HomeMy WebLinkAbout07. ROPSDATE: August 16, 2012
TO: MEMBERS OF THE OVERSIGHT BOARD
FROM: GILBERT A. LIVAS ON BEHALF OF THE SUCCESSOR AGENCY
ITEM: Adopt Resolution No. OB 12- , 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,
2013, through June 30, 2013, pursuant to Health and Safety Code
Sections 34177 and 34180.
SUMMARY
OVERSIGHT BOARD MEMORANDUM
On January 10, 2012, the Downey City Council approved City Resolution 12-
7316, whereas the City elected, as of February 1, 2012, to serve as the
Successor Agency to the dissolved redevelopment functions of the Downey
Community Development Commission (CDC). As Successor Agency the City
took on the task of winding down the redevelopment affairs of the CDC, including
preparing the various debt payment schedules, and the administrative tasks as
required under Assembly Bill x1 26.
On August 14, 2012 the Successor Agency is scheduled to approve the draft for
the third Recognized Obligation Payment Schedule (ROPS) for the six -month
period of January 1, 2013, through June 30, 2013. Pursuant to recent State
legislation, the ROPS for the third ROPS must be approved in its final form by the
Oversight Board and submitted to the Department of Finance (DOF) by
September 1, 2012. The Oversight Board approved ROPS must be submitted
electronically to DOF as well as to the Los Angeles County Auditor - Controller.
The proposed ROPS lists seven items, all of which have been included in prior
Oversight Board approved ROPS. Six of the items had been approved by the
DOF as enforceable obligations and the seventh item addresses the allowance
for administrative costs. The Successor Agency will require funds on only two of
Oversight Board Memorandum
August 16, 2012
Page 2
RECOMMENDATION
That the Oversight Board:
1) Adopt the attached Resolution approving the Recognized Obligation Payment
Schedule (ROPS) for the period of January 1, 2013, through June 30, 2013,
pursuant to Health and Safety Code Sections 34177 and 34180; and
2) Authorize the Oversight Board Chair to submit the ROPS to the Department of
Finance, the Los Angeles County Auditor - Controller and the California State
Controller.
Attachments: Resolution
Proposed ROPS
OVERSIGHT BOARD RESOLUTION NO.
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, 2013, THROUGH JUNE ,
2013, 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, 2013, through June 30, 2013, 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, BE IT RESOLVED by the Oversight Board 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, 2013, through June 30, 2013, 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.
PASSED AND ADOPTED by the Oversight Board at a meeting held on
the day of , 2012.
ATTEST:
SECRETARY, OVERSIGHT BOARD
STATE OF CALIFORNIA
COUNTY OF ) SS
CITY OF )
CHAIR, OVERSIGHT BOARD
I, , Secretary to the Oversight Board, hereby certify that
the foregoing resolution was duly adopted at a meeting of the Oversight Board,
held on the day of , 2012.
AYES: BOARD MEMBERS:
NOES: BOARD MEMBERS:
ABSENT: BOARD MEMBERS:
BOARD
SECRETARY, OVERSIGHT
EXHIBIT "A"
Recognized Obligation Payment Schedule
(Attached)
Name of Successor Agency: Successor Agency for the Downey Community Development Commission
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
Obligation Payment Schedule for the above named agency.
SUMMARY OF RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Filed for the January 1, 2013 to June 30, 2013 Period
BRIAN SAEKI, CHAIRMAN OVERSIGHT BOARD.
Name
Signature
Title
Date
Total Outstanding
Debt or Obligation
Outstanding Debt or Obligation
$
28,756,753
Current Period Outstanding Debt or Obligation
Six -Month Total
A Available Revenues Other Than Anticipated RPTTF Funding
B Enforceable Obligations Funded with RPTTF
C Administrative Allowance Funded with RPTTF
D Total RPTTF Funded (B + C = D)
0
454,994
125,000
579,994
Total Current Period Outstanding Debt or Obligation (A + B + C = E) Should be same amount as ROPS form six -month total
E Enter Total Six -Month Anticipated RPTTF Funding
F Variance (D - E = F) Maximum RPTTF Allowable should not exceed Total Anticipated RPTTF Funding
$
579,994
579,994
$
-
Prior Period (January 1, 2012 through June 30, 2012) Estimated vs. Actual Payments (as required in HSC section 34186 (a))
G Enter Estimated Obligations Funded by RPTTF (Should be the same amount as RPTTF approved by Finance, including admin allowance)
H Enter Actual Obligations Paid with RPTTF
I Enter Actual Administrative Expenses Paid with RPTTF
J Adjustment to Redevelopment Obligation Retirement Fund (G - (H + I) = J)
983,363
633,363
250,000
100,000
K Adjustment to RPTTF
$
479,994.00
Name of Successor Agency: Successor Agency for the Downey Community Development Commission
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
Obligation Payment Schedule for the above named agency.
SUMMARY OF RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Filed for the January 1, 2013 to June 30, 2013 Period
BRIAN SAEKI, CHAIRMAN OVERSIGHT BOARD.
Name
Signature
Title
Date
Item #
Project Name / Debt Obligation
Contract/Agreement
Execution Date
Contract/Agreement
Termination Date
Payee
Description /Project Scope
Project Area
Total Outstanding
Debt or
Obligation
Total Due During
Fiscal Year
2012 -13
Funding Source
LMIHF
Bond
Proceeds
Reserve
Balance
Admin
Allowance
RPTTF
Other
Six -Month Total
Grand Total
$ 28,756,753
$ 5,534,989
$
$
$
$ 125,000
$ 454,994
$
$ 579,994
1
1997 Tax Allocation Bond
1/1/1997
Fiscal Year 2028 -29
US Bank and Trust
Bond payment to refund & defease debt prior obligations
Downey
10,718,632.00
634,989.00
0.00
0.00
0.00
0.00
454,994.00
0.00
454,994.00
2
Porto's Bakery / OPA
12/9/2008
Dec -2015
Porto's Bakery of Downey
Business Development / 40 new jobs
Downey
0.00
250,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3
Bob's Big Boy/ OPA
12/9/2009
11/1/2020
JKBBD
Historic preservation /40 new jobs
Downey
175,000.00
25,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4
Chrysler & Jeep Dealership / OPA
6/6/2010
9/1/2022
Champion Dodge, LLC
Economic development / 12 new jobs
Downey
400,000.00
100,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5
LA County Deferral Agreement
10/13/1997
Open
Los Angeles County
Agreement to defer payment of tax Increment
Downey
17,338,121.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
6
The View / DDA
11/9/2010
Pending
National Community Renaissance
New construction / 50 units of affordable housing
Downey
0.00
4,275,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
7
Admistrative Allowance
N/A
N/A
City of Downey
Cost Allowance
Downey
125,000.00
250,000.00
0.00
0.00
0.00
125,000.00
0.00
0.00
125,000.00
8
9
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
Name of Successor Agency: Successor Agency for the Downey Community Development Commission
County:
Los Angeles County
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS III)
January 1, 2013 through June 30, 2013
Oversight Board Approval Date:
Name of Successor Agency: Successor Agency for the Downey Community Development Commission
County:
Los Angeles County
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS III) -- Notes (Optional)
January 1, 2013 through June 30, 2013
Item #
2
3
4
Notes /Comments
Final debt payment issued in 2nd quarter of fiscal year 2012 -2013
Next annual debt disbursement due under ROPS # 4
Next annual debt disbursement due under ROPS # 4
Page /Form
Line
Project Name / Debt Obligation
Payee
Description /Project Scope
Project Area
LMIHF
Bond Proceeds
Reserve Balance
Admin Allowance
RPTTF
Other
Estimate
Actual
Estimate
Actual
Estimate
Actual
Estimate
Actual
Estimate
Actual
Estimate
Actual
Grand Total ::$:
: 2,000,000
$:.
:: 725,000
$
:$::
-.
$
::
$
$ ::250
$ :: 250 000
$ : 733,363
$ :: 633,363
Page 1
1
1997 Tax Allocation Bonds
US Bank and Trust
Bonds to Refund and Defease Obligations
Downey
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
633,363.00
633,363.00
0.00
0.00
Page 1
2
Porto's Bakery /OPA
Porto's Bakery of Downey
Business Development /40 new jobs
Downey
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Page 1
3
Bob's Big Boy / OPA
JKBBD
Historic Preservation /40 new jobs
Downey
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Page 1
4
The View/ DDA
National Com. Renaissance
Low mod Housing / 50 units
Downey
2,000,000.00
725,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Page 1
5
Chrysler & Jeep Dealership / OPA
Champion Dodge, LLC
Economic Development / 12 new jobs
Downey
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
100,000.00
0.00
0.00
0.00
Page 1
6
LA County Deferral Agreement
Los Angeles County
Deferral of Tax Increment Agreement
Downey
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Page 1
7
Administration Allowance
Successor Agency
Operation, personnel, legal, supplies
Downey
0.00
0.00
0.00
0.00
0.00
0.00
250,000.00
250,000.00
0.00
0.00
0.00
0.00
Name of Successor Agency: Successor Agency: for the Downey Community Development Commission
County:
Los Angeles County
Pursuant to Health and Safety Code section 34186 (a)
PRIOR PERIOD ESTIMATED OBLIGATIONS vs. ACTUAL PAYMENTS
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS I)
January 1, 2012 through June 30, 2012