RDA RES 2012-002 RESOLUTION NO. RDA 2012-02
A RESOLUTION OF THE RANCHO PALOS VERDES
REDEVELOPMENT AGENCY APPROVING AMENDMENTS TO THE
ENFORCEABLE OBLIGATION PAYMENT SCHEDULE AND CERTAIN
RELATED ACTIONS
RECITALS:
A. The Rancho Palos Verdes Redevelopment Agency (the "Agency") is a
redevelopment agency in the City of Rancho Palos Verdes (the "City"), created pursuant
to the Community Redevelopment Law (Part 1 (commencing with Section 33000) of
Division 24 of the California Health and Safety Code) (the "Redevelopment Law").
B. The City Council of the City (the "City Council") adopted Ordinance
No. 190, approving and adopting the redevelopment plan for Project Area No. 1, and
from time to time, the City Council has amended such redevelopment plan.
C. AB X1 26 AND AB X1 27 were signed by the Governor of California on
June 29, 2011, making certain changes to 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") to Division 24 of the California Health and Safety Code.
D. 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 August 11, 2011, the Supreme Court issued a stay
order, which was subsequently modified on August 17, 2011. Pursuant to the modified
stay order, the Supreme Court granted a partial stay of AB X1 26 and AB X1 27.
E. 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.
F. 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. The Supreme Court did not revise the effective dates or deadline for
performance of obligations in Part 1.8.
G. As a result of the Supreme Court's decision, on February 1, 2012, all
redevelopment agencies are dissolved and successor agencies are designated as
successor entities to the former redevelopment agencies. Pursuant to Health and
Safety Code Section 34169, until successor agencies are authorized, redevelopment
agencies must continue to make all scheduled payments for enforceable obligations as
defined in Health and Safety Code Section 34167(a). Pursuant to Health and Safety
Code Section 34167, redevelopment agencies shall not make a payment unless it is
listed in an adopted enforceable obligation payment schedule, other than payments
required to meet obligations with respect to bonded indebtedness.
H. The Agency adopted Resolution No. RDA 2011-13 on August 24, 2011,
adopting an Enforceable Obligation Payment Schedule. The Enforceable Obligation
Schedule is attached hereto as Exhibit A and incorporated herein by reference (the
"Original EOPS"). In accordance with Health and Safety Code Section 34169, the
Original EOPS only lists payments obligated to be made, by month, through December
2011. Accordingly, the Agency desires to adopt this Resolution to amend the Original
EOPS to include payments obligated to be made after December 31, 2011.
I. The amended EOPS is set forth on Exhibit B attached to this Resolution
and incorporated herein by reference (the "Amendments").
NOW, THEREFORE, 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. The Agency hereby adopts the Amendments. The Amended
EOPS shall constitute the EOPS of the Agency.
Section 3. The Agency Secretary is hereby authorized and directed to post
this Resolution, including the Exhibits, on the City's Internet Web site
www.palosverdes.com/rpv.
Section 4. Prior to dissolution, the Agency may amend the EOPS from time to
time at any public meeting of the Agency. Any such further amendments shall be
posted to the City's Internet Web site www.palosverdes.com/rpv.
Section 5. The Agency Secretary is hereby authorized and directed to
transmit a copy of this Resolution, including the Exhibits, by mail or electronic means to
the County Auditor-Controller, the State Controller, and the California Department of
Finance. A notification providing the Internet Web site location of the posted copy of
this Resolution will suffice.
Section 6. The officers and staff of the Agency are herby 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 Amendments to the California Department of Finance and the State Controller,
and any such actions previously taken by such officers and staff are hereby ratified and
confirmed.
Section 7. The Agency hereby affirms the designation of the Director of
Finance & Information Technology as the Agency official to whom the California
Department of Finance may make requests for review in connection with the
Amendments.
Resolution No. RDA 2012-02
Page 2 of 3
Section 8. The adoption of this Resolution is not intended to and shall not
constitute a wavier by the Agency of any rights the Agency may have to challenge the
legality of all or any portion of AB X1 26 through administrative or judicial proceedings.
Section 9. This Resolution has been reviewed with respect to applicability of
the California Environmental Quality Act ("CEQA"), the State CEQA Guidelines
(California Code of Regulations, Title 14, Sections 15000 et seq., hereafter the
"Guidelines"), and the Agency's environmental guidelines. The Agency has determined
that this Resolution is not a "project" for purposes of CEQA, as that term is defined by
Guidelines Section 15378, because this Resolution is an organizational or
administrative activity that will not result in a direct or indirect physical change in the
environment. (Guidelines Section 15378(b) (5)).
PASSED, APPROVED AND ADOPTED this 17th day of January, 2012.
X401`
Age y Chair
Attest:
I 6:7A-wale-
Agency Secretary
State of California )
County of Los Angeles ) ss
City of Rancho Palos Verdes )
I, Carla Morreale, Agency Secretary of the Rancho Palos Verdes
Redevelopment Agency hereby certify that the above Resolution No. RDA 2012-02 was
duly and regularly passed and adopted by the said Redevelopment Agency at a regular
meeting thereof held on January 17, 2012.
- 'WAIL—
Agency Secretary
Resolution No. RDA 2012-02
Page 3 of 3
Name of Redevelopment 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 Outstanding
Debt or Total Due During Payments by Month
Project Name/Debt Obligation Payee Description Obligation Fiscal Year Aug Sept I Oct 1 Nov Dec Total
Restructured debt to abate active landslides
1)1997 Tax Increment Bond County of Los Angeles within the Project Area _ 5,165,000.00 355,750.00 0.00_ 0.00 0.00 0.00 229,125.00 $ 229,125.00
Accrued interest on original debt to abate
2)1997 Deferred Interest Debt County of Los Angeles active landslides in the Project Area 798,601.47 TBD(1) 0.00 0.00 0.00 0.00 TBD(1) $ -
Loan from City to abate active landslides in the
3)Consolidated Loan from City City of Rancho Palos Verdes Project Area 18,568,185.88 0.00 0.00 0.00 0.00 0.00 0.00 $ -
Tax Sharing Agreement for Fire Los Angeles County Fire
4)Protection Protection District Fire protection services N/A TBD(2) TBD(2) TBD(2) TBD(2) TBD(2) TBD(2) $ -
5)Property Tax Administration Fees County of Los Angeles Administration of the property tax increment N/A TBD(3 0.00 0.00 0.00 0.00 TBD(3) $ -
6)Contract for Audit Diehl,Evans&Co.,LLP Independent audit of financial statements 9,400.00 9,400.00 0.00 3,133.33 3,133.33 3,133.34 0.00 $ 9,400.00
Abalone Cove Landslide Property assessment for parcels owned by
7)Abalone Cove Property Assessment Abatement District Agency 0.00 7,008.41 0.00 0.00 0.00 0.00 0.00 $ -
Klondike Canyon Landslide Property assessment for parcels owned by
8)Klondike Canyon Property Assessment Abatement District Agency 0.00 10,967.72 0.00 0.00_ 0.00 0.00 0.00 $ -
Richards,Watson&
9)Contract for Agency Attorney Gershon Legal services N/A 10,000.00 833.33 833.33 833.33 833.33 833.33 $ 4,166.65
Loan to RDA Housing Fund that was then
City of Rancho Palos Verdes loaned to AMCAL to fund project construction
10)AMCAL Affordable Housing Project Affordable Housing Fund costs 1,766,368.00 0 00
. 0 00
. 0.00 0.00 0.00 0.00 $ -
11) _ $ -
12) $ -
13) $ -
14) _ $ -
15) $ -
16) _ $ -
17) $ -
18) $ -
19) $ -
20) $ -
21) $ -
22) $ -
23) $$ -
24) - $ -
25) $ -
26) $ -
27) $ -
28) _ ., $ -
29) $ -
30) $ -
!Totals Ii$ 26,307,555.35 II$ 393,126.13 lJ$ 833.33 II$ 3,966.66 II$ 3,966.66 II$ 3,966.67 II$ 229,958.33(I$ 242,691.65,
(1) To Be Determined-The County of Los Angeles impounds Agency tax increment to repay the debt to the County. Each December 2nd,after making the scheduled Tax Increment Bond payments,the remaining amount of
impounded tax increment is applied to the Deferred Interest Debt.
(2) 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.
(3) 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.RDA 2012-02
Exhibit A
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Name of Agency: Rancho Palos Verdes Redevelopment Agency Exhibit B
Project Area(s) Project Area No.1
ENFORCEABLE OBLIGATION PAYMENT SCHEDULE
Per AB 26-Section 34167 and 34169
Total
Outstanding
Debt or Total Due During Payments by Month
Project Name I Debt Obli Payee Description Obligation Fiscal Year ,Aug-11 Sep-11 Oct-11 Nov-11 1 Dec-11 Jan-12 I Feb-12 I Mar-12 Apr-12 I 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
1997 Deferred Interest landslides in the Project
2)Debt County of Los Angeles Area 798,601.47 TBD(11 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 18,658,103.88 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(12 0.00 0.00 0.00 5,266.08 68,389.03 TBD(1) TBD(1) 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(21 TBD(2) TBD(2) TBD(2) TBD(2) TBD(2) TBD(2)
Independent audit of
6)Contract for Audit Diehl,Evans&Co.,LLP financial statements 9,400.00 0.00 0.00 0.00 2,000.00 1,000.00 5,293.00 1,107.00 0.00 0.00 0.00 0.00 $ 9,400.00
_
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
Contract for Agency Richards,Watson&
9)Attorney Gershon Legal services N/A 10,000.00 0.00 0.00 342.91 21.99 1,376.44 1,376.44 1,376.44 1,376.44 1,376.44 1,376.44 1,376.46 $ 10,000.00
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 1,766,368.00 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
12) _ $ -
13) - $ -
14) _ $ -
15) _ $ -
16) _ - - _ - _ $ -
17) _ _ $ -
18) _ $ -
19) $ -
20) $ -
!Totals II$ 26,462,473.3511$ 458,665.4111$ - II$ II$342.91 11$7,324.2511$681,219.4111$71,669.4411$2,483.44 11$1,376.4411$1,376.4411$1,376.441 $ 146,516.8711$ 822,363.79
(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.RDA 2012-02
Exhibit B
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