OBRES 2017-002 ROPSRESOLUTION NO. OB 2017 - 002
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE LA QUINTA REDEVELOPMENT
AGENCY ADOPTING THE RECOGNIZED OBLIGATION
PAYMENT SCHEDULE 17-18 FOR THE PERIOD OF JULY 1,
2017 THROUGH JUNE 30, 2018
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"), 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 2017-002
Adoption of Recognized Obligation Payment Schedule
Adopted: January 18, 2017
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, Successor Agency to the La Quinta Redevelopment Agency
("Successor Agency") staff have prepared ROPS 17-18 for the period of July 1, 2017 to
June 30, 2018; 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 17-18. In order to enable the Successor Agency to
strictly comply with the redevelopment dissolution law, and based on the Recitals set
forth above, the Successor Agency hereby approves ROPS 17-18 attached hereto as
Exhibit A as the Recognized Obligation Payment Schedule for the period of July 1,
2017 through June 30, 2018. 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 the redevelopment dissolution law.
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 17-18 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 of
the Successor Agency to the La Quinta Redevelopment Agency held this 18th of
January 2017, by the following vote:
Resolution No. OB 2017-002
Adoption of Recognized Obligation Payment Schedule
Adopted: January 18, 2017
Page 3 of 3
AYES: Board Members Henderson, Marshall, Maysels, Novak, Chair Osborne
NOES: None
ABSENT: Board Members Howell and Nelson
ABSTAIN: None
ATTEST:
PAM NIETO
Oversight Board Secretary
Lee'•orne, Chairperson
ersight Board of the Successor Agency to La
Quinta Redevelopment Company
Recognized Obligation Payment Schedule (ROPS 17-18) - Summary
Filed for the July 1, 2017 through June 30, 2018 Period
Successor Agency: La Ouinta
County: Riverside
EXHIBIT A
17-18A Total 17-18B Total
Current Period Requested Funding for Enforceable Obligations (ROPS Detail) (July - December)
(January - June) ROPS 17-18 Total
A Enforceable Obligations Funded as Follows (B+C+D): S 35.387,485 S - $ 35,367,485
B Bond Proceeds 33,801,238 - 33,801,238
C Reserve Balance
D Other Funds 1,588,247 1,586,247
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G): S 11.765.650 $ 7.799.898 $ 19.568,548
F RPTTF 11,640,650 7,674,698 19,315,548
G Administrative RPTTF 125.000 125.000 250.000
H Current Period Enforceable Obligations (A+E): $ 47,133,138 S 7.799.898 S 54,933.033
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.
Susan Maysels, Board Member for Lee Osborne, Chairperson
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La Quinta Recognized Obligation Payment Schedule (ROPS 17-18) - Report of Cash Balances
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code Section 34177 (11, Redevelopment P operty Tax Trust Fund (RPTTF) may be listed as a source of pavnient 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 obEieation. For tips on how to complete the Report of Cash Balances Form. see Cash Balance Tips Sheet.
A
B
C
D
E
F
_ G
H
1
Cash Balance Information by ROPS Period
Fund Sources
Comments
Bond Proceeds
Reserve Balance
Other
RPTTF
Bonds issued on
or before
12/31/10
Bonds issued on
or after 01/01/11
Prior ROPS
period balances
and DDR RPTTF
balances
retained
Prior ROPS
RPTTF
distributed as
reserve for future
period(s)
Rent,
grants,
interest, etc.
Non -Admin
and
Admin
ROPS 15-16B Actuals 101/01116 - 06/30/161
1
Beginning Available Cash Balance (Actual 01/01/16)
9.051.389
27.980.719
1,527,830
18,280
2
Revenue/Income (Actual 06/30/16)
RPTTF amounts should tie to the ROPS 15-16B distribution from the
County Auditor -Controller during January 2016
772
38.417
7.681.139.
3
Expenditures for ROPS 15-16B Enforceable Obligations (Actual
06/30/16)
323,308
7.807,847
4
Retention of Available Cash Balance (Actual 06/30/16)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
5
ROPS 15-16B RPTTF Balances Remaining
No entry required
6
Ending Actual Available Cash Balance
CtoG=(1 +2-3-4), H=(1 +2-3-4-5)
$ 8,728,081
S 27.981.491
$ •
$ •
$ 1,566.247
$ (108,428)
La Quinta Recognized Obligation Payment Schedule (ROPS 17-18) - Notes July 1, 2017 through June 30, 2018
Item # Notes/Comments
1On 12-22-2016, the Successor Agency to the City of La Quinta issued $35.055.000 La Quinta Redevelopment Project Area No. 1 and 2. Subordinate Tax Allocation
7 i Refunding Bonds. 2016 Taxable Series A. A portion of the proceeds of the 2016 Bonds was used to refund and defease the outstanding 2011 Bonds.
On 12-22-2016. the Successor Agency to the City of La Quinta issued S35,055,000 La Quinta Redevelopment Project Area No. 1 and 2, Subordinate Tax Allocation
6 Refunding Bonds, 2016 Taxable Series A. A portion of the proceeds of the 2016 Bonds was used to refund and defease the outstanding 2011 Bonds.
9 An increase of 51.500 is reflected for additional annual reporting as required under SB 1029,
As outlined in SB 107 the City is recognizing the outstanding principal and interest on an approved Advance from the City General Fund. Interest is being calculated at
3% simple interest on the quarterly basis starting with the balance as of July 1, 2014. The City is not seeking reimbursement of outstanding interest at this time but
25 rather a recognition of such interest for future repayments after principal.
As approved by DOF on 9-12-2016; on 12-22-2016, the Successor Agency to the City of La Quinta issued $35,055,000 La Quinta Redevelopment Project Area No. 1
and 2, Subordinate Tax Allocation Refunding Bonds, 2016 Taxable Series A. Debt service payments are due on March 1st and September 1st of each year until
31 maturity on 9-1-2039.
As approved by DOF on August 23, 2016 and the Oversight Board on July 6, 2016; the City of La Quinta, the La Quinta Housing Authority, and the Successor Agency
to the City of La Quinta Redevelopment Agency have entered into a bond expenditure agreement to expend excess bond proceeds. This portion represents Non-
32 Housing proceeds.
As approved by DOF on August 23, 2016 and the Oversight Board on July 6, 2016; the City of La Quinta, the La Quinta Housing Authority, and the Successor Agency
to the City of La Quinta Redevelopment Agency have entered into a bond expenditure agreement to expend excess bond proceeds. This portion represents Housing
331proceeds.
l
Successor Agency: La QuintaCounty:RiversideCurrent Period Requested Funding for Enforceable Obligations (ROPS Detail) 17-18A Total(July - December) 17-18B Total(January - June) ROPS 17-18 Total A35,367,485$ -$ 35,367,485$ B33,801,238 - 33,801,238 C- - - D1,566,247 - 1,566,247 E11,052,500$ 7,799,898$ 18,852,398$ F10,927,500 7,674,898 18,602,398 G125,000 125,000 250,000 H Current Period Enforceable Obligations (A+E):46,419,985$ 7,799,898$ 54,219,883$ Name Title/s/Signature Date Administrative RPTTFCertification 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.Recognized Obligation Payment Schedule (ROPS 17-18) - SummaryFiled for the July 1, 2017 through June 30, 2018 PeriodEnforceable Obligations Funded as Follows (B+C+D): RPTTF Redevelopment Property Tax Trust Fund (RPTTF) (F+G):Bond ProceedsReserve BalanceOther Funds
AB C DE F G HIJKLMNOPQRSTUVW Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF $ 368,108,451 $ 54,219,883 $ 33,801,238 $ - $ 1,566,247 $ 10,927,500 $ 125,000 $ 46,419,985 $ - $ - $ - $ 7,674,898 $ 125,000 $ 7,799,898 7 2011 Tax Allocation Bonds - Bonds Issued After 12/31/10 7/3/2005 9/1/2036 US Bank Bonds to fund projects Y $ - $ - $ - 8 2011 Tax Allocation Bonds - TaxableBonds Issued After 12/31/10 7/3/2005 9/1/2039 US Bank Bonds to fund projects Y $ - $ - $ - 9 Annual Continuing Disclosure StatementsFees 1/17/2012 9/1/2039 Willdan Financial Services Preparation of annual continuing disclosure reports per Federal regulations 5,500 N $ 5,500 $ - 5,500 $ 5,500 10 Bond Holder Fees Fees 6/16/2005 9/1/2039 US Bank Fees for holding administration and distribution of bond proceeds 8,000 N $ 8,000 4,000 $ 4,000 4,000 $ 4,000 12 Construction of Washington Street Apartments Site Improvements & Rehabilitation ProjectBond Funded Project – Housing10/1/2008 11/30/2032 La Quinta Housing AuthorityWritten commitment to US Department of Agriculture-Rural Development to rehabilitate & construct improvements to Washington Street Apartments Y $ - $ - $ - 15 Construction of Washington Street Apartments Site Improvements & Rehabilitation ProjectBond Funded Project – Housing7/3/2011 7/31/2016 Tall Man Group Project & Construction Management for Washington Street Apartments Site Improvements & Rehabilitation Project Y $ - $ - $ - 17 Washington Street Apartments Rehabilitation ProjectBond Funded Project – Housing1/1/2014 9/1/2032 City of La Quinta Project Management Costs - Staff Time, Non Personnel to administer rehab of 72 affordable units and addition of 24 senior units Y $ - $ - $ - 18 Washington Street Apartments Rehabilitation ProjectBond Funded Project – Housing7/1/2012 7/1/2016 Rutan & Tucker Project Management Costs - Legal Y $ - $ - $ - 22 Administrative Allowance Admin Costs 1/1/2014 9/1/2039 City of La Quinta Administrative Allowance per ABx1 26 (3% of ROPS) 250,000 N $ 250,000 125,000 $ 125,000 125,000 $ 125,000 23 Series A 2013 TARB Bonds Issued After 12/31/10 12/23/2013 9/1/2033 US Bank Refund 1998, 2001, 2002, 2003 TABs 123,748,381 N $ 7,766,362 1,566,247 4,175,884 $ 5,742,131 2,024,231 $ 2,024,231 24 Series B 2013 TARB Bonds Issued After 12/31/10 12/23/2013 9/1/2032 US Bank Refund 1998, 2001, 2002, 2003 TABs 30,006,839 N $ 1,896,053 1,403,764 $ 1,403,764 492,289 $ 492,289 25 Advances from City General Fund approved for repayment by Oversight BoardCity/County Loan (Prior 06/28/11), Cash exchange6/30/1994 9/1/2030 City of La Quinta Loans made from the General Fund to the former RDA. Principal and 3% simple interest. 36,370,254 N $ 3,077,699 $ - 3,077,699 $ 3,077,699 27 2014 Bonds Bonds Issued After 12/31/10 7/9/2014 9/1/2034 US Bank Refund 2004 Bonds 93,230,075 N $ 4,513,150 3,052,025 $ 3,052,025 1,461,125 $ 1,461,125 28 SilverRock Infrastructure Bond Funded Project – Pre-20116/11/2005 12/31/2020 Various Roadwork and improvements to support development Y $ - $ - $ - 31 2016 Taxable Series A TARB Bonds Issued After 12/31/10 12/22/2016 9/1/2039 US Bank Refund 2011 Tax Allocation Bonds - Series 2011 PA 2 and 2011 Series A 50,688,164 N $ 2,901,881 2,291,827 $ 2,291,827 610,054 $ 610,054 32 Bond Expenditure Agreement, La Quinta Non-Housing Tax Allocation BondsBond Funded Project – Pre-20117/5/2016 12/31/2017 City of La Quinta In agreement with the bond spending plan as outlined in the bond expenditure agreement. 6,361,238 N $ 6,361,238 6,361,238 $ 6,361,238 $ - 33 Bond Expenditure Agreement, La Quinta Housing Tax Allocation BondsBond Funded Project – Housing7/5/2016 12/31/2017 City of La Quinta In agreement with the bond spending plan as outlined in the bond expenditure agreement. 27,440,000 N $ 27,440,000 27,440,000 $ 27,440,000 $ - 34 N $ - $ - $ - 35 N $ - $ - $ - 36 N $ - $ - $ - 37 N $ - $ - $ - 38 N $ - $ - $ - 39 N $ - $ - $ - 40 N $ - $ - $ - 41 N $ - $ - $ - 42 N $ - $ - $ - 43 N $ - $ - $ - 44 N $ - $ - $ - 45 N $ - $ - $ - 46 N $ - $ - $ - 47 N $ - $ - $ - 48 N $ - $ - $ - 49 N $ - $ - $ - 50 N $ - $ - $ - 51 N $ - $ - $ - 52 N $ - $ - $ - 53 N $ - $ - $ - 54 N $ - $ - $ - 55 N $ - $ - $ - 56 N $ - $ - $ - 57 N $ - $ - $ - 58 N $ - $ - $ - 59 N $ - $ - $ - 60 N $ - $ - $ - 61 N $ - $ - $ - 62 N $ - $ - $ - 63 N $ - $ - $ - 64 N $ - $ - $ - 65 N $ - $ - $ - 66 N $ - $ - $ - 67 N $ - $ - $ - 68 N $ - $ - $ - 69 N $ - $ - $ - 70 N $ - $ - $ - 71 N $ - $ - $ - 72 N $ - $ - $ - 17-18B (January - June) 17-18ATotal La Quinta Recognized Obligation Payment Schedule (ROPS 17-18) - ROPS DetailJuly 1, 2017 through June 30, 2018(Report Amounts in Whole Dollars)Item #Payee Description/Project Scope Project Area Total Outstanding Debt or Obligation Retired 17-18A (July - December) 17-18BTotal Project Name/Debt Obligation Obligation TypeContract/Agreement Execution Date Fund Sources Fund Sources Contract/Agreement Termination Date ROPS 17-18 Total
AB CDEFGHIOther RPTTF Bonds issued on or before 12/31/10 Bonds issued on or after 01/01/11 Prior ROPS period balances and DDR RPTTF balances retained Prior ROPS RPTTF distributed as reserve for future period(s) Rent,grants,interest, etc. Non-Admin and Admin ROPS 15-16B Actuals (01/01/16 - 06/30/16)1 Beginning Available Cash Balance (Actual 01/01/16)9,051,389 27,980,719 1,527,830 18,280 2 Revenue/Income (Actual 06/30/16) RPTTF amounts should tie to the ROPS 15-16B distribution from the County Auditor-Controller during January 2016772 33,463 7,681,139 3 Expenditures for ROPS 15-16B Enforceable Obligations (Actual 06/30/16)323,308 7,807,847 4 Retention of Available Cash Balance (Actual 06/30/16) RPTTF amount retained should only include the amounts distributed as reserve for future period(s)5 ROPS 15-16B RPTTF Balances RemainingNo entry required6 Ending Actual Available Cash Balance C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 - 5) 8,728,081$ 27,981,491$ -$ -$ 1,561,293$ (108,428)$ La Quinta Recognized Obligation Payment Schedule (ROPS 17-18) - Report of Cash Balances(Report Amounts in Whole Dollars)Pursuant to Health and Safety Code section 34177 (l), 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 Cash Balance Tips Sheet.Fund SourcesComments Bond Proceeds Reserve Balance Cash Balance Information by ROPS Period