OBRES 2016-001RESOLUTION NO.OB 2016 - 001
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE LA QUINTA REDEVELOPMENT
AGENCY ADOPTING RECOGNIZED OBLIGATION PAYMENT
SCHEDULE 16-17 FOR THE PERIOD OF JULY 1, 2016
THROUGH JUNE 30, 2017
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 SeMc .) ("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"), and on September 22, 2015, Senate
Bill 107 ("SB 107"), which, among other things, made certain revisions to certain of the
statutes added by ABx1 26; and all other bills that have amended ABx1 26, are
collectively referred to as the "redevelopment dissolution law" (Part 1.85 of Division 24
of the Health and Safety Code); and
WHEREAS, Health and Safety Code Section 34177 requires successor agencies
to prepare and adopt, on an annual basis, a "Recognized Obligation Payment
Resolution No. OB 2016-001
Recognized Obligation Payment Schedule — FY 2016/17
Adopted: January 20th, 2016
Page 2 of 3
Schedule" ("ROPS") that lists all obligations of the former redevelopment agency that
are enforceable within the meaning of subdivision (d) of Section 34171; and
WHEREAS, the Successor Agency has prepared and approved ROPS 16-17 for
the period of July 1, 2016 through June 30, 2017; 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. AP-proval of ROPS 16-17. 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 16-17 attached hereto as Exhibit A as the Recognized
Obligation Payment Schedule for the period of July 1, 2016 through June 30, 2017.
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 16-17 to the Department of Finance, State Controller, County Administrative
Officer, and County Auditor -Controller.
SECTION 4. Severabiltv.. 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 20th of
January 2016, by the following vote:
AYES: Henderson, Marshall, Maysels, Nelson
Resolution No. OB 2016-001
Recognized Obligation Payment Schedule — FY 2016/17
Adopted: January 201^, 2016
Page 3 of 3
NOES: None
ABSENT: Howell, Osborne, Novak
ABSTAIN: None /�qz / 2
PETERNELSON, Vice -Chairperson
Oversight Board of the Successor Agency to
the La Quinta Redevelopment Agency
ATTEST:
TERESA THOMPSON for Pam Nieto
Secretary to the Oversight Board
EXHIBIT A
Recognized Obligation Payment Schedule (ROPS 16-17) - Summary
Filed for the July 1, 2016 through June 30, 2017 Period
Successor Agency: La Quints
County: Riverside
Current Period Requested Funding for Enforceable Obli ations ROPS Detail
16-17A Total
16-17B Total
ROPS 16-17
Total
Enforceable Obligations Funded with Non -Redevelopment Property Tax Trust Fund (RPTTF) Funding
A
Sources (B+C+D):
$ 8,897,830
$ 100,000
$ 8,997,830
B
Bond Proceeds Funding
83897,830
100,000
8,997,830
C
Reserve Balance Funding
-
_
D
Other Funding
_
E
Enforceable Obligations Funded with RPTTF Funding (F+G):
$ 12,942,433
$ 7,780,288
$ 20,622,721
F
Non -Administrative Costs
12,717,433
7,655.288
20„372,721
G
Administrative Costs
125.000
125,000
250,000
H
Current Period Enforceable Obligations (A+E):
$ 21,740,263
$ 7,880,288
$ 29,620,551
Certification of Oversight Board Chairman:
Pursuant to Section 34177 (o) 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 successor
agency. W
Name
Signature
Title
Date
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La Quinta Recognized Obligation Payment Schedule (ROPS 16-17) - Report of Cash Balances
(Report Amounts in Whole Dollard
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 BOPS, 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 CASH BALANCE TIPS SHEET
A
B
I C
D
E
I F
G H
1
Fund Sources
Bond Proceeds _
Reserve Balance
Other
RPTTF
Prior ROPS
Prior ROPS
period balances
RPTTF
Bonds issued on
and DDR RPTTF
distributed as
Rent,
Non-Admin
or before
Bonds issued on
balances
reserve for future
grants,
and
Cash Balance Information by ROPS Period
1 12/31/10
orafterOl/01/11
retained
period($)
interest, etc.
Admin
Comments
BOPS 15.15A Actuals 07101115 - 12131115
1
Beginning Available Cash Balance (Actual 07101115)
9.0c2.329
27 979,947
690.238
1.177.136
125.927
2
Revenuelincome (Actual 12131/15)
RPTTF amounts should fie to the ROPS 15-16A distribution from the
County Auditor -Controller during June 2015
645
11,716,243
3
Expenditures for ROPS 15-16A Enforceable Obligations (Actual
12131115)
10.560
690.238
16,586
11,842-170
4
Retention of Available Cash Balance (Actual 12131/15)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
5
ROPS 15-16A RPTTF Balances Remaining
No entry required
6
Ending Actual Available Cash Balance
C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 - 5)
S 9.051,769
S 27,980.592
S
#
S 1,160.550
1 $
ROPS 15-16B Estimate 01101116-06130116 -
7
Available Cash Balance (Actual 01/011161
18aginning
(C, D, E. G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6)
5 9.051,769
S 27,980.592
$
$
$ 1..1601550
$
B
Revenue/income (Estimate 06130116)
RPTTF amounts should tie to the ROPS 15-16B distribution from the
County Auditor -Controller during January 2016
420.062
7,681,139
9
Expenditures for ROPS 15-16B Enforceable Obligations (Estimate
06130/16)
60.350
7.681.139
10
Retention of Available Cash Balance (Estimate 06130/16)
-
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
11
1 Ending Estimated Available Cash Balance (7 + 8 - 9 -10)
S 9,051.769
S 27.980,592
S
S
$ 1.520.262
$
La Quinta Recognized Obligation Payment Schedule (ROPS 16-17) - Notes July 1, 2016 through June 30, 2017
Item # Notes/Comments
12, 17, 18 These are projects funded by bond proceeds. The plan is to spend the amounts in column L during period 16-17A but depending on project and developer timelines,
& 28 some of these costs may extend over into period 16-17B.