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Agenda Item No. S(E) OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THEEL CERRITO REDEVELOPMENT AGENCY RESOLUTION 2012-XX RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE EL CERRITO REDEVELOPMENT AGENCY APPROVING THE INITIAL RECOGNIZED OBLIGATION PAYMENT SCHEDULE AS REQUIRED UNDER AB 1X26 WHEREAS, as part of the 2011-12 State budget bill, AB 1 x26 (the "Dissolution Act") was enacted significantly modifying the Redevelopment Law to require the dissolution of redevelopment agencies throughout California and the establishment successor agencies to wind down the former redevelopment agencies' affairs; and WHEREAS, on August 15, 2011, pursuant to the Dissolution Act, the City elected to serve as the Successor Agency to the El Cerrito Redevelopment Agency (the "Successor"); and WHEREAS, Section 34179(a) of the Health and Safety Code provides for the establishment of an oversight board ("Oversight Board") of the successor agency to the former redevelopment agency ("Successor Agency"); and WHEREAS, the Dissolution Act requires the Successor to prepare an initial draft of a Recognized Obligations Payment Schedule ("ROPS") by March 1, 2012, to be certified by the County Auditor-Controller, approved by an oversight board and reviewed by the California Department of Finance; and WHEREAS, once certified by the County Auditor-Controller and approved by the Oversight board, the approved ROPS will serve as the spending plan during its operative period; and WHEREAS, the City Council, acting in its role as governing board of the Successor, has reviewed the initial draft ROPS that was prepared pursuant to the Dissolution Act, which is Exhibit 1 to this Resolution, for submittal to the County Auditor-Controller, the Oversight Board of the Successor Agency once established, and the State Department of Finance. NOW THEREFORE, BE IT RESOLVED that the Oversight Board of the Successor Agency to the El Cerrito Redevelopment Agency hereby approves the initial Recognized Obligation Payment Schedule as required under the Dissolution Act and attached hereto as Exhibit 1. BE IT FURTHER RESOLVED that the Oversight Board of the Successor Agency to the El Cerrito Redevelopment Agency authorizes the submittal of the approved initial Recognized Obligation Payment Schedule as required under the Dissolution Act. BE IT FURTHER RESOLVED that this Resolution shall become effective immediately upon its passage and adoption. ---PAGE BREAK--- Oversight Board of the Successor Agency to the El Cerrito Redevelopment Agency Obligations of Tax Increment from the former City of El Cerrito Redevelopment Project Are INITIAL RECOGNIZED OBLIGATION PAYMENT SCHEDULE February- June, 2012 Project Name I Debt Obligation Payee Description 1997 Tax Allocation Union Bank Refunding of prior TAB for Redev Bonds, Series A Projs 1998 Tax Allocation Union Bank Refunding of prior TAB for L&M Bonds, Series B Hsg Projs 2004 Tax Allocation Union Bank Tax-exempt TAB for Infrastructure Bonds, Series A Projs 2004 Tax Allocation Union Bank Portion of Taxable TAB for Redev Bonds, Series B Projs 2004 Tax Allocation Union Bank Portion of Taxable TAB for L&M Bonds, Series B Hsg Projs Valente Promissory George Valente Loan for land acquistion Note Cooperation El Cerrito Municipal Redevelopment Plan Agreement Services Corporation implementation (non-housing) Cooperation City of El Cerrito Redevelopment Plan Agreement implementation (housing) 2009-2010 SERAF L&M Housing Fund Funds advanced for SERAF Loan payment 2005-2006 ERAF L&M Housing Fund Funds advanced for ERAF Loan payment Ohlone Gardens Loan Ohlone Gardens LP Undisbursed loan commitment Agreement Eden Housing Loan Eden Housing Undisbursed loan commitment Agreement Administrative Budget City of El Cerrito Administrative Budget per AB1x26 Total Total Outstanding 1/31/12 Feb 4,662,048 1,071,038 13,636,426 481,045 5,419,513 3,746,801 105,199,000 50,499,000 1,327,655 335,436 471,152 310,000 3,500,000 50,000 190,659,113 50,000 Oversight Board Resolution Exhibit A Total Due in Mar Apr May June Period Source of Funds 470,868 470,868 Trust Fund 195,200 195,200 Trust Fund 213,114 213,114 Trust Fund 481,045 481,045 Trust Fund 171,533 171,533 Trust Funcf 288,215 288,215 Successor Fund Balance I - Trust Fund - Trust Fund 331,914 331,914 Trust Fund 83,859 83,859 Trust Fund 471,152 471 I 152 Trust Fund 310,000 310,000 Trust Fund 50,000 50,000 50,000 50,000 250,000 Successor Fund Bal. & Trust Fund 338,215 50,000 1,246,925 1,581,759 3,266,899