HomeMy WebLinkAboutOB Reso 01-2017File Number: 17 -166
City of South San Francisco
Oversight Board
Resolution: RES 01 -2017
P.O. Box 711 (City Hall,
400 Grand Avenue)
South San Francisco, CA
Enactment Number: RES 01 -2017
RESOLUTION APPROVING A RECOGNIZED OBLIGATION
PAYMENT SCHEDULE FOR THE PERIOD JULY 2017 THROUGH
JUNE 2018, PURSUANT TO HEALTH AND SAFETY CODE
SECTION 34177(1).
WHEREAS, pursuant to Health and Safety Code Section 34177(1), before each 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, the draft ROPS must be concurrently submitted to the County Administrative Officer, the
County Auditor - Controller, the State Department of Finance and the Oversight Board established to
review Successor Agency actions; 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 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 Department of
Finance, and the State Controller.
NOW, THEREFORE, the Oversight Board for the Successor Agency to the Redevelopment Agency of the
City of South San Francisco does hereby resolve as follows:
The Recitals set forth above are true and correct, and are incorporated herein by reference.
The Recognized Obligation Payment Schedule (ROPS) and administrative budget for the period July 1,
2017 through June 30, 2018 attached hereto as Exhibit A are hereby approved.
The Finance Director is authorized to modify the ROPS to correct errors and provide clarifications
consistent with requirements of the Department of Finance and the intent of this Resolution.
The City Manager or designee is authorized and directed to take all actions necessary to
City of South San Francisco Page 1
File Number: 17 -166
Enactment Number: RES 01 -2017
lement this Resolution, including without limitation, the submittal of the ROPS to the County
Auditor - Controller, the County Administrative Officer, the State Department of Finance, and the State
Controller, and the posting of this Resolution and the ROPS on the Successor Agency's website.
The Oversight Board Chairperson or Vice Chairperson in his absence is hereby authorized to certify the
ROPS.
At a meeting of the Special Oversight Board to the Successor Agency to the Former Redevelopment
Agency on 1/31/2017, a motion was made by Paul Scannell, seconded by Mark Addiego, that this
Resolution be adopted. The motion passed.
Yes: 7 Cullen, Krause, Addiego, Christensen, Farrales, Scannell, and Friedman
Attest by
Marga Roberts
City of South San Francisco Page 2
Item #Notes/Comments
3 Remaining principal balance of 2006 Tax Allocation Bonds was paid on 9/1/16 as authorized by ROPS 16-17. Obligation has been retired.
4 Remaining principal balance of 2006 Tax Allocation Bonds was paid on 9/1/16 as authorized by ROPS 16-17. Obligation has been retired.
10 Remaining principal balance of 2006 Tax Allocation Bonds was paid on 9/1/16 as authorized by ROPS 16-17, continuing disclosure no longer required.
55 Escrow account was used to call 2006 Tax Allocation Bonds in lines 3 and 4. Obligation has been retired.
South San Francisco Recognized Obligation Payment Schedule (ROPS 17-18) - Notes July 1, 2017 through June 30, 2018
A B C D E F G H I
Other RPTTF
Bonds issued on
or before
12/31/10
Bonds issued on
or after 01/01/11
Prior ROPS
period balances
and DDR RPTTF
balances
retained
Prior ROPS
RPTTF
distributed as
reserve for future
period(s)
Rent,
grants,
interest, etc.
Non-Admin
and
Admin
ROPS 15-16B Actuals (01/01/16 - 06/30/16)
1 Beginning Available Cash Balance (Actual 01/01/16)
55,002,806 - 5,034,778 - 886,563 824,532
Column E is $4,693,135 (BNY Reserve acct),
which are planned to be used along with bond
retirement funds to call the 2006 bonds on the call
date of 09/1/2016, and Housing bond reserves in
the amount of $341,643 retained per bond
covenants. Column G is excess cash balance of
$118,144 reported to DOF in October 2014,
$119,945 of excess other revenue from ROPS 14-
15A and $842,792 of excess other revenue from
ROPS 14-15B. Column H is $1,176,996 PPA
from ROPS 14-15A and $824,532 PPA from
ROPS 14-15B, used to fund ROPS 15-16A and
15-16B, respectively.
2 Revenue/Income (Actual 06/30/16)
RPTTF amounts should tie to the ROPS 15-16B distribution from the
County Auditor-Controller during June 2016
200,962 - 78,184 - 866,284 2,408,743
Column E represents the change in Market Value
of BNY Reserve Account for 2006 bonds.
Column G is estimated rent and interest income
for 15-16B. The amount may change when
additional period revenue is posted.
3 Expenditures for ROPS 15-16B Enforceable Obligations (Actual
06/30/16)
- - - - 25,000 3,233,275
4 Retention of Available Cash Balance (Actual 06/30/16)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
- - - - -
5 ROPS 15-16B RPTTF Balances Remaining
No entry required
6 Ending Actual Available Cash Balance
C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 - 5)
55,203,768$ -$ 5,112,962$ -$ 1,727,847$ -$
South San Francisco Recognized Obligation Payment Schedule (ROPS 17-18) - Report of Cash Balances
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 (l), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or
when payment from property tax revenues is required by an enforceable obligation. For tips on how to complete the Report of Cash Balances Form, see Cash Balance Tips Sheet.
Fund Sources
Comments
Bond Proceeds Reserve Balance
Cash Balance Information by ROPS Period
A B C D E F G H I J K
$ 37,351,308 $ 2,594,870
3 Debt Serv Principal Tax Alloc Bonds Bonds Issued On or Before 1/1/2006 9/1/2035 Bank of New York 2006 Tax Alloc Bonds (TABs) - Y $ -
4 Debt Serv Interest Tax Alloc Bonds Bonds Issued On or Before
12/31/10
1/1/2006 9/1/2035 Bank of New York 2006 Tax Alloc Bonds (TABs) - Y $ -
7 Debt Serv Principal Hsg Rev Bonds Bonds Issued On or Before
12/31/10
1/1/1999 9/1/2018 Bank of New York 1999 Housing Revenue Bonds 560,000 N $ 275,000
8 Debt Serv Interest Hsg Rev Bonds Bonds Issued On or Before
12/31/10
1/1/1999 9/1/2018 Bank of New York 1999 Housing Revenue Bonds 28,250 N $ 21,125
10 Bond Admin/Disclosure Costs TABs Fees 1/1/2006 9/1/2035 Bank of New York/Willdan Costs to administer the bonds - Y $ -
11 Bond Admin/Disc Costs Hsg Bonds Fees 1/1/1999 9/1/2018 Bank of New York/Willdan Costs to administer the housing bonds 18,190 N $ 6,000
12 Oyster Point Ventures DDA OPA/DDA/Construction 3/23/2011 11/11/2026 Oyster Pt Ventures, LLC Section 3.4.1 of DDA-infrastr. required - N $ -
13 Oyster Point Ventures DDA OPA/DDA/Construction 3/23/2011 11/11/2026 Various contractors/staff Secs. 4.5 closg/escrow; 5.2 environ
indemnification; 5.3 methane
monitoring
20,000,000 N $ -
14 Oyster Point Ventures DDA Project Management Costs 3/23/2011 11/11/2026 Legal/Staff costs Soft project management costs 1,293,144 N $ -
16 Harbor District Agreement Improvement/Infrastructure 3/25/2011 11/11/2026 Harbor District Secs. 5.0 lease rev; 7.0 temp. office 1,793,248 N $ -
17 Harbor District Agreement Project Management Costs 3/25/2011 11/11/2026 Legal/Staff costs Soft project management costs 818,341 N $ 20,000
21 Train Station Imprvmnts Ph
1(pf1002)
Remediation 3/11/2009 12/31/2014 TechAccutite/Wisley Ham Contracted work-site remediation 87,494 N $ -
22 Train Station Imprvmnts Phase 1 Project Management Costs 3/11/2009 12/31/2014 Staff Costs Soft project management costs 9,309 N $ -
23 Train Station Imprvmnts Phase 2 Remediation 12/9/2009 12/31/2014 Various contractors Site remediation per Cal Trans Agrmt. 663,000 N $ 663,000
24 Train Station Imprvmnts Phase 2 Project Management Costs 12/9/2009 12/31/2014 Legal/Staff costs Soft project management costs 153,342 N $ 150,000
45 Maintenance of Non-Hsg Properties Property Maintenance 2/1/2012 12/31/2014 Various contractors Rehab, repair, maintenance, & utilities 3,381,567 N
46 Maintenance of Non-Hsg Properties Property Maintenance 2/1/2012 12/31/2014 Legal/Staff costs Soft project management costs 1,237,362 N
47 Administration Costs Admin Costs 2/1/2012 12/31/2014 Various contractors/misc Costs to administer Successor Agency 1,379,679 N $ 20,000
48 Administration Costs Admin Costs 2/1/2012 12/31/2014 Legal/Staff costs Costs to administer Successor Agency 949,132 N $ 230,000
49 Property Disposition Costs Property Dispositions 2/1/2012 12/31/2014 Various contractors Initial envir. testing, noticing, listing
costs
2,872,138 N
50 Property Disposition Costs Property Dispositions 2/1/2012 12/31/2014 Legal/Staff costs Soft project management costs 447,367 N
51 Accrued PERS Pension Obligations Unfunded Liabilities 1/1/1980 6/30/2016 CalPERS Costs incurred through 02/01/2012 - N $ -
52 Accrued Retiree Health Obligations Unfunded Liabilities 1/1/1980 6/30/2016 CalPERS Retiree Benefit
Trust (CERBT)
Costs incurred through 02/01/2012 - N $ -
55 Fund Escrow Acct to call 2006 Tax
Allocation Bonds
Miscellaneous 5/8/2012 9/1/2016 Bank of New York Fund escrow acct to call rows 4 & 5 at
first redemption date of 9/1/2016
- Y $ -
57 1999 Housing Bond Proceeds Bonds Issued On or Before
12/31/10
10/23/2013 12/31/2014 Future Developer To be used on low/mod housing dev 1,209,745 N $ 1,209,745
69 630-634 El Camino Real Tenant
Improvement
Project Management Costs 3/1/2011 2/28/2086 TBD Tenant improvements for tenant space
3
450,000 N
Contract/Agreement
Termination Date
ROPS 17-18
Total
South San Francisco Recognized Obligation Payment Schedule (ROPS 17-18) - ROPS Detail
July 1, 2017 through June 30, 2018
(Report Amounts in Whole Dollars)
Item #Payee Description/Project Scope Project Area
Total Outstanding
Debt or Obligation Retired Project Name/Debt Obligation Obligation Type
Contract/Agreement
Execution Date
L M N O P Q R S T U V W
Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF
$ 1,209,745 $ - $ 674,660 $ 33,840 $ 125,000 $ 2,043,245 $ - $ - $ 10,125 $ 416,500 $ 125,000 $ 551,625
$ - $ -
$ - $ -
275,000 $ 275,000 $ -
14,000 $ 14,000 7,125 $ 7,125
$ - $ -
3,000 $ 3,000 3,000 $ 3,000
$ - $ -
$ - $ -
$ - $ -
$ - $ -
10,000 $ 10,000 10,000 $ 10,000
$ - $ -
$ - $ -
297,660 33,840 $ 331,500 331,500 $ 331,500
75,000 $ 75,000 75,000 $ 75,000
10,000 $ 10,000 10,000 $ 10,000
115,000 $ 115,000 115,000 $ 115,000
$ - $ -
$ - $ -
$ - $ -
1,209,745 $ 1,209,745 $ -
Fund Sources Fund Sources
17-18B (January - June)
17-18A
Total
South San Francisco Recognized Obligation Payment Schedule (ROPS 17-18) - ROPS Detail
July 1, 2017 through June 30, 2018
(Report Amounts in Whole Dollars)
17-18A (July - December)
17-18B
Total
Successor Agency:South San Francisco
County:San Mateo
Current Period Requested Funding for Enforceable Obligations (ROPS Detail)
17-18A Total
(July - December)
17-18B Total
(January - June) ROPS 17-18 Total
A 1,884,405$ 10,125$ 1,894,530$
B 1,209,745 - 1,209,745
C - - -
D 674,660 10,125 684,785
E 158,840$ 541,500$ 700,340$
F 33,840 416,500 450,340
G 125,000 125,000 250,000
H Current Period Enforceable Obligations (A+E):2,043,245$ 551,625$ 2,594,870$
Name Title
/s/
Signature Date
Administrative RPTTF
Certification of Oversight Board Chairman:
Pursuant to Section 34177 (o) of the Health and Safety code, I
hereby certify that the above is a true and accurate Recognized
Obligation Payment Schedule for the above named successor
agency.
Recognized Obligation Payment Schedule (ROPS 17-18) - Summary
Filed for the July 1, 2017 through June 30, 2018 Period
Enforceable Obligations Funded as Follows (B+C+D):
RPTTF
Redevelopment Property Tax Trust Fund (RPTTF) (F+G):
Bond Proceeds
Reserve Balance
Other Funds