SA Resolution 2016-001RESOLUTION NO. SA 2016 — 001
A RESOLUTION OF THE SUCCESSOR AGENCY TO THE LA
QUINTA REDEVELOPMENT AGENCY ADOPTING THE
RECOGNIZED OBLIGATION PAYMENT SCHEDULE 16-17
FOR THE PERIOD OF JULY 1, 2016 THROUGH JUNE 30,
2017
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); 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. SA 2016-001
Adoption of Recognized Obligation Payment Schedule
Adopted: January 19, 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, Successor Agency to the La Quinta Redevelopment Agency
("Successor Agency") staff have prepared ROPS 16-17 for the period of July 1, 2016 to
June 30, 2017; and
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 ROPS 16-17. 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 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 the redevelopment dissolution law.
SECTION 3. Implementation. The Successor Agency hereby authorizes and directs
the Executive Director to submit ROPS 16-17 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 16-
17 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 2016-001
Adoption of Recognized Obligation Payment Schedule
Adopted: January 19, 2016
Page 3 of 3
PASSED, APPROVED, AND ADOPTED at the meeting of the Successor Agency to
the La Quinta Redevelopment Agency held this 19th of January 2016, by the following
vote:
AYES: Agency Members Franklin, Osborne, Pena, Radi, and Chaiperson Evans
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
LINDA EVANS, Chairperson
City of La Quinta Acting as Successor Agency
to the La Quinta Redevelopment Agency
SUSAN MAYSELS, Secr ary
City of La Quinta Acting as Successor
Agency to the La Quinta Redevelopment Agency
(AGENCY SEAL)
APPROVED AS TO FORM:
WILLIAM H. IHR E, Counsel
City of La Quinta Acting as Successor
Agency to the La Quinta Redevelopment Agency
Successor Agency:
County:
Recognized Obligation Payment Schedule (ROPS 16-17) - Summary
Filed for the July 1, 2016 through June 30, 2017 Period
La Quinta
Riverside
EXHIBIT A
ROPS 16-17
Current Period Requested Funding for Enforceable Obligations (ROPS Detail) 16-17A Total 16-17B Total 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 8,897,830 100,000 8,997,830
C Reserve Balance Funding -
D Other Funding - -
E Enforceable Obligations Funded with RPTTF Funding (F+G): $ 12,842,433 $ 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.
Name
/s/
Title
Signature
Date
cTJ
A
Item 4
La Quinta Recognized Obligation Payment Schedule (ROPS 16-17) - ROPS Detail
July 1, 2016 through June 30, 2017
(Report Amounts in Whole Dollars)
B
C
D
E
F
G
H
Project
Area
f
J
Retired
N
N
K
L
M
N I
0
P
Q
R
S
T
U
V
W
16-17B
Total
S 7.880,288
$ 1.033,339
$ 234,278
Project Name/Debt Obligation
Obligation Type
Contract/Agreement
Execution Date
Contract/Agreement
Termination Date
Payee
Description/Project Scope
Total Outstanding
Debt or Obligation
$ 379466,729
44,983,097
14,406,700
ROPS 16-17
Total
$ _29,620,551
$ 2673.198
$ 509,631
16-17A
16-17A
Total
3 21.740,263
$ 1.639.859
$ 275,353
16-17B
Non-Redevelcpmanl
Property
ax Trust
RPTTF
Non -Redevelopment Prope
rty Tax Trust
RPTTF
Bond Proceeds
$ 8,897,830
Reserve
Balance _
$ -
Other
Funds
$ -
Non -Admin
$ 12,717,433
1,639,859
275,353
Admin
$125.000
_
Bond
Proceeds
$ 100,000
Reserve
Balance
$ -
Other Funds
$ •
Non -Admin
$ 7,655,288
1,033,339
234,278
Admin
$ 125.000
7
2011 Tax Allocation Bonds - Taxable
Bonds Issued After 12/31/10
7/3/2005
9/1/2036
US Bank
Bonds to fund projects
8
2011 Tax Allocation Bonds - Taxable
Bonds Issued After 12/31/10
7/3/2005
9/1/2039
US Bank
Bonds to fund projects
9
Annual Continuing Disclosure
Statements
Fees
1/17/2012
9/1/2039
Willdan Financial
Services
Preparation of annual continuing
disclosure reports per Federal
regulations
4,000
N
$ 4,000
$
4,000
$ 4,000
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 Project
OPA/DDA/Construction
10/1/2008
11/30/2032
La Quinta Housing
Authority
Written commitment to US Department
of Agriculture -Rural Development to
(rehabilitate & construct improvements
Ito Washington Street Apartments
18,529,850
N
$ 2,142,038
2,142,038
$ 2,142,038
$ -
15
Construction of Washington Street
Apartments Site Improvements &
Rehabilitation Project
Professional Services
7/3/2011
7/31/2016
Tall Man Group
Project & Construction Management
for Washington Street Apartments Site
'Improvements & Rehabilitation Project
756,780
N
$ 200,000
100,000
$ 100,000
100,000
$ 100,000
17
Washington Street Apartments
Rehabilitation Project
Project Management Costs
1/1/2014
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
300,000
N
$ 50,000
50,000
$ 50,000
$
18
Washington Street Apartments
Rehabilitation Project
Project Management Costs
7/1/2012
7/1/2016
Rutan & Tucker
Project Management Costs - Legal
30,000
N
$ 30,000
30,000
$ 30,000
$
22
Administrative Allowance
Admin Costs
1/1/2014
9/1/2039
City of La Quinta
Administrative Allowance per ABx1 26
i(3% of ROPS)
_
610,822
N
$ 250,000
125,000
$ 125,000
125,000
$ 125,000
23
Series A 2013 TARB
Bonds Issued After 12/31110
12123/2013
9/1/2033
US Bank
Refund 1998, 2001, 2002, 2003 TABS
131,517,744
N
$ 7.769,362
5,672,231
$ 5.672,231
2.097,131
$ 2,097,131
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
31.903,343
N
$ 1.896,504
1 392,740
$ 1,392.740
503,764
$ 503,764
25
Advances from City General Fund
approved for repayment by
Oversight Board
City/County Loans On or
Before 6/27/11
6/30/1994
9/1/2030
City of La Quinta
Loans made from the General Fund to
the former RDA
31,382,101
N
$ 2,283,601
$ -
2,283,601
$ 2,283,601
272014
Bonds
Bonds Issued After 12/31/10
7/9/2014
9/1/2034
US Bank
Refund 2004 Bonds
98,458,500
N
$ 5,228.425
3 733,250
$ 3,733.250
1,495,175
3 1.495,175
28
SilverRock Infrastructure
Professional Services
6/11/2005
12/31/2020
Various
Roadwork and improvements to
support development
6,575,792
N
$ 6,575,792
6,575,792
$ 6,575,792
$
29
2014 Bonds requesting funding for
unfunded obligations due to certain
circumstances
(Bonds Issued After 12/31/10
7/9/2014
9/1/2034
US Bank
Refund 2004 Bonds - correction for
March 2015 debt service
Y
$ -
$ -
$ •
30
Administrative Allowance for ROPS
14-15A requesting funding for
unfunded obligations due to certain
Admin Costs
1/1/2014
9/1/2039
City of La Quinta
Administrative Allowance per ABx1 26
(3% of ROPS) for ROPS14-15A
insufficient tax increment
Y
$ -
$ -
i
$ •
31
circumstances
_
N
$ -
-
$ -
-
$ -
32
N
$ -
$ -
$ -
33
N
$ -
$ -
$-
34
N
$ -
$
$ -
35
N
$ -
$ -
$ -
36
N
$ -
$
,$ -
37
N
$ -
$ -
$ -
38
N
$ -
$ -
$ -
39
_
N
$ -
$ -
$
La Quinta Recognized Obligation Payment Schedule (ROPS 16-17) - Report of Cash Balances
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 (I), 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_B4 ANCE TICS SH> ET
A
B
C
D
E
F
G
H
I
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 15-16A Actuals (07/01/15 - 12/31/15)
1
Beginning Available Cash Balance (Actual 07/01/15)
9.062.329
27.979.947
690.238
1.177.136
1
125.927'
2
Revenue/Income (Actual 12/31/15)
RPTTF amounts should tie 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
12/31/15)
10.560
690,238
16,586
11,842,170
4
Retention of Available Cash Balance (Actual 12/31/15)
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)
$ 9,051,769
$ 27,980,592
$ -
$ -
$ 1,160,550
$
ROPS 15-16B Estimate (01/01/16 - 06/30/16)
7
Beginning Available Cash Balance (Actual 01/01/16)
(C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6)
$ 9,051,769
$ 27,980,592
$ -
$ -
$ 1,160,550
$ -
8
Revenue/Income (Estimate 06/30/16)
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
06/30/16)
60,350
7,681,139
10
Retention of Available Cash Balance (Estimate 06/30/16)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
11
Ending Estimated Available Cash Balance (7 + 8 - 9 -10)
$ 9.051.769
$ 27,980,592
$
$
$ 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.