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HomeMy WebLinkAbout2015-09-09 e-packet@6:00 ............. SPECIAL MEETING SUCCESSOR AGENCY OF THE CITY OF SOUTH SAN FRANCISCO ZIFO P.O. BOX 711 (City Hall, 400 Grand Avenue South San Francisco, California 94083 Meeting to be held at MUNICIPAL SERVICES BUILDING COUNCIL CHAMBERS 33 ARROYO DRIVE SOUTH SAN FRANCISCO, CA WEDNESDAY, SEPTEMBER 9, 2015 6:00 P.M. NOTICE IS HEREBY GIVEN, pursuant to Section 54956 of the Government Code of the State of California, that the Successor Agency to the City of South San Francisco Redevelopment Agency will hold a Special Meeting on Wednesday, the 9" day of September, 2015, at 6:00 P.M., in the Municipal Services Building, Council Chambers, 33 Arroyo Drive, South San Francisco, California. Purpose of the meeting. I. Call to Order. 2. Roll Call. 3. Agenda Review. 4. Public Comments—comments are limited to items on the Special Meeting Agenda. 5. Resolution of the Successor Agency to the former Redevelopment Agency of the City of South San Francisco, reviewing and approving the submittal to the Successor Agency Oversight Board of a Recognized Obligation Payment Schedule ("ROPS") for the period January through June 2016 (ROPE 15- 16B). (Richard Lee, Director of Finance). 6. Closed Session: Conference with Real Property Negotiators: (Pursuant to Government Code Section 54956.8) Properties: 401, 411, 421 & 315 Airport Blvd, 405 Cypress Ave., and 216 Miller Ave., the former Ford properties Agency Negotiators: Alex Greenwood and Ron Gerber Negotiating Parties: Miller Cypress SSF, LLC and South San Francisco Successor Agency Under Negotiations: Price and tenns for disposition of the property. 7. Adjournment. City Clerk s Successor Agency To The Redevelopment Agency Staff Report DATE: September 9, 2015 TO: Chair and Successor Agency Board FROM: Richard Lee, Director of Finance SUBJECT: A RESOLUTION OF THE SUCCESSOR AGENCY TO THE FORMER REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO, REVIEWING AND APPROVING THE SUBMITTAL TO THE SUCCESSOR AGENCY OVERSIGHT BOARD OF A RECOGNIZED OBLIGATION PAYMENT' SCHEDULE (ROPS) FOR THE PERIOD JANUARY `THROUGH JUNE 201.6 (ROPS 15-16B) RECOMMENDATION It is recommended that the Successor Agency adopt a resolution reviewing a draft Recognized Obligation Payment Schedule (ROPS 15-1613) for the period January through June 2016 and approving the submittal to the Oversight Board to the South San Francisco Redevelopment Agency (Oversight Board). BACKGROUND/DISCUSSION Attached for the Successor Agency Board's review is the next six month period proposed ROPS 15-16B. This RODS will form the basis for the County's distribution of Redevelopment Property 'Fax Trust Fund dollars (RPTTF, or former RDA property taxes) to the Successor Agency to pay enforceable obligations for the period January through June 2016. Assembly Bill 1484 requires the ROPS to be submitted to the State and County no later than October 5, 2015. The ROPS will be reviewed by the Oversight Board on September 15, 2015. The proposed RO�PS 15-16B includes the following highlights: The final contribution of $2.46 million to the Oyster Point Ventures Disposition and Development Agreement (DDA) Escrow Account. These are the funds that the Redevelopment Agency was obligated under a DDA to set aside to fund the initial infrastructure improvements to facilitate Oyster Point Ventures' potential future development of a biotech campus at Oyster Point. After this ROPS 15-16B deposit, there will be $29,463,230 set aside in the escrow account plus interest earnings. This will complete the Successor Agency's obligation to fund the escrow account. If the development does not occur by the trigger points/timelines established in the DDA, those dollars will ultimately flow Staff Report Subject; Recognized Obligation Payment Schedule for January through June 2016 Page 2 back to all taxing entities, including the City.. • Continued use of remaining housing bond proceeds for the development of affordable housing for two sites in the downtown. In December 2014, bond proceeds of$921,600 were used to fund pre-development costs of these properties by the Brookwood CGroup. $1.5 million in bond proceeds remain for further development of these properties. • Property disposition costs have been denied by the Department of Finance in previous ROPE requests. However, $50,000 is included in the draft ROPS given the progress with various Successor Agency properties and related developer agreements, such as Sares Regis and Brookwood. CONCLUSION Adoption of this resolution will enable the Successor Agency to forward. the proposed BOPS to the Oversight Board on September 15, 2015 in order to fulfill the obligation under Health and Safety Code Section 34177(1) regarding adoption of a BOPS 15-16B for the period January through June 2016. Approved: y" LO Richard Lee ike Futrell Director of Finance City Manager Attachments; Resolution. Exhibit A - Draft ROPE Exhibit B - Support for Administrative Costs Appearing on the Draft BOPS Exhibit C - Support for Other Revenues Appearing on the Draft BOPS FZ�,Pi�9F:kj RESOLUTION NO. RESOLUTION OF THE SUCCESSOR AGENCY TO THE FORMER REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO REVIEWING AND APPROVING THE SUBMITTAL TO THE SUCCESSOR AGENCY OVERSIGHT BOARD OF A RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS) FOR THE PERIOD JANUARY THROUGH JUNE 2016(ROPS 15-16B), PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177(1) WHEREAS, pursuant to Health and Safety Code Section 34177(1), before each six-month fiscal period, the Successor Agency to a dissolved Redevelopment Agency is required to prepare a draft Recognized Obligation Payment Schedule ("ROPS") that lists all of the obligations that are "enforceable obligations"within the meaning of Health and Safety Code Section 34177, and which identifies a source of payment for each such obligation from among (i) bond proceeds, (ii) reserve balances, (iii) the administrative cost allowance, (iv) revenues from rents, concessions, interest earnings, loan repayments, or asset sales, or (v) the Redevelopment Property Tax Trust Fund established by the County Auditor-Controller to the extent no other source of funding is available or payment from property tax is contractually or statutorily required; and WHEREAS, pursuant to Health and Safety Code Section 341770), the Successor Agency also must prepare a proposed administrative budget and submit it to the Oversight Board for approval, including the estimated amounts for Successor Agency administrative costs for the upcoming six-month fiscal period and proposed sources of payment for those costs; and WHEREAS, once the ROPS is approved by the Oversight Board, the ROPS must be posted on the Successor Agency's website and transmitted to the County Auditor-Controller, the State Controller and the State Department of Finance. NOW, THEREFORE, the Successor Agency to the Redevelopment Agency of the City of South San Francisco, does hereby resolve as follows: 1. The Recitals set forth above are true and correct, and are incorporated herein by reference. 2. The draft Recognized Obligation Payment Schedule (ROPS) attached hereto as Exhibit A was reviewed by the Successor Agency and will be submitted to the Oversight Board. 3. The City Finance Director is authorized to modify the draft ROPS to correct errors, to update the ROPS if necessary as a result of the subsequent review by the Oversight Board, and provide clarifications consistent with requirements of the State Department of Finance and the intent of this Resolution. 4. The Executive Director of the Successor Agency or designee is authorized and directed to take all actions necessary to implement this Resolution, including without limitation, the submittal of the draft ROPS to the Oversight Board, the County Auditor-Controller, the 1 County Administrative Officer, the State Department of Finance, and the State Controller, and the posting of this Resolution and the draft ROPS on the Successor Agency's website. 5. The Finance Director is authorized to incorporate the items on the ROPS into the 2015-16 operating budget once the ROPS is approved. 6. The Executive Director and the Finance Director, and their designees, are authorized and directed to take such actions as necessary and appropriate to carry out and implement the intent of this Resolution, including without limitation, the establishment of separate accounts and funds as necessary to appropriately document the receipts and expenditures of the Successor Agency. 7. The Executive Director of the Successor Agency and/or his designee are authorized to execute contracts and agreements for the items listed on the January through June 2016 ROPS, as approved by the Oversight Board, in up to the amounts specified on the approved ROPS for such items, unless specifically directed otherwise by the Board. 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ME ° co o c Q Co o 'U u) E •° O o C cu ° a- c CO N U C .� Co CU -0 L N .9 L S O Q U N O Co O C E O N C N C Z C1 U 0 E :' > O Co — O Q) Co O N •N O > .L" a Co C cu Co D C N C LY °co� ° X 0) �U O 0 cu W O E m o o Q) o U) a CU U C C :3 � co O = U 0) a� o -a O Q) 0) >, — a� .� > Co O m O L U Co t� C •N O Co Q d LL L O N j O O n CL>L Q N L . Q O C)_ O Co CO CU L m N C =_ =_ Co 0 U 00 " C Q CD Q) C Co O — LL N 't CN E ND " 0 C, C ° o � � N _ C O N •— O M C C (� N N C Co - uu — --� — O Co N N o �) CU C) E Co CN � = a� N C 4) N C Co N LO L •C- — M O C 0 d E O Co O M N U N N z 0 .S � 000 �» co � 2 � Q O M N LO LO E 't LO M Nt LO EXHIBIT B P , Agency irn ikni iii ti% ..get J a ii u a is ... J u n e 2 01.6 Professional &Specialized Services Estimated Cost Staff Consultant (Armando Sanchez) $24,000 Legal Consultants (Meyers Nave &Craig Labadie) $30,000 Subtotal $54,000 Supplies and Services Estimated Cost Meeting expenses, office supplies, postage, copies, printing services, special noticing, etc. $11,035 Subtotal $11,035 Estimated Cost of Wages Position Title and Benefits Director of Finance $ 8,000 Adminstrative Assistant II $ 3,000 Assistant City Manager $ 14,000 City Manager $ 8,000 Sr Accountant $ 5,000 ECD Coordinator $ 7,100 Management Analyst $ 9,200 ECD Director $ 8,500 Accountant 1 $ 4,500 Sr Financial Analyst $ 13,500 Miscellaneous staff $ 8,000 City Clerk $ 6,500 Subtotal $ 95,300 IGRAND TOTAL I $ 160,335 Notes: 1--Staff costs include payroll, benefits,and retirement costs 2--Payment source for six month period is from the Administrative Allowance 3--Maximum administrative costs are based on 3%of the total estimated new RPTTF funding needs Exhibit C ROPs 15-16B SUPPORT FOR ESTIMATED OTHER REVENUES APPEARING ON THE JANUARY THROUGH JULY 2016 ROPS (Includes a True Up component for Other Revenues estimated on ROPS 14-1513) Estimated Other Revenue Item# Source of Revenue Six Month Total 1) Rents $ 224,400.00 2) Interest on Investments $ 10,000.00 3) Interest from Business Loans $ 5,000.00 4) Principal from Business Loans $ 10,000.00 Estimated Repayment from Oyster Point Impact Fee 5) Interfund Loan $ - Total Other Revenue, July to December 2015 $ 249,400.00 Other Revenue From Prior Periods Difference between ROPS 14-15B estimated Other 6) Revenue and Actual Revenue $ 842,791.79 Total Available Other Funds $ 1,092,191.79 Rounded Total Used on ROPS $ 1,092,200.00