OBRES 2015-003RESOLUTION NO.OB 2015 - 003
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE LA QUINTA REDEVELOPMENT
AGENCY ADOPTING RECOGNIZED OBLIGATION PAYMENT
SCHEDULE 15-16B FOR THE PERIOD OF JANUARY 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 seg.) ("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 2015-003
Adoption of Recognized Obligation Payment Schedule
Adopted: September 16, 2015
Page 2 of 3
WHEREAS, the Successor Agency has prepared and approved ROPS 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
occurred.
NOW THEREFORE, BE IT RESOLVED, by the Oversight Board of the Successor
Agency to the La Quinta Redevelopment Agency, as follows:
SECTION 1. Recitals. The Recitals set forth above are true and correct and
incorporated herein by reference.
SECTION 2. Approval of ROPS 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 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
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.
SECTION 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 2015-003
Adoption of Recognized Obligation Payment Schedule
Adopted: September 16, 2015
Page 3 of 3
AYES: Board Members, Henderson, Howell, Marshall, Novak, Chair Osborne
NOES: None
ABSENT: Board Members Maysels, Nelson
ABSTAIN: None
LE BORNE, Chairperson
versight Board of the Successor Agency to
the La Quinta Redevelopment Agency
ATTEST:
Pam Nieto
Oversight Board Secretary
EXHIBIT A
Recognized Obligation Payment Schedule (ROPS 15-16B) - 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):
B Bond Proceeds Funding (ROPS Detail) 8897830
C Reserve Balance Funding (BOPS Detail) 690;238`
D Other Funding (ROPS Detail)
E Enforceable Obligations Funded with RPTTF Funding (F+G): $ 7591,87,7
F Non -Administrative Costs (ROPS Detail) 7,370 754
G Administrative Costs (ROPS Detail) 231,123`
H Total Current Period Enforceable Obligations (A+E): '$• '17179,945.
Successor Agency Self -Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
Enforceable Obligations funded with RPTTF (E): 7.59187.Z
J Less Prior Period Adjustment (Report of Prior Period Adjustments Column S) (18,280)
K Adjusted Current Period RPTTF Requested Funding (W) $ ° :7 073 59.7
Countv Auditor Controller Reported Prior Period Adiustment to Current Period RPTTF Reauested Fundin
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) 71591,877
Certification of Oversight Board Chairman: Lee Osborne 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 Name Title
Obligation Payment Schedule for the above named agency. �s� 1 n ';wtl(U I�
Date
La Quinta Recognized Obligation Payment Schedule (ROPS 15-168) - 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
0
P
Funding Sobrce
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
Oescri lion/Pro ect Scope
Project Area
Debt or Obligation
Retired
Bond Proceeds
Reserve Balance
Other Funds
Non-Admin
Admin
Six -Month Total
414,359,367
$ 8897,830
$ 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 projects ects
1 end 2
55 478 956
N
107,543
942 3 6
1,049,85
8
2011 Tax Allocation Bonds •
Bonds Issued After
7l3/2005
9/1/2039
US Bank
Bonds to fund projects
1 and 2
14,642.053
N
235,353
$ 235,35:
Taxable
12131/10
9
Annual Continuing Disclosure
Fees
1/17/2012
9l1/2039
Willdan Financial Services
Preparation of annual continuing
1 and 2
4,000
N
4,000
$ 4,00(
Statements
disclosure reports per Federal
regulations
10
Bond Holder Fees
Fees
6116/2005
9/112039
US Bank
Fees for holding administration and
1 and 2
4,000
N
4,000
$ 4,00(
distribution of bond proceeds
11
SilverRock Infrastructure Design
Professional
8/16/2006
12131/2014
RBF Consulting
Infrastructure design and engineering
1
742,543
Y
$
Services
to support development of SilverRock
12
Construction of Washington Street
OPA/DDA/Constructl
10/112008
11130/2032
La Quints Housing
Written commitment to US
2
18,529,850
N
2,142,038
$ 2,142,031
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
7/3112016
Tall Man Group
Project & Construction Management
2
756,780
N
100,000
_ $ 1OR01
Apartments Site Improvements &
Services
for Washington Street Apartments Site
Rehabilitation Project
Improvements & Rehabilitation Project
17
Washington Street Apartments
Project Management
111/2014
91112032
City of La Quinta
Project Management Costs - Staff
2
300,000
N
50,000
$ 50,001
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
71112016
Rutan & Tucker
Project Management Costs - Legal
2
3D,000
N
30,000
$ 30,001
Rehabilitation Project
Costs
21
Water and Sewer Agreement for
Improvementllntrastr
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
$ 221,12:
3% of ROPS
23
Series A 2013 TARS
Bonds Issued After
12/23/2013
9/1/2033
US Bank
Refund 1998, 2001, 2002, 2003 TABS
133.684,975
N
2,167,231
$ 2,167,23'
12131110
24
Series B 2013 TARS
Bonds Issued After
12/23/2013
9/1/2032
US Bank
Refund 1998, 2001, 2002, 2003 TABS
32,4%.083
N
512,740
$ 512,741
12131/10
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
$ - 1,976,86.
approved for repayment by
On or Before
the former RDA
Oversight Board
6127111
27
2014 Bonds
Bonds Issued After
719/2014
9/112034
US Bank
Refund 2004 Bonds
99.986,750
N
1,528,250
$ 1,528,25,
12/31I10
28
SilverRock Infrastructure
Professional
6/11/2005
12/31/2020
Various
Roadwork and improvements to
6,575,792
N
6,575,792
$ 6,575,79.
Services
support development
29
2014 Bonds requesting funding for
Bonds Issued After
7/912014
911/2034
US Bank
Refund 2004 Bonds - correction for
90,360
N
90,36D
$ 90,36
unfunded obligations due to certain
12131/10
March 2015 debt service
circumstances
30
Administrative Allowance for ROPS
Admin Costs
1/112014
9/1/2039
City of La Quinta
Administrative Allowance per ABx1 26
1 and 2
492,335
N
492,335
$- 492,33
14-15A requesting funding for
(3% of ROPS) for ROPS14.15A
unfunded obligations due to certain
Insufficient tax Increment
circumstances
La Quints Recognized Obligation Payment Schedule (ROPS 15-168) - Report of Cash Balances
Pursuant to Health and Safety Code section 34177 (1), Redevelopment Property Tax Trust Fund (RPTTF) maybe listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment
fromproperty tax revenues is required by an enforceable obligation. For tips how to complete the Re on of Cash Balances Form, see INS F_RT URL LINK TO CASH BALANCE TIPS SHEET
A
B
C D E F I G I H
I
Fund Sources
Bond Proceeds
Reserve Balance
Other
I RPTTF
Prior ROPS
Prior OPS
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
12/31/10
01101/11
retained
eriod s
Interest, Etc.
Admin
Comments
ROPS 14-16B Actuals 01101116.06130115
f
Beginning Available Cash Balance (Actual 01101/15)
Bond Proceeds post 1/1/1 t reduced $3.294,431
for bond reserve previously included in proceeds
In error. Cash balances Other & RPTTF updated
9,287,285
27,979,180
3,112,987
769,644
3,332,833
to better reflect actual activity.
2
Revenue/Income (Actual 06130/16)
RPTTF amounts should tie to the ROPS 14-15B distribution from the
County Auditor -Controller during January 2015
124,093
2,749,294
3
Expenditures for ROPS 14.16B Enforceable Obligations (Actual
06130/16)
RPTTF amounts, H3 plus H4 should equal total reported actual
expenditures In the Report of PPA, Columns L and Q
2,422 749
5.836,841
4
Retention of Avallable Cash Balance (Actual 06130115)
RPTTF amount retained should only Include the amounts distributed as
reserve for future periods)
6
ROPS 14-ISB RPTTF Prior Period Adjustment
RPTTF amount should tie to the self -reported ROPS 14.15E PPA in the
r
Report of PPA, Column S
tJo entry require(1 .
18,280.
6
Ending'Abtual Available Ceah Balance - - �'
�
"� - �"
�
-�
�
', ..,
C topa(1 a2 9 6(1 ♦2 3=4r6)
,5 .92g7,286,
5,... 27979180...$
690'218:'S
-
S:. 801637
f 227001i
RODS 16-16A Estimate 07101116- 12131/16
7
Beginnfdg Avallable CashsBalanee (Aelvaf07l01176)
(C D E G= f ii—I I yF4" ;anA H=61.+6 -
$-9;287,285
:$.. 27979180,.
$ .690'236.
$ . -
`5. 894,537.
:$243Y86'
8
Revenuelincome (Estimate 12131116)'
RPTTF amounts should tie to the ROPS 14.15B distribution from the
Coun Auditor-Cantrafler durin June 2015
11,716,243
9
Expenditures for ROPS 15.16A Enforceable Obligations (Estimate
12131116)
12,548,994
10
Retention of Avallable Cash Balance (Estimate 12/31/16)
RPTTF amount retained should only Include the amounts distributed as
reserve for future period(s)
11
Ending Estimated Available Cash Balance 17-8-9'-10) '
`- -'
•-
..
$ 9-287,2g6.:
$. 27,979,180.
$ 690,238'
S_ ...
�$' 894,537.
$. 687,466l
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 14-158 (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 14-15B prior period adjustment. HSC Section 34186 (a) also
specifies that the prior period adjustments self -re orI 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
N
O
P
Q
R
S
Non-RPTTF Expenditures
RPTTF Expenditures
Net SA Non -Adman
and Adman PPA
(Amount Used to
Offset ROPS 15.16E
Bond Proceeds
Reserve Balance
Other Funds
Non -Adman
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 I
available as of
Authorized I
the difference Is
available as of
Authorized I
total difference Is
Net Difference
Item N
Debt Obligation
Authorized
Actual
Authorized
Actual
Authorized
Actual
Authorized
01/1J,S)
Available
Actual
zero)
Authorized
0111I15)
Available
Actual
zero)
(M+R)
$ 2,995.940
$ 226.668
$ 2A22,749
$ 2,422,749
$ c
$ -
$ 5.339.723 .
$ 5;339,723
$ 5.339,723
$ 5,411,803
$ 18,280
$ 425,038
$ 425,038
$ 425,038
$ 425,038
$ -
$ 18,280
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
10,000
'$' 10,000
3,260
S 6740
$ 6,740
Disclosure
Statements
"
10
Bond Holder Fees
15140
15,140
$ 15140
3,600
$ 11;640
$ 11,540
11
SilverRock
25,000
209.315
$
$
$
Infrastructure
12
Construction of
2,142,038
-
$
$
�$ -
_
Washington Street
Apartments Site
Improvements 8
Rehabilitation
Project
13
Construction of
$ r
$
$
Washington Street
'
Apartments Site
Improvements 8
Rehabilitation
Project
14
Construction of
-
-
$,
`$ - -
$
Washington Street
Apartments Site
.
Improvements &
Rehabilitation
Project
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 (HE
(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 14-15B prior period adjustment. HSC Section 34186 (a) also
specifies that the prior period adjustments self -re orted b SAS are subject to audit b the countyauditor-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 -Adman
and Admin PPA
(Amount Used to
Offset ROPS 15.168
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 I
available as of
Authorized I
the difference Is
available as of
Authorized /
total difference Is
Net Difference
Item#
Debt Obligation
Authorized
Actual
Authorized
Actual
Authorized
Actual
Authorized
0111/15)
Available
Actual
zero)
Authorized
0111/15)
Available
Actual
zero)
(M+R)
$ 2,995,940
$ 226,668
$ 2,422,749
$ 2,422,749
$ -
$ -:.
$ 5,339,7213
$ 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 8
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
- -
SllverRock
22
Administrative
$ -
$ -- -
$
Allowance
23
Series A2013
1.122,337
1,122,337
1.095,969
1,095,969
$ 11095,969'
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 Cade (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 14-158 prior period adjustment. HSC Section 34186 (a) also
specifies that the prior period adjustments self -re orted b SAs are subject to audit b the count auditor -controller CAC and the State Controller.
A
B
C
D
E
I F
G
H
I
J
K
L
M
N
O
P
O
R
S
Non-RPTTF Expenditures
RPTTF Expenditures
Net SA Non -Adman
and Admin PPA
(Amount Used to
Offset ROPS 15-16B
Bond Proceeds
Reserve Balance
Other Funds
Non -Adman
Admin
Requested RPTTF)
Available
Available
Difference
RPTTF
RPTTF
(If total actual
(ROPS 14.15E
Difference
(BOPS 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 I
available as of
Authorized I
the difference Is
available as of
Authorized I
total difference is
Net Difference
Item p
Debt Obligation
Authorized
Actual
Authorized
Actual
Authorized
Actual
Authorized
01/1115)
Available
Actual
zero)
Authorized
01/1/15)
Available
Actual
zero)
(M+R)
S 2,995,940.4
$ 226.668
- $ 2,422,749.
S2,422,749.
$ -
:$ -,
' $ 5,339.723
$ 5,339,723
$ 5,339,723
$ 5,411,803
,.$ 18,280.
$ 425,03B
$ 425,038
$ 425,038
$ 425,033
$ -
3 18,280
.25
Advances from City
-
1,797,725
1,797,725
-$ 1,797i725
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
90
S' ��'.1 1 M,
1,991,978
$
28
SilverRock
602,000
Infrastructure
La Quinta Recognized Obligation Payment Schedule (BOPS 15-1613) - 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 $9.0,360 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.
30
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