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Date: To: From: Subject: June 19,2012 Oversight Board of the Successor Agency to the El Cerrito Redevelopment Agency Lori Trevifio, Economic Development Manager AGENDA BILL Agenda Item No. 48 Consideration of amendments to Approved Recognized Obligation Payment Schedules for both Jan-Jun 2012 and Jul-Dec 2012 periods and authority for Successor Agency staff to submit further amendments ACTION REQUESTED Adopt Oversight Board resolution approving amendments to the Approved Recognized Obligation Payment Schedules and authority for Successor Agency staff to submit further amendments administratively. BACKGROUND The State's FY 2011-12 budget bill included AB1x26 ("Dissolution Act"), which dissolved the El Cerrito Redevelopment Agency on February 1, 2012. The City of El Cerrito elected to serve as the Successor Agency to the El Cerrito Redevelopment Agency ("Successor Agency"). The Oversight Board to the Successor Agency ("Oversight Board") was formed on April4, 2012. Both the Successor Agency and Oversight Board have already approved a Recognized Obligation Payment Schedule ("ROPS") for payments due during the periods of January to June, 2012 and July to December, 2012, as required by the Dissolution Act. Both ROPS were submitted to the California Department of Finance ("DOF") and Contra Costa County Auditor-Controller. Both ROPS were approved by the DOF and the County Auditor-Controller was prepared to make its distribution of Redevelopment Property Tax on June 1, 2012, as provided in the Dissolution Act. However, due to timing inconsistencies for revenue distribution and obligations payments between 1) the Dissolution Act, 2) the ROPS, 3) debt service payment schedules, 4) FY 2011-12 Pass-Through Payments to Affected Taxing Entities, and 5) acknowledgements by the Affected Taxing Entities of subordination of Pass-Through Payments to tax allocation bond debt, the County Auditor-Controller has determined that subordination of the FY 2011-12 Pass-Through Payments to tax allocation bond debt service payments does not apply due to the inclusion of the July 1, 2012 debt service payments on the Jan-June 2012 ROPS instead of the Jul-Dec 2012 ROPS. The County Auditor-Controller is holding a portion of the June 1, 2012 Redevelopment Property Tax distribution equal to its calculated amount for the FY 2011-12 Pass- Through Payments, awaiting clarification. Should the County Auditor-Controller not subordinate FY 2011-12 Pass-Through Payments and therefore distribute less than the full balance of the El Cerrito Redevelopment Property Tax Trust Fund the Successor Agency will default on debt service payments due on January 1, 2013 and have insufficient funds to make full debt service payments on July 1, 2012. ---PAGE BREAK--- Agenda Item No. 48 Specifically, the County Auditor-Controller has requested an amendment to both ROPS, which requires approval by both the Oversight Board and the DO F, before subordinating FY 2011-12 Pass-Through Payments to debt service payments due on July 1, 2012. Those debt service payments are included on the Approved Jan-Jun 2012 ROPS. Both ROPS must be amended to move the payments to the Jul-Dec 2012 ROPS. DOF has agreed to review amendments to both ROPS. Due to the urgent nature of the situation, both of the Draft Amended ROPS have already been submitted to the DOF for pre- approval. A detailed timeline of the series of actions by the relevant entities leading up to this requested amendment is incorporated into the recitals of the attached Oversight Board Resolution being considered this evening. ANALYSIS On May 31, 2012 the DOF informed the County Auditor-Controller that the total amount approved by DOF for the Jan-Jun 2012 ROPS was $3,266,900 and for the Jul- Dec 2012 ROPS was $2,523,847. Based on those totals, the County Auditor-Controller provided Successor Agency staff with the following calculation, which was consistent with previous calculations discussed, and assumed subordination of FY 2011 Pass- Through Payments to all debt service payments on both Approved ROPS and use of residual balance in the for the Approved Jan-Jun 2012 ROPS. Table 1 El Cerrito Redevelopment Property Tax Trust Fund Redevelopment Property Tax Distribution Calculation Provided June 7, 2012 By the Contra Costa County Auditor-Controller Total ROPS Payable ROPS Payments from Sources ROPS Items Denied/Disputed ROPS Payable from Prop. Taxes (1st ROPS) ROPS Payable from Prop. Taxes (2nd ROPS) Successor Agency Admin. Cost Allowance SCO Invoices for Audit and Oversight H&S Code 34183 Dist Totals Residual Balance (1st ROPS negative applied to 2nd ROPS) Net Available for distribution ROPS Payable with Subordination Requirement balance not subject subordination Pass Through Subordination Net pass through payable Total Payment to Successor Agency Page2 Jan-Jun 2012 Jul-Dec 2012 3,266,900.00 2,523,847.00 3,016,900.00 0.00 250,000.00 872,000.00 306,117.33 3,016,900.00 1,651,847.00 0.00 0.00 3,016,900.00 2,630,565.14 (306,117.33) (409,230.10) 2,172,662.04 1,957,964.33 214,697.71 715,347.43 214,697.71 $1,957,964.33 ---PAGE BREAK--- Agenda Item No. 48 Under the anticipated distribution, the County Auditor-Controller would have paid $214,697.71 in FY11-12 Pass-Through Payments, subordinated the remaining pass- through obligation, and distributed $1.958 million to the Successor Agency to pay debt service on July 1, 2012 and January 1, 2013. On June 11, 2012, the County Auditor-Controller notified the Successor Agency that Pass-Through Payments would not be subordinated to debt service, based on its interpretation of the permitted uses of the December 16, 2011 Tax Increment distribution to the Redevelopment Agency. The County Auditor-Controller provided the following table showing how subordination would be determined and Redevelopment Property Tax distributions made: Table 2 El Cerrito Redevelopment Property Tax Trust Fund Pass-Through Subordination and Redevelopment Property Tax Distribution Calculation Provided June 11, 2012 By the Contra Costa County Auditor-Controller Jan-June 2012 Jul-Dec 2012 Combined Jul-Dec 2012 ROPS ROPS ROPS True-D£ Distribution $2,703,836 $2,221,335 $4,925,171 $2,221,335 A-C Fees 24,337 48,673 73,010 48,673 Bond Debt 1,531,760 406,139 1,937,899 406,139 Balance $1,147,739 $1,766,523 $2,914,262 $1,766,523 Pass-Thrus 507,493 422,552 930,045 930,045 Balance for other debt $640,246 $1,343,971 $1,984,217 $836,478 RPTBalance $2,221,335 A-C Fees (48,673) Pass-Thrus (930,045) RPT Distribution to $1,242,617 Successor Agency The July 1, 2012 tax allocation bond debt service payments had been included on the Jan-Jun 2012 ROPS since payments are due to the Trustee, Union Bank, prior to the debt service due date. Furthermore, tax allocation bond debt service payments are given priority in the Dissolution Act over all other types of enforceable obligations for the use of RPT, and by the agreement of the Affected Taxing Entities, also have priority over Pass-Through Payments. However, by applying pass-through subordination on each ROPS individually and including in the calculation Tax Increment revenue that was used to pay debt service prior to dissolution of the Redevelopment Agency, the County Auditor-Controller determined that that subordination did not apply. Failure by the County Auditor- Controller to subordinate the FY 2011-12 Pass-Through Payments to the debt service payments will result in default on the January 1, 2013 debt service payments and possibly also the July 1, 2012 debt service payments. The County Auditor-Controller is holding off on distribution of FY 2011-12 Pass- Through Payments while the Successor Agency gains Oversight Board and DOF Page 3 ---PAGE BREAK--- Agenda Item No. 48 approval of amended ROPS to move the July 1, 2012 tax allocation bond debt services payments from the Jan-Jun 2012 ROPS to Jul-Dec 2012 ROPS. The DOF informed the Successor Agency it would consider the amendments if approved by the Oversight Board, and the Amended ROPS provided for the Oversight Board's consideration have already been provided to the DOF for its pre-approval. Exhibit A and Exhibit B to the attached Oversight Board Resolution are the Draft Amended Jan-Jun 2012 ROPS and Draft Amended Jul-Dec 2012 ROPS, respectively. They include the following changes: 1. The July 1, 2012 debt service payments have been moved from the Jan-Jun 2012 . ROPS to the Jul-Dec 2012 ROPS. 2. On both ROPS, the Total Outstanding Balances as of the start of each fiscal year and Total Amounts Due in each fiscal year for tax allocation bond debt service payments have been adjusted to reflect these ·changes, despite those amounts being paid from Tax Increment distributed to the Redevelopment Agency as early as FY2010-11. 3. Housing Loan Obligations for Ohlone Gardens LLC and Eden Housing (Items 11 and 12) remain on the Jan-Jun 2012 ROPS, based on their apparent approval by the DOF, and unpaid balances are included on the Jul-Dec ROPS 2012 (Items 8 and but with no payments listed. 4. The FY 2011-12 Pass-Through Payments are listed as obligations on the Jul-Dec 2012 ROPS but without payments, using amounts calculated by the County Auditor-Controller pending the final determination of the amounts, so that the subordinated Pass-Through Payments are reflected as obligations until they are calculated and paid. As requested by the Oversight Board at its last meeting on May 7, 2012, Successor Agency staff has included a provision in the attached Resolution that would allow the Successor Agency staff to make administrative changes to the ROPS. Rev~ewed by: j~ren Pinkos Assistant City Manager Attachments: 1. Resolution Page4 ---PAGE BREAK--- Agenda Item No. 4B Attachment 1 OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE EL CERRITO REDEVELOPMENT AGENCY RESOLUTION 2012-:XX RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE EL CERRITO REDEVELOPMENT AGENCY APPROVING AMENDMENTS TO RECOGNIZED OBLIGATION PAYMENT SCHEDULES FOR THE JAN-JUN 2012 AND mL-DEC 2012 PERIODS, AS REQUIRED UNDER AB1X26 AND AUTHORIZING FUTURE AMENDMENTS THAT DO NOT INCREASE THE SUCCESSOR AGENCY'S OVERALL OBLIGATIONS WHEREAS, as part of the 2011-12 State budget bill, AB1x26 ("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 ("Successor Agency"); and WHEREAS, Section 34179(a) of the Health and Safety Code provides for the establishment of an Oversight Board of the Successor Agency to the El Cerrito Redevelopment Agency ("Oversight Board"); and WHEREAS, the Dissolution Act requires the Successor Agency to prepare a draft of the First 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, the City Council, acting in its role as governing board of the Successor Agency, reviewed and authorized a draft First ROPS that was prepared pursuant to the Dissolution Act on February 21, 2012, which was approved by Oversight Board on April 4, 2012;and WHEREAS, the CAC notified the Successor Agency on March 2, 2012 that no Redevelopment Property Tax ("RPT") would be distributed on May 16, 2012 for payments on the Jan-Jun 2012 ROPS, since the CAC had distributed Tax Increment to the El Cerrito Redevelopment Agency ("Redevelopment Agency") prior to its dissolution on February 1, 2012; and WHEREAS, on April 6, 2012 the CAC notified the Successor Agency of the CAC's calculation of pass-through payment obligations for FY2011-12 including portions for both Tax Increment distributed to the Redevelopment Agency and Redevelopment Property Tax to be distributed on June 1, 2012 in accordance with the Dissolution Act; and ---PAGE BREAK--- Agenda Item No. 4B Attachment 1 WHEREAS, City staff notified the CAC on April12, 2012 that Affected Taxing Entities of the El Cerrito Redevelopment Project Area had agreed to subordinate Pass-Through Payments to the tax allocation bond debt service payments, should there be insufficient funds available for their payment; and WHEREAS, the portion of the Pass-Through Payments that the CAC calculated and attributed to the Tax Increment distributed to the former El Cerrito Redevelopment Agency on December 16, 2011 was added to the corrected Jan-Jun 2012 ROPS to be considered by the Oversight Board; and WHEREAS, the City Council, acting in its role as governing board of the Successor Agency, reviewed and authorized a draft Jul-Dec 2012 ROPS that was prepared pursuant to the Dissolution Act on April17, 2012; and WHEREAS, the DOF returned the Jan-Jun 2012 ROPS on April 20, 2012 for correction and reconsideration; and WHEREAS, on April30, 2012, the Successor Agency provided the notice required under Health and Safety Code Section 34183(a) that the amounts available to the Successor Agency from the Redevelopment Property Tax Trust Fund and the Successor Agency's Redevelopment Obligation Retirement Fund ("RORF") were insufficient to make the payments included on the Successor Agency's draft Jan-Jun 2012 ROPS; and WHEREAS, on May 1, 2012, the CAC notified the Successor Agency of the amounts of RPT anticipated to be distributed to the Affected Taxing Entities as FY20 11-12 Pass-Through Payments and to the Successor Agency for the Jul-Dec 2012 ROPS, pending approval by the Oversight Board and DOF, which would have resulted in a shortfall in funds to the Successor Agency to pay all of its enforceable obligations due between July 1, 2012 and December 31, 2012;and WHEREAS, on May 7, 2012, the Oversight Board approved the corrected Jan-Jun 2012 ROPS and a draft Jul-Dec 2012 ROPS that included deferred payments from the Jan-Jun 2012 ROPS anticipated to be unpaid, both of which were submitted to the DOF on May 8, 2012; and WHEREAS, the deferred payments from the Jan-Jun 2012 ROPS anticipated to be unpaid that were included on the draft Jul-Dec 2012 ROPS did not include tax allocation bond debt service payments because they are given priority in the Dissolution Act over all other types of enforceable obligations for the use of RPT, and by the agreement of the Affected Taxing Entities, they are given priority over subordinated Pass-Through Payments; and WHEREAS, on May 22, 2012, the Successor Agency formally requested that the CAC subordinate FY20 11-12 Pass-Through Payments to the tax allocation bond debt service payments on both its Jan-Jun 2012 ROPS and its Jul-Dec 2012 ROPS; and ---PAGE BREAK--- Agenda Item No. 4B Attachment 1 WHEREAS, the DOF provided a letter to the Successor Agency on May 25, 2012, approving the Jan-Jun 2012 ROPS with the exception of Items 7, 8, 11, and 12; and WHEREAS, the Successor Agency disputed DOF's disapproval of Items 11 and 12 on May 29, 2012 and on May 31, 2012 the DOF informed the CAC that the total amount approved by DOF for the Jan-Jun 2012 ROPS was $3,266,900 and for the Jul-Dec 2012 ROPS was $2,523,847 (thus apparently approving Items 11 and 12); and WHEREAS, the CAC withheld distributing the June 1, 2012 RPT pending confirmation by DOF of which items on both ROPS were approved, requesting clarification from both the Successor Agency and the DOF as late as June 6, 2012, and requesting from the Successor Agency documentation of Pass-Through Payment subordination on June 6, 2012, which was provided on June 7, 2012; and WHEREAS, on June 7, 2012, the CAC provided the Successor Agency with an estimate of the RPT distribution that assumed the FY2011-12 Pass-Through Payments would be subordinated to tax allocation bond debt service payments on both the Approved Jan-Jun 2012 ROPS and Approved Jul-Dec 2012 ROPS, and WHEREAS, on June 11, 2012, the CAC notified the Successor Agency that Pass- Through Payments would be subordinated to debt service on the Approved Jul-Dec 2012 ROPS, but not to the debt service on the Approved Jan-Jun 2012 ROPS, based on its interpretation of the permitted uses of the December 16, 2011 Tax Increment distribution to the Redevelopment Agency; and WHEREAS, the July 1, 2012 tax allocation bond debt service payments had been included on the Jan-Jun 2012 ROPS since payments are due to the Trustee, Union Bank prior the debt service due date; and WHEREAS, failure by the CAC to subordinate the FY2011-12 Pass-Through Payments to the debt service payments will result in default on the January 1, 2013 debt service payments and possibly also the July 1, 2012 debt service payments; and WHEREAS, the CAC informed the Successor Agency that it will hold off on distribution of FY2011-12 Pass-Through Payments while the Successor Agency gains DOF approval of amended ROPS to move the July 1, 2012 tax allocation bond debt services payments from the Jan-Jun 2012 ROPS to Jul-Dec 2012 ROPS; and WHEREAS, on June 12, 2012, the DOF informed the Successor Agency it would consider the amendments if approved by the Oversight Board; and WHEREAS, City staff has prepared amended versions of both ROPS that reflect the following changes: ' ---PAGE BREAK--- Agenda Item No. 4B Attachment 1 1. The July 1, 2012 debt service payments have been moved from the Jan-Jun 2012 ROPS to the Jul-Dec 2012 ROPS. 2. On both ROPS, the Total Outstanding Balances as of the start of each fiscal year and Total Amounts Due in each fiscal year for tax allocation bond debt service payments have been adjusted to reflect these changes, despite those amounts being paid from Tax Increment distributed to the Redevelopment Agency as early as FY20 10-11. 3. Housing Loan Obligations for Ohlone Gardens LLC and Eden Housing (Items 11 and 12) remain on the Jan-Jun 2012 ROPS, based on their apparent approval by the DOF, and unpaid balances are included on the Jul-Dec ROPS 2012 (Items 8 and but with no payments listed. 4. The FY2011-12 Pass-Through Payments are listed as obligations on the Jul-Dec 2012 ROPS but without payments, using amounts calculated by the CAC pending the final determination of the amounts, so that . the subordinated Pass- Through Payments are reflected as obligations until they are calculated and paid. WHEREAS, as requested by the CAC, the Successor Agency has submitted the Amended Jan-Jun 2012 ROPS and Amended Jul-Dec ROPS to the DOF and the CAC for approval contingent on approval by the Oversight Board; and WHEREAS, the Amended Jan-Jun 2012 ROPS and Amended Jul-Dec ROPS submitted to DOF and the CAC are Exhibit A and Exhibit B respectively to this Resolution, for consideration by the Oversight Board; and WHEREAS, the Oversight Board desires to authorize the Successor Agency staff to prepare and submit to the appropriate entities further amendments to the ROPS on matters that can be handled administratively and have no impact on the Successor Agency's overall obligations. NOW THEREFORE, BE IT RESOLVED that the Oversight Board of the Successor Agency to the El Cerrito Redevelopment Agency hereby approves the Amended Jan-Jun 2012 Recognized Obligation Payment Schedule as required under the Dissolution Act and attached hereto as Exhibit A. BE IT FURTHER RESOLVED that the Oversight Board of the Successor Agency to the El Cerrito Redevelopment Agency hereby approves the Amended Jul-Dec 2012 Recognized Obligation Payment Schedule as required under the Dissolution Act and attached hereto as Exhibit B. BE IT FURTHER RESOLVED that the Oversight Board of the Successor Agency to the El Cerrito Redevelopment Agency authorizes City staff on behalf of the Successor Agency to submit further amendments of the Amended Jan-Jun 2012 Recognized Obligation Payment ---PAGE BREAK--- Agenda Item No. 4B Attachment 1 Schedule and Amended Jul-Dec 2012 Recognized Obligation Payment Schedule so long as the Successor Agency's total obligations are not increased and requests the DOF and the CAC to consider such amendments as approved. BE IT FURTHER RESOLVED that this Resolution shall become effective as set forth in Health and Safety Code Section 34179(h). ---PAGE BREAK--- RECOGNIZED OBLIGATION PAYMENT SCHEDULE PER AB1X26 DRAFT AMENDMENT JUNE 12,2012 SUBMITTED TO DOF FOR PRE-APPROVAL JANUARY -JUNE 2012 PAYMENTS Of the Successor Agency to the El Cerrito Redevelopment Agency for the City of El Cerrito Redevelopment Project Area Project Name I Date of Debt Obligation Agreement Payee Description 1997 Tax Refunding of prior TAB 1) Allocation Bonds, 12/17/1997 Union Bank for Redev Projs Series A 1998 Tax Refunding of prior TAB 2) Allocation Bonds, 12/17/1997 Union Bank for L&M Hsg Projs Series B 2004 Tax Tax-exempt TAB for 3) Allocation Bonds, 10/24/2004 Union Bank Infrastructure Projs Series A 2004 Tax 4) Allocation Bonds, 10/24/2004 Union Bank Portion ofTaxable TAB for Redev Projs Series B (Non- 2004 Tax Portion of Taxable TAB 5) Allocation Bonds, 10/24/2004 Union Bank for L&M Hsg Projs Series B (Housing) 6) Valente Promissory Note 3/5/2009 George Valente Loan for land acquistion 7) Cooperation El Cerrito Municipal Redevelopment Plan · 3/7/2011 implementation (non- Agreement Services Corporation housing) B) Cooperation Redevelopment Plan 2/22/2011 City of El Cerrito implementation Agreement (housing) 9) 2009-2010 SERAF Funds advanced for 2/16/2010 L&M Housing Fund SERAF payment Loan 2005-2006 ERAF Funds advanced for 10) Loan 4/17/2006 L&M Housing Fund ERAF payment Ohlone Gardens Undisbursed loan 11) Loan Agreement 6/24/2009 Ohlone Gardens LP commitment Eden Housing Undisbursed loan 12) Loan Agreement 5/17/2011 Eden Housing commitment Administrative Administrative 13) Allowance Statutory City of El Cerrito Allowance per AB1x26 Pass-Through 1993 Contracts Attributable to 14) Payments & 1994 Taxing Entities 12/16/2011 Tax Statutory Increment Payment Totals Notes EXHIBIT A Total Outstanding Total Due Payable from the Redevelopment Property Tax Trust Fund Project Area Obligation as of During Payments by month 6/30/11 FY2011-12 Jan 2012 Feb 2012 Mar 2012 Apr 2012 May 2012 Jun 2012 Total City of El Cerrito Redevelopment 4,748,728 557,548 - Project Area City of El Cerrito Redevelopment 1,091,778 215,938 - Project Area City of El Cerrito Redevelopment 14,062,658 426,228 - Project Area City of El Cerrito Redevelopment 922,770 441,725 - Project Area City of El Cerrito Redevelopment 5,659,114 269,593 - Project Area City of El Cerrito Redevelopment 3,746,801 288,215 288,215 288,215 Project Area City of El Cerrito Redevelopment 106,230,000 1,626,340 - Project Area City of El Cerrito Redevelopment 50,700,000 208,670 - Project Area City of El Cerrito Redevelopment 1,327,655 331,914 331,914 331,914 Project Area City of El Cerrito Redevelopment 335,436 83,859 83,859 83,859 Project Area City of El Cerrito Redevelopment 477,821 477,821 471,152 471,152 Project Area City of El Cerrito Redevelopment 350,000 350,000 310,000 310,000 Project Area City of El Cerrito Redevelopment 3,500,000 250,000 50,000 50,000 50,000 50,000 50,000 250,000 Project Area City of El Cerrito Redevelopment 507,493 507,493 - Project Area 193,660,254 6,035,344 $ - $ 50,000 $ 338,215 $ 50,000 $ 1,246,925 $ 50,000 $ 1 ,735, 14_0 Items 1-5: Debt service payments due on July 1, 2012 have been moved from the Jan-Jun 2012 ROPS to the Jui-Dec ROPS. "Total Outstanding Obligations 6/30/11" and ''Total Due During FY2011-12" amounts have been adjusted. Items 7 & 8: During the review by the Department of Finance (DOF) of the draft Jan-Jun 2012 ROPS, approved by the Oversight Board on April4, 2012, DOF objected to Items 7 & 8. The disputed items are displayed for reference purposes, as the Successor Agency retains the right to pursue resolution of the disputed items and include them on subsequent ROPS. The Successor Agency is not requesting the establishment of a reserve on the current ROPS for payments on the disputed items, since no payments were due for the disputed items during the current ROPS period. Item 14: Subsequent to the original consideration of the draft Jan-Jun 2012 ROPS by the Successor Agency and the Oversight Board, the Contra Costa County Auditor-Controller provided the amounts due from the tax increment paid to the Redevelopment Agency on 12/16/11. As the balance of the is insufficient to pay these payments, they will be listed as obligations on the Jui-Dec 2012 ROPS. ---PAGE BREAK--- RECOGNIZED OBLIGATION PAYMENT SCHEDULE PER AB1X26 DRAFT AMENDMENT JUNE 12,2012 SUBMITTED TO DOF FOR PRE-APPROVAL JULY- DECEMBER 2012 PAYMENTS EXHIBITS Of the Successor Agency to the El Cerrito Redevelopment Agency City of El Cerrito Redevelopment Project Area Project Name I Date of Payee Description Debt Obligation Agreement 1 Tax Allocation 12117/97 & Tax-exempt, Taxable, L&M ) Bonds (Combined) 10/24/04 Union Bank Housing, Redev & Infrastructure 2) Valente Promissory Note 3/5/2009 George Valente Loan for land acquistion 3) Cooperation El Cerrito Municipal Redevelopment Plan 3/7/2011 Agreement Services Corporation implementation (non-housing) Project Area City of El Cerrito Redevelopment Project Area City of El Cerrito Redevelopment Project Area City of El Cerrito Redevelopment Project Area City of El Cerrito Total Outstanding Total Due Payable from the Redevelopment Property Tax Trust Fund Obligation as of During Pa\ ments by month 6/30/12 FY2012-13 Jul2012 Aug 2012 Sep 2012 Oct 2012 Nov 2012 Dec 2012 Total 24,574,016 2,006,558 1,543,110 406,140 1,949,250 3,458,586 288,215 - 105,198,660 1,287,000 643,000 643,000 4) Cooperation Redevelopment Plan 2/22/2011 City of El Cerrito Redevelopment 50,498,839 458,000 229,000 229,000 1 Agreement implementation (housing) Project Area I 5) 2009-2010 SERAF Funds advanced for SERAF City of El Cerrito 165,9571 2116/2010 L&M Housing Fund payment Redevelopment 995,741 331,914 165,957 Loan Project Area 6) 2005-2006 ERAF Funds advanced for ERAF City of El Cerrito 41.930 I 4/17/2006 L&M Housing Fund payment Redevelopment 251,577 83,859 41,930 Loan Project Area City of El Cerrito 7) Administrative Administrative Allowance per Statutory City of El Cerrito AB1x26 Redevelopment 3,250,000 250,000 50,000 50,000 50,000 50,000 50,000 250,000 Allowance Project Area UnJ aid Obligations from Prior ROPS 8) Ohlone Gardens Undisbursed loan City of El Cerrito 6/24/2009 Ohlone Gardens LP commitment Redevelopment 471,152 471,152 - Loan Agreement Project Area 9) Eden Housing Loan Undisbursed loan City of El Cerrito 5/17/2011 Eden Housing commitment Redevelopment 310,000 310,000 - Agreement Project Area 2009-2010 SERAF Unpaid Jan- Funds advanced for SERAF City of El Cerrito 10) Loan Jun 2012 L&M Housing Fund payment Redevelopment 331,914 331,914 - ROPS Project Area 2005-2006 ERAF Unpaid Jan- Funds advanced for ERAF City of El Cerrito 11) Loan Jun 2012 L&M Housing Fund payment Redevelopment 83,859 83,859 - ROPS Project Area Pass-Through 1993 Contracts Attributable to 12116/2011 City of El Cerrito 12) Payments & 1994 Taxing Entities Tax Increment Payment Redevelopment 507,493 507,493 - Statutory Project Area Administrative FY11-12 Administrative Allowance per City of El Cerrito 13) Allowance Payment City of El Cerrito AB1x26 Redevelopment 250,000 250,000 - Project Area New Item Pass-Through 1993 Contracts Payment Amounts Provided City of El Cerrito 14) & 1994 Taxing Entities by County Auditor-Controller Redevelopment 415,222 415,222 - Payments Statutory for 6/1/12 RPT Distribution Project Area Totals - - - - - - $ ~0,181,83Z_ ~_59,964 $2,465,110 $ 50,000 $ 50,000 50,000 $ j_ 614,027 _1~.279, 137 Notes Item 1: This Item 1 combines Items 1-5 from the Jan-Jun 2012 ROPS. Debt service payments due on July 1, 2012 have been moved from the Jan-Jun 2012 ROPS to the Jui-Dec ROPS. ''Total Outstanding Obligations 6/30/12" and ''Total Due During FY2012-13" amounts have been adjusted. Items 3 & 4: During the review by the Department of Finance (DOF) of the First ROPS, the DOF objected to the Cooperation Agreements with the El Cerrito Municipal Services Corporation and with the City of El Cerrito. The Successor Agency has disputed the disapproval and is waiting for a response from DOF. The items are included on this Jun-Dec 2012 ROPS in order to request establishment of reserves while the Successor Agency awaits resolution of the dispute. Items 5 & 6: Should funds available for the Jun-Dec 2012 ROPS period be insufficient, the December 2012 payments on the ERAF and SERAF loans will be listed as obligations on the next ROPS. Item 7: Should there be insufficient RPT funding available for the Successor Agency Administrative Allowance, it will be included as an obligation on the next ROPS. Items 8-13: Due to insufficient RPT funding available for the Jan-Jun 2012 ROPS, the unpaid balances of these obligations were deferred to the Jui-Dec 2012 ROPS. Payments will be scheduled as RPT becomes available. Items 12 & 14: The Contra Costa County Auditor-Controller provided the payment estimates for FY11-12 pass-through payments subsequent to preparation of the draft ROPS. Pass-Through Payments are subject to subordination to debt service payments if insufficient RPT is available. Subordinated pass-through payments will be carried to subsequent ROPS until sufficient funds are available. I I