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Home My WebLink AboutOB Reso 06-2017City of South San Francisco P.O. Box 711 (City Hall, Aft 400 Grand Avenue) South San Francisco, CA Oversight Board Resolution: RES 06 -2017 File Number: 17 -894 Enactment Number: RES 06 -2017 RESOLUTION APPROVING THE RECOGNIZED OBLIGATION PAYMENTS SCHEDULE (ROPS) FOR THE PERIOD JULY 2018 THROUGH JUNE 2019, PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177(L). 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, 2018 through June 30, 2019 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. City of South San Francisco page 1 File Number. 17 -894 Enactment Number. RES 06 -2017 The City Manager or designee is authorized and directed to take all actions necessary to implement 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 Oversight Board to the Successor Agency to the former Redevelopment Agency on 12/19/2017, a motion was made by Mark Addiego, seconded by Barbara Christensen, that this Resolution be approved. The motion passed. Yes: 5 Moore, Addiego, Christensen, Farrales, and Friedman No: 2 Cullen, and Scannell Attest by 41a �71 nell City of South San Francisco Page 2 Recognized Obligation Payment Schedule (ROPS 18 -19) - Summary Filed for the July 1, 2018 through June 30, 2019 Period Successor Agency: South San Francisco County: San Mateo 18 -19A Total 18 -19B Total Current Period Requested Funding for Enforceable Obligations (ROPS Detail) (July-December) (January - June) ROPS 18 -19 Total A Enforceable Obligations Funded as Follows (B +C +D): B Bond Proceeds C Reserve Balance D Other Funds E Redevelopment Property Tax Trust Fund ( RPTTF) (F +G): F RPTTF G Administrative RPTTF H Current Period Enforceable Obligations (A +E): 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. $ 468,485 $ 50,000 $ 518,485 468,485 50,000 518,485 $ 9,594,762 $ 9,524,320 $ 19,119,082 9,469, 762 9,399, 320 18,869,082 125,000 125,000 250,000 $ 10,063,247 $ 9,574,320 $ 19,637,567 Signature Date sea `z( C.VI ulr South San Francisco Recognized Obligation Payment Schedule (ROPS 18-19). ROPS Detail July 1, 2018 through June 30, 2019 A B C D E F G N I J K L M N O P O R S T U V W 18 -19A (July - December 18.198 Jana - June Fund Sources Fund Sources Item # Project Name /Debt Obligation Obligation Type Cont- VAgreement Execution Date Contract/Agreement Termination Date Payee Descvlption/Pro ect Scope Project Area Total Outstanding Debt or Obligation Retired ROPS 18 -19 Total 18 -19A Total 19 -198 Total Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF 7 8 Debt Saw Principal Hag Rev Bonds Debt Sew Interest Hsg Rev Bonds Bo s Issuetl On or e o Bonds Issued On or Before 2/31/10 / B 7/1/1889 /1 8/1/2078 Bank of New Yo Bank of New Vork 7 us" Revenue Bo s 1988 Housing Revenue Bonds 47.500 073 285000 7,725 N S 19,637 567 0 $ 7,125 - $ - $ 468,485 .1000 7,725 $ 9,469.762 125,000 10 003,247 $ 285000 $ 7,725 - $ - $ 50.000 $ 8.389,320 3 125.000 $ 8.574.320 $ $ 11 Bond Admin/Disc Costs Hsg Bonds Fees 111/1999 911/2018 Bank of New VorkANilklan Costs to administer the housing bonds 15,000 N It 15,000 15,000 $ 15,000 $ - 12 13 ter Polnl Ventures DDA Oyster Point Ventures ODA OPAIDDAIConstructlon OPAJDDA/Construction 3/232011 312312011 11/17/2028 11/11/2020 Oyster Pt Ventures LLC Various contractors/staff Section 3.4.1 of DDA- infrastr.. required Secs. 4.5 cklsg /escrow 5.2 emuch Indemnification; 5.3 methane 18,890000 20,000,000 N N $ 18.891 $ - 111380 9389.320 9500680 $ 8389320 8 0.389,320 $ - monilo' 14 16 Oyster Point Ventures DDA Harbor District Anreernenl Protect Manaemenl Costs Im ovemenVlntrastructure 3/23/2011 3/25/2011 11/11/2028 11/11/2026 L- I/Staicosts Harbor District Soft ro'eot ma man, costs Secs. 5.0 lease rev' 7.0 temp. office 1283,144 1.793,248 N N $ 100,000 $ 50.000 50,000 50000 $ 50.000 17 21 Harbor Distinct Agreement Train Station Imprvmnts Ph 1(pfl002) Project Management DOSls Remediation 3/25/2077 3/11/2009 11/11/2028 1213112014 LeqsVSWff costs TechAccuthef isley Ham Sob ro'ect me ment vests Contracted work -site remediation 818.341 87,494 N N $ 20,000 $ - 10.000 10000 $ 10000 $ $ 10000 $ 221 Train Station Imonvermts Phase 1 Pro ect Wriagement Costs 3/11/2009 12137/2014 Staff Costs Soft protect manaaaament costs 9.309 N III - 23 24 Train Station Im nts Phase 2 Train Station lm vmnts Phase2 TM,nteriance of Non-Heg Properlks Rmediatlon Pro act Management Costs Pp-s ty Mainenancn 1219/2009 12/0/2008 2'7!2072 12/31/2014 12/31/2074 Various contractors L UStaff Casts Site remediation r Cal Trans A rmt Soft ro'acl man amen casts 820.000 143115 N N pj $ $ $ $ $ $ 45 46 Manuenarxe at Nan -Hso ProPartiea Pro erl Maintenance 2/1!2012. N 47 AtlminisVation Costs Admin Costs 2/1 /2012 12/37/2014 Various contrackasrmisc Costs to admidsler Successor Agency 1,272,578 N $ 125,000 - - 110,000 $ 110,000 - -- - - - - - - - -- ' 15,000 $ 15.000 48 Administration Costs Admin Costs 2/1/2012 12/31/2014 Legal /Staff costs Costs to administer Successor Agency 949,132 N $ 125,000 15,000 $ 15,000 110,000 $ 110000 49 roP4rrYD"41p r1 -(`-- Property Dlsposdl, '2/111012 72131(2014 v'.W- contractors what env# tesllnA rwtim9. sNmg N cnaw u 50 Pr o e rty DiElleostion Costs Property Dispositions 211/2012 12/3112014 L- I'Staff costs Son -iecl management costs N 51 Accrued PERS Pension Obligations Unfunded Liabilities 1/1/1880 6/30/2016 CaIPERS Costs incurred through 02/0112012 108,800 N $ - $ $ 52 Accrued Retiree Health Obligations Unfunded Liabilities 1/1/1980 8130/2016 CaIPERS Retiree Benefit Trust CERBTI Costs incurred through 02101/2012 197.600 N $ $ $ 57 1999 Housing Bond Proceeds Bonds Issued On or Before 12/31/10 10/23/2073 12/31/2014 Future Developer To be used on low /mod housing dev 904,747 N $ - $ - $ ,. mxuitV/IprayWlMM ®tor h,.W aP,- N 3 70 Line 14 FY 15 -16 Additional E)yense RPTTF Shortfall! 3/2312011 11/11/2026 LegaVStaB costs Soft project management costs 13,586 N $ 13,586 13,586 13,586 $ - 71 Line 14 FY 16 -17 Additional Expene , RPTTF Shortfall 3/23/2011 11/11/2028 LegaV$taff costs Soft project management costs 42,856 N $ 42,850 42,858 $ 42,858 $ 72 Line 8lnlerest Payment made but not re dad on FY 18 -17 RPTTF Shortfall 111/1990 9/1/2018 Bank of New York 1999 Housing Revenue Bonds 14,000 N $ 14,000 14,000 $ 14,000 $ 73 74 75 N N $ $ $ $ $ South San Francisco Recognized Obligation Payment Schedule (ROPS 18 -19) - Report of Cash Balances July 1, 2015 through June 30, 2016 (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177 (1), 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 Davment from oroDertv tax revenues is required by an enforceable ohlieatinn. Fnr tine nn hnw to rmmnloto tho Rennrt of Cach Ralanrec Fnrm coo A B C D E F G H I Fund Sources Bond Proceeds Reserve Balance Other RPTTF Prior ROPS period balances Prior ROPS and RPTTF Bonds issued on Bonds issued on DDR RPTTF distributed as Rent, Non - Admin Cash Balance Information for ROPS 15 -16 Actuals or before or after balances reserve for future grants, and 07/01115- 06/30/16 12/31/10 01/01/11 retained period(s) interest, etc. Admin Comments 1 Beginning Available Cash Balance (Actual 07/01115) Column C is funding for the housing bond debt. This debt was paid in Sept 2016. Column E $4,620,999 (BNY reserve Acct) were used along with bond retirement funds to call the 2006 bonds on the call date of 911/2016 and Housing bond reserves in the amount of $333,836 retained per bond covenants to be paid out 9/1/2018. Additionally $24,217,773 of prior periods RPTTF reserved for Development (OPD) in BNY reserve account. Column G is excess cash balance of $118,144 reported to DOF in October 2014, $119,945 and $842,792 of excess other revenues from ROPS 14 -15A & B respectively. Column H is $1,176,996 and $824,532 excess RPTTF from FY 14 -15A & B PPA used to fund 54,987,340 29,172,608 1,080,881 2,001,528 ROPS 15 -16 A & B respectively. 2 Revenuelincome (Actual 06/30116) RPTTF amounts should tie to the ROPS 15 -16 total distribution from the County Auditor - Controller during January 2016 and June 2016. Column G is actual rentlinterest received 7/1/2015 - 6/30/2016. Column H is $5,619,513 and $2,408,743 RPTTF 216,427 258,413 1,160,479 8,028,256 received in ROPS 15 -16 A& B respectively. 3 Expenditures for ROPS 15 -16 Enforceable Obligations (Actual 06/30116) Column G: Other funds expended FY 15 -16 PPA Column H: RPTTF funds expended (actual) FY 15 -16 PPA includes line item overspend 4 Retention of Available Cash Balance (Actual 06/30116) Column C: Funds to used to pay off bond in FY RPTTF amount retained should only include the amounts distributed as 2016/17 reserve for future period(s) Column E: Funds to pay off bond debt 9/2016 & 9/2018 as detailed in line 1 comment and to fund development project from BNY Account per DDA Column H: includes line 14 overspend now line 70 plus line 71 &72 overspend from FY 16/17 55.203, 767 - ROPs 5 ROPS 15 -16 RPTTF Balances Remaining Wo er,tcy reyuired Column H: Total remaining RPTTF reported on -62 FY15 -16 PPA 6 Ending Actual Available Cash Balance (06130116) CtoG= (1 +2- 3- 4),H= (1 +2- 3 -4 -5) $ $ $ $ $ 685,660 $ 13,586 South San Francisco Recognized Obligation Payment Schedule (ROPS 18 -19) - Notes July 1, 2018 through June 30, 2019 Item # Notes /Comments 7,8 Last interest and principal payments on bond 12 Represents additional funding required to meet terms of original DDA due to escalation in construction cost. Original funding is reflected on cash balances E1 70 Line 14 project management costs related to this obligation which exceeded the amount authorized on FY 15/16 ROPS 71 Line 14 project management costs related to this obligation which exceeded the amount authorized on FY 16/17 ROPS 72 Line 8 costs from FY 16/17 related to interest payments that were not requested in FY 16/17 in error Funding was requested in prior years which should continue to reduce this obligation as they are expended. No additional funding is requested as the RPTTF is 22,23,24 currently retained until FY 16/17 and FY 17/18 PPAs