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2013 10 15 SASUCCESSOR AGENCY To The La Quinta Redevelopment Agency AGENDA CITY HALL COUNCIL CHAMBERS 78 -495 Calle Tampico, La Quinta, CA REGULAR MEETING ON TUESDAY, OCTOBER 15, 2013 3:00 P.M. CLOSED SESSION 1 4:00 P.M. OPEN SESSION CALL TO ORDER ROLL CALL: Agency Members: Evans, Franklin, Henderson, Osborne, Chairperson Adolph PUBLIC COMMENT 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 law, no action shall be taken on any item not appearing on the agenda unless it is an emergency item authorized by GC 54954.2(b). CLOSED SESSION 1. CONFERENCE WITH LEGAL COUNSEL, EXISTING LITIGATION PURSUANT TO GOVERNMENT CODE SECTION 54956.9(a), CITY OF LA QUINTA, ET AL. v. MATOSANTOS, ET AL., SACRAMENTO COUNTY SUPERIOR COURT CASE NO. 34- 2013- 80001485 RECESS TO JOINT CLOSED SESSION OF CITY COUNCIL AND SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY SUCCESSOR AGENCY TO RDA AGENDA 1 OCTOBER 15, 2013 1 PUBLIC COMMENT 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 law, no action shall 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 PRESENTATIONS — NONE WRITTEN COMMUNICATIONS — NONE APPROVAL OF MINUTES PAGE 1 . MINUTES OF OCTOBER 1, 2013 4 CONSENT CALENDAR NOTE: Consent Calendar items are routine in nature and can be approved by one motion. 1 . RECEIVE AND FILE TREASURER'S REPORTS DATED JULY 31, 2013 6 AND AUGUST 31, 2013 2. RECEIVE AND FILE REVENUE & EXPENDITURE REPORTS DATED 8 AUGUST 31, 2013 AND INVESTMENT SUMMARY REPORT FOR THE QUARTER ENDING SEPTEMBER 30, 2013 3. APPROVE DEMAND REGISTER DATED OCTOBER 15, 2013 18 4. AUTHORIZE THE EXECUTIVE DIRECTOR TO TRANSFER UP TO 20 $41,431,179 TO THE COUNTY OF RIVERSIDE AUDITOR - CONTROLLER DEPARTMENT REPORTS 1 . EXECUTIVE DIRECTOR - OVERSIGHT BOARD REPORT BUSINESS SESSION - NONE STUDY SESSION — NONE ADJOURNMENT SUCCESSOR AGENCY TO RDA AGENDA 2 OCTOBER 15, 2013 2 The next regular meeting of the City as Successor Agency to the La Quinta Redevelopment Agency will be held on November 5, 2013 commencing with closed session at 3:00 p.m. and open session at 4:00 p.m. at City Hall, 78 -495 Calle Tampico, La Quinta, CA 92253. DECLARATION OF POSTING I, Susan Maysels, Agency Secretary of the City as Successor Agency to the La Quinta 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 1 1 1, on October 11 , 2013. DATED: October 1 1 , 2013 SUSAN MAYSELS, Agency Secretary Successor Agency to the La Quinta Redevelopment Agency Public Notices • The La Quinta City Hall 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. SUCCESSOR AGENCY TO RDA AGENDA 3 OCTOBER 15, 2013 3 SUCCESSOR AGENCY TO THE LA QUINTA REDEVELOPMENT AGENCY MINUTES TUESDAY, OCTOBER 1, 2013 A regular 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 6:38 p.m. by Chairperson Adolph. PRESENT: Agency Members Evans, Franklin, Henderson, Osborne, Chair Adolph ABSENT: None PUBLIC COMMENT —.- None CLOSED SESSION —.- None CONFIRMATION OF AGENDA —.- Confirmed PRESENTATIONS — None WRITTEN COMMUNICATIONS —.- None APPROVAL OF MINUTES MOTION — A motion was made and seconded by Agency Members Evans /Franklin to approve the minutes of September 17, 2013 as submitted. Motion passed unanimously. CONSENT CALENDAR 1. APPROVE DEMAND REGISTER DATED SEPTEMBER 17, 2013 MOTION — A motion was made and seconded by Agency Members Franklin /Evans to approve the Consent Calendar as recommended. Motion passed unanimously. DEPARTMENT REPORTS — None BUSINESS SESSION 1. RESOLUTION APPROVING ISSUANCE AND SALE OF SUBORDINATE TAX ALLOCATION REFUNDING BONDS [RESOLUTION NO. SA 2013 -0091 CITY AS SUCCESSOR AGENCY TO RDA 1 OCTOBER 1, 2013 4 ÓÑÌ×ÑÒ ß ³±¬·±² ©¿­ ³¿¼» ¿²¼ ­»½±²¼»¼ ¾§ ݱ«²½·´³»³¾»®­ Ûª¿²­ñ Ø»²¼»®­±² ¬± ¿¼±°¬ λ­±´«¬·±² Ò±ò Íß îðïíóððç »²¬·¬´»¼æ ß ÎÛÍÑÔËÌ×ÑÒ ÑÚ ÌØÛ ÍËÝÝÛÍÍÑÎ ßÙÛÒÝÇ ÌÑ ÌØÛ Ôß ÏË×ÒÌß ÎÛÜÛÊÛÔÑÐÓÛÒÌ ßÙÛÒÝÇ ßËÌØÑÎ×Æ×ÒÙ ÌØÛ ×ÍÍËßÒÝÛ ßÒÜ ÍßÔÛ ÑÚ ÍËÞÑÎÜ×ÒßÌÛ ÌßÈ ßÔÔÑÝßÌ×ÑÒ ÎÛÚËÒÜ×ÒÙ ÞÑÒÜÍ ×Ò ÌÉÑ ÍÛÎ×ÛÍô ßÐÐÎÑÊ×ÒÙ ÌØÛ ÚÑÎÓ ÑÚ ßÒ ×ÒÜÛÒÌËÎÛ ÑÚ ÌÎËÍÌô Ú×ÎÍÌ ÍËÐÐÔÛÓÛÒÌßÔ ×ÒÜÛÒÌËÎÛ ÑÚ ÌÎËÍÌô ÑÚÚ×Ý×ßÔ ÍÌßÌÛÓÛÒÌô ÞÑÒÜ ÐËÎÝØßÍÛ ÝÑÒÌÎßÝÌô ÝÑÒÌ×ÒË×ÒÙ Ü×ÍÝÔÑÍËÎÛ ßÙÎÛÛÓÛÒÌô ÚÑÎÓ ÑÚ ÛÍÝÎÑÉ ßÙÎÛÛÓÛÒÌô ßÒÜ ÎÛÔßÌÛÜ ÜÑÝËÓÛÒÌÍ ßÒÜ ßËÌØÑÎ×Æ×ÒÙ ÝÛÎÌß×Ò ÑÌØÛÎ ßÝÌ×ÑÒÍ ×Ò ÝÑÒÒÛÝÌ×ÑÒ ÌØÛÎÛÉ×ÌØò Ó±¬·±² °¿­­»¼ «²¿²·³±«­´§ò ÍÌËÜÇ ÍÛÍÍ×ÑÒ Ò±²» ßÜÖÑËÎÒÓÛÒÌ Ì¸»®» ¾»·²¹ ²± º«®¬¸»® ¾«­·²»­­ô ·¬ ©¿­ ³±ª»¼ ¿²¼ ­»½±²¼»¼ ¾§ ß¹»²½§ Ó»³¾»®­ Ú®¿²µ´·²ñ Ø»²¼»®­±² ¬± ¿¼¶±«®² ¿¬ êæìí °ò³ò Ó±¬·±² °¿­­»¼ «²¿²·³±«­´§ò λ­°»½¬º«´´§ ­«¾³·¬¬»¼ô ÍËÍßÒ ÓßÇÍÛÔÍô ß¹»²½§ Í»½®»¬¿®§ Í«½½»­­±® ß¹»²½§ ¬± ¬¸» ¼·­­±´ª»¼ Ô¿ Ï«·²¬¿ λ¼»ª»´±°³»²¬ ß¹»²½§ Ý×ÌÇ ßÍ ÍËÝÝÛÍÍÑÎ ßÙÛÒÝÇ ÌÑ ÎÜß î ÑÝÌÑÞÛÎ ïô îðïí ë SA MEETING DATE: October 15, 2013 ITEM TITLE: RECEIVE AND FILE TREASURERS REPORTS DATED JULY 31, 2013 AND AUGUST 31, 2013 AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 1 STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Receive and file. FISCAL IMPACT: None. BACKGROUND /ANALYSIS: Per City Investment Policy, these items are presented on a monthly basis reflecting the monthly Cash Balances, Investment Activities and the Portfolio Performance, which is presented in the City Council's Consent Item Staff Report. ALTERNATIVES: None. Report prepared by: Robbeyn Bird, Finance Director Report approved for submission by: Frank J. Spevacek, City Manager  é SA MEETING DATE: October 15, 2013 ITEM TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORTS DATED AUGUST 31, 2013 AND INVESTMENT SUMMARY REPORT FOR THE QUARTER ENDING SEPTEMBER 30, 2013 AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 2 STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Receive and file. EXECUTIVE SUMMARY: • The Revenue and Expenditure reports (Attachments 1 and 2) are submitted monthly to the Successor Agency to the La Quinta Redevelopment Agency ( "SA ") for review. • The reports summarize year -to -date revenues and expenditures of the SA as of August 31, 2013. • The Investment Summary Report (Attachment 3) is submitted quarterly to SA for review for review. • The report summarizes the SA's investments for the quarter ending September 30, 2013. FISCAL IMPACT: None. BACKGROUND /ANALYSIS: The revenue and expenditure reports are submitted to the SA Board monthly to review, receive, and file. Attachment 1 shows revenues received ($957 or .005 %) and Attachment 2, expenditures spent ($17,076 or .027 %). The funds budgeted are based on estimates listed on the Recognized Obligation Payment Schedule (BOPS) and revenues are received in January and June of each year. The expenditures represent administrative legal costs. Due to timing differences in the receipt of cash and the expenditures incurred, expenditures are made from available fund balance. When cash is received in January, the fund balance is replenished. 8 The Investment Summary Report presents the SA's Investments as of September 30, 2013. ALTERNATIVES: None. Report prepared by: Robbeyn Bird, Finance Director Report approved for submission by: Frank J. Spevacek, City Manager Attachments: 1 . Revenue Reports for August 31, 2013 2. Expenditure Reports for August 31, 2013 3. Investment Summary Report for the Quarter Ending September 30, 2013 07/01/2013 - 08/31/2013 SUCCESSOR AGENCYADJUSTEDREMAINING% REVENUE SUMMARYBUDGETRECEIVEDBUDGETRECEIVED PROJECT AREA NO. 1 Admin (237) County of Riverside579,200.000.00579,200.000.000% Pooled Cash Allocated Interest2,000.000.002,000.000.000% Non Allocated Interest0.000.000.000.000% Transfers In 0.000.000.000.000% TOTAL PA 1581,200.000.00581,200.000.000% TOTAL SUCCESSOR AGENCY - ADMIN581,200.000.00581,200.000.000% PROJECT AREA NO. 1 Project (231) County of Riverside19,308,200.000.0019,308,200.000.000% Pooled Cash Allocated Interest13,200.00(4,080.58)17,280.58-30.910% Non Allocated Interest0.0011.30(11.30)0.000% Transfers In 0.000.000.000.000% TOTAL PA 119,321,400.00(4,069.28)19,325,469.28-0.020% TOTAL SUCCESSOR AGENCY - PROGRAM19,321,400.00(4,069.28)19,325,469.28-0.020% TOTAL SUCCESSOR AGENCY 19,902,600.00(4,069.28)19,906,669.28-0.020% ïð SUCCESSOR AGENCY TO THE07/01/2013 - 08/31/2013 LA QUINTA REDEVELOPMENT AGENCYADJUSTEDREMAINING% REVENUE SUMMARYBUDGETRECEIVEDBUDGETRECEIVED PROJECT AREA NO. 1: LOW/MODERATE TAX FUND: County of Riverside0.000.000.000.000% Allocated Interest0.00(1.14)1.140.000% Non Allocated Interest0.00584.56(584.56)0.000% Miscellaneous revenue0.000.000.000.000% Non Allocated Interest0.000.000.000.000% Transfer In0.000.000.000.000% TOTAL LOW/MOD TAX0.00583.42(583.42)0.000% DEBT SERVICE FUND: County of Riverside0.000.000.000.000% Allocated Interest0.00(0.04)0.040.000% Non Allocated Interest0.000.000.000.000% Transfers In0.000.000.000.000% TOTAL DEBT SERVICE0.00(0.04)0.040.000% CAPITAL IMPROVEMENT FUND Pooled Cash Allocated Interest0.000.000.000.000% Non Allocated Interest0.00785.21(785.21)0.000% Developer Agreement Funding0.000.000.000.000% Sale of Land Proceeds0.000.000.000.000% Rental Income0.000.000.000.000% Litigation Proceeds0.000.000.000.000% Transfers In 0.000.000.000.000% TOTAL CAPITAL IMPROVEMENT0.00785.21(785.21)0.000% 2011 TAXABLE HOUSING BOND FUND: (249) Pooled Cash Allocated Interest0.000.000.000.000% Non Allocated Interest0.002,926.87(2,926.87)0.000% Developer Agreement Funding0.000.000.000.000% Sale of Land Proceeds0.000.000.000.000% Rental Income0.000.000.000.000% Litigation Proceeds0.000.000.000.000% Transfers In 0.000.000.000.000% TOTAL 2011 TAXABLE HOUSING BOND0.002,926.87(2,926.87)0.000% TOTAL SUCCESSOR AGENCY - PA 10.004,295.46(4,295.46)0.000% ïï SUCCESSOR AGENCY TO THE07/01/2013 - 08/31/2013 LA QUINTA REDEVELOPMENT AGENCYADJUSTEDREMAINING% REVENUE SUMMARYBUDGETRECEIVEDBUDGETRECEIVED PROJECT AREA NO. 2: LOW/MODERATE TAX FUND: County of Riverside0.000.000.000.000% Allocated Interest0.00(2.33)2.330.000% Non Allocated Interest0.000.000.000.000% Transfer In0.000.000.000.000% TOTAL LOW/MOD TAX0.00(2.33)2.330.000% 2004 LOW/MODERATE BOND FUND: Allocated Interest0.000.000.000.000% Home Sale Proceeds0.000.000.000.000% Non Allocated Interest0.00207.41(207.41)0.000% Transfer In0.000.000.000.000% TOTAL LOW/MOD BOND0.00207.41(207.41)0.000% DEBT SERVICE FUND: County of Riverside0.000.000.000.000% Allocated Interest0.000.000.000.000% Non Allocated Interest0.00134.04(134.04)0.000% Interest Advance Proceeds0.000.000.000.000% Transfer In0.000.000.000.000% TOTAL DEBT SERVICE0.00134.04(134.04)0.000% 2011 TAXABLE NON-HOUSING BOND FUND: (417) Pooled Cash Allocated Interest0.000.000.000.000% Non Allocated Interest0.00392.00(392.00)0.000% Developer Agreement Funding0.000.000.000.000% Sale of Land Proceeds0.000.000.000.000% Rental Income0.000.000.000.000% Litigation Proceeds0.000.000.000.000% Transfers In 0.000.000.000.000% TOTAL 2011 TAXABLE NON-HOUSING BOND0.00392.00(392.00)0.000% TOTAL SUCCESSOR AGENCY - PA 20.00731.12(731.12)0.000% TOTAL SUCCESSOR AGENCY 19,902,600.00957.3019,901,642.700.005% ïî SUCCESSOR AGENCYADJUSTED08/31/13REMAINING EXPENDITURE SUMMARYBUDGETEXPENDITURESENCUMBEREDBUDGET ADMIN SERVICES195,000.0016,825.720.00178,174.28 REIMBURSEMENT TO GEN FUND387,100.000.000.00387,100.00 TRANSFERS OUT0.000.000.000.00 TOTAL PA 1 - Admin 582,100.0016,825.720.00565,274.28 TOTAL SUCCESSOR AGENCY - Admin 582,100.0016,825.720.00565,274.28 RPTTF SERVICES0.000.000.000.00 BOND PRINCIPAL6,190,000.000.000.006,190,000.00 BOND INTEREST13,118,200.000.000.0013,118,200.00 REIMBURSEMENT TO GEN FUND0.000.000.000.00 TRANSFERS OUT0.000.000.000.00 TOTAL PA 1 - Program 19,308,200.000.000.0019,308,200.00 TOTAL SUCCESSOR AGENCY - Program 19,308,200.000.000.0019,308,200.00 ïí SUCCESSOR AGENCY TO THEADJUSTED8/31/2013REMAINING LA QUINTA REDEVELOPMENT AGENCYBUDGETEXPENDITURESENCUMBEREDBUDGET EXPENDITURE SUMMARY PROJECT AREA NO. 1: CAPITAL IMPROVEMENT FUND: SERVICES0.000.000.000.00 REIMBURSEMENT TO GEN FUND0.000.000.000.00 TRANSFERS OUT13,208,161.00250.000.0013,207,911.00 TOTAL CAPITAL IMPROVEMENT 13,208,161.00250.000.0013,207,911.00 2011 TAXABLE HOUSING BOND(249) SERVICES0.000.000.000.00 TRANSFERS OUT25,514,502.000.000.0025,514,502.00 TOTAL 2011 TAXABLE HOUSING BOND 25,514,502.000.000.0025,514,502.00 TOTAL SUCCESSOR AGENCY - PA 1 38,722,663.00250.000.0038,722,413.00 SUCCESSOR AGENCY TO THEADJUSTED8/31/2013REMAINING LA QUINTA REDEVELOPMENT AGENCYBUDGETEXPENDITURESENCUMBEREDBUDGET EXPENDITURE SUMMARY PROJECT AREA NO. 2: 2004 LOW/MODERATE BOND FUND HOUSING PROGRAMS0.000.000.000.00 LAND0.000.000.000.00 TRANSFERS OUT2,564,204.000.000.002,564,204.00 TOTAL LOW/MOD BOND 2,564,204.000.000.002,564,204.00 2011 RDA 2 TAXABLE BOND FUND:(417) SERVICES0.000.000.000.00 ECONOMIC DEVELOPMENT0.000.000.000.00 TRANSFERS OUT2,399,786.000.000.002,399,786.00 TOTAL RDA NO. 2 TAXABLE BOND 2,399,786.000.000.002,399,786.00 TOTAL SUCCESSOR AGENCY - PA 2 4,963,990.000.000.004,963,990.00 TOTAL SUCCESSOR AGENCY 63,576,953.0017,075.720.0063,559,877.28 ïì  ïë ïê í ßÌÌßÝØÓÛÒÌ ïé  SA MEETING DATE: October 15, 2013 ITEM TITLE: APPROVE DEMAND REGISTER DATED OCTOBER 15, 2013 AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 3 STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Receive and file demand register dated October 15, 2013, of which $8,909.40 represents Successor Agency expenditures as detailed below: Vendor: Account No.: Amount: Rutan & Tucker 237- 9001 - 702.32 -01 $2,000.00 Rutan & Tucker 237 - 9001 - 702.32 -01 $3,721.90 Becky Caha 237 - 9001 - 702.32 -07 $3,187.50 BACKGROUND /ANALYSIS: Purpose: Retainer SA -AB26 Implementation PA1 Housing Program The City has elected to be the Successor Agency of the La Quinta Redevelopment Agency. The Successor Agency shall continue to make payments required pursuant to an adopted enforceable obligations payment schedule. The payments included on this Demand Register represent the prior month's expenditures. ALTERNATIVES: None. Report prepared by: Sandra Mancilla, Account Technician Report approved for submission by: Robbeyn Bird, Finance Director 18 SA MEETING DATE: October 15, 2013 ITEM TITLE: AUTHORIZE THE EXECUTIVE DIRECTOR TO TRANSFER UP TO $41,431,179 TO THE COUNTY OF RIVERSIDE AUDITOR - CONTROLLER AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 4 STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Authorize the Executive Director to transfer up to $41,431,179 to the County of Riverside Auditor Controller. EXECUTIVE SUMMARY: • In early 2011, the former Redevelopment Agency (RDA) repaid $41,378,966 of outstanding loans due to the City (General Fund Loan). • In June 2011, the State Legislature enacted legislation to eliminate redevelopment agencies; said legislation included provisions to allow the State to reverse certain actions and agreements between redevelopment agencies and their sponsoring cities and counties that occurred from January 2011 through June 2011. The California Supreme Court upheld this legislation in December 2011. • The State conducted four audits of the RDA and determined that the General Fund Loan repayment must be reversed and these funds be distributed to the taxing agencies within the RDA's jurisdiction. • The City and the Successor Agency to the former La Quinta Redevelopment Agency (SA) litigated this determination and the Sacramento Superior Court has issued a ruling that supports the State's claim. • On October 9, 2013, the State Department of Finance (DOF) issued a demand that the SA pay $41,378,966 by November 2013 or the State will take measures to withhold sales and use taxes from the City, and property taxes from the SA. W1 FISCAL IMPACT: This action would transfer up to $41,431,179 to the Riverside County Auditor - Controller for distribution to the taxing agencies within the RDA's jurisdiction. Two State agencies, the DOF and the State Controller, have audited the RDA's financial transactions. The DOF states that the SA must distribute $41,378,966; the State Controller states that this amount may be $41,431,179. Staff is awaiting receipt of the final State Controller audit to determine which amount is correct. BACKGROUND /ANALYSIS: In 1983, the City created the RDA to correct street and drainage deficiencies, fund economic development initiatives, and fund work force housing development. The RDA actively implemented these initiatives until the Legislature adopted the Governor's proposal to eliminate all redevelopment agencies in June 2011. The purpose was to use funds allocated to redevelopment agencies to help balance the State budget. Since 1983, the City funded various loans to the RDA to for these initiatives. The rationale was that is was more cost effective to provide these loans than to raise capital by selling bonds, the City could earn higher interest earnings on these funds, and the City was investing in its future. When the State proposed eliminating redevelopment, the City had $41,378,966 outstanding loans due from the RDA. When the Governor proposed to eliminate redevelopment in January 2011, the City and RDA took measures to repay the General Fund Loan. However, the Legislation that eliminated redevelopment allows the State to reverse this repayment and claim these funds. The State submitted a claim to the SA in May 2013. Staff and legal counsel subsequently met with DOF staff and outlined why these were legitimate, legal loans and not subject to the DOF's claim. The DOF did not agree with staff's arguments and the City and SA elected to litigate this matter. The Sacramento Superior Court heard this case in August 2013 and issued a ruling denying the City and SA's claim. The SA has received a demand from DOF to now pay $41,378,966; if the SA does not pay this claim, the DOF will then take measures to have the State withhold the City's sales and use taxes, and the property tax revenue the SA receives to retire the RDA's obligations. ALTERNATIVES: The only alternative would entail appealing this pending final Superior Court decision to California Court of Appeals. Staff does not recommend appealing this decision because it is time to more forward and pursue the development of the real Pzil °®±°»®¬§ ¿­­»¬­ °®»ª·±«­´§ ±©²»¼ ¾§ ¬¸» ÎÜßô ¿²¼ ¬± ®»¾«·´¼ ¬¸» Ù»²»®¿´ Ú«²¼ ®»­»®ª»­ò λ°±®¬ °®»°¿®»¼ ¾§æ Ú®¿²µ Öò Í°»ª¿½»µô Û¨»½«¬·ª» Ü·®»½¬±® îï