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SA Resolution 2021-001 ROPS Amend 1 RESOLUTION NO. SA 2021 – 001 A RESOLUTION OF THE SUCCESSOR AGENCY TO THE LA QUINTA REDEVELOPMENT AGENCY ADOPTING THE FIRST AMENDMENT TO THE LAST AND FINAL RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE PERIOD OF JULY 1, 2022 THROUGH JUNE 30, 2040 WHEREAS, the La Quinta Redevelopment Agency (“Redevelopment Agency”) was a redevelopment agency in the City of La Quinta (“City”), duly created pursuant to the California Community Redevelopment Law and Health and Safety Code Section 33000, et.seq.; and WHEREAS, Assembly Bill x1 26 chaptered and effective on June 27, 2011 added Parts 1.8 and 1.85 to Division 24 of the California Health and Safety Code, which caused the dissolution of all redevelopment agencies and winding down of the affairs of former agencies, and was subsequently amended by Assembly Bill 1484, chaptered and effective on June 27, 2012, and Senate Bill 107, chaptered and effective on September 22, 2015 (together, the “Dissolution Act”); and WHEREAS, as of February 1, 2012, the Redevelopment Agency was dissolved pursuant to the Dissolution Act and pursuant to Health and Safety Code, Section 34173(d), the City of La Quinta elected to become the successor agency to the La Quinta Redevelopment Agency (“Successor Agency”) and the Successor Agency is a separate legal entity from the City of La Quinta; and WHEREAS, the Successor Agency administers the enforceable obligations of the former Redevelopment Agency and otherwise unwinds the Redevelopment Agency’s affairs, all subject to the review and approval by a seven-member oversight board; and WHEREAS, Health and Safety Code, Section 34179(j) established the Riverside Countywide Oversight Board (“Oversight Board”) by requiring that commencing after July 1, 2018, in each county where more than one oversight board was created, there shall be only one oversight board; and WHEREAS, the Oversight Board with oversight of the Successor Agency to the former Redevelopment Agency has been appointed pursuant to the provisions of Health and Safety Code Section 34179; and Resolution No. SA 2021 – 001 First (1st) Amendment to the Last and Final Recognized Obligation Payment Schedule Adopted: June 23, 2021 Page 2 of 4 WHEREAS, pursuant to Health and Safety Code Section 34191.6, the Successor Agency, the Oversight Board and the Department of Finance (“DOF”) approved a Last and Final ROPS, effective July 1, 2018; and WHEREAS, the Last and Final ROPS identifies each enforceable obligation on which payments will be required to be made by the Successor Agency from and after July 1, 2018, until its termination and the amount to be paid for such obligations from the Redevelopment Property Tax Trust Fund (“RPTTF”); and WHEREAS, pursuant to Health and Safety Code Section 34177.5, the Successor Agency, the Oversight Board and DOF approved a refinancing of Successor Agency’s outstanding Subordinate Tax Allocation Refunding Bonds, 2013 Series A, Subordinate Tax Allocation Refunding Bonds, 2013 Taxable Series B and Tax Allocation Refunding Bonds, 2014 Series A (collectively, the “Prior Bonds”) through the issuance by the Successor Agency of its Tax Allocation Refunding Bonds, 2021 Taxable Series A (“Refunding Bonds”); and WHEREAS, the Successor Agency has sold the Refunding Bonds, reducing the amount of RPTTF required to be remitted to the Successor Agency; and WHEREAS, Health and Safety Code Section 34191.6 sets forth the process and authorizes up to two amendments, excluding specified actions, to a duly approved Last and Final ROPS; and WHEREAS, the Successor Agency will reduce the amount of RPTTF required to be remitted to the Successor Agency by approving a first amendment to the Last and Final ROPS; and WHEREAS, Health and Safety Code, Section 34191.6 requires the Oversight Board to approve the amendment to the Last and Final ROPS prior to the Successor Agency submitting the amendment to the Last and Final ROPS to DOF; 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: Resolution No. SA 2021 – 001 First (1st) Amendment to the Last and Final Recognized Obligation Payment Schedule Adopted: June 23, 2021 Page 3 of 4 SECTION 1. Recitals. The Recitals set forth above are true and correct and incorporated herein by reference. SECTION 2. Approval of the Amendment. The Successor Agency hereby approves and adopts the first amendment to the Last and Final ROPS (“First Amendment”), in substantially the form attached to this Resolution as Exhibit A, pursuant to Health and Safety Code Section 34191.6. SECTION 3. Implementation. The City Manager is hereby authorized to take all actions necessary under the Dissolution Act to post the First Amendment on the Successor Agency website, transmit the First Amendment to the Auditor-Controller and the County Administrator of the County of Riverside and DOF, submit the First Amendment to the Oversight Board, and to take any other actions necessary to ensure the approval and validity of the First Amendment and the validity of any enforceable obligation approved by the Successor Agency in this Resolution. In addition, the Successor Agency authorizes and directs the Successor Agency staff to make such non-substantive revisions to the First Amendment as may be necessary to submit the First Amendment in any modified form required by the Oversight Board or DOF, and the First Amendment as so modified shall thereupon constitute the First Amendment as approved by the Successor Agency pursuant to this Resolution. 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. PASSED, APPROVED, and ADOPTED at the special meeting of the Successor Agency to the La Quinta Redevelopment Agency held this 23rd of June, 2021, by the following vote: AYES: Agency Members Fitzpatrick, Peña, Radi, Sanchez, and Chairperson Evans NOES: None Last and Final Recognized Obligation Payment Schedule (ROPS) - Summary Filed for the July 1, 2022 through June 30, 2040 Period Successor Agency: La Quinta County: Riverside Initial ROPS Period: 22-23A Final ROPS Period: 39-40B Requested Funding for Enforceable Obligations Total Outstanding Obligation A Enforceable Obligations Funded as Follows (B+C) $2,044,777 B Bond Proceeds - C Other Funds 2,044,777 D Redevelopment Property Tax Trust Fund (RPTTF) (E+F) $229,621,015 E RPTTF 229,584,715 F Administrative RPTTF 36,300 G Total Outstanding Obligations (A+D) $231,665,792 Certification of Oversight Board Chairman: Name Title 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. /s/ Signature Date RESOLUTION NO. SA 2021-001 EXHIBIT A A Period July - December ROPS Period Fund Sources Six-Month Total Bond Proceeds Other Funds RPTTF Admin RPTTF $- $2,044,777 $187,552,020 $18,150 $189,614,947 ROPS 22-23A - 2,043,293 12,931,361 1,500 $14,976,154 ROPS 23-24A - 120 15,001,818 1,500 $15,003,438 ROPS 24-25A - 120 15,052,060 1,500 $15,053,680 ROPS 25-26A - 120 15,117,025 1,500 $15,118,645 ROPS 26-27A - 120 15,216,066 1,500 $15,217,686 ROPS 27-28A - 120 15,337,117 1,500 $15,338,737 ROPS 28-29A - 120 15,466,071 1,500 $15,467,691 ROPS 29-30A - 120 15,620,356 1,500 $15,621,976 ROPS 30-31A - 120 15,798,541 1,200 $15,799,861 ROPS 31-32A - 90 15,987,828 1,200 $15,989,118 ROPS 32-33A - 90 16,199,890 900 $16,200,880 ROPS 33-34A - 90 7,236,927 750 $7,237,767 ROPS 34-35A - 65 7,781,426 600 $7,782,091 ROPS 35-36A - 45 2,845,779 300 $2,846,124 ROPS 36-37A - 41 618,763 300 $619,104 ROPS 37-38A - 41 630,798 300 $631,139 ROPS 38-39A - 41 647,217 300 $647,558 ROPS 39-40A - 21 62,977 300 $63,298 B Period January - June Twelve-Month Total ROPS Period Fund Sources Six-Month Total Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $42,032,695 $18,150 $42,050,845 $231,665,792 ROPS 22-23B - - 5,119,770 1,500 $5,121,270 $20,097,424 ROPS 23-24B - - 5,137,406 1,500 $5,138,906 $20,142,344 ROPS 24-25B - - 5,141,112 1,500 $5,142,612 $20,196,292 ROPS 25-26B - - 5,115,270 1,500 $5,116,770 $20,235,415 ROPS 26-27B - - 5,072,886 1,500 $5,074,386 $20,292,072 ROPS 27-28B - - 5,009,839 1,500 $5,011,339 $20,350,076 ROPS 28-29B - - 4,928,532 1,500 $4,930,032 $20,397,723 ROPS 29-30B - - 4,392,230 1,500 $4,393,730 $20,015,706 ROPS 30-31B - - 766,165 1,200 $767,365 $16,567,226 ROPS 31-32B - - 563,276 1,200 $564,476 $16,553,594 ROPS 32-33B - - 345,363 900 $346,263 $16,547,143 ROPS 33-34B - - 234,837 750 $235,587 $7,473,354 ROPS 34-35B - - 109,170 600 $109,770 $7,891,861 ROPS 35-36B - - 43,864 300 $44,164 $2,890,288 ROPS 36-37B - - 30,899 300 $31,199 $650,303 ROPS 37-38B - - 17,318 300 $17,618 $648,757 ROPS 38-39B - - 3,058 300 $3,358 $650,916 ROPS 39-40B - - 1,700 300 $2,000 $65,298 La Quinta Last and Final Recognized Obligation Payment Schedule (ROPS) - Summary by ROPS Period July 1, 2022 through June 30, 2040 La Quinta Last and Final Recognized Obligation Payment Schedule (ROPS) - ROPS Detail July 1, 2022 through June 30, 2040 (Report Amounts in Whole Dollars) A B C D E F G H I Item # Project Name Obligation Type Agreement Execution Date Agreement Termination Date Payee Description Project Area Total Outstaning Obligation $231,665,792 9 Annual Continuing Disclosure Statements Fees 01/17/2012 09/01/2039 Willdan Financial Services Preparation of annual continuing disclosure reports per Federal regulations 49,304 10 Bond Holder Fees Fees 06/16/2005 09/01/2039 US Bank Fees for holding administration and distribution of bond proceeds 49,445 22 Administrative Allowance Admin Costs 01/01/2014 09/01/2039 City of La Quinta Administrative Allowance per ABx1 26 (3% of ROPS) 36,300 23 Series A 2013 TARB Bonds Issued After 12/31/10 12/23/2013 09/01/2033 US Bank Refund 1998, 2001, 2002, 2003 TABs - 24 Series B 2013 TARB Bonds Issued After 12/31/10 12/23/2013 09/01/2032 US Bank Refund 1998, 2001, 2002, 2003 TABs - 25 Advances from City General Fund approved for repayment by Oversight Board City/County Loan (Prior 06/28/11), Cash exchange 06/30/1994 09/01/2030 City of La Quinta Loans made from the General Fund to the former RDA. Principal and 4% simple interest. 28,486,493 27 2014 Bonds Bonds Issued After 12/31/10 07/09/2014 09/01/2034 US Bank Refund 2004 Bonds - 31 2016 Taxable Series A TARB Bonds Issued After 12/31/10 12/22/2016 09/01/2039 US Bank Refund 2011 Tax Allocation Bonds - Series 2011 PA 2 and 2011 Series A 37,721,573 32 Bond Expenditure Agreement, La Quinta Non-Housing Tax Allocation Bonds Bond Funded Project - Pre-2011 07/05/2016 12/31/2017 City of La Quinta In agreement with the bond spending plan as outlined in the bond expenditure agreement. - 33 Bond Expenditure Agreement, La Quinta Housing Tax Allocation Bonds Bond Funded Project - Housing 07/05/2016 12/31/2017 City of La Quinta In agreement with the bond spending plan as outlined in the bond expenditure agreement. - 34 Tax Allocation Refunding Bonds, 2021 Taxable Series A Refunding Bonds Issued After 6/ 27/12 04/14/2021 09/01/2034 US Bank Refunding 2013 Series A, 2013 Series B and 2014 Bonds 165,322,677 A Item # 9 10 22 23 24 25 27 31 32 33 34 J K L M 22-23A (Jul-Dec) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $2,043,293 $12,931,361 $1,500 - - - - - - 1,500 - - - - - - - - - - - - - - - - - - - - - - - 1,980,077 - - - - - - - - - - 2,043,293 10,949,784 - N O P Q 22-23B (Jan-Jun) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $5,119,770 $1,500 - - 3,050 - - - 1,600 - - - - - - - - - - - - - - - 3,369,682 - - - - - - - 529,178 - - - - - - - - - - - 1,216,260 - R S T U 23-24A (Jul-Dec) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $120 $15,001,818 $1,500 - - - - - - 1,500 - - - - - - - - - - - - - - - - - - - - - - - 1,994,178 - - - - - - - - - - 120 13,006,140 - V W X Y 23-24B (Jan-Jun) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $5,137,406 $1,500 - - 3,050 - - - 1,600 - - - - - - - - - - - - - - - 3,437,076 - - - - - - - 506,302 - - - - - - - - - - - 1,189,378 - A Item # 9 10 22 23 24 25 27 31 32 33 34 Z AA AB AC 24-25A (Jul-Dec) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $120 $15,052,060 $1,500 - - - - - - 1,500 - - - - - - - - - - - - - - - - - - - - - - - 2,016,302 - - - - - - - - - - 120 13,034,258 - AD AE AF AG 24-25B (Jan-Jun) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $5,141,112 $1,500 - - 3,050 - - - 1,600 - - - - - - - - - - - - - - - 3,505,817 - - - - - - - 482,013 - - - - - - - - - - - 1,148,632 - AH AI AJ AK 25-26A (Jul-Dec) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $120 $15,117,025 $1,500 - - - - - - 1,500 - - - - - - - - - - - - - - - - - - - - - - - 2,047,013 - - - - - - - - - - 120 13,068,512 - AL AM AN AO 25-26B (Jan-Jun) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $5,115,270 $1,500 - - 3,050 - - - 1,600 - - - - - - - - - - - - - - - 3,575,934 - - - - - - - 455,667 - - - - - - - - - - - 1,079,019 - A Item # 9 10 22 23 24 25 27 31 32 33 34 AP AQ AR AS 26-27A (Jul-Dec) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $120 $15,216,066 $1,500 - - - - - - 1,500 - - - - - - - - - - - - - - - - - - - - - - - 2,075,667 - - - - - - - - - - 120 13,138,899 - AT AU AV AW 26-27B (Jan-Jun) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $5,072,886 $1,500 - - 3,142 - - - 1,600 - - - - - - - - - - - - - - - 3,647,452 - - - - - - - 427,179 - - - - - - - - - - - 993,513 - AX AY AZ BA 27-28A (Jul-Dec) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $120 $15,337,117 $1,500 - - - - - - 1,545 - - - - - - - - - - - - - - - - - - - - - - - 2,102,179 - - - - - - - - - - 120 13,233,393 - BB BC BD BE 27-28B (Jan-Jun) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $5,009,839 $1,500 - - 3,142 - - - 1,650 - - - - - - - - - - - - - - - 3,720,401 - - - - - - - 396,886 - - - - - - - - - - - 887,760 - A Item # 9 10 22 23 24 25 27 31 32 33 34 BF BG BH BI 28-29A (Jul-Dec) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $120 $15,466,071 $1,500 - - - - - - 1,545 - - - - - - - - - - - - - - - - - - - - - - - 2,126,886 - - - - - - - - - - 120 13,337,640 - BJ BK BL BM 28-29B (Jan-Jun) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $4,928,532 $1,500 - - 3,142 - - - 1,650 - - - - - - - - - - - - - - - 3,794,809 - - - - - - - 364,302 - - - - - - - - - - - 764,629 - BN BO BP BQ 29-30A (Jul-Dec) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $120 $15,620,356 $1,500 - - - - - - 1,545 - - - - - - - - - - - - - - - - - - - - - - - 2,164,302 - - - - - - - - - - 120 13,454,509 - BR BS BT BU 29-30B (Jan-Jun) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $4,392,230 $1,500 - - 3,142 - - - 1,650 - - - - - - - - - - - - - - - 3,435,322 - - - - - - - 328,599 - - - - - - - - - - - 623,517 - A Item # 9 10 22 23 24 25 27 31 32 33 34 BV BW BX BY 30-31A (Jul-Dec) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $120 $15,798,541 $1,200 - - - - - - 1,545 - - - - - - - - - - - - - - - - - - - - - - - 2,198,599 - - - - - - - - - - 120 13,598,397 - BZ CA CB CC 30-31B (Jan-Jun) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $766,165 $1,200 - - 3,142 - - - 1,650 - - - - - - - - - - - - - - - - - - - - - - - 290,572 - - - - - - - - - - - 470,801 - CD CE CF CG 31-32A (Jul-Dec) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $90 $15,987,828 $1,200 - - - - - - 1,545 - - - - - - - - - - - - - - - - - - - - - - - 2,235,572 - - - - - - - - - - 90 13,750,711 - CH CI CJ CK 31-32B (Jan-Jun) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $563,276 $1,200 - - 3,236 - - - 1,650 - - - - - - - - - - - - - - - - - - - - - - - 250,535 - - - - - - - - - - - 307,855 - A Item # 9 10 22 23 24 25 27 31 32 33 34 CL CM CN CO 32-33A (Jul-Dec) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $90 $16,199,890 $900 - - - - - - 1,590 - - - - - - - - - - - - - - - - - - - - - - - 2,280,535 - - - - - - - - - - 90 13,917,765 - CP CQ CR CS 32-33B (Jan-Jun) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $345,363 $900 - - 3,236 - - - 1,700 - - - - - - - - - - - - - - - - - - - - - - - 207,732 - - - - - - - - - - - 132,695 - CT CU CV CW 33-34A (Jul-Dec) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $90 $7,236,927 $750 - - - - - - 1,590 - - - - - - - - - - - - - - - - - - - - - - - 2,317,732 - - - - - - - - - - 90 4,917,605 - CX CY CZ DA 33-34B (Jan-Jun) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $234,837 $750 - - 3,236 - - - 1,700 - - - - - - - - - - - - - - - - - - - - - - - 161,660 - - - - - - - - - - - 68,241 - A Item # 9 10 22 23 24 25 27 31 32 33 34 DB DC DD DE 34-35A (Jul-Dec) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $65 $7,781,426 $600 - - - - - - 1,590 - - - - - - - - - - - - - - - - - - - - - - - 2,791,660 - - - - - - - - - - 65 4,988,176 - DF DG DH DI 34-35B (Jan-Jun) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $109,170 $600 - - 3,236 - - - 1,700 - - - - - - - - - - - - - - - - - - - - - - - 104,234 - - - - - - - - - - - - - DJ DK DL DM 35-36A (Jul-Dec) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $45 $2,845,779 $300 - - - - - - 1,590 - - - - - - - - - - - - - - - - - - - - - - 45 2,844,189 - - - - - - - - - - - - - DN DO DP DQ 35-36B (Jan-Jun) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $43,864 $300 - - 1,650 - - - - - - - - - - - - - - - - - - - - - - - - - - - 42,214 - - - - - - - - - - - - - A Item # 9 10 22 23 24 25 27 31 32 33 34 DR DS DT DU 36-37A (Jul-Dec) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $41 $618,763 $300 - - - - - - 1,590 - - - - - - - - - - - - - - - - - - - - - - 41 617,173 - - - - - - - - - - - - - DV DW DX DY 36-37B (Jan-Jun) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $30,899 $300 - - 1,700 - - - - - - - - - - - - - - - - - - - - - - - - - - - 29,199 - - - - - - - - - - - - - DZ EA EB EC 37-38A (Jul-Dec) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $41 $630,798 $300 - - - - - - 1,640 - - - - - - - - - - - - - - - - - - - - - - 41 629,158 - - - - - - - - - - - - - ED EE EF EG 37-38B (Jan-Jun) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $17,318 $300 - - 1,700 - - - - - - - - - - - - - - - - - - - - - - - - - - - 15,618 - - - - - - - - - - - - - A Item # 9 10 22 23 24 25 27 31 32 33 34 EH EI EJ EK 38-39A (Jul-Dec) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $41 $647,217 $300 - - - - - - 1,640 - - - - - - - - - - - - - - - - - - - - - - 41 645,577 - - - - - - - - - - - - - EL EM EN EO 38-39B (Jan-Jun) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $3,058 $300 - - 1,700 - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,358 - - - - - - - - - - - - - EP EQ ER ES 39-40A (Jul-Dec) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $21 $62,977 $300 - - - - - - 1,640 - - - - - - - - - - - - - - - - - - - - - - 21 61,337 - - - - - - - - - - - - - ET EU EV EW 39-40B (Jan-Jun) Bond Proceeds Other Funds RPTTF Admin RPTTF $- $- $1,700 $300 - - 1,700 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -