RPVCCA_SA_SR_2012_04_03_D_Recognized_Obligation_Payment_Schedule_July-Dec2012CITY OF RANCHO PALOS VERDES
MEMORANDUM
TO:
FROM:.
REVIEWED:
Staff Coordinator:
DATE:
SUBJECT:
HONORABLE CHAIR AND MEMBERS OF THE BOARD OF ~
DIRECTORS OF THE SUCCESSOR AGENCY TO THE RANCHO 'fj/t)
PALOS VERDES REDEVELOPMENT AGENCY
CAROL LYNCH,SUCCESSOR AGENCY ATTORNEY
DENNIS McLEAN,FINANCE OFFICER
APRIL 3,2012
RECOGNIZED OBLIGATION PAYMENT SCHEDULE JULY THROUGH
DECEMBER 2012
CAROLYN LEHR,EXECUTIVE DIRECTOR 09-.-
Kathryn Dow~~Deputy Director of Finance &Information
Technology \lA /
RECOMMENDATION
Staff recommends that the Board of Directors of the Successor Agency to the Rancho
Palos Verdes Redevelopment Agency adopt Resolution No.SA 2012-,approving the
Recognized Obligation Payment Schedule for the six-month fiscal period commencing on
July 1,2012 and ending on December 31,2012.
DISCUSSION
Upon dissolution of the Rancho Palos Verdes Redevelopment Agency on February 1,2012
pursuant to AB X1 26,the Successor Agency to the Rancho Palos Verdes Redevelopment
Agency was constituted and is governed by a board of directors consisting of the members
of the City Council.
Pursuant to Health and Safety Code Section 34177,successor agencies are required to
prepare Recognized Obligation Payment Schedules (''ROPS'')prior to each six-month fiscal
period.The Successor Agency previously prepared a ROPS forthe six-month fiscal period
commencing on January 1,2012 and ending on June 30,2012.At this time,a ROPS must
be prepared for the next six-month fiscal period commencing on July 1,2012 and ending
on December 31,2012.
SA D-1
RECOGNIZED OBLIGATION PAYMENT SCHEDULE JULY THROUGH
DECEMBER 2012
April 3,2012
Page 2 of 2
FISCAL IMPACT
Preparation of the second ROPS is in furtherance of allowing the Successor Agency to pay
enforceable obligations of the former redevelopment agency_
SA D-2
RESOLUTION NO.SA 2012-
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE RANCHO PALOS VERDES
REDEVELOPMENT AGENCY APPROVING A RECOGNIZED
OBLIGATION PAYMENT SCHEDULE PURSUANT TO HEALTH AND
SAFETY CODE SECTION 34177 FOR THE SIX-MONTH FISCAL
PERIOD COMMENCING JULY 1,2012 AND ENDING DECEMBER 31,
2012,AND TAKING CERTAIN ACTIONS IN CONNECTION
THEREWITH
RECITALS:
A.Health and Safety Code Section 34177 provides that before each six-
month fiscal period,successor agencies to former redevelopment agencies must
prepare a Recognized Obligation Payment Schedule ("ROPS")for the enforceable
obligations of the former redevelopment agency in accordance with the requirements of
Section 34177.The next six-month fiscal period for which a ROPS is required is the
period that commences on July 1,2012 and ends on December 31,2012.
B.Accordingly,the Board of Directors of the Successor Agency to the
Rancho Palos Verdes Redevelopment Agency desires to adopt this Resolution
approving a ROPS in accordance with Health and Safety Code Section 34177 for the
six-month fiscal period that commences on July 1,2012 and ends on December 31,
2012.
NOW,THEREFORE,THE BOARD OF DIRECTORS OF THE SUCCESSOR
AGENCY TO THE RANCHO PALOS VERDES REDEVELOPMENT AGENCY
("SUCCESSOR 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 approves the ROPS substantially in the form
attached as Exhibit A to this Resolution and incorporated herein by reference.The
Executive Director of the Successor Agency,in consultation with the Successor
Agency's legal counsel,may modify the ROPS as the Executive Director or the
Successor Agency's legal counsel deems necessary or advisable.
SA D-3
A.
Section 4.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, but not limited to,
submitting the ROPS to the oversight board for approval,and any such actions
previously taken by such officers and staff are hereby ratified and
confirmed.
PASSED AND ADOPTED this 3rd day of April,2012.
Chair
ATTEST:
Secretary
SA D-4
EXHIBIT A
RECOGNIZED OBLIGATION PAYMENT SCHEDULE
(July 1,2012 through December 31,2012)
SA D-5
Name of Agency:
Project Area(s)
Rancho Palos Verdes Redevelopment Agency
Project Area No.1
RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AS 26 -Section 34177
Exhibit A
.
Total
Outstanding Debt Total Due During
Project Name I Debt Obli Payee Description Funding Source or Oblil:1ation Six-Month Period Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Total
Restructured debt to abate
active landslides within the Redevelopment Property
1)1997 Tax Increment Bond County of Los Angeles Project Area Tax Trust Fund 5,065,000.00 246,625.00 0.00 0.00 0.00 0.00 0.00 246,625.00 $246,625.00
Accrued interest on original
debt to abate active
1997 Deferred Interest landslides in the Project Redevelopment Property
2)Debt County of Los Angeles Area Tax Trust Fund 434,903.09 434,903.09 0.00 0.00 0.00 0.00 0.00 434,903.09 $434,903.09
Loan from City to abate
Consolidated Loan from City of Rancho Palos active landslides in the Redevelopment Property
3)City Verdes Project Area Tax Trust Fund 19,290,357.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $
Administration of
Property Tax Redevelopment Property Redevelopment Property
4)Administration Fees County of Los Angeles Tax Trust Fund Tax Trust Fund Unknown TBD(1)0.00 0.00 0.00 0.00 0.00 TBD(1)TBD(1)
Abalone Cove Property Abalone Cove Landslide Property assessment for Redevelopment Property
5)Assessment Abatement District parcels owned by Agency Tax Trust Fund 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $
Klondike Canyon Property Klondike Canyon Landslide Property assessment for Redevelopment Property
6)Assessment Abatement District parcels owned by Agency Tax Trust Fund 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $-
Loan to RDA Housing
City of Rancho Palos Fund that was then loaned
Verdes Affordable Housing to AMCAL to fund project
7 AMCAL Affordable HousinQ Fund construction costs Repayments from AMCAL 1,350,276.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $-
Successor Agency's
administrative costs related
to dissolution activities Redevelopment Property
(staffing,legal,insurance,Tax Trust Fund -
supplies,building &Administrative Cost
8)Administration To Be Determined equipment,etc.)Allowance N/A 125,000.00 20,833.34 20,833.34 20,833.33 20,833.33 20,833.33 20,833.33 $125,000.00
County deferral of tax
increment it would
County Deferral of Tax otherwise receive pursuant Redevelopment Property
9)Increment County of Los Angeles to a Settlement Agreement Tax Trust Fund Unknown 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $
10)$
2)$-
3)$-
4)$
5)$
6)$-
7)$-
Totals 1$26,140,536.8311 $806,528.0911 $20,833.3411 $20,833.3411 $20,833.3311 $20,833.3311 $20,833.3311 $702,361.421 $806,528.09
(1)To Be Determined -Property Tax Administration Fees are determined by the County of Los Angeles.
S
A
D
-
6