HomeMy WebLinkAboutOversight Board Reso 12-0004OVERSIGHT BOARD RESOLUTION NO. 12 -0004
A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR
AGENCY TO THE DISSOLVED DOWNEY COMMUNITY DEVELOPMENT
COMMISSION APPROVING THE RECOGNIZED OBLIGATION PAYMENT
SCHEDULE (ROPS) FOR THE PERIOD OF JANUARY 1, 2012, THROUGH
JUNE 30, 2012, PURSUANT TO HEALTH AND SAFETY CODE SECTIONS
34177 AND 34180
WHEREAS, the Oversight Board to the Successor Agency to the dissolved
redevelopment agency functions of the Downey Community Development Commission has
been appointed pursuant to the provisions of Health & Safety Code Section 34179; and,
WHEREAS, the City of Downey ( "City "), acting in its capacity as the Successor Agency
( "Successor Agency ") to the dissolved redevelopment agency functions of the Downey
Community Development Commission ( "CDC "), duly approved the ROPS for the period of
January 1, 2012, through June 30, 2012, in accordance with Health and Safety Code section
34177(1), and all duly approved actions approving the identified ROPS for the identified periods
are on file with the City Clerk of the City acting in its capacity as the Successor Agency; and,
WHEREAS, pursuant to Health and Safety Code sections 34177(1) and 34180(g), the
Oversight Board must approve a Recognized Obligation Payment Schedule for it to become
established, valid, and operative for the applicable six -month fiscal period.
NOW, THEREFORE, THE OVERSIGHT BOARD DOES HEREBY RESOLVE AS
FOLLOWS:
SECTION 1. The foregoing Recitals are true and correct and are incorporated herein.
SECTION 2. The Recognized Obligation Payment Schedule ( "ROPS ") covering the
period of January 1, 2012, through June 30, 2012, attached hereto and incorporated herein by
reference as Exhibit "A ", are hereby approved pursuant to Health and Safety Code Sections
34177 and 34180, and any other law that may apply to the approval by the Oversight Board of
the identified ROPS for the identified periods.
SECTION 3. The Secretary or authorized designee is hereby directed to post this
Resolution and the identified ROPS for the identified periods on the Successor Agency's
website, and to provide a copy of the identified ROPS for the identified periods to the State
Controller's Office, State Department of Finance, and the County Auditor - Controller.
SECTION 4. The Secretary shall certify to the adoption of this Resolution.
PASSED AND ADOPTED by the Oversight Board at = . -e ng held on the 26 day of
April, 2012.
ATTEST:
Brian •ae- . hair
OB RESOLUTION NO. 12 -0004
PAGE 2
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF DOWNEY
) ss
I, Adria M. Jimenez, Secretary to the Oversight Board, hereby certify that the foregoing
resolution was duly adopted at a meeting of the Oversight Board, held on the 26 day of April,
2012, by the following votes, to wit:
AYES: Board Members: Brossmer, Delawalla, Flores, Helvey, LaPlante,
Chair Saeki
NOES: Board Members: None
ABSENT: Board Member: Latham
ABSTAIN: Board Members: None
ATT T:
/1-,, (..' _,"
7
A ria M. Jimenez, Secretary
Funding Source:
LMIHF Low and Moderate Income Housing Fund
B Bond Proceeds
FB Reserve Balances
ACA Administrative Cost Allowance
RPTTF The Redevelopment Property Tax Trust Fund
O Other Revenue Sources (i.e., rents, interest earnings, asset sales, etc.)
Grand total - All Pages (pages 1 & 2) �
1 Totals - Other Obligations (page 2j_
I Totals - This Page
I10)I
F=,
Iv
'
m
CA
a
w
[Administrative Cost Allowance
City Aid Master Agreement
Public Works Master
Agreement
City Loan Agreement # 38
,City Loan Agreement # 35
(City Loan Agreement # 31
City Loan Agreement #27
City Loan
1 997 Tax Allocation Bonds
i
Project Name / Debt Obligation
( _city of_oowney
City of Downey j
City of Downey
City of Downey
City of Down_ _
City of Downey
of Downey _
(City of Downey
I US Bank and Trust
Payee
Cost Allowance
Master Agreement for City Facilities,
Employes and Services
l
Master Agreement for Public Improvements
I Proiect and Administrative Expenses
(Project and Administrative Expenses
(Project and Administrative Expenses
(Project and Administrative Expenses
Project and Administrative Expenses
suogeollgO Join aseajsc pue pun;aal
Description
RPTTF, LMIHF,
0
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
Funding
Source
$ 110,516,116
1 5 24,338,121
1
250,000
22,000,000
50,000,000
m
0
0 0
224,000
224.000
168,000
1,792.000
11.351.995
Total
Outstanding
Debtor
O!ation
Es
$ 3 ,795,000 1 I
$ 11,095,193
250,000
t _
5_34,000
691,830
168.000
224,000
224,000
168,000
1,792,000
633.363
Total Due During
Fiscal Year 2011
2012
$ 313,870
0
$ 313,870_)
I 41,667
62,000 I
3 772
1,500
2,000
2,000 I
1,500 I
16,000
183.431
Jan I
$ 162,439_
I_s 32,000
L5 130,439
41,667
62,000
3,772
1,500 I
2,000
2,000
1,500
16,000 I
Feb I
$ 174,439
1 $ 44,000
I $ 130,439
41,667
r 62,000
3,772
r 1,500)
2,000 I
2,000
1.500 I
16,000 I
Mar
1 5 174,439
1 1____4 4 ,0 013
$ 130,439
1 41,667
62,000
3,772
1,500
2,000,
2,000
1,500
000'91.
Apr I
tyments by mon
1 $ 1,010,439
I $ 880.000
1 $ 130,439
41,667
1 62,000
I 3,772
1500
2,000
2,000
1,500
16,000
May
1 5 9,034,437
$ 1,607,500
$ 7,426,937
1 41,667
1 6,262,000
650,338
1,500
2,000
2,000 1
1,5001
16,000
449,932
June
1 $ 10,870,063 1
1 $ 2,607,500 I
1 $ 8,262,563 1
1 $ 250,002 1
$ 6,572,0001
$ 669,1981
$ 9,0001
5 12,000 1
1 $ 12,000 1
$ 9,0001
$ 96,000
$ 633,363I
Total I
m
0
0
0
z
N
m
v
w0
3 W
3 r
z 0
Q 0
OZ
a "0
>
3
z
—4
en
0
m
c
r
m
z
3
o
m
m
N c
O
a T
o O
O
o A
N �
� O
3
D
0'
0
0'
m
0
0
0
Z
N
m
v
w0
3 W
3 r
0
sp
; Z
0
>
0 3
= m
H Z
•
N
n
2
m
0
c
r
m
0
N
O
CD
0
0
0
N
N
cn
O
3
co
O_
o
Funding Source:
LMIHF Low and Moderate Income Housing Fund
B Bond Proceeds
FB Reserve Balances
ACA Administrative Cost Allowance
Totals - This Page
10)
C D
mV
Owner Partici •ation A • reement
Contract for Site Develo•ment
Statuto Pa ment
Count Deferral
IHousin• Set Aside
Ch sler/Jee. Dealershi•
Project Name / Debt Obligation
Contract for Site Development
Los An•eles Count
IMMO
Chem. ion Dod•e LLC
1 Downey Unified School
District
•
I
National Community
Renaissance
JKCbD, Inc. A.K.A. Bob's
Big Boy
Payee
Porto's Bakery of Downey
Business Development and Job Creation
Pmt Pursuant to H & S Code 33681.5
Contractual Deferral of Tax Increment
Pmt Pursuant to H & S Code 33676
Construct 50 Residential Housing Units
Historical Preservation and Job Creation
Project Area
Business Development and Job Creation
RFTTF
LMIHF
RFTTF
RFTTF
LMIHF
I RFTTF
.41
T
- n
T
O C
a
8 3
$ 24,338,121
I _ 500,000
L 780,000
17,338,121
170,000
I 5,000,000
300,000
Total
Outstanding
Debt or
Obligation
250,000
1 $ 3,795,000
500,000
780,000
165,000
2,000,000
100,000
Total Due During
Fiscal Year 2011-
2012
250,000
to
$ 32,000
32,000
$ 44,000,
44,000
17747;
44,000
ayments by mor
Apr
L_
I $ 880,000
880,000 I
1 $ 1,607,500
100,000
425,000
82,500
1,000,OOOJ
1 $ 2,607,500 1
to
to
to
$ 100,0001
$ 425,0001
to
$ 82,5001
$ 2,000,0001
to
m
0
0
0
Z
N
m
v
w0
3 W
3 r
0
sp
; Z
0
>
0 3
= m
H Z
•
N
n
2
m
0
c
r
m
0
N
O
CD
0
0
0
N
N
cn
O
3
co
O_
o
Funding Source-
LMIHF Low and Moderate Income Housing Fund
B Bond Proceeds
FB Reserve Balances
ACA Administrative Cost Allowance
RPTTF The Redevelopment Property Tax Trust Fund
0 Other Revenue Sources (i.e., rents, interest earnings, asset sales. etc)
r Grand total - All Pages
1 1 - otals - Other Obligations
I Totals - This Page
110)1
0
D
a
4
it
it
D
a
3
3
City Aid Master Agreement
Administrative Cost Allowance
City Loan Agreement 825
1997 Tax Allocation Bonds
Project Name / Debt Obligation
0
s
g 0
3
m
City of Downey
• of Downey
City_of Downey
US Bank and Trust
Payee
m:
3i
of
o :
4 .
2i
R;
Master Agreement for City Facilities,
Employees and Services
Cost Allowance
(Project and Administrative Expenses
Refund and Defease prior Obligations
Description
z
-I z
T -0
= T
E
T
RPTTF
RPTTF, LMIHF,
0
RPTTF
RPTTF
Funding
Source
1 $ 23,197 328
$ 5,570,000
$ 17,627,328
A
0
O
4,400,000
83,333
1792,000
11,351,995
Total Outstanding
Debtor Oblation
L $ 5,974,696
$ 2,570,000
3,404 696 1
0
0
Of
0 0
0
896,000
83,333
1,792,000
633 363
Total Due During
Fiscal Year 2011-
`__ 2012
$ 221,320
,
$ 221,320
0
8,000
13,889_
16,000
$ 69,889
1 $ 32,000
1 $ 37,889
0
0
0
8,000
13,889
16,000
1 - $ 81,889
$ 44,000
1 $ 37,889
13,889 1
a
0
8,000
16,000
$ 81,889
I S 44,000
$ 37,889
13,889
g
8,000
16,000
Apr 1
$ 917,889
I $ 880,000
1 $ 37,889
13,889 1
P.
0
0
0
0
8,000
16,000 1
$ 2,462,180
I $ 1,174,359
I $ 1,287,821
13,889
o
Co
0
0
0
808,000 1
16,000
-
$ 3,835,0561
- -
I $ 2,174,359 1
-- -
$ 1,660,697 I
(A
(A
N
(A
(A
(A
'
1
f
o
i
$ 83,334I
40
a
m
o
$ 848,0001
'
$ 96,000I
m
0
0
0
Z
N
m
0
Q0
ow
c r
O
7
N 0
Z
W 'O
x D
d -4
E
t; Z
r
m
D
0
tic
co
0
0
co
Funding Source:
LMIHF Low and Moderate Income Housing Fund
8 Bond Proceeds
FB Reserve Balances
ACA Administrative Cost Allowance
RPTTF The Redevelopment Property Tax Trust Fund
0 Other Revenue Sources (i.e., rents, interest earnings, asset sales, etc.)
I Grand total - All Pages _ J
Totals - Other Obligations
I Totals - This Page
10)
CO
CO
v
CO
N
A
t
N
1.
1
_Administrative Cost Allowance
City Aid Master Agreement
YUDIIC WOrSS Master
Agreement
Project Name / Debt Obligation
City of Downey
City of Downey
City of Downey
Payee
Cost Allowance
Master Agreement for City Facilities.
Employees and Services
Master Agreement for Public Improvements
Description
RPTTF, LMIHF,
0
RPTTF
RPTTF
Funding
Source
L $_ 58,194,592
$ 16,011,259
$ 42.183.333
83,333
12,100,000
30,000,000
Total Outstanding
Debt or Obligation
I $ 6,998,163
$ 1,071,000
I
I $ 5.927.163
83,333
5,152,000
691,830
I
Total Due During
Fiscal Year 2011-
2012
1$___63.661_
I $ 63.661
13,889
46,000
3,772
Jan
Payments by month
$ 63,661
•
I $ 63,661
13,889
46,000 I
_ 3,772_
Feb
$ 63.661
E
$ 63.661
13,889 I
46 000J
3,772
Mar
$ 63,661
$
a
1 63,861
13,889
46,000
3,772
Apr 1
I $ 63,661
I $ 63,661
13,889
46,000
3,772
May 1
1 $ 5,661,432
I $ 351,205
I $ 5310,227
13,889 I
4,646,000
650,338
June
$ 5,979,73
1 $ 351,205 1
L $ 5,628,532
tq
69
be
fa
t
O
$ 83,3341
6 4,876.0001
$ 669,1981
Total
m
n
0
6)
z
N
m
op
a 0
o co
O r
^ • D
a • 0
�
d
x y
a • m
a
ti
0
m
c
r
m
A
3
m
n
m
LL Weea 'Owen() , 01 SdOe1000V3NMOCTSWadwouldolenea
1
Funding Source.
LMIHF Low and Moderate Income Housing Fund
B Bond Proceeds
FB Reserve Balances
ACA Administrative Cost Allowance
RPTTF The Redevelopment Property Tax Trust Fund
0 Other Revenue Sources (i.e., rents, interest eamings, asset sales, etc.)
1 Grand total - All Pages _
1 Totals - Other Obligations
Totals - This Page
inimmilminim
1 7)I Administrative Cost Allowance
1 6)I City Aid Master Agreement
5)I Public Works Master
Agreement
1 4)1City Loan Agreement # 38
1 3)ICity Loan Agreement # 35
1 2)1City Loan Agreement # 31
0
City Loan Agreement # 27 '
Project Name 1 Debt Obligation
I City of Downev
City of Downey
City of Downe,
City of Downev
I City of Downey
I City of Downey
0
cD
m
Payee
(Cost Allowance
'Master Agreement for City Facilities,
Employees and Services
�
(Master Agreement for Public Improvements
I Protect and Administrative Expenses
(Project and Administrative Expenses
(Project and Administrative Expenses
o .
2
m
n
D
3
3
m
m
0
a
N
m
N
Description
RPTTF, LMIHF,
0
I RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
Funding
Source
1 $ _ 29,124,195
1 $ __2,756,862
$ 26,367,333
83,333
5,500,000_
20,000,000
168,000
224,000
224,000 I
168.000
Total Outstanding
Debt orObli ag tion
5 1,917,333
1 $ 154,000
$ 1,763,333
83,333
896,000
0
168,000
224,000
224,000
168,000
Total Due During
Fiscal Year 2011-
2012
1 $ 28,889
1 5 28,889
I 13,889
8,000
0
1,500
2,000
2,000
1,500 I
Jan J
Payments by month
5 28,889
5 28,889
13,889
8,000
0
1,500 I
2,000
1 2,000
1,500
Feb J
$ 28,889
r 28,889
13,889
8,000
o
1,500
2,000
2,000
1,500
Mar J
5 28,889
1 $ 28,889
1 13,889
8,000
o
1,500
2,000
�
2,000 1
1,500
1 $ 28,889
1 $ 28,889
1 13,889
1 8,000
1,500
2,000
2,000
1,500 1
Ma
1 $ 910,825
1 $ 81,936
1 $ 828,889
1 13,889
808,000
0
1,500
2,000
2,000
1,500 1
June
1 s 1,055,270 1
$ 81,936 1
I $ 973,334 I
a
09
«,
1 $ 83,334 1
5 848,0001
a
$ 9,000 1
$ 12,000 1
$ 12,000 1
$ 9,0001
Total
m
0
0
0
z
N
m
o p
m
g o
o 00
a r
m C)
" D
3 -i
w O
z
m'O
x D
E
am
• z
d �
cn
r
m
0
3
m
9.
0
Funding Source:
LMIHF Low and Moderate Income Housing Fund
B Bond Proceeds
FB Reserve Balances
ACA Administrative Cost Allowance
RPTTF The Redevelopment Property Tax Trust Fund
0 Other Revenue Sources (i.e ., rents, interest earnings, asset sales, etc.)
I Totals - This Page
10)
19)1
5)
I Housing Set Aside J
Contract for Site Development
Project Name / Debt Obligation
Contract for Site Development
I City Housing Funds
national community
Renaissance
Payee
Porto's Bakery of Downey
Pmt Pursuant to H & S Code 33681.5
Construct 50 Residential Housing Units
Description
Business Development and Job Creation
LMIHF
I LMIHF
1
T
m
y T
0 =
(� _O.
n 0
f0
$ 5,570,00]
320,000
I 5,000,000 I
Total
Outstanding Debt
or Obligation
$ 250,0001
$ 2,570,000
320,000
I 2,000,000
Total Due During
Fiscal Year 2011
2012
$ 250,000
to
1 $_ 32,0001
32,000
1 $ _44,000
44,000 I
$ 44,000.
44,000
ryments by mon
Apr
I $ 880,000
880,000
1 $ 1,174,359
174,359
1,000,000
1 $ 2,174,3591
44
60
64
69
fit
01
$ 174,3591
$ 2,000,000I
0
0
2
0
m
0
m
0
m
e
6
0
0
Wiz
Funding Source:
LMIHF Low and Moderate Income Housing Fund
B Bond Proceeds
FB Reserve Balances
ACA Administrative Cost Allowance
RPTTF The Redevelopment Property Tax Trust Fund
0 Other Revenue Sources (i.e., rents, interest earnings, asset sales, etc.)
Totals - This Page
1 10 )
v0
11��
V
CD
N
A
W
N
I
Housing Set Aside
n
O
C
�G
O
1G
t3'
d
County Deferral
1 Chrysler/Jeep Dealership
Statutory Payment
'Owner Participation Agreement
Project Name / Debt Obligation
..G
City Housing Funds
r
0
D
to
ti
m
N
0
O
C
'Los Angeles County
Champion Dodge LLC
Downey Unified School
District
I JKBBD, Inc. A.K.A. Bob's
Big Boy
Payee
Pmt Pursuant to H & S Code 33681.5
0
O
3
O
C
N
0
N
N
F..'
O_
-i
m
x
3
13
3
to
(Contractual Deferral of Tax Increment
Business Development and Job Creation
P mt Pursuant to H & S Code 33676 __
Historical Preservation and Job Creation
Description
I LMIHF
73
1
T
RFTTF
RFTTF
RFTTF
1 RFTTF
Funding
Source
$ _ 16,011,259
350000
a
V
0))
CO
1 14.736.592
500,000
124,667
S 300.000
Total
Outstanding Debt
or Obligation
k
350,000
500,000
_ 121,000
$ 100.000
Total Due During
Fiscal Year 2011
2012
1 Jan
Payments by month
Feb
Mar
4,
Apr
64
May I
1 $ 351,205
190,705.00
100,000
60,500
June I
1 $ 351205 1
flt
in
ER
w
w
$ 190,7051
$ 100,0001
$ 60,5001
Total I
m
C)
0
c)
Z
N
_o m
z
o
0- r
0
>
O
7
O O
Z
- 1 13
.73 3
m m
D Z
d - a
0,
0
m
0
r
m
O
to
co
co
co
I I
Funding Source:
LMIHF Low and Moderate Income Housing Fund
B Bond Proceeds
FB Reserve Balances
ACA Administrative Cost Allowance
RPTTF The Redevelopment Property Tax Trust Fund
0 Other Revenue Sources (i.e., rents, interest earnings, asset sales, etc.)
I Totals - This Page J
110)1
CO
CO
-
0
Y N
v
If
3)IHousing Set Aside
N
1 2) County Deferral
I
Project Name / Debt Obligation
1) Statutory Payment
spun j bulsnoH bap
'Los Angeles County
Payee
Downey Unified School
District
Pmt Pursuant to H & S Code 33681.5
Contractual Deferral of Tax Increment
Description
Pmt Pursuant to H & S Code 33676
LMIHF
I _ RFTTF _
1
1
a
S 'o
$ _ 2,756,862]
110,000 l
2,601,529,
Total
Outstanding Debt
or Obligation
$
45,333
1 $ _ 154,000
110,000
Total Due During
Fiscal Year 2011
2012
$ 44,000
40
4,
EA
el
ryments by mon
Apr
64
I $ 81,936
59,936
.
1' 81,9361
$ 59,936I
S
m
0
0
O
z
N
o_ r "
s
N
o
m G)
o
3
• O
z
m -0
y
• -<
m E
D m
z
cn
0
2
m
v
c
r
m
0
0
3
m
co
s