HomeMy WebLinkAboutResolution No. 2017-OB04/001111
RESOLUTION NO.2017-OB04
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A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR
AGENCY OF THE FORMER REDEVELOPMENT AGENCY OF THE
CITY OF AZUSA APPROVING AND ADOPTING THE RECOGNIZED
OBLIGATION PAYMENT SCHEDULE FOR THE PERIOD OF JULY 19
2017 THROUGH JUNE 309 2018 PURSUANT TO AB x1 26 AS AMENDED
BY AB 1484
WHEREAS, Health and Safety Code Section 34169(h), enacted by AB x 1 26, requires
successor agencies to prepare a Recognized Obligation Payment Schedule ("ROPS") annually.
WHEREAS, because the Oversight Board of the Successor Agency of the former
Redevelopment Agency of the City of Azusa ("Board") previously adopted a ROPS, Resolution
No. OB -2-2016, dated January 27, 2016, is operative only through June 30, 2017, so that the
Successor Agency of the former Redevelopment ("Agency") may continue to meet the Agency's
recognized obligations, and
NOW, THEREFORE, BE IT RESOLVED, determined and ordered by the Oversight
Board as follows:
Section 1. The Recitals set forth above are true and correct and incorporated
herein by reference.
Section 2 The Agency staff is hereby authorized to administratively amend
the ROPS in order to remove line items which are subsequently
disapproved by the Board, the California State Department of
Finance ("DOF") and the County of Los Angeles Auditor -
Controller and to format the ROPS to conform with DOF
requirements and to take all necessary and appropriate actions to
prepare and submit the ROPS, provided, however, that neither such
authorization nor such removal shall be deemed to be, nor are they
intended as, an acknowledgement of the validity of AB x 1 26 and
AB 1484 or such action by the Board and/or the DOF. The Agency
reserves all rights of the Agency to challenge the validity and/or
application of any or all provisions of AB x1 26 and AB 1484 in
any administrative or judicial proceeding, without prejudice to the
Agency's right to list any such removed item on this or a future
ROPS. The Agency reserves the right to pursue any and all appeals
and any available legal or equitable remedy provided or available
by law to obtain the correction of any erroneous decision regarding
the ROPS.
Section 3. The Agency staff is authorized to include on the ROPS any items
which were approved on previous ROPS but not fully expended.
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Section 4. The Board hereby approves and adopts ROPS 17-18, in
substantially the form attached to this Resolution as Exhibit A, so
that the Agency may continue to meet its recognized obligations, all
as required by Health and Safety Code section 34177, during the
time period from July 1, 2017 through June 30, 2018. The Agency
reserves the right to further amend the ROPS in the future in order
to provide an accurate schedule.
Section The Board hereby directs that copies of this Resolution be submitted to
the California State Department of Finance, the California State
Controller's Office and the Los Angeles County Auditor -Controller
and to be posted on the Agency's website.
Section 6. Pursuant to Health and Safety Code Section 34179(h), all actions taken
by the Oversight Board, may be reviewed by the California Department
of Finance, and therefore, this Resolution shall not be effective for five
(5) business days, pending a request for review by the California
Department of Finance.
APPROVED AND ADOPTED THIS 8`' day of February 2017.
Robert onzales, Chai rson
Oversight Board
Successor Agency to the Former Redevelopment Agency
of the City of Azusa
ATTEST:
J 4Zo I , M "L F M_
fappMce Cornejo, J ., SecWa
Oversight Board
Successor Agency to the Former Redevelopment Agency
of the City of Azusa
EXHIBIT A
RECOGNIZED OBLIGATION PAYMENT SCHEDULE 17-18
July 1, 2017 through June 30, 2018
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I HEREBY CERTIFY that the foregoing Resolution No. 2017-OB04 was duly adopted
by the Board Members of the Oversight Board of the City of Azusa at a special meeting thereof
on the 8`" day of February 2017, by the following vote of Board Members:
AYES: BOARD MEMBERS: GONZALES, BARBOSA, HERNANDEZ, JOHNSON,
DICKERSON, VILLA
NOES: BOARD MEMBERS: NONE
ABSENT: BOARD MEMBERS: ROMERO
J ra Cornejo, J ., Sect
ver sight bard
Successor Agency to the Former Redevelopment Agency of the City of Azusa
c
Successor Agency:
County:
Recognized Obligation Payment Schedule (ROPS 17-18) - Summary
Filed for the July 1, 2017 through June 30, 2018 Period
Azusa
Los Angeles
17-18A Total 17-18B Total
Current Period Requested Funding for Enforceable Obligations (ROPS Detail) (July - December) (January - June) ROPS 17-18 Total
A Enforceable Obligations Funded as Follows (B+C+D):
$ - $
- $
-
B Bond Proceeds
-
-
-
C Reserve Balance
-
-
-
D Other Funds
-
-
-
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G):
$ 3,480,098 $
1,448,652 $
4,928,750
F RPTTF
3,355,098
1,323,652
4,678,750
G Administrative RPTTF
125,000
125,000
250,000
H Current Period Enforceable Obligations (A+E):
$ 3,480,098 $
1,448,652 $
4,928,750
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.
RVA
C'l �►IG�IY 1(Y1 G�M�
Name Title
/s/ U 11
Signature Date
Azusa Recognized Obligation Paym
July 1, 2017 tht
(Report Amoun
A
B
C
D
E
F
G
H
I
J
,,em #
Project Name/Debt Obligation
Obligation Type
Contract/Agreement
Execution Date
Contract/Agreement
Termination Date
Payee
Description/Project Scope
Project Area
Total Outstanding
Debt or Obligation
Retired
$ 53,307,303
4
Light Fund Advance
Third-PartLoans
4/1/1997
6/27/2033
Light and Water
Advance/577-645 Foothill/Krems Site
N
51
Light Fund Advance
Third -Party Loans
4/21/1997
10/1/2033
Light and Water
City Adv./Autodealership
N
6
Water Fund Advance
Third -Party Loans
11/7/2005
6/30/2025
Light and Water
City Adv./619-621 N. Azusa (Talley
Bldg)
N
7
Reimb. Agreement
Bonds Issued On or Before
12/31/10
12/1/2003
8/1/2020
City of Azusa
Reimb Agrmt/2003 Refunding CDP's
MCBD & WE
1,745,000
N
10
Tax Allocation Bonds
Bonds Issued On or Before
12/31/10
7/31/2007
8/1/2036
Bond Holders
2007 Series B Tax Allocation Bonds
MCBD & WE
3,930,000
N
14
Bambino's FFE
Business Incentive
Agreements
1/28/2009
1/28/2017
Bambino's Pizza
Available Furniture Fixture &
Equipment Loan balance
MCBD & WE
7,690
N
19
SERAF FY 2010-11 Loan
City/County Loans On or
Before 6/27/11
5/2/2011
6/30/2030
Light and Water
FY 2010-11 SERAF Payment to State
N
21
Harlan Lee Proj.(formerly
Coastfed/Casden)
Third -Party Loans
7/1/1991
6/30/2016
Light and Water
Low -Mod Income Housing advance
N
22
Administrative Allocation
Admin Costs
7/1/2012
6/30/2017
City of Azusa
Successor Agency Administrative
Allocation
MCBD & WE
250,000
N
24
City L&W Enterprise Loan
Third -Party Loans
6/30/1989
6/30/2014
Light and Water
25 - Year Secured Note - Revolving
N
25
City Loan/Debt Obligation (Bond)
City/County Loans On or
Before 6/27/11
7/1/1991
6/30/2039
City of Azusa
1990 APFA Bond City Lease Loan
Drawdown
N
26
City L&W Enterprise Loan
Third -Party Loans
8/7/1989
6/30/2039
Light and Water
Advance/Rehabilitation Improvements
N
27
SERAF FY 2010-11 Loan
City/County Loans On or
Before 6/27/11
5/2/2011
6/30/2030
Light and Water
FY 2010-11 SERAF Payment to State
N
32
DDA (Azusa/Arrow Hwy)
OPA/DDA/Construction
6/6/2011
6/30/2017
The Charvat Family LLC
Public Improvement
MCBD & WE
200,000
N
34
Administrative Allocation
Housing Entity Admin Cost
7/1/2014
6/30/2017
LA County
Low -Mod Income Housing
Administrative Allocation
MCBD & WE
150,000
N
35
1989 Ranch Center Project Loan
City/County Loans On or
Before 6/27/11
9/11/2014
6/30/2030
City of Azusa
Public Improvement
N
3611990
Ranch Center/Central
Business District Loan
City/County Loans On or
Before 6/27/11
9/11/2014
6/30/2030
City of Azusa
Public Improvement
N
Azusa Recognized Obligation
July 1, 2017 thr
(Report Amoun
A
B
C
D
E
F
G
H
I
J
Contract/Agreement
Contract/Agreement
Total Outstanding
,tem #
Project Name/Debt Obligation
Obligation Type
Execution Date
Termination Date
Payee
Description/Project Scope
Project Area
Debt or Obligation
Retired
37
1989 West End Project Loan
City/County Loans On or
9111/2014
6/30/2030
City of Azusa
Public Improvement related to Price_
N
Before 6/27/11;..
Club Project
39
Tax Allocation Bonds
Bonds Issued After 12/31/10
10/14/2014
8/1/2034
Bond Holders
2014 Subordinate Tax Allocation
MCBD & WE
9,025,000
N
Refunding Bonds
40
Tax Allocation Bonds
Bonds Issued After 12/31/10
9/23/2015
8/1/2036
Bond Holders
2015A Subordinate Tax Allocation
MCBD & WE
14,315,000
N
Refunding Bonds
41
Tax Allocation Bonds
Bonds Issued After 12/31/10
9/23/2015
8/1/2036
Bond Holders
20158 Subordinate Tax Allocation
MCBD & WE
15,705,000
N
Refunding Bonds
42
City Enterprise Loan
City/County Loan (Prior
6/25/2015
8/1/2036
City of Azusa
Enterprise Loan
MCBD & WE
3,499,613
N
06/28/11), Cash exchange
43
Tax Allocation Bonds
Bonds Issued On or Before
7/31/2007
8/1/2035
Bond Holders
2007 Series A Tax Allocation Bonds
MCBD & WE
4,480,000
N
12/31/10
44
N
l
ent Schedule (ROPS 17-18) - ROPS Detail
�ough June 30, 2018
its in Whole Dollars)
K
L
M
N
O
P
Q
R
S
T
U
V
W
-)PS 17-18
Total
17-18A (July - December)
17-18A
Total
17-18B (January - June)
17-18B
Total
Fund Sources
Fund Sources
Bond Proceeds Reserve Balance
Other Funds RPTTF
Admin RPTTF
Bond Proceeds
Reserve Balance
Other Funds
RPTTF
Admin RPTTF
$ 4,928,750
$ - $ -
$ - $ 3,355,098
$ 125,000
$ 3,480,098
$ -
$ -
$ -
$ 1,323,652
$ 125,000
$ 1,448,652
1.
F.
$ 354,590
322,734
$ 322,734
31,856
$ 31,856
$ 322,076
222,448
$ 222,448
99,628
$ 99,628
Aw
250,000
125,000
$ 125,000
125,000
$ 125,000
$ 150,000
75,000
$ 75,000
75,000
$ 75,000
ent
•ough June 30, 2018
its in Whole Dollars)
uetau
K
L
M
N
O
P
O
R
S
T
U
V
W
-)PS 17-18
Total
17-18A (July - December)
17-18A
Total
17-18B (January - June)
17-18B
Total
Fund Sources
Fund Sources
Bond Proceeds
Reserve Balance
Other Funds
RPTTF
Admin RPTTF
Bond Proceeds
Reserve Balance
Other Funds
RPTTF
Admin RPTTF
$ 1,090,744
904,922
$ 904,922
185,822
$ 185,822
$ 504,212
252,106
$ 252,106
252,106
$ 252,106
$ 925,631
621,497
$ 621,497
304,134
$ 304,134
$ 549,101
274,550
$ 274,550
274,551
$ 274,551
$ 782,396
681,841
$ 681,841
100,555
$ 100,555
$
Is
$ -
Azusa Recognized Obligation Payment Schedule (ROPS 17-18) - 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 Cash Balance Tips Sheet.
A
B
C
T D
E 7
F -T
G
H
I
Fund Sources
Bond Proceeds
Reserve Balance
Other
RPTTF
Prior ROPS
Prior ROPS
period balances
RPTTF
Bonds issued on
and DDR RPTTF
distributed as
Rent,
Non -Admin
or before
Bonds issued on
balances
reserve for future
grants,
and
Cash Balance Information by ROPS Period
12/31/10
1 or after 01/01/111
retained
I period(s)
1 interest, etc.
Admin
Comments
ROPS 15-16B Actuals (01101116 - 06130116)
1
Beginning Available Cash Balance (Actual 01101116)
332,501
-
411,949
-
166,398
420,683
2
Revenuelincome (Actual 06130116)
RPTTF amounts should tie to the ROPS 15-16B distribution from the
County Auditor -Controller during June 2016
236,837
609,316
2,593,287
-
5,231
3,843,267
3
Expenditures for ROPS 15-16B Enforceable Obligations (Actual
06130116)
244,254
609,314
-
-
73,822
1,246,930
4
Retention of Available Cash Balance (Actual 06130116)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
325,0841
21
3,005,2361
1
5
ROPS 15-16B RPTTF Balances Remaining
No,ertryregwred
6
Ending Actual Available Cash Balance
CtoG=(1+2-3-4),H=(1+2-3-4-5)
$ -
$ -
$ -
$ -
$ 97,8071
$ 3,017,020
3
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