HomeMy WebLinkAboutSuccessor Reso 04-2017City of South San Francisco
_ P.O. Box 711 (City Hall,
400 Grand Avenue)
South San Francisco, CA
Successor Agency
' Resolution: RES 04 -2017
File Number: 17 -892 Enactment Number: RES 04 -2017
RESOLUTION OF THE SUCCESSOR AGENCY TO THE FORMER
REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN
FRANCISCO REVIEWING AND APPROVING SUBMITTAL TO THE
SUCCESSOR AGENCY OVERSIGHT BOARD OF A RECOGNIZED
OBLIGATION PAYMENT SCHEDULE FOR THE PERIOD JULY 2018
THROUGH JUNE 2019, PURSUANT TO HEALTH AND SAFETY
CODE SECTION 3417701.
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, 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 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:
The Recitals set forth above are true and correct, and are incorporated herein by reference;
The draft ROPS attached hereto as Exhibit A was prepared by the Successor Agency, reviewed and
approved by the Successor Agency Board, and will be submitted to the Oversight Board;
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;
City of South San Francisco Page 1
File Number. 17 -892
Enactment Number: RES 04 -2017
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 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;
The Finance Director is authorized to incorporate the items on the ROPS into the 2018 -19 operating
budget once the ROPS is approved;
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.
The Executive Director of the Successor Agency and/or his designee are authorized to execute contracts
and agreements for the items listed on the July 2018 through June 2019 ROPS, as approved by the
Oversight Board, up to the amounts specified on the approved ROPS for such items, unless specifically
directed otherwise by the Oversight Board.
At a meeting of the Special Successor Agency to the Redevelopment Agency on 12/13/2017, a motion was
made by Pradeep Gupta, seconded by Richard Garbarino, that this Resolution be approved. The motion
passed.
Yes: 4 Gupta, Addiego, Garbarino, and Normandy
No: 1 Matsumoto
Atte t by
sta melli
City of South San Francisco Page 2
Successor Agency:South San Francisco
County:San Mateo
Current Period Requested Funding for Enforceable Obligations (ROPS Detail)
18-19A Total
(July - December)
18-19B Total
(January - June) ROPS 18-19 Total
A 468,485$ 50,000$ 518,485$
B - - -
C - - -
D 468,485 50,000 518,485
E 9,594,762$ 9,524,320$ 19,119,082$
F 9,469,762 9,399,320 18,869,082
G 125,000 125,000 250,000
H Current Period Enforceable Obligations (A+E):10,063,247$ 9,574,320$ 19,637,567$
Name Title
/s/
Signature Date
Recognized Obligation Payment Schedule (ROPS 18-19) - Summary
Filed for the July 1, 2018 through June 30, 2019 Period
Enforceable Obligations Funded as Follows (B+C+D):
RPTTF
Redevelopment Property Tax Trust Fund (RPTTF) (F+G):
Bond Proceeds
Reserve Balance
Other Funds
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.
A B C D E F G H I J K 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
$ 46,510,073 $ 19,637,567 $ - $ - $ 468,485 $ 9,469,762 $ 125,000 $ 10,063,247 $ - $ - $ 50,000 $ 9,399,320 $ 125,000 $ 9,574,320
7 Debt Serv Principal Hsg Rev Bonds Bonds Issued On or Before 1/1/1999 9/1/2018 Bank of New York 1999 Housing Revenue Bonds 285,000 N $ 285,000 285,000 $ 285,000 $ -
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 7,125 N $ 7,125 7,125 $ 7,125 $ -
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 15,000 N $ 15,000 15,000 $ 15,000 $ -
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 17,900,000 N $ 18,890,000 111,360 9,389,320 $ 9,500,680 9,389,320 $ 9,389,320
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 1,263,144 N $ 100,000 50,000 $ 50,000 50,000 $ 50,000
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 10,000 $ 10,000 10,000 $ 10,000
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. 620,000 N $ - $ - $ -
24 Train Station Imprvmnts Phase 2 Project Management Costs 12/9/2009 12/31/2014 Legal/Staff costs Soft project management costs 148,115 N $ - $ - $ -
45 Maintenance of Non-Hsg Properties Property Maintenance 2/1/2012 12/31/2014 Various contractors Rehab, repair, maintenance, & utilities N
46 Maintenance of Non-Hsg Properties Property Maintenance 2/1/2012 12/31/2014 Legal/Staff costs Soft project management costs N
47 Administration Costs Admin Costs 2/1/2012 12/31/2014 Various contractors/misc Costs to administer Successor Agency 1,272,576 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 $ 110,000
49 Property Disposition Costs Property Dispositions 2/1/2012 12/31/2014 Various contractors Initial envir. testing, noticing, listing
costs
N
50 Property Disposition Costs Property Dispositions 2/1/2012 12/31/2014 Legal/Staff costs Soft project management costs N
51 Accrued PERS Pension Obligations Unfunded Liabilities 1/1/1980 6/30/2016 CalPERS Costs incurred through 02/01/2012 168,800 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 197,600 N $ - $ - $ -
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 904,747 N $ - $ - $ -
69 630-634 El Camino Real Tenant
Improvement
Project Management Costs 3/1/2011 2/28/2086 TBD Tenant improvements for tenant space
3
N
70 Line 14 FY 15-16 Additional Expense RPTTF Shortfall 3/23/2011 11/11/2026 Legal/Staff costs Soft project management costs 13,586 N $ 13,586 13,586 $ 13,586 $ -
71 Line 14 FY 16-17 Additional Expense RPTTF Shortfall 3/23/2011 11/11/2026 Legal/Staff costs Soft project management costs 42,856 N $ 42,856 42,856 $ 42,856 $ -
72 Line 8 Interest Payment made but
not reported on FY 16-17
RPTTF Shortfall 1/1/1999 9/1/2018 Bank of New York 1999 Housing Revenue Bonds 14,000 N $ 14,000 14,000 $ 14,000 $ -
73 N $ - $ - $ -
74 N $ - $ - $ -
75 N $ - $ - $ -
Contract/Agreement
Termination Date
ROPS 18-19
Total
18-19B (January - June)
18-19A
Total
South San Francisco Recognized Obligation Payment Schedule (ROPS 18-19) - ROPS Detail
July 1, 2018 through June 30, 2019
(Report Amounts in Whole Dollars)
Item #Payee Description/Project Scope Project Area
Total Outstanding
Debt or Obligation Retired
18-19A (July - December)
18-19B
Total Project Name/Debt Obligation Obligation Type
Contract/Agreement
Execution Date
Fund Sources Fund Sources
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
1 Beginning Available Cash Balance (Actual 07/01/15)
54,987,340 29,172,608 1,080,881 2,001,528
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 9/1/2016 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
ROPS 15-16 A & B respectively.
2 Revenue/Income (Actual 06/30/16)
RPTTF amounts should tie to the ROPS 15-16 total distribution from the
County Auditor-Controller during January 2016 and June 2016.
216,427 258,413 1,160,479 8,028,256
Column G is actual rent/interest received
7/1/2015 - 6/30/2016.
Column H is $5,619,513 and $2,408,743 RPTTF
received in ROPS 15-16 A& B respectively.
3 Expenditures for ROPS 15-16 Enforceable Obligations (Actual
06/30/16)
1,555,700 9,553,108
Column G: Other funds expended FY 15-16 PPA
Column H: RPTTF funds expended (actual) FY
15-16 PPA includes line item overspend
4 Retention of Available Cash Balance (Actual 06/30/16)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
55,203,767 29,431,021
Column C: Funds to used to pay off bond in FY
2016/17
Column E: Funds to pay off bond debt 9/2016 &
9/2018 as detailed in line 1 comment and to fund
development project from BNY Account per DDA
Column H: includes line 14 overspend now line
70 plus line 71&72 overspend from FY 16/17
ROPs
5 ROPS 15-16 RPTTF Balances Remaining
No entry required
490,262
Column H: Total remaining RPTTF reported on
FY15-16 PPA
6 Ending Actual Available Cash Balance (06/30/16)
C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 - 5)
-$ -$ -$ -$ 685,660$ (13,586)$
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 (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 for ROPS 15-16 Actuals
(07/01/15 - 06/30/16)
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
22,23,24
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
currently retained until FY 16/17 and FY 17/18 PPAs
South San Francisco Recognized Obligation Payment Schedule (ROPS 18-19) - Notes July 1, 2018 through June 30, 2019