SA Resolution 2014-009RESOLUTION NO. SA 2014 - 009
A RESOLUTION OF THE CITY OF LA QUINTA ACTING
AS THE SUCCESSOR AGENCY TO LA QUINTA
REDEVELOPMENT AGENCY ADOPTING RECOGNIZED
OBLIGATION PAYMENT SCHEDULE FOR THE PERIOD
OF JANUARY 1, 2015 THROUGH JUNE 30, 2015
WHEREAS, the City Council of the City of La Quinta ("City Council" or "City,"
as applicable) previously approved and adopted (i) the Redevelopment Plan for La
Quinta Project Area No. 1 ("Project Area No. 1 " or "Project Area No. 1 Redevelopment
Plan," as applicable); and (ii) the Redevelopment Plan for La Quinta Redevelopment
Project Area No. 2 ("Project Area No. 2" or "Project Area No. 2 Redevelopment Plan,"
as applicable);
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 201 1-12 -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
Resolution No. SA 2014-009
Adoption of Recognized Obligation Payment Schedule
Adopted: September 16, 2014
Page 2 of 3
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
WHEREAS, Successor Agency to the La Quinta Redevelopment Agency
("Successor Agency") staff have prepared ROPS 14-15B for the period of January
1, 2015 through June 30, 2015
WHEREAS, all other legal prerequisites to the adoption of this Resolution
have occurred.
NOW THEREFORE, BE IT RESOLVED, by 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 BOPS 14-15B. In order to enable the Successor Agency
to strictly comply with ABx1 26, and based on the Recitals set forth above, the
Successor Agency hereby approves ROPS 14-15B attached hereto as Exhibit A as
the Recognized Obligation Payment Schedule for the period of January 1, 2015
through June 30, 2015. 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 Successor Agency hereby authorizes and directs
the Executive Director to submit BOPS 14-15B to the Oversight Board of the City
as Successor Agency to the La Quinta Redevelopment Agency (the "Oversight
Board") and, after approval by the Oversight Board, to submit a copy of the
approved ROPS 14-15B 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 Successor Agency hereby declares that it would
have adopted this Resolution irrespective of the invalidity of any particular portion
thereof.
SECTION 5. The Successor Agency Secretary shall certify to the adoption of this
Resolution.
Resolution No. SA 2014-009
Adoption of Recognized Obligation Payment Schedule
Adopted: September 16, 2014
Page 3 of 3
PASSED, APPROVED, AND ADOPTED at the meeting of the Successor
Agency to the La Quinta Redevelopment Agency held this 16th of September
2014, by the following vote:
AYES: Agency Members Evans, Franklin, Henderson, Osborne, Chair Adolph
NOES: None
ABSENT: None
ABSTAIN: None
DON A 0'LPH, C airperson
City of La Quinta Acting as Successor
Agency to the La Quinta Redevelopment
Agency
ATTEST:
SUSAN MAYSELS, &ecretary
City of La Quinta Acting as Successor
Agency to -the La Quinta Redevelopment Agency
(AGENCY SEAL)
APPROVED AS TO FORM:
WILLIAM H. IHRKE, Successor Agency Counsel
City of La Quinta Acting as Successor
Agency to the La Quinta Redevelopment Agency
Recognized Obligation Payment Schedule (ROPS 14-1513) - Summary
Filed for the January 1, 2015 through June 30, 2015 Period
Name of Successor Agency: La Quinta
Name of County: Riverside
Current Period Requested Funding for Outstanding Debt or Obligation
Enforceable Obligations Funded with Non -Redevelopment Property Tax Trust Fund (RPTTF) Funding
A Sources (B+C+D):
B Bond Proceeds Funding (ROPS Detail)
C Reserve Balance Funding (ROPS Detail)
D Other Funding (ROPS Detail)
E Enforceable Obligations Funded with RPTTF Funding (F+G):
F Non -Administrative Costs (ROPS Detail)
G Administrative Costs (ROPS Detail)
H Current Period Enforceable Obligations (A+E):
Six -Month Total
$ 25,781,482
25,781,482
$ 14,592,955
14,167,917
425,038
$ 40,374,437
Successor Agency Self -Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
I Enforceable Obligations funded with RPTTF (E): 14,592,955
J Less Prior Period Adjustment (Report of Prior Period Adjustments Column S) (3,015,467)
K Adjusted Current Period RPTTF Requested Funding (W) $ 11,577,488
County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
L Enforceable Obligations funded with RPTTF (E): 14,592,955
M Less Prior Period Adjustment (Report of Prior Period Adjustments Column AA) -
N Adjusted Current Period RPTTF Requested Funding (L-M) 14,592,955
Certification of 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
Obligation Payment Schedule for the above named agency.
/s/
Name
Signature
Title
Date
Recognized Obligation Payment Schedule (ROPS 14-1513) - ROPS Detail
January 1, 2015 through June 30, 2015
(Report Amounts In Whole Dollars)
A
B
C
D
E
F
G
H
I
J
K L M N O
P
Funding.Source
Non -Redevelopment Property T.. Trust Funtl
Non-RMF
RMF
Reserve
Contm,tAgreement
ContracilAgreemen[
Total Outstanding
Item a
Project Name / Debt Obligation
Obligation Type
Execution Data
Termination Date
Pa a
Descri tlon/Pro eol Soo a
Prot -Area
Debt or Obli a[ion
Retired
Bond Proceeds
Balance
Other Funds
Non-Admin
Admin
Su,MonthTotal
$ 401.491235
$ 25.781.482
$ -
$ -
S 14.167.917
S 425.038
S 40.374.437
21998
Tax Allocation Bonds - Tax
Bond. Issued On or
6/20/2005
9/112033
US Bank
Bonds to fund molecl.
1and 2
N
3
2001 Tax Allocation Bontl. - Tax
Bonds Issued On or
6/23/2005
9/112031
US Bank
Bonds to fund prgect.
1
-
N
-
Exempt
Before 12/31/10
4
2002 Tax Allocation Bonds -Tax
Bonds Issued On or
6/242005
1/112/17
US Bank
Bonds to fund projects
1
-
N
-
E-hpt
Before 12/31/10
5
2003Tax Allocation Bonds -Taxable
Bonds Issued On or
6125/2005
9/112032
US Bank
Bonds to fund projects
1
N
-
Before 12/31/10
62004Tm
Allocation Bonds -Tax
Bontl. Issued On or
6/26/2005
9/112034
US Bank
Bonds to fund prgect.
tand 2
N
-
F-tol
Before 12/31/10
72011Tm
Allocetim-Bonds-Taxable
Bonds Issued After
7132005
9/112036
US Bank
Bonds to fund projects
tand 2
58,157,798
N
1,616,134
1,616,134
12/31/10
82011
Tax Allocation Benda - Taxable
Bonds lssuad! After
71M005
9/1/2039
US Bank
Bonds to fund projects
tand 2
15,153,833
N
277,503
277,503
12/31110
9
Annual Continuing Disclosure
Fees
1/17/2012
9/1/2039
Wilimm Financial Same.
Preparation d annual continuing
1and 2
60,000
N
10,00E
10,000
Statements
disclosure reports per Federal
requlatlons
10
Bond Holder Fees
Fees
6116/2005
9/1/2039
US Bank
Fees for holding administration and
1 and 2
15,140
N
15,140
15,14E
dismbulion or band proceeds
11
Sll-Rock lnfrastmclure Design
Professional SeMces
8/16/2006
1213112014
RBF Consulting
Infrastructure design and engineering to
1
742,543
N
25,000
25,000
open development of &I -Rock
12C-tmotion
of Washington Streal
OPA/DDAICmstructi
10/1/2008
11/30/2032
La Ouinto Housing Authority
Written commitment to US Department
2
18,529,58E
N
18,529,580
18,529,58E
Apartments Site Improvements &
on
of Agriculture -Rural Development to
Rehabilitation Project
rehabilitate & construct improvements to
Washington Street Apartments
13
Constmction of Washington Street
Professional Services
7132011
7/3112015
Alt- Group
Engineering for Washingon Street
2
140,415
N
Apartments Site Improvements &
Apartments Site Improvements &
Rehabilitation Protect
Rehabilitation Pm.1
14
C... mm,bon of Washington Street
Property Maintenance
7132011
7/3112015
RGA Landscape
Landscaping for Washington Street
2
32.605
N
Apartments Site Improvements &
Apartments Site Improvements &
Rehabilitation Project
Rehabilitation Project
15
Constmction of Washington Street
Professional Services
7IM011
7/31/2015
Tall Man Group
Project& Construction Management fer
2
756,780
N
100,00E
100,00E
Apartments Site Improvements &
Washington Street Apartments Site
Rehabilitation Project
Improvements & Rehabilitation Prgect
16
Comdru h n of Washington Street
Professional Sari
8I]2011
7/3112015
Stodi. E Architects
ArchiteGure S-... fe, Washington
2
228,373
N
-
Apartments Site Improvements &
Street Apartments Site Improvements &
Rehabilitation "'i"t
Rehabilitation Prgect
17
Weminglpn Street Apartments
Project Management
1/12014
9/1/2032
City a(La Ouinte
Project Management Costs -Staff Time,
2
300,000
N
50,00E
50,000
Rehabilitation Project
Casts
Non Personnel to adminlster rehab M 72
affordable unRs and addition d 24
senor units
18
Washington Street Apartments
Project Management
]112012
7/112015
R.- &Tucker
Project Management Costs - Legal
2
30,00E
N
30,00E
30,000
Rehabll8atian Proiect
Cpsta
19
Coral Mountain Partners Disposition
Project Management
1/42011
1/12066
Cityd La Omuta
Project Management Costs - Staff Time
2
133,098
Y
16,9E2
16,902
and Development Agreement
Costs
to administer development of 176-unit
affordable apxtrnents.
20
Coral Mountain Patners Disposition
Project Management
7112012
9/1/2032
Retain & Tucker
Project Management Casts - Legal
2
30,00E
V
30,00E
30,00E
and Development Agreement
Coats
21
Water and Sewer Agreement for
ImprovemenViefmd,
6111/2005
12/3112020
Coachella Valley Water
Future infrastructure Improvements
1
16,625,644
N
-
-
future developmentatSllvaRock
ucture
District
required for future development of
SiherReek by Domestic Water &
Sanitation System Installation and
Irrigation Agreement
Z2
Administrative Allowance
Admin Costs
1/12014
9/1/2039
City a(La Ouinta
Administrative Allowance per ABx126
1and 2
6,5EE,000
N
425,03E
425,038
(3%of ROPS)
23
Series A 2013 TARB
Bonds Issued After
12123/2013
9/112033
US Bank
Refund 1998, 2001, 2002, 2003 TABs
141.526,588
N
7,843.260
7,843,260
12,3111E
24
Sere. B 2013 TARB
Bonds Issued After
lD2312013
9/1/2032
US Bank
Refund 1998, 2001, 2002, 2003 TAB.
34,319,624
N
1,901.618
1,901,618
2131110
25
Ad-- from City General Fund
CitylComity Loans
6130119M
9/1/2030
City of La Ouinte
Loans made from the General Fund to
35,534,214
N
602,644
602,644
approved for repayment by Oversight
On or Before&/27/11
the former RDA
Board
26
Long-range m Property Manageent
Professional Services
9/242013
6/3012014
Tall Man Ghoul,Appresels
and professional consulting
75.000
y
-
Plan Implementation Services
fees to administer the long-range
preparty management pipe
27
2014 Bonds
Bonds lashetl After
]l92014
9/1I2034
US Beek
Refund 2004 Bonds
1 and 2
85,800,00E
N
1,901,61E
1,901,81E
12131I10
28
SilwRock lnfnaamucture
Pmfeesional Sarmes61112005
12,311202E
Various
Roadwork and improvements to support1
7,000,000
N
7,000,00E
7,OD0,000
de poreent
29
N
30
N
Recognized Obligation Payment Schedule (ROPS 14-15B) - Report of Cash Balances
(Report Amounts in Whole Dollars)
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 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 https://rad.dof.ca.gov/rad-
sa/pdf/Cash Balance Agency Tips Sheet.pdf.
A B
C D E F G H
I
Fund Sources
Bond Proceeds
Reserve Balance
Other
RPTTF
Prior ROPS
Prior ROPS
period balances
RPTTF
Bonds Issued
Bonds Issued
and DDR RPTTF
distributed as
Rent,
Non-Admin
on or before
on or after
balances
reserve for
Grants,
and
Cash Balance Information by ROPS Period
12/31/10
01/01/11
retained
future period(s)
Interest, Etc.
Admin
Comments
ROPS 13-14B Actuals 01/01/14 - 06/30/14
1
Beginning Available Cash Balance (Actual 01/01/14)
2,568,830
31,279,316
30,918
6,880,787
2
Revenue/Income (Actual 06130/14)
RPTTF amounts should tie to the ROPS 13-14B distribution from the
County Auditor -Controller during January 2014
81
526
42,228
20,011,681
Includes ROPS 14-15A $15,765,674
3
Expenditures for ROPS 13-14B Enforceable Obligations (Actual
06130/14)
RPTTF amounts, H3 plus H4 should equal total reported actual
expenditures in the Report of PPA, Columns L and Q
1,430,540
4
Retention of Available Cash Balance (Actual 06/30/14)
RPTTF amount retained should only include the amounts distributed for
debt service reserve(s) approved in ROPS 13-14B
1,937,653
5
ROPS 13-14B RPTTF Prior Period Adjustment
RPTTF amount should tie to the self -reported ROPS 13-14B PPA in the
No entry required
Report of PPA, Column S
3,015,467
6
Ending Actual Available Cash Balance
C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 - 5)
2,568,911
31,279,842
d
73,146
20,508,808
ROPS 14-15A Estimate (07/01/14 - 12/31/14)
7
Beginning Available Cash Balance (Actual 07101/14)
(C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6)
2,568,911
31,279,842
1,937,653
73,146
23,524,275
8
Revenue/Income (Estimate 12131/14)
RPTTF amounts should tie to the ROPS 14-15A distribution from the
County Auditor -Controller during June 2014
100
1,000
9
Expenditures for ROPS 14-15A Enforceable Obligations (Estimate
12/31/14)
16, 933, 801
10
Retention of Available Cash Balance (Estimate 12/31/14)
RPTTF amount retained should only include the amount distributed for
debt service reserve(s) approved in ROPS 14-15A
11
Ending Estimated Available Cash Balance (7 + 8 - 9 -10)
2,569,011
31,280,842
1,937,653
73,146
6,590,474
Recognized Obligation Payment Schedule (ROP514.1513) - Report of Prior Period Adjustments
Reported for the ROPS 13-14B (January 1, 2014 thmugh June 30. 2014) Period Pursuant to Health and Safety Code (HSC) section 34186 (a)
Re ff Amounts in Whole Dldlafs
BOPS 13-14B Successor Agency (SA) Self -reported Prior Period Atlluatmenm (PPA): Pursuant to HSC Section 34186 (s). SAs are required W reW Me Oft.— between their acbal available tootling and their act al expenditures br the ROPS 13-14B (January through June 2014) period. lire amount of Redevelopment Properly Tax Trust Fund (RPM) approved br Me ROPS 14-
ry lhrcu M1June 2015)pe 3-14Bprior pedobedjusimentH 41a6 a alsos eGfies tM1at the n the county autlitw-controller C
I P
O R
Non-RPTTF Ezpendhures
RPTTF Expendhures
e..d Proceeds
Reearw Balance
OMer Funtle
Nonrltlmin
Net $A xomAtl
antl U PPA
(Am mtlM
Oflsel Ro..tROPS
ueabtl RRTTF)PTTF)
Item%
-jecl Name I.
Obli9aticn
AuiM1Pdmtl
Actual
—id
Actual
A H.d
Actual
AUMa d
Available
RPTTF
(ROP513-148
distribmed a all drier
vailable as of
a 0111114)
Net LezzefM
AuMo -d I
ACMaI
Dilfarence
fx N iz leas Man L,
Me tliReanca m
mro)
AUMPrimtl
Avallabl
RPTTF
(ROPS 13-14B
dlsMbuted a all o—
available as 00111114)
NN Lesaar ar
AUNor d I
Available
Actual
Difference
tlf-1—.1
caetla total
a—leed,-
tool tliffemnce iz
ero)
Nat Difference
(M.R)
SA CPmmenta
$ 18.996.482
$ 1061001
$ 5,-'V9
$ 1,93],653
$ -
$ -
$ 4,155,497
$ 4,155490
$ 4,155.487
$ 1,332,437
$ 2,823,D5D
$ —'.D
$ 2W,520
$ 290.520
$ 9a103
$ 192.417
$ B015,46]
3
1998 Tax Allocat�lon Buntls
2001 Tax Allocation Bonds
9]8,298
311.111
337,113
337,tt3
331.113
—113
aYlon Bontlb
00.328
1.200,328
5
2003 Tax Allocation Buntls
Taxable
991.0]9
991.0i9
991,0]9
991,0]9
991,0]9
6
O
Bantle TaxEmmmlbcatlon
2.9d9.edt
1.93].653
]
MI Tax Allocation Buntls
TaabN
1,—,,004
1.345,a84
1,345.884
1.076,134
269]50
269.750
2011 TV Allocation Bands
amble
9
A ual Continuing
Disclosure Statements
10.000
1,0
1,40
0,
1450
1,450
10
tler Fees
15.140
15.14140
15,140
10.-250
4.090
4,890
11
-
-
-
-
-
12
--o
Con of
—hingbn Street
Apartments
,end a
P-bili S'M
Rehabilitation ProjeG
10,529,580
-
a Stre
Apartment Bite
—Iril rnenis 8
Rehabiliaton Protect
4
s
Was.hihinggc Iton Street
Aparmenta 58e
—bilimenb a
Rehabiliration ProjeG
10.000
6
on M
Weahin9Yon Street
Apartmenta Silo
Impovemenb 8
Protect
125.000
27555
-
-
-
-
18
Cpdxrvcdon of
waanmgidn 3trex
Ayartmmb S4e
Improvements &
ReM1abiliralion
60.000
-
-
]
t
Was hington Sheer—t
Apertmmb Rehabiliaiicn
Protect
40.000
10
esMYonree[ ngSY
Apadmenta Rehabilitarcpn
PNiecM1
10.000
19
Coral Mountain Padnea
Oispps4ion end
evabpmenlAmeement
20
Coal Mountain Partners
DlspWand
Oe�ebpmenY A9reemenl
30.000
21
W anSewer
AyxtlreemenY for future
evebpment al $Ilvedtoek
22
AdminisYrelive Allmrence
290.520
290.520
R..103
Recognized Obllgation Paymem Schedule (ROPS 7475B) - Notes
Jenu 1 2015 hmu X June 50 2015
Xemtl NolesX:ammeMs