SA RES 2012-003 RESOLUTION NO. SA 2012-03
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE RANCHO PALOS VERDES
REDEVELOPMENT AGENCY ADOPTING AN ENFORCEABLE
OBLIGATION PAYMENT SCHEDULE PURSUANT TO HEALTH AND
SAFETY CODE SECTION 34177 AND TAKING CERTAIN ACTIONS IN
CONNECTION THEREWITH.
RECITALS:
A. AB X1 26 and AB X1 27 were signed by the Governor of California on
June 29, 2011, making certain changes to the Community Redevelopment Law (Part 1
(commencing with Section 33000) of Division 24 of the California Health and Safety
Code) (the "Redevelopment Law"), including adding Part 1.8 (commencing with Section
34161) ("Part 1.8") and Part 1.85 (commencing with Section 34170) ("Part 1.85").
B. The California Redevelopment Association and League of California Cities
filed a lawsuit in the Supreme Court of California (California Redevelopment
Association, et al. v. Matosantos, et al. (Case No. S194861)) alleging that AB X1 26 and
AB X1 27 are unconstitutional. On December 29, 2011, the Supreme Court issued its
opinion in the Matosantos case largely upholding AB X1 26, invalidating AB X1 27, and
holding that AB X1 26 may be severed from AB X1 27 and enforced independently.
C. The Supreme Court generally revised the effective dates and deadlines for
performance of obligations in Part 1.85 arising before May 1, 2012, to take effect four
months later.
D. As a result of the Supreme Court's decision, the Rancho Palos Verdes
Redevelopment Agency (the "Redevelopment Agency"), a redevelopment agency in the
City of Rancho Palos Verdes (the "City"), created pursuant to the Redevelopment Law,
was dissolved pursuant to Part 1.85 on February 1, 2012.
E. By its Resolution No. 2011-66, adopted on September 6, 2011, the City
Council of the City made an election to serve as the successor agency for the
Redevelopment Agency under Part 1.85 (the `Successor Agency").
F. By its Resolution No. SA 2012-01, adopted on February 21, 2012, the City
Council, acting as the governing board for the Successor Agency, established rules and
regulations applicable to the governance and operation of the Successor Agency, and
pursuant to such resolution provided that the Successor Agency will be governed by a
Board of Directors (the "Board") consisting of the members of the City Council of the
City.
G. By its Resolution No. RDA 2012-01, the Redevelopment Agency approved
an Enforceable Obligation Payment Schedule, as amended.
H. Health and Safety Code Section 34177(a) provides that successor
agencies are required to continue to make payments due for enforceable obligations.
Health and Safety Code Section 34177(a)(1), as modified by the Supreme Court,
provides that on and after February 1, 2012, and until a Recognized Obligation Payment
Schedule becomes operative, only payments required pursuant to an enforceable
obligation payment schedule shall be made. The enforceable obligation schedule may
be amended by the successor agency at any public meeting and shall be subject to the
approval of the oversight board as soon as the board has sufficient members to form a
quorum.
I. Accordingly, the Board desires to adopt this Resolution adopting an
enforceable obligation schedule.
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE SUCCESSOR
AGENCY TO THE RANCHO PALOS VERDES REDEVELOPMENT AGENCY,
HEREBY FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS:
Section 1. The above recitals are true and correct and are a substantive part
of this Resolution.
Section 2. This Resolution is adopted pursuant to Health and Safety Code
Section 34177.
Section 3. The Board hereby adopts the enforceable obligation payment
schedule attached as Exhibit A to this Resolution and incorporated herein by reference
(the "Enforceable Obligation Payment Schedule").
Section 4. The Secretary is hereby authorized and directed to post the
Enforceable Obligation Payment Schedule on the City's web site.
Section 5. The Enforceable Obligation Payment Schedule may be amended
from time to time at any public meeting of the Board.
Section 6. The Secretary is hereby authorized and directed to transmit a copy
of the Enforceable Obligation Payment Schedule by mail or electronic means to the
County Auditor-Controller, the State Controller, and the California Department of
Finance (the "Department of Finance"). A notification providing the Internet Web site
location shall suffice.
Section 7. The officers and staff of the Successor Agency are hereby
authorized and directed, jointly and severally, to do any and all things which they may
deem necessary or advisable to effectuate this Resolution, including providing
documents associated with the Enforceable Obligation Payment Schedule to the
Department of Finance and the State Controller in the manner of their choosing, and
any such actions previously taken by such officers are hereby ratified and confirmed.
The Board hereby designates the Direction of Finance & Information Technology as the
official to whom the Department of Finance may make requests for review in connection
with the Enforceable Obligation Payment Schedule.
Resolution No. SA 2012-03
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PASSED, APPROVED, AND ADOPTED this 21st ay of February, 2012.
Ch r
ATTEST:
4
r,
Secretary
State of California )
County of Los Angeles ) ss
City of Rancho Palos Verdes )
I, Carla Morreale, Secretary of the Successor Agency to the Rancho Palos
Verdes Redevelopment Agency hereby certify that the above Resolution No. SA 2012-
03 was duly and regularly passed and adopted by the said Successor Agency at a
special meeting thereof held on February 21, 2012.
C74-isteeZec_
Secretary
Resolution No. SA 2012-03
Page 3 of 3
Name of Agency: Rancho Palos Verdes Redevelopment Agency Exhibit A
Project Area(s) Project Area No.1
ENFORCEABLE OBLIGATION PAYMENT SCHEDULE
Per AB 26-Section 34167 and 34169
Total Payments by Month
Outstanding Debt Total Due During
Project Name/Debt Oblit, Payee Description or Obligation Fiscal Year Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Total
Restructured debt to abate
active landslides within the
1)1997 Tax Increment Bond County of Los Angeles Project Area 5,165,000.00 355,750.00 0.00 0.00 0.00 0.00 229,125.00 0.00 0.00 0.00 0.00 0.00_ 126,625.00 $ 355,750.00
Accrued interest on original
debt to abate active
landslides in the Project
2)1997 Deferred Interest Debt County of Los Angeles Area 798,601.47 363,698.38 0.00 0.00 0.00 0.00 363,698.38 0.00 0.00 0.00 0.00 0.00 0.00 $ 363,698.38
Loan from City to abate
Consolidated Loan from City of Rancho Palos active landslides in the
3)City Verdes Project Area 19,290,347.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $ -
Tax Sharing Agreement for Los Angeles County Fire
4)Fire Protection Protection District Fire protection services N/A TBD(1) 0.00 0.00 0.00 5,266.08 68,389.03 TBD(I) TBD(11 TBD(1) TBD(1) TBD(1) TBD(1) TBD(1)
Property Tax Administration Administration of the
5)Fees County of Los Angeles property tax increment N/A TBD(21 0.00 0.00 0.00 36.18 17,630.56 TBD(2) TBD(2) TBD(2) TBD(2) TBD(2) TBD(2) TBD(2)
Independent audit of
financial statements and
other audits related to
6)Independent Audit Services Diehl,Evans&Co.,LLP dissolution N/A 29,400.00 0.00 0.00 0.00 2,000.00 1,000.00 5,293.00 1,107.00 5,000.00 5,000.00 5,000.00 5,000.00 $ 29,400.00
Abalone Cove Property Abalone Cove Landslide Property assessment for
7)Assessment Abatement District parcels owned by Agency 0.00 7,218.66 0.00 0.00 0.00 0.00_ 0.00 0.00- 0.00 0.00 0.00 0.00 7,218.66 $ 7,218.66
Klondike Canyon Property Klondike Canyon Landslide Property assessment for
8)Assessment Abatement District parcels owned by Agency 0.00 11,296.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00- 0.00 0.00 11,296.75 $ 11,296.75
Legal services(including
Richards,Watson& those related to dissolution
9)Agency Attorney Gershon activities) N/A 150,364.90 0.00 0.00 342.91 21.99 0.00 0.00 30,000.00 30,000.00 30,000.00 30,000.00 30,000.00 $ 150,364.90
Loan to RDA Housing Fund
City of Rancho Palos that was then loaned to
Verdes Affordable Housing AMCAL to fund project
10)AMCAL Affordable Housing Fund construction costs 1,334,559.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $ -
11)Landslide Stability Hardy&Harper Grading at PVDS 65,000.00 65,000.00 0.00 0.00 0.00 0.00 0.00 65,000.00 0.00 0.00 0.00 0.00 0.00 $ 65,000.00
Successor Agency's
administrative costs related
12)Administration To Be Determined to dissolution activities N/A 75,000.00 0.00 0.00 0.00 0.00 0.00 0.00 15,000.00 15,000.00- 15,000.00 15,000.00 15,000.00 $ 75,000.00
County deferral of tax
increment it would
County Deferral of Tax otherwise receive pursuant
13)Increment County of Los Angeles to a Settlement Agreement Unknown 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $ -
14) $ -
15) _ $ -
16) - $ -
17) _ $ -
18) $ -
19) _ $ -
20) - $ -
Totals Ii$ 26,653,508.37 II$ 1,057,728.69 IE 1 ! 4,$ 679,842.97 I$ 70,293.00 $ 46,107.00 1$ 50,000.00 I$ 50,000.00 $ 50 000.00 L 1$ 1,057,728.69
(1)To Be Determined-The Tax Sharing Agreement stipulates that 17%of gross tax increment is to be passed thru to the County Fire Protection District.
(2)To Be Determined-Property Tax Administration Fees are determined by the County of Los Angeles. The Agency typically receives notice of the fee amount in December of each year.
Resolution No.SA 2012-03
Exhibit A
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