HomeMy WebLinkAbout07. ROPSOVERSIGHT BOARD MEMORANDUM
DATE: September 19, 2013
TO: CHAIR AND MEMBERS OF THE OVERSIGHT BOARD
FROM: GILBERT A. LIVAS, Executive Director, Downey Successor Agency
SUBJECT: RESOLUTION APPROVING THE RECOGNIZED OBLIGATION
PAYMENT SCHEDULE 2013 -14B FOR THE PERIOD
JANUARY 1, 2014 THROUGH JUNE 30, 2014
RECOMMENDATION
That the Oversight Board adopt the following resolution:
A RESOLUTION OF THE OVERSIGHT BOARD TO THE
DOWNEY SUCCESSOR AGENCY APPROVING THE
RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE
PERIOD JANUARY 1, 2014 THROUGH JUNE 30, 2014
BACKGROUND / DISCUSSION
The Downey Successor Agency is tasked with winding down the redevelopment
affairs of the Community Development Commission (CDC), including the
administrative tasks of preparing the recognized debt payment schedules
(ROPS) as required under Assembly Bill 1X26.
Pursuant to the timeline in the Legislation, the ROPS for the next six -month
period must be submitted to the Oversight Board for its review and approval by
October 1, 2013. Upon approval of the ROPS 13 -14B, it will be submitted to the
Department of Finance (DOF), the State Controller, and the Los Angeles County
Auditor - Controller. The proposed payment schedule is for the six -month period
from January 1, 2014 through June 30, 2013. Only those enforcement obligations
listed on an approved ROPS can be paid with funds available to the Successor
Agency from the Redevelopment Property Tax Trust Fund (RPTTF).
The proposed ROPS 13 -14B includes payment due on enforceable obligations
which have been reviewed and approved by DOF. ROPS 13 -14B includes a
total request of $598,300 from the RPTTF. This includes $473,300 for the bond
payments and $125,000 for administrative allowance.
1997 Tax Allocation Bonds — In 1997, the CDC issued $9,925,000 in Refunding
Tax Allocation Bonds to defease an outstanding balance on the 1990 Bonds and
to repay accrued principal and interest on note obligations to the City of Downey.
Chair and Members of the Oversight Board
Resolution Approving the Recognized Obligation
Payment Schedule 13 -14B
September 19, 2013
Page 2
The outstanding balance of the bonds as of January 1, 2014 is $9,447,946. A
payment of $473,300 is due in July 2013.
Administrative Allowance — Per AB 1 X26, the Successor Agency may receive
an "administrative allowance" for reimbursement for its administrative costs. The
maximum amount the Downey Successor Agency can receive per fiscal year is
$250,000. The amount included in the proposed ROPS 13 -14B reflects the
balance available to the Agency for the remainder of the 2013 -2014 fiscal year.
On the advice of the agencies Legal Council, the proposed ROPS includes each
City loan to the Redevelopment Agency that remains unpaid. These include
Operative Agreement Numbers: #25, #26, #27, #28, #30, #31, #33, #35, #37,
and #38. Also included are the Public Works Master Agreement and the City Aid
Master Agreements. The total unpaid balance remains at $11,2476,570.
On May 15, 2013, DOF grant the Downey Successor Agency its Finding of
Completion letter. Pursuant to Health and Safety Code Section 34191.4, the
Successor Agency may now request approval from its Oversight Board to
reinstate each of the loan agreements between the City and the former
redevelopment agency. Staff has initiated this process to recognize these
enforceable obligations, and expects to include a repayment on these loans on
the subsequent ROPS for the 14 -15A period under ROPS.
Attachments: "A" -Resolution
"B" - DOF Finding Of Completion Letter
OVERSIGHT BOARD RESOLUTION NO.
A RESOLUTION OF THE OVERSIGHT BOARD TO THE DOWNEY
SUCCESSOR AGENCY APPROVING THE RECOGNIZED OBLIGATION
PAYMENT SCHEDULE FOR THE PERIOD JANUARY 1, 2014
THROUGH JUNE 30, 2014
WHEREAS, as a result of the passage of Assembly Bill 26 from the 2011 -12 First
Extraordinary Session of the California Legislature ( "ABx1 26" or the "Dissolution Act "),
the City of Downey redevelopment agency ( "RDA ") was dissolved on February 1, 2012;
and
WHEREAS, pursuant to Assembly Bill 1484 of the 2011 -12 Legislative Session
( "AB 1484 "), the Downey Successor Agency for the former RDA ( "Successor Agency ")
is a separate public agency now charged with winding down the RDA's affairs, including
making payments due for enforceable obligations (as defined in the Dissolution Act),
and perform obligations required pursuant to enforceable obligations; and
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, 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, 2014, through June 30, 2014, 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.
698/028785 -0001
3239337.1 a09/13/13 Attachment "A„
PASSED AND ADOPTED by the Oversight Board at a meeting held on the
of 2013.
CHAIR, OVERSIGHT BOARD
ATTEST:
SECRETARY, OVERSIGHT BOARD
STATE OF CALIFORNIA
COUNTY OF ) SS
CITY OF )
day
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 , 2013.
AYES: BOARD MEMBERS:
NOES: BOARD MEMBERS:
ABSENT: BOARD MEMBERS:
SECRETARY, OVERSIGHT BOARD
698/028785 -0001
3239337.1 a09/13/13 —2—
EXHIBIT "A"
Recognized Obligation Payment Schedule
For The Identified Period
(Attached)
699/028785 -0001 _�_
3239337.1 a09/13/13
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DEPARTMENT OF EDMUND G. BROWN JR. ■ GOVERNOR
(W c4l�FDwµ�P F I N A N C E 91'5 L STRCBT ■ BACRAMENTC CA ■ 9!SH 1 a -3706 ■ WWW.DCF.CA.GCV
May 15, 2013
Mr. Brian Saeki, Director of Community Development
City of Downey
11111 Brookshire Avenue
Downey, CA 90241
Dear Mr. Saeki:
Subject: Finding of Completion.
The California Department of Finance (Finance) has completed the Finding of Completion for the City of
Downey Successor Agency.
Finance has completed its review of your documentation, which may have included reviewing supporting
documentation submitted to substantiate payment or obtaining confirmation from the county auditor -
controller. Pursuant to Health and Safety Code (HSC) section 34179.7, we are pleased to inform you
that Finance has verified that the Agency has made full payment of the amounts determined under HSC
section 34179.6, subdivisions (d) or (e) and HSC section 34183.5.
This letter serves as notification that a Finding of Completion has been granted. The Agency may now
do the following:
• Place loan agreements between the former redevelopment agency and sponsoring entity on the
ROPS, as an enforceable obligation, provided the oversight board makes a finding that the loan
was for legitimate redevelopment purposes per HSC section 34191.4 (b) (1). Loan repayments
will be governed by criteria in HSC section 34.191.4 (a) (2).
Utilize proceeds derived from bonds issued prior to January 1, 2011 in a manner consistent with
the original bond covenants per HSC section 34191.4 (c).
Additionally, the Agency is required to submit a Long -Range Property Management Plan to Finance for
review and approval, per HSC section 34191.5 (b), within six months from the date of this letter.
Please direct inquiries to Andrea Scharffer, Staff Finance Budget Analyst, or Chris Hill, Principal Program
Budget Analyst, at (916) 445 -1546.
Sincerely,
STEVE SZALAY
Local Government Consultant
cc: Mr. Edward Velasco, Housing Manager, City of Downey
Ms. Kristina Burns, Manager, Los Angeles County Auditor - Controller's Office
California State Controller's Office
Attachment "B"