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HomeMy WebLinkAbout2015-02-11 e-packet@6:30 SPECIAL MEETING 1i SAV SUCCESSOR AGENCY OF THE CITY OF SOUTH SAN FRANCISCO ��xrro 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, FEBRUARY 11, 2015 6:30 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 11"' day of February, 2015, at 6:30 p.m., in the Municipal Services Building, Council Chambers, 33 Arroyo Drive, South San Francisco, California. Purpose of the meeting: 1. Call to Order. 1 Roll Call. 3. Agenda Review. 4. Public Comments—comments are limited to items on the Special Meeting Agenda, 5. Resolution approving ROPE 15-16A. (Joe Martin, Sr. Financial Analyst). 6. Closed Session: Conference with Real Property Negotiators: (Pursuant to Government Code Section 54956.8) Property: 227 Grand Avenue Agency Negotiators: Alex Greenwood Negotiating Parties: Jad Jajeh and Viet L. Nguyen and South San. Francisco Successor Agency. Under Negotiations: Price and terms for disposition of the property. 7. Adjournment. ( X, ff l 4 r� Krist a ,neII',City Cler �TK SA 1, Successor Agency To The Redevelopment Agency �. Cn J c�LIFOR�l�o Staff Report DATE: February 1 t, 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 JULY THROUGH DECEMBER 2015 (ROPS 15-16A) RECOMMENDATION It is recommended that the Successor Agency adopt a resolution reviewing a draft Recognized Obligation Payment Schedule (RODS 15-16A) for the period July through December 2015 and approving the submittal to the Oversight Board to the South San Francisco Redevelopment Agency (Oversight Board). BACKGROUND/DISCUSSION Attached please find the next six month period proposed ROPS 15-16A. This ROPS will form the basis for the County's distribution of Redevelopment Property Tax Trust Fund dollars (RPTTF, or former RDA property taxes) to the Successor Agency to pay enforceable obligations for the period July through December 2015. Assembly Bill 1484 requires the ROPS to be submitted to the State and County no later than March 3, 2015. The ROPS will be reviewed by the Oversight Board on February 17, 2015. The proposed ROPS 15-16A includes the following highlights: • The biannual $3 million contribution 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 fiend the initial infrastructure improvements to facilitate Oyster Point Ventures' potential future development of a biotech campus at Oyster Point. After this ROPS 15-16A deposit, there will be $27 million set aside in the escrow account plus interest earnings. If the development does not occur by the trigger points/timelines established in the DDA, those dollars will ultimately flow back to all taxing entities, including the City. Staff Report Subject: Recognized Obligation Payment Schedule for January through June 201.5 Page 2 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 Group. $1.5 million in bond proceeds remain for further development of these properties. CONCLUSION Adoption of this resolution will enable the Successor Agency to forward the proposed ROPS to the Oversight Board on February 17, 2015 in order to fulfill the obligation under Health and Safety Code Section 34177(1) regarding adoption of a ROPS 15-16A for the period July through December 2015. By: Approved: A Richard Lee Mi ° Futrell Finance Director y Manager Attachments: Resolution Exhibit A - Draft ROPS Exhibit B - Support for Administrative Costs Appearing on the Draft ROPS Exhibit C - Support for Other Revenues Appearing on the Draft RODS JS/Wed 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 July through December 2015 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. I hereby certify that the foregoing Resolution was regularly introduced and adopted by the City Council of the City of South San Francisco at a regular meeting held on the 11th day of February, 2015 by the following vote: AYES: NOES: ABSTAIN: ABSENT: ATTEST: City Clerk 2134389.1 2 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 (BOPS) FOR THE PERIOD JULY THROUGH DECEMBER 2015 (ROPS 15-16A), PURSUANT TO HEALTH.AND SAFETY CODE SECTION 34177(l) 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 ,'I 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 (1) 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 2134389.1 1 � � cc � / \ \ \ \\k � � ( \ \ \ � / \ \ \ s } * _ } s w � / § / E I? z f 7 a LL i7 [ 3( k LL \ LL } ( \�� (L « < z m )) / E - E 2 )\ \ \ >� ZE � � m kE cm f ] \ �� z > k \ E E / E s \f a J LL w � \ \( 0 LL/\ - - « k � - 2 \ _ \) ( oa ) ) ■ [ _ m]= 2~ ) k k ( k \ V _ f ) / ( ) \ j ( 2 � ! " o = E \ ± L : ! _ : ! 2 § [ \ \ \ \ \ m S \ \ § k § )}\) u 0 : c \ ƒ a ± « W ` « - J a 7 - - 2 y a / \ k \ ! { � ! /\\\ k L ) ) \ ) < k \ < k 0/®\ ) f§ \ 2 2 cm W cr \ § \ ) G ) ) - k \ } f \ } -\\\ [ / J f u a \ © �® ) a 2 ; ` , : ! 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W a Q N T O m N t��D C} N W N E L V v = A 5 vai oa m o a= L • °ALL ��'°� m o U o - m c La A� v�m o L� d ° L + o n A a d N a= ° 10= E o d N --- Vl U ty'J° o a p N o N 1 — 0 a N O > a j m o a a O b O = Ac F°- v ° o O a c Q K f o > many w K !e m - `° v U E U o - > �' rc U Q m + m U o >d o d > o c o E ¢ N c Q A ry E w a o ¢c ` To x Y a c c E Q -'• E = c m° c 0 c m a '" c m° w °- �LLQ:a� c C C F d > N~ N F Q c_ C F N d F > C p_ O1 a 'o ° a ° "a O a ° °1° >a 'o E a m K m 0 w an d rc oo rc W v a m rc m O w o rc w o Q O a O r a' w rc rc uj � � ( cc ui . � / / � Bdi )\/ � � . . . . . . . . . . . . . . . . . . . . . . . . . . . . � - � - - _ \\\\\\\\\\\\\\\) - /\ \\\\\}\\\\\\\\\\\\\\\\\\ LqAFT EXHIBIT B Successor ArEWicy Administrative Budget ROPS 1.4-15B January - Jurie 2015 Professional&Specialized Services Staff Consultant(Armando Sanchez) $20,000.00 Legal Consultants(Meyers Nave &Craig Labadie) $25,000.00 Subtotal $45,000.00 Meeting expenses, office supplies, postage, copies, printing services,special Supplies and Services noticing etc... $10,000.00 Subtotal $10,000.00 Position Title FTE Employee Costs FY13-14 (Semi- Annual) Director of Finance 4% 11,740.09 Adminstrative Assistant 11 5% $ 7,000.65 Assistant City Manager 4% $ 13,364.60 City Manager 2% $ 7,209.51 Sr Accountant 3% $ 5,145.39 ECD Coordinator 3% $ 5,860.12 Management Analyst 5% $ 7,778.50 ECD Manager 3% $ 6,652.74 Accounting Assistant 11 3% $ 3,321.58 Sr Financial Analyst 5% $ 8,575.65 Miscellaneous staff 3% $ 6,571.61 City Clerk 3% $ 6,779.55 Subtotal 40% 90,000-00 GRAND TOTAL $145,000 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%the total estimated net new funding needs on the ROPS Exhibit C ROPs 15-16A DRAFT SUPPORT FOR ESTIMATED OTHER REVENUES APPEARING ON THE JULY THROUGH DECEMBER 2015 ROPS (Includes a True Up component for Other Revenues estimated on ROPS 14-15A) Estimated Other Revenue Item# Source of Revenue Six Month Total 1) I Rents $ 224,400.00 2 Interest on Investments $ 1,000.00 3) Interest from Business Loans $ - 4 Principal from Business Loans $ - Estimated Repayment from Oyster Point Impact Fee 5) Interfund Loan $ - Total Other Revenue, January to June 2015 $ 225,400.00 Other Revenue From Prior Periods Difference between ROPS 14-15A estimated Other 6) Revenue and Actual Revenue $ 119,945.03 Excess Cash Balance reported to DOF in October 7 2014 $ 118,144.00 Total Available Other Funds $ 463,489.03 Rounded Total Used on ROPS $ 463,500.00 « E k LO/ \ \ \ \ \ \\k / \ 0 A � § § / E \0 / -a LL - 3 = k LL C / z i ! �(D 2 § 2E ( § y < m \ k ) / E E- 2 ° cn \ \ bD k / - � & { f r f Ee | _ { } J / 7 // G » f ] \ § \ - J E | J E \ f k2 L & k - \ \( LL k \ ■ / k ) / ) _ / IL ± ■ \ ) « _ ) k U) 2 ~ ) k k k ( k \ / 0 > { i ƒ ( { i 2 3 / " J / o = E \ 2 \ ± § \ J ) \ J ./ ( \ \ 2 \ \ ` % m G _ = f [ = f § ))\) u = : s \ ƒ a \ 2 y = y J a 7 - - 2 m / \ � 7 { ! ] 7 ! ] /){® ) ) \ m < f o < f 0f`� ) f§ \ £ e f z _ z g f ] G& ! ) ) G f _ - / { k k / - k ± rr : E ) � J 0 J }�}/ § > k ; ( \ ° { § ( - ` - (>D){ § u § _ § / » a § / J r 2 j ] k ] %± J G 2 §a w J e \ / ] / \ / w » ¢ - ■ ■ § « CO o a W z e = - a > z - & z z J k J ) 0 « E § ()J } ;{: blD /\\ ° \ \\ \ \ \ \ \ \ \ \ \ \ \\ \ \ \ \ \ \ \\ \\\ \ � \\ \ \ \ \ \ \\ \ \ \ \ 001 \ \ \ \ \\ \ \ \ \ \ } \\ } \ \ \ \ \/: } } \ \ El a m x x w W v"�O O"ONM V I E�� Cd w y O O aov>o v '°° .. 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O a) U) m C O O V a) d 'C ` O C O 0 C a a) O U a)L E -OY � �L Eo i _ m L .0 O a) o a) a) C Q'� Q C M L O 0 a) 0 E c - 0 a E o O E �co U m-O Q w N O) \ �.0 C C 75 d 7-- C C O O O E O a) (6 E O O Z C .' :.O o U C O O (WD C O � L � U)m. y � � 0 0 0 o a Q L a O O U (6 a) a) O m U Z E 9 0 U c L - m a) O j1: 0 L 0 V O a ° as ° ° o°a LO Q a Q > (D IL o Qm O m9° Q�.N N E a(p a) cn a) O O W s O C� O-a- O U M N N p C C U�EW E 0 0 OO O NE C O N W C N O a l0 t v a m r E Y E co °o` U a) maw >.- m O fn O- m m mvm (o L 3i m C 0 Q U- ��L a1 c C U 0 E O-m O O C W Ln) C>C C C 0 p ) d bm y C O O m 0 O 0U W O p 20 E w a a O m 0 ) E Q y y L O o amic °Q _ w (D a) a) m O L 2) D 0 C f/) OU m C yO C N(r w a C 0 '- E o O a 00 0 Q m o a)( m o m Nm 0 L ; (D Q cnU.o a) a Q.0 - Oa0i C O a a) - > m ° 0� E -o Q0(O �W �5 N Y OH O C a C 0) Lxu O p C a) m O a)a O E 0 0 0 N > C a) O t/1 C'- a)a f` m O — N > > U O O m 0 aa W 2 M 0 U O 0 C m a w 0 c a �mwm.E0YY O-- E o a� 0 a) �L.. O 0 �_ p�o CO (D 15 N E a Y y 0 a ° o W — a Q f/) a) — C.0 -a W p) C C M.6)m CO— 0 O m (n w_ O E Q M d a)d Lo a)~ O� U O C a [] f LC) O (o N LO LO E V O G! h V O EXHIBIT B J&nu&t-y Jwne 2015 Professional &Specialized Services Staff Consultant (Armando Sanchez) $20,000.00 Legal Consultants (Meyers Nave &Craig Labadie) $25,000.00 Subtotal $45,000.00 Meeting expenses, office supplies, postage, copies, printing services, special Supplies and Services noticing etc... $10,000.00 Subtotal $10,000.00 Position Title FTE Employee Costs FY13-14 (Semi- Annual) Director of Finance 4% $ 11,740.09 Adminstrative Assistant II 5% $ 7,000.65 Assistant City Manager 4% $ 13,364.60 City Manager 2% $ 7,209.51 Sr Accountant 3% $ 5,145.39 ECD Coordinator 3% $ 5,860.12 Management Analyst 5% $ 7,778.50 ECD Manager 3% $ 6,652.74 Accounting Assistant II 3% $ 3,321.58 Sr Financial Analyst 5% $ 8,575.65 Miscellaneous staff 3% $ 6,571.61 City Clerk 3% $ 6,779.55 Subtotal 40% 90,000.00 IGRAND TOTAL $145,000.00 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%the total estimated net new funding needs on the ROPS Exhibit C ROPs 15-16A SUPPORT FOR ESTIMATED OTHER REVENUES APPEARING ON THE JULY THROUGH DECEMBER 2015 ROPS (Includes a True Up component for Other Revenues estimated on ROPS 14-15A) Estimated Other Revenue Item# Source of Revenue Six Month Total 1) Rents $ 224,400.00 2) Interest on Investments $ 1,000.00 3) Interest from Business Loans $ - 4) Principal from Business Loans $ - Estimated Repayment from Oyster Point Impact Fee 5) Interfund Loan $ - Total Other Revenue, January to June 2015 $ 225,400.00 Other Revenue From Prior Periods Difference between ROPS 14-15A estimated Other 6) Revenue and Actual Revenue $ 119,945.03 Excess Cash Balance reported to DOF in October 7) 12014 $ 118,144.00 Total Available Other Funds $ 463,489.03 Rounded Total Used on ROPS $ 463,500.00