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HomeMy WebLinkAbout2012-05-17 e-packeto L L `0 SPECIAL MEETING y V �n IFO OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE CITY OF SOUTH SAN FRANCISCO REDEVELOPMENT AGENCY P.O. Box 711 (City Hall, 404 Grand Avenue) South San Francisco, California 94083 CITY HALL IAR( "T' E CONFERENCE NF ERENC E C M, 1-101' FL 00R 4 C' AND A VENI TE So l) "I'll SAN FR.ANCISCO, CA 94080 AND BY rFELECO N EREN E )VF COT TN'T`Y 0F SAN I IXrE COT T TNTY MANAG" ER' CONFERENCE I M 400 COT 1NrI-'Y C ENrFE , FIRST F1,00R REDWOOD IrFY, CA 94063 THURSDAY', MAY 17, 2012 12:30 p.m. N 1 -11C E I S 111'R E Y Gr IVF�N, pur u rit t o S ect on 5 495 6 caI'd ic C� very ment Cod of the Mate cif' California, the 0versight Board 1'()r the uccc r A ;-cncy to the City of South San Francisco ][ cclevclopnl ant Agcnc y Will hold a Special Meeting on Thursday, the 17th day of May, 2012, at 12:30 p.m., in the 1 rgc Conferencc Room, Top Floor at. City Hall, 400 ()'Fr and Avenue, Soudi San Francisco., California rni 94080 and by teleconference pursuant to Section 54953 of tiic Goven -iment Code of the State of' California in the County Manager's Conferencc Room, 400 Count y Center, First Moor, r, Redwoo l City, CA 94063. In accordance wi i C alifornia Gov rnment Code S ection 5 495 7.5, any writing or document that is public record, relates to an open session agenda item., and is li tri ut.ed less lban 72 lours prior to a regular e ting gill fie made v it ble for ��ul llc ���s��ec�tic�r� in t1�c City � C�lerl ' l a c located t City Hall. It' � however, the document or writing is not distributed until the regular meeting to hick it relates, diell the document or l`iting Will be made available to the public at the location of the inc Ling, as listed on this geiid . The address of' City ity all is 400 Grand Avenue, South San Francisco, California 94080. ICI complimice With Americans witli Disabilities l ilities Act, if you reel special assistance to participate in this meeting, please contact the South ti -1 Francisco City Clerk's 0flice at (650) 877 -8518. Notification 48 hours in advance of the meting mll enable the Cit y to inakc reasonable .rr ngmient to ensure accessibility to this meeting. Chairman: Selected Nell Cullen Largest Special District of the type in H&R Code Section 34188 Virg "hr Denise Porterfield San Mateo County Superintendent of Scbools Deputy Superintendent, Fiscal and Operational Services San Mateo County Office of Education Board Members: Mark Addlego Counci CALL TO ORDER ROLL CA Ll. PLEDGE OF ALLEGIANCE AGENDA REVIEW PUBLIC COMMENTS Comments from members of the public on items not on this meeting agenda. The Chair may set time limit for speakers. Since these topics are non-agenda items, the Board may briefly respond to statements made or questions posed as allowed by the Brown Act (Govemment Code Section 54954.0. However, the Board may refer items to staff for attention, or have a matter placed on a future agenda for a More comprehensive action report. MATTERS FOR CONSIDERATION 1. Presentation and consideration of the draft Amended Recognized Obligations Payments Schedule OPS) for the period January 2012 through June 2012. a. Presentation of draft Amended ROFS. b. Consideration of motion to approve draft Amended ROB'S. 2. Future Agenda Items. a. Administrative Budget: consideration of need for audit/RDA financial consulting assistance. 1). Recommendations pertaining to disposition 'demolition of properties previously held by the Redevelopment Agency. C. Report on any determination by the State of California Department of Finance on unfunded pension and liabilities being an enforceable obligation of the Successor Agency of a Redevelopment Agency. d. Report on legal analysis pertaining to Harbor District Agreement and consideration of motion approving Harbor District Agreement as enforceable obligation of the Successor Agency, ADJOURNMENT -4 0111,RSIGHT BO AD SP G R ECIAL MEET A (IT"E' N 1) A May 17, 2012 PA (-'TE 3 SAN o ° '' " " °- �`� Redevelopment Successor Agency Oversight Board �� 1�° O-A Staff Re port DATE: May 17, 2012 TO A- Members of the Oversight Board FROM: Jim Steele, Finance Director SUBJECT: APPROVAL OF THE DRAFT RECOGNIZED OBLIGATIONS PAYMENT SCHEDULE FOR THE PERIOD OF JANUARY THROUGH JUNE 2012 RECOMMENDATION It is recommended that the Oversight Board approve the attached draft amended Recognized Obligations Payment Schedule (ROPS) for the period of January through June 2012. BACKGROU-ND/DIS CUS SION The Oversight Board has already approved a ROPS for the January through June 2012 time period on April 13, 2012. On April 26, 201.2 the County sent a letter to all Successor Agencies saying that some Agencies, including South San Francisco, called out a funding source on their ROPs called "Reserves" that was not sufficiently defined. The Board therefore clarified its intentions via motion at the May 8, 2012 meeting that all remaining funds after the ROPS had been paid for January through June 2012 were to be used to defease the 2006 Redevelopment Tax Allocation Bonds (TABS . Staff communicated that to the County, as well as the fact that staff and the Board had interpreted the funding category called "Reserves" to mean any funds the Successor Agency held in its Reserves as of January 31, 2012, including the December property tax distribution. However, representatives from the San Mateo County Controller's Office have been in contact with the State Department of Finance, and they have indicated they cannot interpret the ROPS as submitted with this clarification to mean what the Agency intended. They have said that as the ROPE has been submitted (the April 13, 2)012 version), the State and County have to interpret that the Successor Agency would be remitting the entire balance of the December property tax distribution back to the County. They will not accept our clarification, absent submittal of an amended ROPS. Therefore, staff is submitting a final FOPS to the Board for January through June 2012 that contains the following changes, which are consistent with prior Board discussions and votes: 1. Most importantly, Line 75 is now changed to read that the funding source for the 2006 bond defeasement lists $15,595,478.12 as funded from Redevelopment Property Tax Trust Funds (RPTTF), with the balance, up to a not to exceed total of $60 million towards the defeasement, coming from remaining Reserves held by the Successor Agency. Staff Report Subject: Amended ROPS for January through June 2012 Page 2 2. Lines 18 and 49 are changed to indicate a funding source of"Bonds" from "Reserves" to allow for train station improvements and Oyster Point infrastructure improvements to be funded from leftover 2006 Bond proceeds. This clarification will free up the dollars needed to maximize the $15 million going towards the bond defeasement with RPTTF funds mentioned above. 3. Lines 10-12 are removed (bond reserves). Bond Reserves are not an obligation we will need to pay, as we already have the bond reserves in hand and they can legally be used to defease the bonds they are associated with per their bond covenants. 4. Line 5 2 1 s removed (Genentech property tax settlement), as the County has toed us in writing they will be deducting the Genentech adjustment off the top in future years before distribution of property taxes to taxing entities. 5. Lines 63-64 are clarified (at County's suggestion) that those items that are covered by the AdmInistrati,%;,e Allowance also contain the words "RPTTF"., so that there is no confusion regarding the source of funding. 6. The County Controller has confirmed they will be making the pass through payments to taxing entities from the January through December property taxes. Staff has changed the "other Obligations" page to indicate: "Information only. Pass through payments due from former South San Francisco Redevelopment Agency to the County for distribution to taxing entities, as requested by San Mateo County Controller's Office. (Calculations done by County of San Mateo's consultants, KM A). County has notified Successor Agency they will make the pass through payments based on their calculations, which are now reflected here." CONCLUSION Formal adoption of the attached amended ROPS will clarify funding sources to be consistent with the Board's intention to maximize funds from 2011-12 to be used to help defease the 2006 TABs, and will do so in a way that is consistent with what the County and the State Department of Finance have clarified they need. By: C .* n yn Steele Finance Director Approved. ' ""`� Marty Van Duyn Assistant City Manager and Director of Economic and Community Development Attachment: Exhibit A — ROPS for January through June 2012 BiBNA M 0 z LPJ I 't:l = r✓ (D (D LL 0 0 0 r_ 0 Lu U CL 0 N rn z Lr) 0 00 (L r% E CL ID 4: ❑ LLI M 0 0 > (D LU 0 51 Z E a) 2, z¢ m CL LU a < m = 0 1- 01-1 .c:c < E 0- o CD a 66 C> =� LO 613, tFk 0 CD X) C\� X) 6ck 694� 1 00 m Cgi C CD 04 LO T- : to 1 611 C) 6 OD if) C14 m 141 61) f= C) L6 to C14 (04 1 646S 1 1 0 C) 6 CD cl� LO 64 (4 1 CD C) 6 L-O C)i C) (0%1 0 o 0 o IR 69 60, 60�� CD 0 o (D O CD b% 1 61c) 0 CD 6 1 00 op� bqj 1 1 co W) r 0 L'i 6 0 Li) <C) 0:) w LO 7 CO fj3r, 611 <0 0) 1 4 00 Cli Nr (3) f�S 6%16P P- N N 00 r_: r� r co C\� =� CI) INr m 'ki 61)r N m 6 LO w (/3� 1 6a <D CD 6 CD C� cr) 64)-1 I 1 I CO CN C� CD LO 6 m o [,� LO c o LO LO 64 44 I , o '4 C-4 0) 0 m 1-- N v co It cq cc� C%� I,-. 0 0 -0 (0 IW N C.0 W, 601)� 6c. r , C', .. 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