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HomeMy WebLinkAboutOB RESO 4-2014RESOLUTION NO. 4-2014 OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS) AND ADMINISTRATIVE BUDGET FOR THE PERIOD JANUARY THROUGH JUNE 2015, 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, 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 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 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: 1. The Recitals set forth above are true and correct, and are incorporated herein by reference. 2. The Recognized Obligation Payment Schedule (ROPS) and administrative budget for the period January 1 through June 30, 2015 attached hereto as Exhibit A are hereby approved. 3. 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. 4. 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. 5. The Oversight Board Chairperson or Vice Chairperson in his absence is hereby authorized to certify the ROPS. hereby certify that the foregoing Resolution was regularly introduced and adopted by the Oversight Board of the Successor Agency to the Redevelopment Agency of the City of South San Francisco at a special meeting held on the 23rd of September, 2014 by the following vote: AYES: Boardmembers Addiego_ Christensen Farrales Gross, Vice Chairperson Ernsberger and Chairperson Cullen NOES: None. ABSTAIN: None. ABSENT: Boardmember Scannell. ATTEST: a Reodica, Deputy Clerk versight Board for the Successor Agency to the South San Francisco Redevelopment Agency Recognized Obligation Payment Schedule (ROPS 14 -15B) - Summary Filed for the January 1, 2015 through June 30, 2015 Period Name of Successor Agency: South San Francisco Name of County: San Mateo Current Period Requested Funding for Outstanding Debt or Obligation Six -Month Total Enforceable Obligations Funded with Non - Redevelopment Property Tax Trust Fund (RPTTF) Funding A Sources (B +C +D): $ 3,871,700 B Bond Proceeds Funding (ROPS Detail) 2,000,000 C Reserve Balance Funding (ROPS Detail) - D Other Funding (ROPS Detail) 1,871,700 E Enforceable Obligations Funded with RPTTF Funding (F +G): $ 4,223,019 F Non - Administrative Costs (ROPS Detail) 4,107,809 G Administrative Costs (BOPS Detail) 115,210 H Current Period Enforceable Obligations (A +E): $ 8,094,719 Successor Agency Self- Reported Prior Period Adjustment to Current Period RPTTF Requested Funding I Enforceable Obligations funded with RPTTF (E): 4,223,019 J Less Prior Period Adjustment (Report of Prior Period Adjustments Column S) (965,176) K Adjusted Current Period RPTTF Requested Funding (I -J) $ 3,257,843 County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding L Enforceable Obligations funded with RPTTF (E): 4,223,019 M Less Prior Period Adjustment (Report of Prior Period Adjustments Column AA) N Adjusted Current Period RPTTF Requested Funding (L-11i 4,223,019 Certification of Oversight Board Chairman: Pursuant to Section 34177 (m) of the Health and Safety code. I hereby certify that the above is a true and accurate Recognized Name �^/ TV Obligation Payment Schedule for the above named agency. 1s7 J� % f Signature Date - ----- - -------- Recognized Obligation Payment Schedule (ROPS 14-15B) - ROPS Detail January 1, 2015 through June 30, 2015 (Kcpo,t AmcanU it VIhOl, C D G - --- - ------ I m p - --------- C Non - Redevelopment P,­fty To. T- Fund (N-R-F) RPTTF C,-,VAg-r't G.dt-VAq-.c,n Total Out-1,111, R-- t­ # P,. cc, NI.,. I Oict! aton 0b` Obli 01- Type T"' E.1-1h.. .." T.-inatio. date P-. S-21 N.j.ct Area ..Or or Cribilged.o Refired Bond Proceeds ..I ... .dOc N---m Aur�m T-1 rc,d, u"O' "c` p1`1 I, Cc I Oil— p"- Z 5"'" 'Z 0' !1'..2006 - Dark Of N- Y.rk 21j 8 M ��12 9 201,818,258 59 8, 5 000 -- N $ 2.00C.00O- $ C 4 1 C7 809 115,210 8,0l4 T9 'O� 4 C- S- Tc, M., dr- Or `Irect` 'r, -rdI Ce A Cerd, Is 0, O� I 1 0 .d On 12,11 1""CO tea�-Y.rk 25 Tar 'd c,, ,d 37 C27�812 N 1,4 °4.109 1 �14 - 7 U­ P, �e, hrnnc� Bonds ."W�c` Re, ;0 t0enl, Re,... 5,,d, Bonds c". I V;11- g Bank &N�York 1C99 268,OOC N .1- A-t., 2,31i10 �'j 1 -1 H R rd Sc- I-. cl - ..bt Sc, Hq 1,, rc, c c M,141 G- 1112015 B-1, 0N� Y- 19;94m� Revenue 130.12C 26,�O Issued a A-tc, 12131- 10 9-d Ad,, 'D COI � TkSs FII, T 1, 2366 1' 1 C.. 9,1,2- Bank If Nev. Y,,kMlHd,, C,,t, 1, th, W, J, Merged "005 1 COS H �q -n 7­1 H5, RnnT,- P7 Fees To 999 `1 COO ,i,2oia T- C�rk-f W,.Y,,kW11d,, Costs 1, d-,-� 0,1 b-d, I,g� C1�995 - - ----------- -- 2,�CO A P-1 -%1Pt,- PDA 0 A I,_ i PAMDAC-3,23,2011 - C P., C, C 012"2.11 72112.11 71 2116 51cte, t V-,- �LC Se,J& 3,4hi o ICI 1-1 ,h,,,d .,,g. 5,463,230 - --------- - 411,191 2�-,- , �,OMOIC Pc,�.l -11,,,�, - -A T,2-�,201 -1 1'/1'!2026 \T2r- -t--Otaff Se- 10 11-911c l N'DOeOCC on t 41 Z` -It V-W- CDA �d r- y11.1111 C.- 312,12.11 V;1 112026 L,gItSt.f.ch, fi Merg.d 1,381,863 N . . .......... 1i, 12 COO H.ftrr 31251 - 2011 2026 TT- -Occ DIt"It -S .0 -c F,- Merged 1,193,249 N Project M ... g ... rt 312b 1201 -1 11/11/2026 ---- Le,Pst,f- "'t, 5,11 820,134 N 12000 12 21 1( � Ro-d -.fi.n 311!2009 - '2'31/201/ TahAIIW WN My FI,, L Ort-cd,,­ �t, ­-dutr, 87194 N ;.J0Sok2 22 In SO,,­ .,p-rc Ph.. I P"q.11 N111gll- all 1--D '2131,2014 Staff C-I Oct "'ed 309 N 1,000 'All 20 lnrL,I It 1, Ph- Rpmecinfi.r 12�CTCIA 2131,2014 1 Innhad- Z [,I -dat'm _663,000 N N nn T.., 11ar"'lZM1I Ph- 1,-, 1� Cn 121a9CCI 12,31,2014 n ,- 'c"O.-rt m- Merged ill 112 N 40 1-t AneaPia.nno LU P'.g- p,,Oc,t 11r,cO,,-,,1 C a1s C.- Match turd rg for 5 (101102) Merged 11,652 N ... .... .. ... -.6-,6R ... . ....... 11 cf P,,p,r:,,, Pr,p,,y MIi-Ance 211/2012 TI0 b k 1-0111� MIT'd 3,522 127 N "0" 11 . 100 GOg 48 Me tt eanwc f rJOn HSg'Prop6r'CS Pl.p-, Ma ten- -, 7 lc 1 2 Tmii 127o 14 1,339,916 N 100,OOC 110 COO 41 Ad-r,,-Z., C-, Ad- C- T,17,1l .. .. tc,t­- G-1, 1,392 2CO -1,213.622 10,910 46 Ad, Cc., --AI- Cc, T, �,Cill� T --c, Ag.. -42 N O"P�c '14. �4 F,7O,_, 0"pe"t­ C-Is -pery C1,p,,jJ ... 2'1 2 12131/201 d rcOur, ­9 2,9 102 N D. I., 50 Prop 'y UspositlOn Cc- -r -y Di,p,IN ... 2M12012 1MI12014 IagapStaH "It' 5"t p,qecl n.ena9un er[wsts wmcd 4ED 149 N 150 ,000 100,000 51 Acul ed ,,LrHs ph 11, ft� - d .. In! - L,Ibflh6,, �W19N W0,201C Cr.l-rnc,1 -,,1 506,400 h 1 P5 11) '97,600 62 A--R,,r�,.H.r1rrCb1gIr.11 Unfunded Leb,it,,s 'M1980 -O,201C iCLPBT) T.111 11L1-dt-�,,1Cl1C1QC12 M.,,Id 191,00 N 19],600 V, CO, T.. Fm� COE TI. mi-I a,_ B." of New -1, F--c-Itin cal s4h5a1 1vh,rgcd 58,1]5,599 N "e"", II Cords 12�M15614 Developer WIll h11-9 - Merged - 2 W 532 IN 2 lCO,h.O . . . ........... . 6 P e 3 0 - E, Camino Real Ten- t P-Ij- Manage I I, t 3,12611 "woO C TOD 11a .ram ,,mf.- ls(,sce Merged 450,000 N 450.000 mcm,eme,! Gcsts 3 7C ---------- 7:7�--- I N 13 - - - - - - - Recognized Obligation Payment Schedule (ROPS 14 -15B) • Report of Cash Balances 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 payment from Pursuant by For tips on how to complete the Report of Cash Balances Farm, see hitps:Nrad.dof.[ t,. a� d_Salpdf[Cash Balance. neencv Tins Sheet.pdf. property tax revenues is required an enforceable obligation. A B C p E F G H Fund Sources Bond Proceeds Reserve Balance Other RPTTF Prior ROPS Prior ROPS period balances RPTTF Bonds Issued Bonds Issued and DDR RPTTF distributed as Rent. Non -Admin o or before on or after balances serve for Grants, and Cash Balance Information by ROPS Period 12/31110 01101/11 retained future periods) Interest, Etc. Admin Comments BOPS 13 -14B Actual$ (01/01114 - 0 613 0/1 4) 1 Beginning Available Cash Balance (Actual 01101114) Column E is $4,622,494 (Bank of New York Reserve acct) whiz, may be used along with bored retirement funds to ball the 2006 bonds on the call us[, of 09116/2016, Housing band reserves in the amount of $310,865 retained per bond covenants, and Debt Service fund for 2006 bonds In the bunt of $1,850,000. to be used for POPS 14 -15A debt service obligations. Column G is excess cash balance of $1,195,091 reported to DOF In June 2014 and $202,354 of excess other revenue from ROPS 13- 14A. Column H Includes S46,992 PPA'mm ROPS 12 -13B and $2,562,870 PPA from POPS 13 -14A, used to fund 13 -14B and 1415A, 2.396,965 6,783,300 - 1,397,445 2,609,862 respectively. 2 Revenue /Income (Actual 0680/14) RPTTF amounts should tie to the ROPS 13 -148 c nd —tion from the County Auditor - Controller during January 2014 ,,8824 711 - 1,641453 7.294,864 3 Expenditures for BOPS 13 -14B Enforceable Obligafions (Actual 06130114) RPTTF amounts, 13 plus H4 should equal tot, reported actual expenditures in the Report of PPA, Columns L and Q 1,238,000 4 Retention of Available Cash Balance (Actual 06130114) RPTTF amount,semed should only Inmude. the amounts distributed for debts ervi cc reserve(s) approved,, ROPS 13148 2396965 5,011,559 5 RCPS 13 -14B RPTTF Prior Period Adjustment F966 RPTTF amount should tie to the self reported ROPS 13 -14B PPA In the No entry rgquued Report of PPA, Culumn S 6 Ending Actual Available Cash Balance Column H represents the PPA from ROPS 13 -14A, used to fund POPS 14 C to G= (1 +2- 3- 4),H =(1 +2- 3 -4 -5) 13;824 9,8511,000 1,800,898 2,562,670 15A ROPS 14-15A Estimate (07101M4 - 12131/14) 7 Beginning Available Cash Balance (Actual 07.1114) (C, D. E, G =4 +6,F= H4 +F4 +F6, and H =5 +6) 2,410,789 6,861,559 1,600,898 3,528,046 8 Revenue / /.. (.(Estimate 12131114) RPTTF amounts shoultl tie is the ROPS 14 -15A dlsinbulion from the Count Auditor- Cnnlroller during June 2014 213 146 3,070,443 9 Expenditures for ROPS 14.15A Enforceable Obligations (Estimate 12131114) '19 965 1,A50,000 415.506 5,633,813 10 Retention of Available Cash Balance (Estimate 12131114) $4,550,456 (Bark of New York Reserve anet) which may be used along RPTTF amount retained should only include the amount distributed for with bond retirement funds to call the 2006 bonds s, the call date of 09/162016. Housing bond roservea retained per tend co -c-ts- Iran[ service reserve(s) approved In HOPS 14 15A 2,000,000 5,011 u59 Column G is excess cash balance of $1,195,091 reported fo DOF in June 11 Ending Estimated Available Cash Balance (7 + 8 - 9 -10) 2014 and $403,453 of exrass other revenue from FOPS 13 -1. to be 13824 1,598,544 965,176 used in POPS 14 -15B. Recognized Obligation Payment Schedule (RODS 14 -156) - Notes January 1, 2015 through June 30, 2015 Item 9 NoteslComments 3, 4, 10 While these bonds are due no later than 91/35, and It not paid off until then would in fact end up paying approximately $60m in principal and $40m as shown on the ROPS, the Oversight Board is working to pay (tie bonds off at their earliest call date of 9/1/16 and a reserve has been built to accomplish this (see Row 55 note below). On 518112 the OB approved funding an escrow account to fund this obligation. There is $21 M approved ter this escrow account from prior ROPS with this payment 12 increasing the escrow, account to $24M_ The Total Outstanding Obligation column must be populated with a dollar amount. Estimating certain obligations, such as total remaining administrative costs is 47,48 challenging at this point. 51, 52 Certification of unfunded retirement and retiree health costs and adoption of payment plan per Oversight Board Resolution No 19 -2013 On 05/08/2012 the Oversight Board approved funding an escrow account to call these bonds al the first redemption date of 9/1116. There is currently approximately 55 553.1 million in the escrow account. Due to expected Interest earnings and the amount of the bond reserve to be applied on 911 /16, no further contributions are anticipated. Final bond payoff on 911 /16 is anticipated to be S58,175,509.38. The 12/18112 DOF ROPS III determination letter says in part, "upon receiving a Finding of Completion from Finance, these items will become enforceable pursuant to 57 HSC 34191.4 (c).)" SSF received the Finding of Completion from DOF on 5124/13 ..... _ .. ...... .. . ..... .