeting.
Any writings or documents provided to a majority of the Oversight Board regarding any item
on this agenda will be made available for public inspection at the City Clerk's counter at City
Hall located at 78-495 Calle Tampico, La Quinta, CA 92253, during normal business hours.
CONSENT ITEM #1
OVERSIGHT BOARD
OF THE SUCCESSOR AGENCY TO THE
LA QUINTA REDEVELOPMENT AGENCY
MINUTES
WEDNESDAY, FEBRUARY 18, 2015
A meeting of the Oversight Board of the Successor Agency to the La Quinta
Redevelopment Agency was called to order at 2:01 p.m. by Vice Chair Osborne.
PRESENT: Board Members Henderson, Howell,
Vice Chair Osborne,
ABSENT: Board Member Marshall
STAFF PRESENT: William Ihrke, City Attorney, Frank
Director of the Successor Agency
PUBLIC COMMENT - None
CONFIRMATION OF AGENDA - Confirmed
PRESENTATIONS - None
APPROVAL OF MINUTES
Maysels, Nelson, Novak,
J. Spevacek, Executive
Motion - A motion was made by Board Members Novak/Maysels to approve the
Oversight Board Minutes of September 17, 2014, as submitted. Motion passed,
with Henderson/Howell abstaining.
BUSINESS SESSION
1. A motion was made by Henderson/Maysels to elect Lee Osborne as the
Chairman of the Oversight Board. Motion passed unanimously. Board
Member Peter Nelson volunteered to be the Vice Chairman. Motion was
made by Osborne/Henderson. Motion passed unanimously
2. ADOPT RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR
AGENCY TO THE LA QUINTA REDEVELOPMENT AGENCY APPROVING A
RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE PERIOD OF
JULY 1 THROUGH DECEMBER 31, 2015 (Resolution No. OB 2015-001)
RESOLUTION 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
MOTION - A motion was made by Board Members Novak/Henderson to
adopt Resolution No. OB 2015-001. Motion passed 6 ayes, 0 noes, 1
absent.
3. ADOPT 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 1, 2015 THROUGH DECEMBER 31, 2015 (Resolution No. OB 2015-
002)
RESOLUTION NO. OB. 2015-002
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 1, 2015 THROUGH DECEMBER
31, 2015
MOTION - A motion was made by Board Members Howell/Maysels to adopt
Resolution No. OB 201 5-002. Motion passed 6 ayes, 0 noes, 1 absent
REPORTS AND INFORMATION ITEMS - None
ADJOURNMENT
There being no further business, it was moved by Board Members
Henderson/Howell to adjourn the meeting at 2:11 p.m. Motion passed
unanimously.
Respectfully submitted,
Pam Nieto
Oversight Board Secretary
OVERSIGHT BOARD MEETING 2 February 18, 2015
BUSINESS ITEM NO. 1
City of La Quinta
OVERSIGHT BOARD MEETING: September 16, 2015
STAFF REPORT
AGENDA TITLE® ADOPT RESOLUTION APPROVING THE RECOGNIZED OBLIGATION
PAYMENT SCHEDULE FOR THE PERIOD OF JANUARY 1 THROUGH JUNE 30, 2016.
RECOMMENDATION
Adopt a Resolution approving a Recognized Obligation Payment Schedule for the period
of January 1 through June 30, 2016.
EXECUTIVE SUMMARY
• A Recognized Obligation Payment Schedule (ROPS) identifies the obligations of the
former Redevelopment Agency (RDA) that must be paid.
• The Successor Agency to the former RDA must submit a ROPS to the Department
of Finance (DOF), State Controller's Office, the County Administrative Officer, and
the County Auditor -Controller every six months.
The attached ROPS (Exhibit A to the resolution) identifies $17,179,945 of
Enforceable Obligations that must be funded during the second half of Fiscal Year
2015/16.
FISCAL IMPACT
The Successor Agency requests DOF authorization to expend $9,588,068 from bond
proceeds, and an allocation of $7,951,877 of Redevelopment Property Tax Trust Fund
revenue (RPTTF). The $7,951,877of RPTTF funding would be allocated as follows: $221,123
for administrative expenses (for the six-month period), $1,976,864 to repay the City
General Fund loan and $5,393,890 is to pay bond interest and principal payments.
BACKGROUND/ANALYSIS
The ROPS identifies the obligations of the former RDA that the Successor Agency must
fund during the second six months of 2015/16. These obligations include tax allocation
bond debt service payments, third party contracts, administrative costs and repayment of
the City General Fund loan.
The ROPS must be submitted to the above -mentioned entities by October 5, 2015. If the
ROPS is submitted late, the City will be subject to a civil fine of $10,000 per day. The DOF
then has 45 days to make its final determination regarding the enforceable obligations,
the dollar amounts, and funding sources. Following the DOF final determination, the
Successor Agency has five business days to request additional DOF review and an
opportunity to meet and confer on disputed items.
ALTERNATIVES
As this is a requirement of the DOF, staff does not recommend an alternative.
Report prepared by: Rita Conrad, Finance Director
Report approved by: Frank J. Spevacek, Executive Director
RESOLUTI ON NO.OB 2015-
A RESOLUTI ON OF THE OVERSI GHT BOARD OF THE
SUCCESSOR AGENCY TO THE LA QUI NTA REDEVELOPMENT
AGENCY ADOPTING RECOGN I ZED OBLI GATI ON PAYM EN T
SCHEDULE 15-16 B FOR THE PERI OD OF JAN UARY 1, 2016
THROUGH JUNE 30, 2016
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 the 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 California Health and Safety Code; and
WHEREAS, the former La Quinta Redevelopment Agency ("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.) ("CRL"); and
WHEREAS, as part of the 2011/2012 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 adopted City Council Resolution
No. 2012-002, affirmatively electing to be the "successor agency" to the Agency; and
WHEREAS, on June 27, 2012, the California Legislature enacted, and the
Governor signed, Assembly Bill 1484 ("AB 1484"), which, among other things, made
certain revisions to certain of the statutes added by ABx1 26; and
WHEREAS, Health and Safety Code Section 34177 requires successor agencies
to prepare and adopt, on a semi-annual basis, a "Recognized Obligation Payment
Schedule" ("ROPS") that lists all obligations of the former redevelopment agency that
are enforceable within the meaning of subdivision (d) of Section 34171; and
Resolution No. OB 2015-
Adoption of Recognized Obligation Payment Schedule
Adopted: September 16, 2015
Page 2 of 3
WHEREAS, the Successor Agency has prepared and approved RODS 15-16B for
the period of January 1, 2016 through June 30, 2016; and
WHEREAS, all other legal prerequisites to the adoption of this Resolution have
occu rred .
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 RODS 15-16B. 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 RODS 15-16B attached hereto as Exhibit A as the Recognized
Obligation Payment Schedule for the period of January 1, 2016 through June 30,
2016. 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 15-16B 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.
SEC11ON 5. The Oversight Board Secretary shall certify to the adoption of this
Resolution.
PASSED, APPROVED, AND ADOPTED at the meeting of the Oversight Board to
the Successor Agency to the La Quinta Redevelopment Agency held this 16th of
September 2015, by the following vote:
Resolution No. OB 2015-
Adoption of Recognized Obligation Payment Schedule
Adopted: September 16, 2015
Page 3 of 3
AYES:
NOES:
ABSENT:
ABSTAI N :
LEE OSBORNE, Chairperson
Oversight Board of the Successor Agency to
the La Quinta Redevelopment Agency
ATTEST:
Pam Nieto
Oversight Board Secretary
DCH I BI T A
Recognized Obligation Payment Schedule (ROPS 15-1613) - Summary
Filed for the January 1, 2016 through June 30, 2016 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): $ 9,588,068
B Bond Proceeds Funding (ROPS Detail)
8,897,830
C Reserve Balance Funding (ROPS Detail)
690,238
D Other Funding (ROPS Detail)
-
E Enforceable Obligations Funded with RPTTF Funding (F+G):
$ 7,591,877
F Non -Administrative Costs (ROPS Detail)
7,370,754
G Administrative Costs (ROPS Detail)
221,123
H Total Current Period Enforceable Obligations (A+E):
$ 17,179,945
Successor Agency Self -Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
I Enforceable Obligations funded with RPTTF (E): 7,591,877
J Less Prior Period Adjustment (Report of Prior Period Adjustments Column S) (18,280)
K Adjusted Current Period RPTTF Requested Funding (I-J) $ 7,573,597
County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
L Enforceable Obligations funded with RPTTF (E): 7,591,877
M Less Prior Period Adjustment (Report of Prior Period Adjustments Column AA) -
N Adjusted Current Period RPTTF Requested Funding (L-M) 7,591,877
Certification of Oversight Board Chairman:
Pursuant to Section 34177 (m) of the Health and Safety code, I
hereby certify that the above is a true and accurate Recognized
Obligation Payment Schedule for the above named agency.
/s/
Name
Signature
Title
Date
La Quinta Recognized Obligation Payment Schedule (ROPS 15-16B) - ROPS Detail
January 1, 2016 through June 30, 2016
(Report Amounts in Whole Dollars)
A
B
c
D
E
F
G
H
I
J
K
L
M
N
O
P
Funding Source
Non -Redevelopment Property Tax Trust Fund
(Non-RPTTF)
RPTTF
Contract/Agreement
Contract/Agreement
Total Outstanding
Item #
Project Name / Debt Obligation
Obligation Type
Execution Date
Termination Date
Payee
Description/Project Scope
Project Area
Debt or Obligation
Retired
Bond Proceeds
Reserve Balance
Other Funds
Non-Admin
Admin
Six -Month Total
$ 414,359,357
$ 8,897,830
$ 690,238
$
$ 7,370,754
$ 221,123
-
$ 17,179,945
7
2011 Tax Allocation Bonds -
Bonds Issued After
7/3/2005
9/1/2036
US Bank
Bonds to fund promects
1 and 2
55,478,956
N
107,543
942,316
$ 1,049,859
8
2011 Tax Allocation Bonds -
Bonds Issued After
7/3/2005
9/1/2039
US Bank
Bonds to fund projects
1 and 2
14,642,053
N
235,353
$ 235,353
Taxable
12/31 /10
9
Annual Continuing Disclosure
Fees
1/17/2012
9/1/2039
Willdan Financial Services
Preparation of annual continuing
1 and 2
4,000
N
4,000
$ 4,000
Statements
disclosure reports per Federal
regulations
10
Bond Holder Fees
Fees
6/16/2005
9/1/2039
US Bank
Fees for holding administration and
1 and 2
4,000
N
4,000
$ 4,000
distribution of bond proceeds
11
SilverRock Infrastructure Design
Professional
8/16/2006
12/31/2014
RBF Consulting
Infrastructure design and engineering
1
742,543
Y
$ -
Services
to su ort develo ment of SilverRock
12
Construction of Washington Street
OPA/DDA/Constructi
10/1/2008
11/30/2032
La Quinta Housing
Written commitment to US
2
18,529,850
N
2,142,038
$ 2,142,038
Apartments Site Improvements &
on
Authority
Department of Agriculture -Rural
Rehabilitation Project
Development to rehabilitate &
construct improvements to
Washington Street Apartments
15
Construction of Washington Street
Professional
7/3/2011
7/31/2016
Tall Man Group
Project & Construction Management
2
756,780
N
100,000
$ 100,000
Apartments Site Improvements &
Services
for Washington Street Apartments Site
Rehabilitation Project
Improvements & Rehabilitation Project
17
Washington Street Apartments
Project Management
1/1/2014
9/1/2032
City of La Quinta
Project Management Costs - Staff
2
300,000
N
50,000
$ 50,000
Rehabilitation Project
Costs
Time, Non Personnel to administer
rehab of 72 affordable units and
addition of 24 senior units
18
Washington Street Apartments
Project Management
7/1/2012
7/1/2016
Rutan & Tucker
Project Management Costs - Legal
2
30,000
N
30,000
$ 30,000
Rehabilitation Project
Costs
21
Water and Sewer Agreement for
Improvement/Infrastr
6/11/2005
12/31/2020
Coachella Valley Water
Future infrastructure improvements
1
16,626,644
Y
$ -
future development at SilverRock
ucture
District
required for future development of
SilverRock by Domestic Water &
Sanitation System Installation and
Irrigation Agreement
22
Administrative Allowance
Admin Costs
1/1/2014
9/1/2039
City of La Quinta
Administrative Allowance per ABx1 26
1 and 2
221,123
N
221,123
$ 221,123
3% of ROPS
23
Series A 2013 TARB
Bonds Issued After
12/23/2013
9/1/2033
US Bank
Refund 1998, 2001, 2002, 2003 TABs
133,684,975
N
2,167,231
$ 2,167,231
12/31 /10
24
Series B 2013 TARB
Bonds Issued After
12/23/2013
9/1/2032
US Bank
Refund 1998, 2001, 2002, 2003 TABs
32,416,083
N
512,740
$ 512,740
12/31 /10
25
Advances from City General Fund
City/County Loans
6/30/1994
9/1/2030
City of La Quinta
Loans made from the General Fund to
33,777,113
N
1,976,864
$ 1,976,864
approved for repayment by
On or Before
the former RDA
Oversi ht Board
6/27/11
27
2014 Bonds
Bonds Issued After
7/9/2014
9/1/2034
US Bank
Refund 2004 Bonds
99,986,750
N
1,528,250
$ 1,528,250
12/31 /10
28
SilverRock Infrastructure
Professional
6/11/2005
12/31/2020
Various
Roadwork and improvements to
6,575,792
N
6,575,792
$ 6,575,792
Services
support development
29
2014 Bonds requesting funding for
Bonds Issued After
7/9/2014
9/1/2034
US Bank
Refund 2004 Bonds - correction for
90,360
N
90,360
$ 90,360
unfunded obligations due to certain
12/31/10
March 2015 debt service
circumstances
30
Administrative Allowance for ROPS
Admin Costs
1/1/2014
9/1/2039
City of La Quinta
Administrative Allowance per ABx1 26
1 and 2
492,335
N
492,335
$ 492,335
14-15A requesting funding for
(3% of ROPS) for ROPS14-15A
unfunded obligations due to certain
insufficient tax increment
circumstances
La Quinta Recognized Obligation Payment Schedule (ROPS 15-16B) - 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 [ INSERT URL LINK TO CASH BALANCE TIPS SHEET ]
A
B
C
D
E
I F
G
H
I
Fund Sources
Bond Proceeds
Reserve Balance
Other
RPTTF
Prior ROPS
Prior ROPS
period balances
RPTTF
Bonds Issued
Bonds Issued
and DDR RPTTF
distributed as
Rent,
Non-Admin
on or before
on or after
balances
reserve for future
Grants,
and
Cash Balance Information by ROPS Period
1 12/31/10
01/01/11
1 retained
period(s)
Interest, Etc.
Admin
Comments
ROPS 14-15B Actuals (01/01/15 - 06/30115)
1
Beginning Available Cash Balance (Actual 01/01115)
Bond Proceeds post 1/1/11 reduced $3,294,431
for bond reserve previously included in proceeds
in error. Cash balances Other & RPTTF updated
9,287,285
27,979,180
3,112,987
769,644
3,332,833
to better reflect actual activity.
2
Revenue/Income (Actual 06/30/15)
RPTTF amounts should tie to the ROPS 14-15B distribution from the
County Auditor -Controller during January 2015
124,893
2,749,294
3
Expenditures for ROPS 14-15B Enforceable Obligations (Actual
06/30/15)
RPTTF amounts, H3 plus H4 should equal total reported actual
expenditures in the Report of PPA, Columns L and Q
2,422,749
5,836,841
4
Retention of Available Cash Balance (Actual 06130/15)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
5
ROPS 14-15B RPTTF Prior Period Adjustment
RPTTF amount should tie to the self -reported ROPS 14-15B PPA in the
No entry required
Report of PPA, Column S
18,280
6
Ending Actual Available Cash Balance
C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 - 5)
$ 9,287,285
$ 27,979,180
$ 690,238
$
$ 894,537
$ 227,006
ROPS 15-16A Estimate (07/01/15 - 12/31/15)
7
Beginning Available Cash Balance (Actual 07/01115)
(C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6)
$ 9,287,285
$ 27,979,180
$ 690,238
$ -
$ 894,537
$ 245,286
8
Revenue/Income (Estimate 12/31/15)
RPTTF amounts should tie to the ROPS 14-15B distribution from the
County Auditor -Controller during June2015
11,716,243
9
Expenditures for ROPS 15-16A Enforceable Obligations (Estimate
12/31/15)
12,548,994
10
Retention of Available Cash Balance (Estimate 12131/15)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
11
Ending Estimated Available Cash Balance (7 + 8 - 9 -10)
$ 9,287,285
$ 27,979,180
$ 690,238
$ -
$ 894,537
$ (587,465)
La Quinta Recognized Obligation Payment Schedule (ROPS 15-16B) - Report of Prior Period AdjustmE
Reported for the ROPS 14-15B (January 1, 2015 through June 30, 2015) Period Pursuant to Health and Safety Code (H:
(Report Amounts in Whole Dollars)
ROPS 14-15B 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 14-15B (January
through June 2015) period. The amount of Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 15-16B (January through June 2016) period will be offset by the SA's self -reported ROPS 14-1513 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 State Controller.
A B c D I E I F G H I J K L M I N 1 O P Q R S
Non-RPTTF Expenditures RPTTF Expenditures
Bond Proceeds I Reserve Balance I Other Funds
Project Name /
Item #
Debt Obligation
Authorized
Actual
Authorized
Actual
Authorized
Actual
Authorized
$ 2,995,940
$ 226,668
$ 2,422,749
$ 2,422,749
$
$
$ 5,339,723
$
2
1998 Tax Allocation
-
-
-
3
2001 Tax Allocation
4
2002 Tax Allocation
Bonds - Tax Exempt
5
2003 Tax Allocation
Bonds - Taxable
6
2004 Tax Allocation
Bonds - Tax Exempt
7
2011 Tax Allocation
1,063,984
1,063,984
Bonds - Taxable
8
2011 Tax Allocation
236,428
236,428
-
Bonds - Taxable
9
Annual Continuing
-
10,000
Disclosure
Statements
10
Bond Holder Fees
-
15,140
11
SilverRock
25,000
209,315
-
Infrastructure
12
Construction of
2,142,038
Washington Street
Apartments Site
Improvements &
Rehabilitation
Project
13
Construction of
Washington Street
Apartments Site
Improvements &
Rehabilitation
Project
14
Construction of
Washington Street
Apartments Site
Improvements &
Rehabilitation
Non-Admin
Admin
Net SA Non-Admin
and Admin PPA
(Amount Used to
Offset ROPS 15-16B
Requested RPTTF)
Available
RPTTF
(ROPS 14-15B
stributed + all other
available as of
01/1/15)
Net Lesser of
Authorized /
Available
Actual
Difference
(If K is less than L,
the difference is
zero)
Authorized
Available
RPTTF
(ROPS 14-15B
distributed + all other
available as of
01/1/15)
Net Lesser of
Authorized /
Available
Actual
Difference
(If total actual
exceeds total
authorized, the
total difference is
zero)
Net Difference
(M+R)
5,339,723
$ 5,339,723
$ 5,411,803
$ 18,280
$ 425,038
$ 425,038
$ 425,038
$ 425,038
$ -
$ 18,280
10,000
1 $ 10,000
1 3,260
1 $ 6,7401
1
1
$ 6,740
15,140 $ 15,140
$ 11,540
$ 11,540
La Quinta Recognized Obligation Payment Schedule (ROPS 15-16B) - Report of Prior Period AdjustmE
Reported for the ROPS 14-15B (January 1, 2015 through June 30, 2015) Period Pursuant to Health and Safety Code (H:
(Report Amounts in Whole Dollars)
ROPS 14-15B 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 14-15B (January
through June 2015) period. The amount of Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 15-16B (January through June 2016) period will be offset by the SA's self -reported ROPS 14-1513 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 State Controller.
A
B
c
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
Non-RPTTF Expenditures
RPTTF Expenditures
Net SA Non-Admin
and Admin PPA
(Amount Used to
Offset ROPS 15-16B
Bond Proceeds
Reserve Balance
Other Funds
Non-Admin
Admin
Requested RPTTF)
Available
Available
Difference
RPTTF
RPTTF
(If total actual
(ROPS 14-15B
Difference
(ROPS 14-15B
exceeds total
distributed + all other
Net Lesser of
(If K is less than L,
distributed + all other
Net Lesser of
authorized, the
Project Name /
available as of
Authorized /
the difference is
available as of
Authorized /
total difference is
Net Difference
Item #
Debt Obligation
Authorized
Actual
Authorized
Actual
Authorized
Actual
Authorized
01/1/15)
Available
Actual
zero)
Authorized
01/1/15)
Available
Actual
zero)
(M+R)
$ 2,995,940
$ 226,668
$ 2,422,749
$ 2,422,749
$
$
$ 5,339,723
$ 5,339,723
$ 5,339,723
$ 5,411,803
$ 18,280
$ 425,038
$ 425,038
$ 425,038
$ 425,038
$
$ 18,280
15
Construction of
100,000
15,975
-
-
$ -
$ -
$ -
Washington Street
Apartments Site
Improvements &
Rehabilitation
Project
16
Construction of
$
$
$
Washington Street
Apartments Site
Improvements &
Rehabilitation
Project
17
Washington Street
50,000
1,378
$
$ -
$ -
Apartments
Rehabilitation
Project
18
Washington Street
30,000
$
$
$ -
Apartments
Rehabilitation
Project
19
Coral Mountain
16,902
$
$ -
$ -
Partners Disposition
and Development
Agreement
20
Coral Mountain
30,000
$
$
$ -
Partners Disposition
and Development
Agreement
21
Water and Sewer
$
$
$ -
Agreement for future
development at
SilverRock
22
Administrative
$ -
$
$ -
Allowance
23
SeriesA2013
1,122,337
1,122,337
1,095,969
1,095,969
$ 1,095,969
1,095,969
$
$
TARB
24
Series B 2013
519,271
519,271
$ 519,271
519,271
$
$ -
TARB
La Quinta Recognized Obligation Payment Schedule (ROPS 15-16B) - Report of Prior Period AdjustmE
Reported for the ROPS 14-15B (January 1, 2015 through June 30, 2015) Period Pursuant to Health and Safety Code (H:
(Report Amounts in Whole Dollars)
ROPS 14-15B 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 14-15B (January
through June 2015) period. The amount of Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 15-16B (January through June 2016) period will be offset by the SA's self -reported ROPS 14-1513 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 State Controller.
A B c D I E I F G H I J K L M I N 1 O P Q R S
Non-RPTTF Expenditures RPTTF Expenditures
Bond Proceeds I Reserve Balance I Other Funds
Project Name /
Item #
Debt Obligation
Authorized
Actual
Authorized
Actual
Authorized
Actual
Authorized
$ 2,995,940
$ 226,668
$ 2,422,749
$ 2,422,749
$
$
$ 5,339,723
25
Advances from City
-
-
1,797,725
General Fund
approved for
repayment by
Oversight Board
26
Long-range
Property
Management Plan
Implementation
Services
27
2014 Bonds
-
1,901,618
28
SilverRock
602,000
Infrastructure
Non-Admin
Admin
Net SA Non-Admin
and Admin PPA
(Amount Used to
Offset ROPS 15-16B
Requested RPTTF)
Available
Available
Difference
RPTTF
RPTTF
(If total actual
(ROPS 14-15B
Difference
(ROPS 14-15B
exceeds total
distributed + all other
Net Lesser of
(If K is less than L,
distributed + all other
Net Lesser of
authorized, the
available as of
Authorized /
the difference is
available as of
Authorized /
total difference is
Net Difference
01/1/15)
Available
Actual
zero)
Authorized
01/1/15)
Available
Actual
zero)
(M+R)
$ 425,038
$ 5,339,723
$ 5,339,723
$ 5,411,803
$ 18,280
$ 425,038
$ 425,038
$ 425,038
$ -
$ 18,280
1,797,725
$ 1,797,725
1,797,725
$ -
$ -
1,901,618 1 $ 1,901,618 1 1,991,978
La Quinta Recognized Obligation Payment Schedule (ROPS 15-16B) - Notes
January 1, 2016 through June 30, 2016
Item #
Notes/Comments
29
For ROPS period 14-15B a clerical error was made where the wrong amount was requested for the debt service for the 2014A bonds. The debt service amount
should have been $1,991,978 but only $1,901,618 was requested in error. The difference of $90,360 was made up for using other RPTTF available and now the City
is requesting funding from Agency Reserve for unfunded obligations due to certain circumstances to correct this error.
For ROPS period 14-15A there was insufficient tax increment to reimburse the City for the 3% admin cost allowance and the Tax Increment payment was reduced by
the full admin cost request of $492,335, the City is now requesting funding from Agency Reserve for this shortage as unfunded obligations due to certain
circumstances
30
BUSINESS ITEM NO. 2
Oty of La Quinta
OVEZSI GHT BOARD MEETI ING; September 16, 2015
AGENDATI TLE- ADOPT RESOLUTION APPROVI NGSUCCESSORAGENNCYADM IN I STRATI VE
BUDGET FOR JANUARY 1 THROUGH JUNE 30, 2016
RECOM MEN DATI ON
Adopt a resolution approving the Successor Agency Administrative Budget for the period
of January 1 through June 30, 2016.
EXECUTIVE SUMMARY
The La Quinta Successor Agency (SA) administers the former Redevelopment
Agency's wind -down activities and the Oversight Board (OB) must approve SA
actions.
ABx1 26 (Dissolution Act) authorizes an administrative allowance to carry out
wind -down activities; the allowance may not exceed three percent of the property
tax allocation listed on the Recognized Obligation Payment Schedule, subject to
review and approval by the Department of Finance (DOF).
TheABx1 26 requiresthe SAto prepare an administrative budget every six months.
Once the budget is approved by the SA, the OB is required to review and approve it.
FI SCAL I M PACT
For the period of January 1 through June 30, 2016, the property tax allocation for non -
administrative costs totals $7,370,754. Three percent of this total is $221,123 and the
total expected administrative costs for the period are $221,123.
BACKGROU N D/ ANALYSI S
ABx1 26 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 OBactivities:
Personnel Costs
Professional Costs
Supplies/Publications
Printing/Mailing/Advertising
Information Technology Costs
Office & Equipment Costs
Total Administrative Costs
$ 158,509
$ 42,550
$ 4,064
$ 1,000
$ 8,000
$ 7,000
$ 221,123
The two major cost components are personnel costs and professional contract services.
Personnel costs are related to My 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 Exhibit A to the
resolution. Once the SA reviews and approves the administrative budget, the budget
must be reviewed and approved by the OB.
While ABx1 26 does not require administrative budgets to be subm itted to the DOF, the
DOF does review the actions of oversight boards the day after the oversight board
meeting takes place. Therefore, the DOF may question an oversight board's approval of a
SA's administrative budget.
ALTEMNATI VES
As this is a requirement of the DOF, staff does not recommend an alternative.
Report prepared by: Rita Conrad, Finance Director
Report approved by: Frank J. Spevacek, Executive Director
RESOLUTION NO.OB 2015 - 004
A RESOLUTI ON OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE LA QU I NTA REDEVELOPMENT
AGENCY APPROVING THE SUCCESSOR AGENCY
ADM I NI STRATI V E BUDGET FOR THE PERI OD OF JAN UARY
1, 2016 THROUGH JUNE 30, 2016.
WHEREAS, the Oversight Board of the Successor Agency to the La Quinta
Redevelopment Agency ("Oversight Board" or "Successor Agency," as applicable) has been
established to direct the Successor Agency to take certain actions to wind down the affairs
of the former La Quinta Redevelopment Agency ("Agency") in accordance with the
California Health and Safety Code; and
WHEREAS, the Agency was engaged in activities to execute and implement the
Project Area No. 1 Redevelopment Plan and the Project Area No. 2 Redevelopment Plan
(collectively, the "Redevelopment Plans") pursuant to the provisions of the California
Community Redevelopment Law (Health and Safety Code § 33000, et seq.) ("CRL"); and
WHEREAS, as part of the 2011/2012 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 341770) requires each successor
agency to prepare a proposed administrative budget every six months setting forth the
successor agency's estimated administrative costs of carrying out the wind -down
activities of the former redevelopment agency, proposing sources of payment for such
estimated administrative costs, and proposing for arrangements for administrative and
operations services provided by a city, county and/or other entity; and
WHEREAS, the Successor Agency has prepared a proposed administrative budget
for the six-month period January 1, 2016 through June 30, 2016 (the "Administrative
Budget"); and
WHEREAS, all other legal prerequisites to the adoption of this Resolution have
occu rred .
Resolution No. OB2015-004
Adoption of SA Administrative Budget
Adopted: September 16, 2015
Page 2 of 2
NOW THEREFORE, BE IT RESOLVED the Oversight Board of the Successor Agency to
the 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.
SEC110N 2. Approval of Administrative Budget. The Oversight Board hereby approves
the Administrative Budget, which Administrative Budget is attached hereto as Exhibit A.
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.
SECII ON 4. The Oversight Board Secretary shall certify to the adoption of this Resolution.
PASSED, APPROVED, AND ADOPTED at the meeting of the Oversight Board held
this 16th day of September, 2015, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAI N :
LEE OSBORNE, Chairperson
Oversight Board of the Successor Agency to
the La Quinta Redevelopment Agency
ATTEST:
PAM NI ETO
Oversight Board Secretary
EXH I BI T A
SUCCESSOR AGENCY/OVERSIGHT BOARD January 1, 2016 to June 30, 2016
ADMINISTRATIVE BUDGET (Submitted on ROPS 15-16B)
PERSONNEL $158,509
Includes base salary plus benefits for Finance,
City Clerk, and City Manager's Office to administer
Successor Agency functions and to administer
Oversight Board support.
CONTRACT SERVICES
$42,550
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
$5,000
League of California Cities Dues & Seminars/Webinars related to ABx1 26
$1,950
Legal Services for Successor Agency
$25,000
Consulting Services for Successor Agency
$10,600
SUPPLIES AND PUBLICATIONS $4,064
This account provides for various office supplies and publications
to be used by SA and OB staff and board members
Successor Agency Supplies & Publications $2,564
Oversight Board Supplies & Publications $1,500
PRINTING/MAILING/ADVERTISING $1,000 $1,000
This account provides for required mailings, agenda printing,
and legal 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 required
by ABx1 26 $5,500
Computer Document Storage related to Successor Agency $2,000
On -Line Muni Code related to Successor Agency $500
OFFICE & EQUIPMENT
This account provides for office space rental and equipment
usage in City Hall
Rent $5,000
Equipment $2,000
TOTAL ADMINISTRATIVE BUDGET
FUNDING SOURCES:
Total Administrative Costs
3% Administrative Allowance per ROPS 15-16A
$7,000
$221,123
$221,123
$221,123
Excess Administrative costs $0