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2014 02 18 SASUCCESSOR AGENCY To The La Quinta Redevelopment Agency AGENDA CITY HALL COUNCIL CHAMBERS 78 -495 Calle Tampico, La Quinta REGULAR MEETING ON TUESDAY, FEBRUARY 18, 2014 AT 4:00 P.M. CALL TO ORDER ROLL CALL: Agency Members: Evans, Franklin, Henderson, Osborne, Chairperson Adolph CLOSED SESSION - NONE 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 1 . MINUTES OF FEBRUARY 4, 2014 SUCCESSOR AGENCY TO RDA AGENDA FEBRUARY 18, 2014 4 PAGE CONSENT CALENDAR NOTE: Consent Calendar items are routine in nature and can be approved by one motion. 1 . APPROVE DEMAND REGISTER DATED FEBRUARY 4, 2014 6 2. ADOPT RESOLUTION APPROVING THE SUCCESSOR AGENCY 8 ADMINISTRATIVE BUDGET FOR THE PERIOD OF JULY 2014 THROUGH DECEMBER 2014 [RESOLUTION SA 2014 -0011 3. ADOPT RESOLUTION APPROVING THE RECOGNIZED 16 OBLIGATION PAYMENT SCHEDULE OF THE FORMER LA QUINTA REDEVELOPMENT AGENCY FOR THE PERIOD OF JULY 2014 THROUGH DECEMBER 2014 [RESOLUTION SA 2014 -0021 DEPARTMENT REPORTS - NONE BUSINESS SESSION - NONE STUDY SESSION - NONE ADJOURNMENT The next regular meeting of the City as Successor Agency to the La Quinta Redevelopment Agency will be held on March 4, 2014 commencing with closed session at 3:00 p.m. and open session at 4:00 p.m. in the City Council Chambers, 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 February 14, 2014. DATED: February 14, 2014 SUSAN MAYSELS, Agency Secretary Successor Agency to the La Quinta Redevelopment Agency SUCCESSOR AGENCY TO RDA AGENDA 2 FEBRUARY 18, 2014 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. SUCCESSOR AGENCY TO RDA AGENDA 3 FEBRUARY 18, 2014 SUCCESSOR AGENCY TO THE LA QUINTA REDEVELOPMENT AGENCY MINUTES TUESDAY, FEBRUARY 4, 2014 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 5:18 p.m. by Chairperson Adolph. PRESENT: Agency Members Evans, Franklin, Henderson, Osborne, Chair Adolph ABSENT: None CLOSED SESSION — None PUBLIC COMMENT — 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 January 21, 2014 as submitted. Motion passed unanimously. CONSENT CALENDAR — None DEPARTMENT REPORTS — None BUSINESS SESSION — None STUDY SESSION — None ADJOURNMENT There being no further business, it was moved and seconded by Agency Members Franklin /Evans to adjourn at 5:19 p.m. Motion passed unanimously. Respectfully submitted, SUSAN MAYSELS, Agency Secretary Successor Agency to the dissolved La Quinta Redevelopment Agency CITY AS SUCCESSOR AGENCY TO RDA 1 FEBRUARY 4, 2014  SA MEETING DATE: February 18, 2014 ITEM TITLE: APPROVE DEMAND REGISTER DATED FEBRUARY 18, 2014 AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 1 STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Receive and file the itemized portion of the demand register dated February 18, 2014, of which $10,250.00 represents Successor Agency expenditures as detailed below: Vendor: Account No.: Amount: Purpose: US Bank Bond Custodial Fees $4,750 Admin 2013 Series B US Bank Bond Custodial Fees $5,500 Admin 2013 Series A BACKGROUND /ANALYSIS: The referenced Demand Register is part of the City's Demand Register. The City is 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 custodial and administrative costs for the City's bond funds and a portion of these costs include one -time fees relating to the December 2013 refinancing of the City's outstanding bonds. ALTERNATIVES: None. Report prepared by: Sandra Mancilla, Account Technician Report approved for submission by: Patrick Griffin, Interim Finance Director  SA MEETING DATE: February 18, 2014 ITEM TITLE: ADOPT RESOLUTION APPROVING THE SUCCESSOR AGENCY ADMINISTRATIVE BUDGET FOR THE PERIOD OF JULY 2014 THROUGH DECEMBER 2014 AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 2 STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Adopt a resolution approving the Successor Agency Administrative Budget for the period of July 2014 through December 2014. EXECUTIVE SUMMARY: The La Quinta Successor Agency (SA) administers the former Redevelopment Agency's wind -down activities and the Oversight Board (OB). • ABx126 (Dissolution Act) provides for an administrative allowance to carry out these wind -down activities (3% 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 OB is required to review and approve it. FISCAL IMPACT: For the period of July 2014 through December 2014, the property tax allocation totals $16,811,922. Three percent of this total is $504,358 and the total expected costs for the period are $504,358. 8 SA MEETING DATE: February 18, 2014 ITEM TITLE: ADOPT RESOLUTION APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE OF THE FORMER LA QUINTA REDEVELOPMENT AGENCY FOR THE PERIOD OF JULY 2014 THROUGH DECEMBER 2014 AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 3 STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Adopt a Resolution approving a Recognized Obligation Payment Schedule for the period of July 2014 through December 2014. EXECUTIVE SUMMARY: • The Successor Agency must submit a Recognized Obligation Payment Schedule (BOPS) every six months. • The attached BOPS (Attachment 1) identifies $38,062,604 of Enforceable Obligations that must be funded during the first six months of 2014; $20,606,482 from tax allocation bond proceeds and $16,945,904 from property tax increment revenue from the Redevelopment Property Tax Trust Fund (RPTTF). FISCAL IMPACT: The Successor Agency requests authorization to expend $20,606,482 from 2002, 2004 and 2011 bond proceeds, and an allocation of $16,945,904 from the RPTTF on this BOPS form. The $16,945,904 of RPTTF funding includes $504,358 of administrative expenses (for the six -month period). The remaining $16,441,546 is to pay bond interest and principal payments. BACKGROUND /ANALYSIS: Every six months, the Successor Agency and Oversight Board must approve a BOPS, which is then submitted to the Department of Finance (DOF), State ill ó ݱ²¬®±´´»®ò ̸» ÎÑÐÍ ·¼»²¬·º·»­ ¬¸» ±¾´·¹¿¬·±²­ ±º ¬¸» º±®³»® λ¼»ª»´±°³»²¬ ß¹»²½§ øÎÜß÷ ¬¸¿¬ ¬¸» Í«½½»­­±® ß¹»²½§ ³«­¬ º«²¼ ¼«®·²¹ ¬¸» º·®­¬ ­·¨ ³±²¬¸­ ±º îðïìò ̸»­» ±¾´·¹¿¬·±²­ ·²½´«¼» ¬¿¨ ¿´´±½¿¬·±² ¾±²¼ ¼»¾¬ ­»®ª·½» °¿§³»²¬­ô ¬¸·®¼ °¿®¬§ ½±²¬®¿½¬­ô ¿²¼ ¿¼³·²·­¬®¿¬·ª» ½±­¬­ò ̸» ÎÑÐÍ ³«­¬ ¾» ­«¾³·¬¬»¼ ¬± ¬¸» ¿¾±ª»ó³»²¬·±²»¼ »²¬·¬·»­ ¾§ Ó¿®½¸ íô îðïìò ̸» ÜÑÚ ¬¸»² ¸¿­ ìë ¼¿§­ ¬± ³¿µ» ·¬­ º·²¿´ ¼»¬»®³·²¿¬·±² ®»¹¿®¼·²¹ ¬¸» »²º±®½»¿¾´» ±¾´·¹¿¬·±²­ô ¬¸» ¼±´´¿® ¿³±«²¬­ô ¿²¼ º«²¼·²¹ ­±«®½»­ò ̸» Í«½½»­­±® ß¹»²½§ ©±«´¼ ¬¸»² ¸¿ª» º·ª» ¾«­·²»­­ ¼¿§­ ¬± ®»¯«»­¬ ¿¼¼·¬·±²¿´ ÜÑÚ ®»ª·»© ¿²¼ ¿² ±°°±®¬«²·¬§ ¬± ³»»¬ ¿²¼ ½±²º»® ±² ¼·­°«¬»¼ ·¬»³­ò ׺ ¬¸» ÎÑÐÍ ·­ ­«¾³·¬¬»¼ ´¿¬»ô ¬¸» Ý·¬§ ©·´´ ¾» ­«¾¶»½¬ ¬± ¿ ½·ª·´ º·²» ±º üïðôððð °»® ¼¿§ò ßÔÌÛÎÒßÌ×ÊÛÍæ ß­ ¬¸·­ ·­ ¿ ®»¯«·®»³»²¬ ±º ¬¸» ÜÑÚô ­¬¿ºº ¼±»­ ²±¬ ®»½±³³»²¼ ¿² ¿´¬»®²¿¬·ª»ò λ°±®¬ °®»°¿®»¼ ¾§æ אַ·½µ Ù®·ºº·²ô ײ¬»®·³ Ú·²¿²½» Ü·®»½¬±® λ°±®¬ ¿°°®±ª»¼ º±® ­«¾³·­­·±² ¾§æ Ú®¿²µ Öò Í°»ª¿½»µô Ý·¬§ Ó¿²¿¹»®  ߬¬¿½¸³»²¬æ ïò ÎÑÐÍ º±® Ö«´§ îðïì ¬¸®±«¹¸ Ü»½»³¾»® îðïì ïé Ы®­«¿²¬ ¬± Ø»¿´¬¸ ¿²¼ Í¿º»¬§ ݱ¼» ­»½¬·±² íìïééø´÷ô λ¼»ª»´±°³»²¬ Ю±°»®¬§ Ì¿¨ Ì®«­¬ Ú«²¼ øÎÐÌÌÚ÷ ³¿§ ¾» ´·­¬»¼ ¿­ ¿ ­±«®½» ±º °¿§³»²¬ ±² ¬¸» ÎÑÐÍô ¾«¬ ±²´§ ¬± ¬¸» »¨¬»²¬ ²± ±¬¸»® º«²¼·²¹ ­±«®½» ·­ ¿ª¿·´¿¾´» ±® ©¸»² °¿§³»²¬ º®±³ °®±°»®¬§ ïè ï Comments ßÌÌßÝØÓÛÒÌ I (50,928) Ò±²óß¼³·² ¿²¼ ó ëôéïëôëîìïíôðëíôîèêïíôðçïôîðç 5,677,6015,677,601 ìôîìêôððéçôçéìôëíê RPTTF ß¼³·² $ H $ $ Recognized Obligation Payment Schedule (ROPS) 14-15A - Report of Cash Balances îèôèééíðôçïè 59,79559,79559,795 ײ¬»®»­¬ô Û¬½ò Ù®¿²¬­ô $ $ $ 벬ô Other G ®»­»®ª» º±® ²»¨¬ ¾±²¼ °¿§³»²¬ -$ -$ -$ ¼·­¬®·¾«¬»¼ ¿­ Ю·±® ÎÑÐÍ ÎÐÌÌÚ F Fund Sources Reserve Balance øλ°±®¬ ß³±«²¬­ ·² ɸ±´» ܱ´´¿®­÷ Ю·±® ÎÑÐÍ °»®·±¼ ¾¿´¿²½»­ ¿²¼ ÜÜÎ ¾¿´¿²½»­ ®»¬¿·²»¼ -$ -$ -$ Ò± »²¬®§ ®»¯«·®»¼ E Þ±²¼­ ×­­«»¼ íïôîêìôêêèçôðëî 31,273,72031,273,720 ìðôððð 31,313,720 ±² ±® ¿º¬»® ðïñðïñïï Bond Proceeds D $ $ $ Þ±²¼­ ×­­«»¼ ïîôïíéôëçççè 12,137,69712,137,697 ëððîôïêêôçðî 9,971,295 ±² ±® ¾»º±®» ïîñíïñïð C $ $ $ Ò±¬» ¬¸¿¬ ¬¸» ÎÐÌÌÚ ¿³±«²¬ ­¸±«´¼ ±²´§ ·²½´«¼» ¬¸» ®»¬»²¬·±² ±º ®»­»®ª»­ Ò±¬» ¬¸¿¬ ¬¸» ÎÐÌÌÚ ¿³±«²¬­ ­¸±«´¼ ¬·» ¬± ¬¸» ÎÑÐÍ ïíóïìß ¼·­¬®·¾«¬·±² Ò±¬» ¬¸¿¬ ¬¸» ÎÐÌÌÚ ¿³±«²¬­ ­¸±«´¼ ¬·» ¬± ¬¸» ÎÑÐÍ ïíóïìÞ ¼·­¬®·¾«¬·±² Expenditures for 13-14B Enforceable Obligations (Estimate 06/30/14) Ò±¬» ¬¸¿¬ ¬¸» ÎÐÌÌÚ ¿³±«²¬­ ³¿§ ·²½´«¼» ¬¸» ®»¬»²¬·±² ±º ®»­»®ª»­ º±® Ò±¬» ¬¸¿¬ ¬¸» ÎÐÌÌÚ ¿³±«²¬ ­¸±«´¼ ¬·» ¬± ½±´«³² Í ·² ¬¸» λ°±®¬ ±º Expenditures for ROPS 13-14A Enforceable Obligations (Actual Ò±¬» ¬¸¿¬ º±® ¬¸» ÎÐÌÌÚô í õ ì ­¸±«´¼ ¬·» ¬± ½±´«³²­ Ô ¿²¼ Ï ·² ¬¸» Ò±¬» ¬¸¿¬ º±® ¬¸» ÎÐÌÌÚô ï õ î ­¸±«´¼ ¬·» ¬± ½±´«³²­ Ö ¿²¼ Ñ ·² ¬¸» Retention of Available Cash Balance (Estimate 06/30/14) Cash Balance Information by ROPS Period Ending Estimated Available Cash Balance (7 + 8 - 9 -10) Retention of Available Cash Balance (Actual 12/31/13) Beginning Available Cash Balance (Actual 01/01/14) Beginning Available Cash Balance (Actual 07/01/13) º®±³ ¬¸» ݱ«²¬§ ß«¼·¬±®óݱ²¬®±´´»® ¼«®·²¹ Ö¿²«¿®§ îðïì (C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6) º®±³ ¬¸» ݱ«²¬§ ß«¼·¬±®óݱ²¬®±´´»® ¼«®·²¹ Ö«²» îðïí ROPS 13-14A RPTTF Prior Period Adjustment ¬¿¨ ®»ª»²«»­ ·­ ®»¯«·®»¼ ¾§ ¿² »²º±®½»¿¾´» ±¾´·¹¿¬·±²ò C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 - 5) λ°±®¬ ±º Ю·±® л®·±¼ ß¼¶«­¬³»²¬­ øÐÐß­÷ Ending Actual Available Cash Balance º±® ¼»¾¬ ­»®ª·½» ¿°°®±ª»¼ ·² ÎÑÐÍ ïíóïìß ROPS 13-14B Estimate (01/01/14 - 06/30/14) ROPS 13-14A Actuals (07/01/13 - 12/31/13) Revenue/Income (Estimate 06/30/14)¼»¾¬ ­»®ª·½» ¿°°®±ª»¼ ·² ÎÑÐÍ ïíóïìÞ BRevenue/Income (Actual 12/31/13) λ°±®¬ ±º ÐÐß­ 12/31/13) ÐÐß­ò 1011 123456789 A ïç ó ó ó ó ëðìôíëèÌ·¬´» 20,606,482 îðôêðêôìèî 16,945,904 ïêôììïôëìê 37,552,386 ïêôçìëôçðì 16,945,904 ïêôçìëôçðì 16,945,904 Ü¿¬» Six-Month Total $ $ $ $ Recognized Obligation Payment Schedule (ROPS 14-15A) - Summary Enforceable Obligations Funded with Non-Redevelopment Property Tax Trust Fund (RPTTF) Funding County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding Successor Agency Self-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding Ú·´»¼ º±® ¬¸» Ö«´§ ïô îðïì ¬¸®±«¹¸ Ü»½»³¾»® íïô îðïì л®·±¼ Í·¹²¿¬«®» Ò¿³» Ô»­­ Ю·±® л®·±¼ ß¼¶«­¬³»²¬ øλ°±®¬ ±º Ю·±® л®·±¼ ß¼¶«­¬³»²¬­ ݱ´«³² ßß÷ Ô»­­ Ю·±® л®·±¼ ß¼¶«­¬³»²¬ øλ°±®¬ ±º Ю·±® л®·±¼ ß¼¶«­¬³»²¬­ ݱ´«³² Í÷ ñ­ñ Current Period Requested Funding for Outstanding Debt or Obligation Enforceable Obligations Funded with RPTTF Funding (F+G): Adjusted Current Period RPTTF Requested Funding (L-M) Adjusted Current Period RPTTF Requested Funding (I-J) ¸»®»¾§ ½»®¬·º§ ¬¸¿¬ ¬¸» ¿¾±ª» ·­ ¿ ¬®«» ¿²¼ ¿½½«®¿¬» λ½±¹²·¦»¼ Ы®­«¿²¬ ¬± Í»½¬·±² íìïééø³÷ ±º ¬¸» Ø»¿´¬¸ ¿²¼ Í¿º»¬§ ½±¼»ô × Ñ¾´·¹¿¬·±² п§³»²¬ ͽ¸»¼«´» º±® ¬¸» ¿¾±ª» ²¿³»¼ ¿¹»²½§ò Current Period Enforceable Obligations (A+E): Û²º±®½»¿¾´» Ѿ´·¹¿¬·±²­ º«²¼»¼ ©·¬¸ ÎÐÌÌÚ øÛ÷æÛ²º±®½»¿¾´» Ѿ´·¹¿¬·±²­ º«²¼»¼ ©·¬¸ ÎÐÌÌÚ øÛ÷æ λ­»®ª» Þ¿´¿²½» Ú«²¼·²¹ øÎÑÐÍ Ü»¬¿·´÷ Ò±²óß¼³·²·­¬®¿¬·ª» ݱ­¬­ øÎÑÐÍ Ü»¬¿·´÷ Þ±²¼ Ю±½»»¼­ Ú«²¼·²¹ øÎÑÐÍ Ü»¬¿·´÷ ß¼³·²·­¬®¿¬·ª» ݱ­¬­ øÎÑÐÍ Ü»¬¿·´÷ La Quinta Ý»®¬·º·½¿¬·±² ±º Ѫ»®­·¹¸¬ Þ±¿®¼ ݸ¿·®³¿²æ Ѭ¸»® Ú«²¼·²¹ øÎÑÐÍ Ü»¬¿·´÷ 窻®­·¼» Name of Successor Agency: Sources (B+C+D): Name of County: × Ö Ô Ú Þ E A ÝÜ HKN ÙÓ Ì¸»­» ¾±²¼­ ©»®» ·­­«»¼ ¬± ®»º«²¼ ¬¸» ïççèô îððïô îððîô îððí ÌßÞù­ ¬± ¬¿µ» ¿¼ª¿²¬¿¹» ±º ´±©»® ·²¬»®»­¬ ®¿¬»­ ¿ª¿·´¿¾´» ·² ¬¸» ³¿®µ»¬ò ̸» Ü»°¿®¬³»²¬ ±º Ú·²¿²½» ̸» º«²¼·²¹ ­±«®½» º±® ¬¸·­ °®±¶»½¬ ·­ ¬¸» îðïï Þ±²¼ °®±½»»¼­ º±® ¿ ©®·¬¬»² ½±³³·¬³»²¬ ¬± ¬¸» ËÍ Ü»°¿®¬³»²¬ ±º ß¹®·½«´¬«®»óΫ®¿´ Ü»ª»´±°³»²¬ ¬± ®»¸¿¾·´·¬¿¬» ¿²¼ îí Recognized Obligation Payment Schedule 14-15A - Notes ̸»­» ¿®» ½±­¬­ ¬¸¿¬ ©·´´ ¾» ¼·­¾«®­»¼ ¬± ½±²­«´¬¿²¬­ ¬± ¿¼³·²·­¬»® ¬¸» ´±²¹ó®¿²¹» °®±°»®¬§ ³¿²¿¹»³»²¬ °´¿²ò Ö«´§ ïô îðïì ¬¸®±«¹¸ Ü»½»³¾»® íïô îðïì ̸»­» ¾±²¼­ ©»®» ®»º«²¼»¼ ±² Ü»½»³¾»® îíô îðïí ¬± ¬¿µ» ¿¼ª¿²¬¿¹» ±º ´±©»® ·²¬»®»­¬ ®¿¬»­ò ½±²­¬®«½¬ ·³°®±ª»³»²¬­ ¬± ¬¸» É¿­¸·²¹¬±² ͬ®»»¬ ß°¿®¬³»²¬­ ¿ºº±®¼¿¾´» ¸±«­·²¹ °®±¶»½¬ò ®»ª·»©»¼ ¿²¼ ¿°°®±ª»¼ ¬¸» ®»º«²¼·²¹ ¬®¿²­¿½¬·±²ò Notes/Comments Ô·²»­ îíóîì Ô·²»­ îóë Ô·²» ïîÔ·²» îê Item # ÎÛÍÑÔËÌ×ÑÒ ÒÑò Íß îðïìó ß ÎÛÍÑÔËÌ×ÑÒ ÑÚ ÌØÛ ÍËÝÝÛÍÍÑÎ ßÙÛÒÝÇ ÌÑ ÌØÛ Ôß ÏË×ÒÌß ÎÛÜÛÊÛÔÑÐÓÛÒÌ ßÙÛÒÝÇ ßÜÑÐÌ×ÒÙ ÎÛÝÑÙÒ×ÆÛÜ ÑÞÔ×ÙßÌ×ÑÒ ÐßÇÓÛÒÌ ÍÝØÛÜËÔÛ ïìó ïëß ÚÑÎ ÌØÛ ÐÛÎ×ÑÜ ÑÚ ÖËÔÇ îðïì ÌØÎÑËÙØ ÜÛÝÛÓÞÛÎ îðïì ÉØÛÎÛßÍ ô ¬¸» Ý·¬§ ݱ«²½·´ ±º ¬¸» Ý·¬§ ±º Ô¿ ¿­ ¿°°´·½¿¾´»÷ °®»ª·±«­´§ ¿°°®±ª»¼ ¿²¼ ¿¼±°¬»¼ ø·÷ ¬¸» λ¼»ª»´±°³»²¬ д¿² º±® Ô¿ ª»´±°³»²¬ å ¿²¼ ø··÷ ¬¸» λ¼»ª»´±°³»²¬ д¿² º±® Ô¿ Ï«·²¬¿ λ¼»ª»´±°³»²¬ ¿­ ¿°°´·½¿¾´»÷å ÉØÛÎÛßÍô ¬¸» º±®³»® Ô¿ Ï«·²¬¿ λ¼»ª»´±°³»²¬ ß¹»²½§ ©¿­ »²¹¿¹»¼ ·² ¿½¬·ª·¬·»­ ¬± »¨»½«¬» ¿²¼ ·³°´»³»²¬ ¬¸» Ю±¶»½¬ ß®»¿ Ò±ò ï λ¼»ª»´±°³»²¬ д¿² ¿²¼ ¬¸» Ю±¶»½¬ ß®»¿ Ò±ò î λ¼»ª»´±°³»²¬ д¿² ø½±´´»½¬·ª»´§ô λ¼»ª»´±°³»²¬ Ô¿© øØ»¿´¬¸ ¿²¼ Í¿º»¬§ ݱ¼» y ííðððô »¬ ­»¯ò÷ å ¿²¼ ÉØÛÎÛßÍô ¿­ °¿®¬ ±º ¬¸» îðïïóïî ͬ¿¬» ¾«¼¹»¬ ¾·´´ô ¬¸» Ý¿´·º±®²·¿ Ô»¹·­´¿¬«®» »²¿½¬»¼ ¿²¼ ¬¸» Ù±ª»®²±® ­·¹²»¼ô ßÞ¨ï îê ®»¯«·®·²¹ ¬¸¿¬ »¿½¸ ®»¼»ª»´±°³»²¬ ¿¹»²½§ ¾» ¼·­­±´ª»¼ ¿²¼ ß­­»³¾´§ Þ·´´ îé ¿¬ ©±«´¼ ¸¿ª» 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ÐßÍÍÛÜô ßÐÐÎÑÊÛÜô ßÒÜ ßÜÑÐÌÛÜ ¿¬ ¬¸» ³»»¬·²¹ ±º ¬¸» Í«½½»­­±® ß¹»²½§ ¬± ¬¸» Ô¿ Ï«·²¬¿ λ¼»ª»´±°³»²¬ ß¹»²½§ ¸»´¼ ¬¸·­ ï謸 ±º Ú»¾®«¿®§ô îðïìô ¾§ ¬¸» º±´´±©·²¹ ª±¬»ô ¬± ©·¬æ ßÇÛÍæ ÒÑÛÍæ ßÞÍÛÒÌæ ßÞÍÌß×Òæ ÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁ ܱ² ß¼±´°¸ô ݸ¿·®°»®­±² Í«½½»­­±® ß¹»²½§ ¬± ¬¸» Ô¿ Ï«·²¬¿ λ¼»ª»´±°³»²¬ ß¹»²½§ ßÌÌÛÍÌæ ÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁ Í«­¿² Ó¿§­»´­ô Ý·¬§ Ý´»®µ Í«½½»­­±® ß¹»²½§ ¬± ¬¸» Ô¿ Ï«·²¬¿ λ¼»ª»´±°³»²¬ ß¹»²½§ øßÙÛÒÝÇ ÍÛßÔ÷ ßÐÐÎÑÊÛÜ ßÍ ÌÑ ÚÑÎÓæ Óò ÕßÌØÛÎ×ÒÛ ÖÛÒÍÑÒô Í«½½»­­±® ß¹»²½§ ݱ«²­»´ Í«½½»­­±® ß¹»²½§ ¬± ¬¸» Ô¿ Ï«·²¬¿ λ¼»ª»´±°³»²¬ ß¹»²½§ îê CITY SA MEETING DATE: February 18, 2014 ITEM TITLE: ADOPT RESOLUTION APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE OF THE FORMER LA QUINTA REDEVELOPMENT AGENCY FOR THE PERIOD OF JULY 2014 THROUGH DECEMBER 2014 AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 3 STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Adopt a Resolution approving a Recognized Obligation Payment Schedule for the period of July 2014 through December 2014. EXECUTIVE SUMMARY: • The Successor Agency must submit a Recognized Obligation Payment Schedule (BOPS) every six months. • The attached BOPS (Attachment 1) identifies $38,062,604 of Enforceable Obligations that must be funded during the first six months of 2014; $20,606,482 from tax allocation bond proceeds and $16,945,904 from property tax increment revenue from the Redevelopment Property Tax Trust Fund (RPTTF). FISCAL IMPACT: The Successor Agency requests authorization to expend $20,606,482 from 2002, 2004 and 2011 bond proceeds, and an allocation of $16,945,904 from the RPTTF on this BOPS form. The $16,945,904 of RPTTF funding includes $504,358 of administrative expenses (for the six -month period). The remaining $16,441,546 is to pay bond interest and principal payments. BACKGROUND /ANALYSIS: Every six months, the Successor Agency and Oversight Board must approve a BOPS, which is then submitted to the Department of Finance (DOF), State ill ó ݱ²¬®±´´»®ò ̸» ÎÑÐÍ ·¼»²¬·º·»­ ¬¸» ±¾´·¹¿¬·±²­ ±º ¬¸» º±®³»® λ¼»ª»´±°³»²¬ ß¹»²½§ øÎÜß÷ ¬¸¿¬ ¬¸» Í«½½»­­±® ß¹»²½§ ³«­¬ º«²¼ ¼«®·²¹ ¬¸» º·®­¬ ­·¨ ³±²¬¸­ ±º îðïìò ̸»­» ±¾´·¹¿¬·±²­ ·²½´«¼» ¬¿¨ ¿´´±½¿¬·±² ¾±²¼ ¼»¾¬ ­»®ª·½» °¿§³»²¬­ô ¬¸·®¼ °¿®¬§ ½±²¬®¿½¬­ô ¿²¼ ¿¼³·²·­¬®¿¬·ª» ½±­¬­ò ̸» ÎÑÐÍ ³«­¬ ¾» ­«¾³·¬¬»¼ ¬± ¬¸» ¿¾±ª»ó³»²¬·±²»¼ »²¬·¬·»­ ¾§ Ó¿®½¸ íô îðïìò ̸» ÜÑÚ ¬¸»² ¸¿­ ìë ¼¿§­ ¬± ³¿µ» ·¬­ º·²¿´ ¼»¬»®³·²¿¬·±² ®»¹¿®¼·²¹ ¬¸» »²º±®½»¿¾´» ±¾´·¹¿¬·±²­ô ¬¸» ¼±´´¿® ¿³±«²¬­ô ¿²¼ º«²¼·²¹ ­±«®½»­ò ̸» Í«½½»­­±® ß¹»²½§ ©±«´¼ ¬¸»² ¸¿ª» º·ª» ¾«­·²»­­ ¼¿§­ ¬± ®»¯«»­¬ ¿¼¼·¬·±²¿´ ÜÑÚ ®»ª·»© ¿²¼ ¿² ±°°±®¬«²·¬§ ¬± ³»»¬ ¿²¼ ½±²º»® ±² ¼·­°«¬»¼ ·¬»³­ò ׺ ¬¸» ÎÑÐÍ ·­ ­«¾³·¬¬»¼ ´¿¬»ô ¬¸» Ý·¬§ ©·´´ ¾» ­«¾¶»½¬ ¬± ¿ ½·ª·´ º·²» ±º üïðôððð °»® ¼¿§ò ßÔÌÛÎÒßÌ×ÊÛÍæ ß­ ¬¸·­ ·­ ¿ ®»¯«·®»³»²¬ ±º ¬¸» ÜÑÚô ­¬¿ºº ¼±»­ ²±¬ ®»½±³³»²¼ ¿² ¿´¬»®²¿¬·ª»ò λ°±®¬ °®»°¿®»¼ ¾§æ אַ·½µ Ù®·ºº·²ô ײ¬»®·³ Ú·²¿²½» Ü·®»½¬±® λ°±®¬ ¿°°®±ª»¼ º±® ­«¾³·­­·±² ¾§æ Ú®¿²µ Öò Í°»ª¿½»µô Ý·¬§ Ó¿²¿¹»®  ߬¬¿½¸³»²¬æ ïò ÎÑÐÍ º±® Ö«´§ îðïì ¬¸®±«¹¸ Ü»½»³¾»® îðïì ïé Ы®­«¿²¬ ¬± Ø»¿´¬¸ ¿²¼ Í¿º»¬§ ݱ¼» ­»½¬·±² íìïééø´÷ô λ¼»ª»´±°³»²¬ Ю±°»®¬§ Ì¿¨ Ì®«­¬ Ú«²¼ øÎÐÌÌÚ÷ ³¿§ ¾» ´·­¬»¼ ¿­ ¿ ­±«®½» ±º °¿§³»²¬ ±² ¬¸» ÎÑÐÍô ¾«¬ ±²´§ ¬± ¬¸» »¨¬»²¬ ²± ±¬¸»® º«²¼·²¹ ­±«®½» ·­ ¿ª¿·´¿¾´» ±® ©¸»² °¿§³»²¬ º®±³ °®±°»®¬§ ïè ï Comments ßÌÌßÝØÓÛÒÌ I (50,928) Ò±²óß¼³·² ¿²¼ ó ëôéïëôëîìïíôðëíôîèêïíôðçïôîðç 5,677,6015,677,601 ìôîìêôððéçôçéìôëíê RPTTF ß¼³·² $ H $ $ Recognized Obligation Payment Schedule (ROPS) 14-15A - Report of Cash Balances îèôèééíðôçïè 59,79559,79559,795 ײ¬»®»­¬ô Û¬½ò Ù®¿²¬­ô $ $ $ 벬ô Other G ®»­»®ª» º±® ²»¨¬ ¾±²¼ °¿§³»²¬ -$ -$ -$ ¼·­¬®·¾«¬»¼ ¿­ Ю·±® ÎÑÐÍ ÎÐÌÌÚ F Fund Sources Reserve Balance øλ°±®¬ ß³±«²¬­ ·² ɸ±´» ܱ´´¿®­÷ Ю·±® ÎÑÐÍ °»®·±¼ ¾¿´¿²½»­ ¿²¼ ÜÜÎ ¾¿´¿²½»­ ®»¬¿·²»¼ -$ -$ -$ Ò± »²¬®§ ®»¯«·®»¼ E Þ±²¼­ ×­­«»¼ íïôîêìôêêèçôðëî 31,273,72031,273,720 ìðôððð 31,313,720 ±² ±® ¿º¬»® ðïñðïñïï Bond Proceeds D $ $ $ Þ±²¼­ ×­­«»¼ ïîôïíéôëçççè 12,137,69712,137,697 ëððîôïêêôçðî 9,971,295 ±² ±® ¾»º±®» ïîñíïñïð C $ $ $ Ò±¬» ¬¸¿¬ ¬¸» ÎÐÌÌÚ ¿³±«²¬ ­¸±«´¼ ±²´§ ·²½´«¼» ¬¸» ®»¬»²¬·±² ±º ®»­»®ª»­ Ò±¬» ¬¸¿¬ ¬¸» ÎÐÌÌÚ ¿³±«²¬­ ­¸±«´¼ ¬·» ¬± ¬¸» ÎÑÐÍ ïíóïìß ¼·­¬®·¾«¬·±² Ò±¬» ¬¸¿¬ ¬¸» ÎÐÌÌÚ ¿³±«²¬­ ­¸±«´¼ ¬·» ¬± ¬¸» ÎÑÐÍ ïíóïìÞ ¼·­¬®·¾«¬·±² Expenditures for 13-14B Enforceable Obligations (Estimate 06/30/14) Ò±¬» ¬¸¿¬ ¬¸» ÎÐÌÌÚ ¿³±«²¬­ ³¿§ ·²½´«¼» ¬¸» ®»¬»²¬·±² ±º ®»­»®ª»­ º±® Ò±¬» ¬¸¿¬ ¬¸» ÎÐÌÌÚ ¿³±«²¬ ­¸±«´¼ ¬·» ¬± ½±´«³² Í ·² ¬¸» λ°±®¬ ±º Expenditures for ROPS 13-14A Enforceable Obligations (Actual Ò±¬» ¬¸¿¬ º±® ¬¸» ÎÐÌÌÚô í õ ì ­¸±«´¼ ¬·» ¬± ½±´«³²­ Ô ¿²¼ Ï ·² ¬¸» Ò±¬» ¬¸¿¬ º±® ¬¸» ÎÐÌÌÚô ï õ î ­¸±«´¼ ¬·» ¬± ½±´«³²­ Ö ¿²¼ Ñ ·² ¬¸» Retention of Available Cash Balance (Estimate 06/30/14) Cash Balance Information by ROPS Period Ending Estimated Available Cash Balance (7 + 8 - 9 -10) Retention of Available Cash Balance (Actual 12/31/13) Beginning Available Cash Balance (Actual 01/01/14) Beginning Available Cash Balance (Actual 07/01/13) º®±³ ¬¸» ݱ«²¬§ ß«¼·¬±®óݱ²¬®±´´»® ¼«®·²¹ Ö¿²«¿®§ îðïì (C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6) º®±³ ¬¸» ݱ«²¬§ ß«¼·¬±®óݱ²¬®±´´»® ¼«®·²¹ Ö«²» îðïí ROPS 13-14A RPTTF Prior Period Adjustment ¬¿¨ ®»ª»²«»­ ·­ ®»¯«·®»¼ ¾§ ¿² »²º±®½»¿¾´» ±¾´·¹¿¬·±²ò C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 - 5) λ°±®¬ ±º Ю·±® л®·±¼ ß¼¶«­¬³»²¬­ øÐÐß­÷ Ending Actual Available Cash Balance º±® ¼»¾¬ ­»®ª·½» ¿°°®±ª»¼ ·² ÎÑÐÍ ïíóïìß ROPS 13-14B Estimate (01/01/14 - 06/30/14) ROPS 13-14A Actuals (07/01/13 - 12/31/13) Revenue/Income (Estimate 06/30/14)¼»¾¬ ­»®ª·½» ¿°°®±ª»¼ ·² ÎÑÐÍ ïíóïìÞ BRevenue/Income (Actual 12/31/13) λ°±®¬ ±º ÐÐß­ 12/31/13) ÐÐß­ò 1011 123456789 A ïç ó ó ó ó ëðìôíëèÌ·¬´» 20,606,482 îðôêðêôìèî 16,945,904 ïêôììïôëìê 37,552,386 ïêôçìëôçðì 16,945,904 ïêôçìëôçðì 16,945,904 Ü¿¬» Six-Month Total $ $ $ $ Recognized Obligation Payment Schedule (ROPS 14-15A) - Summary Enforceable Obligations Funded with Non-Redevelopment Property Tax Trust Fund (RPTTF) Funding County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding Successor Agency Self-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding Ú·´»¼ º±® ¬¸» Ö«´§ ïô îðïì ¬¸®±«¹¸ Ü»½»³¾»® íïô îðïì л®·±¼ Í·¹²¿¬«®» Ò¿³» Ô»­­ Ю·±® л®·±¼ ß¼¶«­¬³»²¬ øλ°±®¬ ±º Ю·±® л®·±¼ ß¼¶«­¬³»²¬­ ݱ´«³² ßß÷ Ô»­­ Ю·±® л®·±¼ ß¼¶«­¬³»²¬ øλ°±®¬ ±º Ю·±® л®·±¼ ß¼¶«­¬³»²¬­ ݱ´«³² Í÷ ñ­ñ Current Period Requested Funding for Outstanding Debt or Obligation Enforceable Obligations Funded with RPTTF Funding (F+G): Adjusted Current Period RPTTF Requested Funding (L-M) Adjusted Current Period RPTTF Requested Funding (I-J) ¸»®»¾§ ½»®¬·º§ ¬¸¿¬ ¬¸» ¿¾±ª» ·­ ¿ ¬®«» ¿²¼ ¿½½«®¿¬» λ½±¹²·¦»¼ Ы®­«¿²¬ ¬± Í»½¬·±² íìïééø³÷ ±º ¬¸» Ø»¿´¬¸ ¿²¼ Í¿º»¬§ ½±¼»ô × Ñ¾´·¹¿¬·±² п§³»²¬ ͽ¸»¼«´» º±® ¬¸» ¿¾±ª» ²¿³»¼ ¿¹»²½§ò Current Period Enforceable Obligations (A+E): Û²º±®½»¿¾´» Ѿ´·¹¿¬·±²­ º«²¼»¼ ©·¬¸ ÎÐÌÌÚ øÛ÷æÛ²º±®½»¿¾´» Ѿ´·¹¿¬·±²­ º«²¼»¼ ©·¬¸ ÎÐÌÌÚ øÛ÷æ λ­»®ª» Þ¿´¿²½» Ú«²¼·²¹ øÎÑÐÍ Ü»¬¿·´÷ Ò±²óß¼³·²·­¬®¿¬·ª» ݱ­¬­ øÎÑÐÍ Ü»¬¿·´÷ Þ±²¼ Ю±½»»¼­ Ú«²¼·²¹ øÎÑÐÍ Ü»¬¿·´÷ ß¼³·²·­¬®¿¬·ª» ݱ­¬­ øÎÑÐÍ Ü»¬¿·´÷ La Quinta Ý»®¬·º·½¿¬·±² ±º Ѫ»®­·¹¸¬ Þ±¿®¼ ݸ¿·®³¿²æ Ѭ¸»® Ú«²¼·²¹ øÎÑÐÍ Ü»¬¿·´÷ 窻®­·¼» Name of Successor Agency: Sources (B+C+D): Name of County: × Ö Ô Ú Þ E A ÝÜ HKN ÙÓ Ì¸»­» ¾±²¼­ ©»®» ·­­«»¼ ¬± ®»º«²¼ ¬¸» ïççèô îððïô îððîô îððí ÌßÞù­ ¬± ¬¿µ» ¿¼ª¿²¬¿¹» ±º ´±©»® ·²¬»®»­¬ ®¿¬»­ ¿ª¿·´¿¾´» ·² ¬¸» ³¿®µ»¬ò ̸» Ü»°¿®¬³»²¬ ±º Ú·²¿²½» ̸» º«²¼·²¹ ­±«®½» º±® ¬¸·­ °®±¶»½¬ ·­ ¬¸» îðïï Þ±²¼ °®±½»»¼­ º±® ¿ ©®·¬¬»² ½±³³·¬³»²¬ ¬± ¬¸» ËÍ Ü»°¿®¬³»²¬ ±º ß¹®·½«´¬«®»óΫ®¿´ Ü»ª»´±°³»²¬ ¬± ®»¸¿¾·´·¬¿¬» ¿²¼ îí Recognized Obligation Payment Schedule 14-15A - 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