2015 09 15 SAAgendas and staff reports are now
available on the City's web page:
www.la-quinta.org
SUCCESSOR AGENCY
To The La Quinta Redevelopment Agency
AGENDA
CITY HALL COUNCIL CHAMBERS
78-495 Calle Tampico, La Quinta
SPECIAL MEETING ON TUESDAY, SEPTEMBER 15, 2015 AT 4:00 P.M.
CALL TO ORDER
ROLL CALL:
Agency Members: Franklin, Osborne, Peha, Radi, Chairperson Evans
CLOSED SESSION - NONE
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA
At this time, members of the public may address the Successor Agency on any matter not
listed on the agenda. Please complete a "Request to Speak" form and limit your comments to
three minutes. The Successor Agency values your comments; however, in accordance with
State taw, no action shot[ be taken on any item not appearing on the agenda unless it is an
emergency item authorized by GC 54954.2(b).
CONFIRMATION OF AGENDA
ANNOUNCEMENTS, PRESENTATIONS AND WRITTEN COMMUNICATIONS - NONE
CONSENT CALENDAR
NOTE: Consent Calendar items are routine in nature and can be approved by one motion.
PAGE
1. APPROVE SPECIAL MINUTES OF FEBRUARY 17, 2015 4
2. ADOPT RESOLUTION APPROVING A RECOGNIZED OBLIGATION 6
PAYMENT SCHEDULE OF THE FORMER LA QUINTA REDEVELOPMENT
AGENCY FOR THE PERIOD OF JANUARY 1 THROUGH JUNE 30, 2016
[RESOLUTION SA 2015-031
Special SUCCESSOR AGENCY TO RDA AGENDA 1
SEPTEMBER 15, 2015
PAG E
3. ADOPT RESOLUTION APPROVING THE SUCCESSOR AGENCY 20
ADMINISTRATIVE BUDGET FOR THE PERIOD OF JANUARY 1
THROUGH JUNE 30, 2016 �RESOLUTION SA 2015-041
BUSINESS SESSION - NONE
STUDY SESSION - NONE
PUBLIC HEARINGS - NONE
DEPARTMENTAL REPORTS - NONE
CHAIR AND BOARD MEMBERS'ITEMS - NONE
REPORTS AND INFORMATIONAL ITEMS - NONE
ADJOURNMENT
For information about the next special meeting of the City as Successor Agency to the
Lo Quinto Redevelopment Agency, please contact the City Clerk's Office at 760-777-
7000.
DECLARATION OF POSTING
I, Teresa Thompson, Deputy City Clerk, of the City as Successor Agency to the Lo Quinto
Redevelopment Agency, do hereby declare that the foregoing agenda was posted near
the entrance to the Council Chambers at 78-495 Calle Tampico and on the bulletin
boards at the La Quinta Cove Post Office at 51-321 Avenida Bermudas and at the
Stater Brothers Supermarket at 78-630 Highway 111, on September 11, 2015
DATED: September 11, 2015
TERESA THOMPSON, Deputy City Clerk
Successor Agency to the
La Quinta Redevelopment Agency
Special SUCCESSOR AGENCY TO RDA AGENDA 2
SEPTEMBER 15, 2015
Public Notices
The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed
for the hearing impaired, please call the City Clerk's Office at 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 Successor Agency,
arrangement should be made in advance by contacting the City Clerk's Office at 777-7103. A
one (1) week notice is required.
If background material is to be presented to the Successor Agency during a meeting, please be
advised that eight (8) copies of all documents, exhibits, etc., must be supplied to the City Clerk
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 Successor Agency regarding any item
on this agenda will be made available for public inspection at the City Clerk counter at City Hall
located at 78-495 Calle Tampico, La Quinta, California, 92253, during normal business hours.
Special SUCCESSOR AGENCY TO RDA AGENDA 3
SEPTEMBER 15, 2015
SUCCESSOR AGENCY TO THE
LA QUINTA REDEVELOPMENT AGENCY
MINUTES
TUESDAY, FEBRUARY 17, 2015
A special meeting of the La Quinta City Council in their capacity as Successor Agency
to the La Quinta Redevelopment Agency ("SA") was called to order at 6:32 p.m. by
Chairperson Evans.
PRESENT: Agency Members Franklin, Osborne, Pei)a, Radi, Chair Evans
ABSENT: None
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA - None
CLOSED SESSION - None
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA - None
CONFIRMATION OF AGENDA - Confirmed
PRESENTATIONS- None
WRITTEN COMMUNICATIONS - None
CONSENT CALENDAR
1. APPROVE MINUTES OF OCTOBER 21, 2014
2. ADOPT RESOLUTION APPROVING A RECOGNIZED OBLIGATION PAYMENT
SCHEDULE OF THE FORMER LA QUINTA REDEVELOPMENT AGENCY FOR THE
PERIOD OF JULY 1 THROUGH DECEMBER 31, 2015 [RESOLUTION SA 2015-0011
3. ADOPT RESOLUTION APPROVING THE SUCCESSOR AGENCY ADMINISTRATIVE
BUDGET FOR THE PERIOD OF JULY 1 THROUGH DECEMBER 31, 2015
[RESOLUTION SA 2015-0021
MOTION - A motion was made and seconded by Agency Members Franklin/Radi to
approve the Consent Calendar as recommended with Item Nos. 2 and 3 adopting
Resolutions SA 2015-001 and SA 2015-002 respectively. Motion passed unanimously.
DEPARTMENT REPORTS -
BUSINESS SESSION -
STUDY SESSION -
None
None
None
ADJOURNMENT
There being no further business, it was moved and seconded by Agency Members
Radi/Pe�a to adjourn at 6:33 p.m. Motion passed unanimously.
Respectfully submitted,
SUSAN MAYSELS, Agency Secretary
CITY AS SUCCESSOR AGENCY TO RDA 1 FEBRUARY 17, 2015
4
C)ty of La Quinta
SILIOCESSOR AGENCY MEEFI NGI� September 15,2015
STAFF REPORT
AGENDATI TLE�� ADOPT I;ESOLUTI ON APPROVI NGA RECOGNI ZED OBLI GATI ON PAYMENT
SCHEDULE OF THE FORI\AER LA QUI NTA REDEVELOPMENT AGENCY FOR THE PER OD OF
JANUARY1 TOJUNE30,2016.
RECOM MEN DATI ON
Adopta Resolution approving a Recognized Obligation Payment Schedule for the period
of January 1 through June 30, 2016.
B(ECLJ-nVE 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 ROPSto 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 Obligationsthat must befuncled during the second half of Fiscal Year
2015/2016.
FI SCAL I M PACT
The Successor Agency requests DOF authorization to expend $9,588,068 from bond
proceeds, and an allocation of $7,951,877 of property tax revenue (F43TFF). The
$7,951,877of F47FFFfunding 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/ANALYES! S
The ROPS identifies the obligations of the form er RDA that the Successor Agency m ust
fund during the second six months of Fiscal Year 2015/2016. These obligations include
tax allocation bond debt service payments, third party contracts, administrative costsand
repayment of the Oty General Fund loan.
The FZOPSmust be submitted to the above -mentioned entities by October 5, 2015. If the
FZOPSis submitted late, the City will be subject to a civil fine of $10,000 per day. The DOF
then has 45 days to m ake its final cleterm ination regarding the enforceable obl igations,
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.
ALTERNA-n VES
As t h is is a req u i rem ent of t he DOF, staff does not recom m end an altern at ive.
Report prepared by: Rita Conrad, Finance Director
Report approved by: Frank J. Soevacek, Executive Director
RESOLUTION NO. SA 2015-
A RESOLUTION OF THE SUCCESSOR AGENCY TO THE LA
QU I NTA REDEVELOPMENT AGENCY ADOPTI NG
RECOGNIZED OBLIGATION PAYMENT SCHEDULE 15-16B
FORTHE PERIOD OF JANUARY 1, 2016 THROUGH JUNE 30,
2016
WHEREAS, the Oty Council of the Oty of La Quinta ("City Council" or "City," as
applicable) previously approved and adopted (i) the Redevelopment Ran for La Quinta
Project Area No. 1 ("Project Area No. 1" or "Project Area No. 1 Redevelopment Plan," as
applicable); and (ii) the Redevelopment Ran for La Quinta Redevelopment Project Area No.
2 ("Project Area No. 2" or "Project Area No. 2 Redevelopment Plan," as applicable); 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 ("ABxl 26") requiring that each
redevelopment agency be dissolved and Assembly BiR 27 ("ABxl 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 Cc)urt-1 and
WHEREAS, on December 29, 2011, the Court upheld ABx1 26 and struck down
Al3x1 27 as unconstitutional; and
WHEREAS, on January 2, 2012, the Oty Council adopted Oty Cc)uncil 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 26-1 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. SA 2015-
Adoption of Recognized Obligation Payment Schedule
Adopted: September 15, 2015
Page 2 of 3
WHEREAS, Successor Agency to
("Successor Agency") staff have prepared
2016 through June 30, 2016; and
the La Quinta Redevelopment Agency
ROPS 15-16B for the period of January 1,
WHEREAS, all other legal prerequisites to the adoption of this Resolution have
occu rred.
N OW TH EREFORE, BE I T RESOLVED, by t h e Su ccesso r Ag en cy t o t h e La Qu i n t a
Redevelopm ent 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 15-16B. In order to enable the Successor Agency to
strictly comply with ABx1 26, and based on the Recitals set forth above, the Successor
Agency hereby approves ROPS 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
ABx1 26.
SECT10N 3. Implementation. The Successor Agency hereby authorizes and directs
the Executive Director to submit ROPS 15-16B to the Oversight Board of the City as
Successor Agency to the La Quinta Redevelopment Agency (the "Oversight Board")
and, after approval by the Oversight Board, to submit a copy of the approved ROPS 15-
16B to the Department of Finance, State Cc)ntroller, Cc)unty Administrative Officer, and
County Auclitor-Controller.
SECTION 4. Severabjl�. 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 Successor Agency hereby declares that it would have adopted this
Resolution irrespective of the invalidity of any particular portion thereof.
SECTION 5. The Successor Agency Secretary shall certify to the adoption of this
Resolution.
PASSED, APPROVED, AND ADOPTED at the meeting of the Successor Agency to
the La Quinta Redevelopment Agency held this 15th of September 2015, by the
following vote-
M
Resolution No. SA 2015-
Adoption of Recognized Obligation Payment Schedule
Adopted: September 15, 2015
Page 3 of 3
AYES:
NOES:
ABSENT:
ABSTAI N:
LINDA EVANS, Chairperson
City of La Quinta Acting as %ccessor Agency
to the La Quinta Redevelopment Agency
ATTEST:
SUSAN MAYSELS, Secretary
City of La Quinta Acting as %ccessor
Agency to the La Quinta Redevelopment Agency
(AGENCY SEAL)
APPROVED AS TO FORM:
WILLI AM H. I HRKE, Counsel
City of La Quinta Acting as —%ccessor
Agency to the La Quinta Redevelopment Agency
Ire]
EXHI Ell 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
12
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
i
K
L
M
N
0
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
IN
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
IN
4,000
$ 4,000
Statements
disclosure reports per Federal
I
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
opment 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
IN
2,142,038
$ 2,142,038
Apartments Site Improvements &
on
Authority
Department of Agriculture -Rural
Rehabilitation Project
Development to rehabilitate &
construct improvements to
Washington Str et Apartments
15
Construction of Washington Street
Professional
7/3/2011
7/31/2016
Tall Man Group
Project & Construction Management
2
756,780
IN
100,000
$ 100,000
Apartments Site Improvements &
Services
for Washington Street Apartments Site
Rehabilitation Project
1
Improvements & Rehabilitation Project
1
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
1/11/2014
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
IN
512,740
$ 512,740
12/31/10
25
Advances from City General Fund
City/County Loans
1
6/30/1994
9/1/2030
City of La Quinta
Loans made from the General Fund to
33,777,113
IN
1,976,864
$ 1,976,864
approved for repayment by
On or Before
the former RDA
lOversight Board
6/27/11
27
2014 Bonds
Bonds Issued After
7/9/2014
9/1/2034
US Bank
Refund 2004 Bonds
99,986,750
IN
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
IN
6,575,792
$ 6,575,792
Services
support development
29
2014 Bonds requesting funding for
Bonds Issued After
7/9/2014
9/11/2034
US Bank
Refund 2004 Bonds - correction for
90,360
IN
90,360
$ 90,360
unfunded obligations due to certain
12/31/10
March 2015 debt service
circumstances
30
Administrative Allowance for ROPS
Admin Costs
1/11/2014
9/1/2039
City of La Quinta
Administrative Allowance per ABx1 26
1 and 2
492,335
IN
492,335
$ 492,335
14-15A requesting funding for
(3% of ROPS) for ROPS14-15A
unfunded obligations due to certain
insufficient tax increment
circumstances
13
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 otherfunding source is available orwhen 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
BondsIssued
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 - 06/30/15)
1
Beginning Available Cash Balance (Actual 01/01/15)
Bond Proceeds post 1 /1 /11 reduced $3,294,431
for bond reserve previously included in proceeds
in error. Cash balances Other & RPTTF updated
9,287,285
27,979,180
3,112,987
769,644
3,332,833
to better reflect actual activity.
2
Revenue/income (Actual 06/30/15)
RPTTF amounts should tie to the ROPS 14-15B distribution from the
County Auditor -Controller during January 2015
124,893
2,749,294
3
Expenditures for ROPS 14-15B Enforceable Obligations (Actual
06/30/15)
RPTTF amounts, H3 plus H4 should equal total reported actual
expenditures in the Report of PPA, Columns L and Q
2,422,749
5,836,841
4
Retention of Available Cash Balance (Actual 06/30/15)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
5
ROPS 14-15B RPTTF Prior Period Adjustment
RPTTF amount should tie to the self -reported ROPS 14-15B PPA in the
No entry required
Report of PPA, Column S
18,280
6
Ending Actual Available Cash Balance
C to G = (1 + 2 - 3 - 4), H = (I + 2 - 3 - 4 - 5)
1$ 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 07/01/15)
(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 June 2015
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)
14
La Quinta Recognized Obligation Payment Schedule (ROPS 15-16B) - Report of Prior Period AdiUStME
Reported for the ROPS 14-15B (January 1, 2015 through June 30, 2015) Period Pursuant to Health and Safety Code (H11
(ReDort 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 K L M I N 1 0 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
BondHolderFees
-
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
$ 6,740
15,140 $ 15,140
$ 11,540
$ 11,540
15
La Quinta Recognized Obligation Payment Schedule (ROPS 15-16B) - Report of Prior Period AdiUStME
Reported for the ROPS 14-15B (January 1, 2015 through June 30, 2015) Period Pursuant to Health and Safety Code (H11
(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
0
P
0
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
01/11/15)
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
I Project
1
1
18
Washington Street
30,000
$
$
$
Apartments
Rehabilitation
Project
19
Coral Mountain
16,902
$
$
$
Partners Disposition
and Development
JAgreement
1
1
20
Coral Mountain
30,000
$
$
$
Partners Disposition
and Development
Agreement
21
Water and Sewer
$
$
$
Agreement for future
development at
JSilverRock
1
1
22
Administrative
$ -
$
$
Allowance
23
SeriesA2013
1,122,337
1,122,337
1,095,969
1,095,969
$ 1,095,969
1,095,969
$
$
TARB
I
24
Series B 2013
519,271
519,271
$ 519,271
519,271
$
$
TARB
I
16
La Quinta Recognized Obligation Payment Schedule (ROPS 15-16B) - Report of Prior Period AdiUStME
Reported for the ROPS 14-15B (January 1, 2015 through June 30, 2015) Period Pursuant to Health and Safety Code (H11
(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
0
P
0
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
01/11/15)
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
25
Advances from City
-
-
1,797,725
1,797,725
$ 1,797,725
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
1,901,618
$ 1,901,618
1,991,978
$
$
28
SilverRock
602,000
$ -
$
$
I Infrastructure
I
I
I
I
I
I
I
I
I
I
I
In
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
M
IH
Oty of La Quinta
SUCCESSOR AGENCY MFFTl NG- September 15, 2015
STAFF REPORT
AGENDA Tl TLE- ADOPT RESOLUTION APPROVING THE SUCCESSOR AGENCY
ADMI NI STRATIVE BUDGET FORTHE PER OD OF JANUARY 1 THROUGH JUNE 30,2016
RECOM MEN DATI ON
Adopt a resolution approving theSuccessor 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) holds approval
authority over SA actions.
ABx1 26 (Dissolution Act) provides for an administrative allowance to carry out
these wind -down activities, which may not exceed three percent of the property
tax allocation listed on the Recognized Obligation Payment Schedule, subject to
change based on review and approval by the Department of Finance (DOF).
The Dissolution Act requires the SA to prepare an administrative budget every six
months.
Once the budget is approved by the SA, the OBis required to review and approve it.
Fl 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.
BACKGROUND/ANALY,q 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:
20
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 prof essi on a I contract services.
Personnel costs are related to My staff time required to manage SA affairs. Thecontract
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 Dissolution Act does not require administrative budgetsto be submitted to the DOF
the DOF does review the actions of oversight boards the day after the oversight board
meeting takes place. Therefore, the DOF may question an oversight board's approval of a
successor agency's administrative budget.
ALTEMNATIVES
As this is a requirement of the DOF, staff does not recorn m end an alternative.
Report prepared by: Rita Cc)nrad, Finance Director
Report approved by: Frank J. SJ)evacek, Executive Director
21
RESOLUTION NO. SA 2015-
A RESOLUTI ON OF THE C1 TY OF LA QUI NTA ACTI NG AS
THE SUCCESSOR AGENCY TO LA QUI NTA REDEVELOPMENT
AGENCY APPROVING THE SUCCESSOR AGENCY
ADMI NI STRATI VE BUDGET FOR THE PERI OD OF JANUARY
1, 2016 THROUGH JUNE 30, 2016.
WHEREAS� the City Council of the City of La Quinta ("City Council" or "Oty," as
applicable) elected to act as the Successor Agency and 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 F;bdevelopment Ran and the Project Area No. 2 Redevelopment Ran
(collectively, the "Redevelopment Plans") pursuant to the provisions of the California
ODmmunity 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 Gc)vernor 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 ODurt by the California Redevelopment
Association, the League of California C)ties, 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.
NOW THEREFOW BE IT RESOLVED, by Oty of La Quinta Acting as the Successor
Agency to La Quinta Redevelopment Agency, does hereby resolve as follows-
22
Resolution No. SA 2015-
Adoption of SA Administrative Budget
Adopted: September 15, 2015
Page 2 of 3
SECT1 ON 1 . Recitals. The Recitals set forth above are true and correct and incorporated
herein by reference.
SECT10N 2. Approval of Administrative Budget. The Successor Agency hereby approves
the Administrative Budget, which Administrative Budget is attached hereto as Exhibit A.
SEC11 ON 3. Se ve r a b Liri t esolution or the application thereof to
y. If any provision of this P
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 Successor
Agency hereby declares that it would have adopted this Resolution irrespective of the
invalidity of any particular portion thereof.
SECTI ON 4. The Successor Agency Secretary shall certify to the adoption of this
Resolution.
PASSED, APPROVED, AND ADOPTED at the meeting of the City of La Quinta Acting
as the Successor Agency to La Quinta Redevelopment Agency held this 15th day of
September, 2015, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAII N:
LINDA EVANS, Chairperson
City of La Quinta Acting as Successor Agency
to the La Quinta Redevelopment Agency
ATTEST:
SUSAN MAYSELS, Secretary
City of La Quinta Acting as Successor
Agency to the La Quinta Redevelopment Agency
(AGENCY SEAL)
23
Resolution No. SA 2015-
Adoption of SA Administrative Budget
Adopted: September 15, 2015
Page 3 of 3
APPROVED AS TO FORM:
WILLI AM H. I HRKE, Counsel
City of La Quinta Acting as Successor
Agency to the La Quinta Redevelopment Agency
24
25
EXHI 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
Excess Administrative costs
$7,000
$221,123
$221,123
$221,123
$0
26
27