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AGENDA BILL Agenda Item No. 7(A) Date: September 22, 2014 To: City Council of the City of El Cerrito El Cerrito Redevelopment Successor Agency From: Hilde Myall, Senior Program Manager, Community Development Lisa Malek-Zadeh, Finance Director Subject: Review and authorization to submit the draft Recognized Obligations Payment Schedule 14-15B (January – June 2015) ACTION REQUESTED Adopt a Successor Agency resolution reviewing and authorizing submittal of the draft Recognized Obligations Payment Schedule 14-15B covering the period January to June 2015. BACKGROUND ABx1 26 (“Dissolution Act”) dissolved the El Cerrito Redevelopment Agency (“RDA”) and established the El Cerrito Redevelopment Successor Agency (“Successor Agency”) on February 1, 2012. Under the Dissolution Act, the portion of property tax revenues collected in the City of El Cerrito Redevelopment Project Area (“Project Area”) that was considered Tax Increment prior to the RDA’s dissolution are called Redevelopment Property Tax and are deposited by the County Auditor-Controller (“Auditor-Controller”) into the Redevelopment Property Tax Trust Fund The Auditor-Controller distributes the funds in the with the following priority: 1. Auditor-Controller’s administrative costs 2. Pass-through payments to the taxing entities affected by the Redevelopment Plan for the Project Area, calculated the same as prior to RDA dissolution 3. Distribution to the Successor Agency to retire the former RDA’s obligations 4. Repayment of loans from the Housing Fund (starting in FY 2014-15) 5. Distribution of residual funds to taxing entities The Successor Agency must review and authorize submittal of a Recognized Obligation Schedule (“ROPS”) for each six-month period. Each ROPS must then be approved by the Oversight Board to the Successor Agency (“Oversight Board”) and the California Department of Finance (“DOF”) before the Auditor-Controller disburses funding for payments on the approved ROPS. The schedule being reviewed this evening is the draft ROPS 14-15B covering payments due during the period of January to June 2015. The Successor Agency must submit ROPS 14-15B approved by the Oversight Board to DOF no later than October 3, 2014. The Oversight Board is scheduled to consider ROPS 14-15B at its upcoming special ---PAGE BREAK--- Agenda Item No. 7(A) Page 2 meeting. After submittal, DOF then has 45 days to review the ROPS and approve or disapprove of any items. The Successor Agency can request additional review by DOF and an opportunity to meet and confer on disputed items, and must make that request within five business days of receiving a DOF determination. The DOF is required to notify the Successor Agency and Auditor-Controller of its final determination of the approved payments at least 15 days prior to the date of distributions from the For ROPS 14-15B, the notification date is December 18, 2014 for the January 2, 2015 disbursement. ROPS 14-15B The proposed ROPS 14-15A is Exhibit A to the attached Successor Agency resolution, reviewing and authorizing its submittal. It includes: 1) A summary of the funding request; 2) An itemized listing of obligations; 3) A report of cash balances; 4) A reconciliation of prior payments and resulting adjustments; and 5) Notes of explanation. Obligations with remaining outstanding balances are included on ROPS 14-15B, whether previously approved by DOF or in dispute. They are as follows: • Tax Allocation Bond Debt Service. Payments are due to the trustee Union Bank by June 27, 2015. • Valente Note. The annual payment of $288,215 is due during the ROPS 14-15B period. • Litigation Costs. The Successor Agency’s litigation expenses are an enforceable obligation. The Successor Agency received $90,000 on ROPS 14-15A for litigation expenses during the July through December 2014 period. The Successor Agency is estimating litigation costs of $45,000 in the January through June 2015 period. The Successor Agency is requesting $45,000 of ROPS 14- 15B to cover a portion of these costs and approval to fund the remainder from Successor Agency reserve balance and interest earnings of $16,630. • Eden Housing Loan Agreement Post-DDA. While the Oversight Board has repeatedly approved obligations to Eden Housing, DOF has continued to deny that portion of the loan agreement that was contingent on negotiation of a Disposition and Development Agreement (DDA) with Eden, in the amount of $250,000, stating that the Successor Agency did not have the authority to negotiate a DDA. However, the City as Housing Successor does have the authority to negotiate a DDA with Eden Housing on a property that was listed on the DOF-approved Housing Asset Transfer List and the Successor Agency retained the obligation to fund the loan agreement. DOF stated that the Successor Agency can terminate the agreement due to dissolution, but the Successor Agency is not required to terminate under the Dissolution Act and the DOF cannot require the Successor Agency to do so. Eden Housing and the City as Housing Successor entered into a DDA as of April 2014 and therefore this obligation is included on ROPS 14-15B for funding. ---PAGE BREAK--- Agenda Item No. 7(A) • San Pablo A venue Streetscape and Streetlights. In the process of closing out multi-year capital improvement projects, it was determined that commitments of tax increment by the RDA to the City were not transferred to the Capital Improvement Fund, but were relied upon for letting construction contracts. While the commitment of tax increment not transferred by the RDA totaled $956,511, the City was able to reduce project costs and only $431,559 of the commitment remains outstanding. • FY 2014-15 Administrative Allowance. One half of the Successor Agency's administrative allowance is included on the ROPS. The total amount of funding required for ROPS 14-15B is estimated to be $2,203,430. The total ROPS 14-15B period funding request, including and use of existing fund balance, is $2,220,060. Based on the amount received during the prior ROPS period, the estimated amount to be distributed from the is about $2.1 million. There may be insufficient for all obligations due during the ROPS 14- 15B period. FINANCIAL CONSIDERATIONS The Dissolution Act made clear that the Successor Agency is a separate public entity from the City. The obligations listed on the ROPS are obligations of the Successor Agency and are not those of the City. LEGAL CONSIDERATIONS All actions being requested are consistent with the Dissolution Act, as amended. Reviewed by: Scott Hanin City Manager Attachments: 1. Successor Agency Resolution reviewing and authorizing submittal of the draft Recognized Obligation Payment Schedule 14-15B Page 3 ---PAGE BREAK--- Agenda Item No. 7(A) Attachment 1 SUCCESSOR AGENCY RESOLUTION 2014-XX RESOLUTION OF THE EL CERRITO REDEVELOPMENT AGENCY SUCCESSOR AGENCY AUTHORIZING SUBMITTAL OF THE DRAFT RECOGNIZED OBLIGATION PAYMENT SCHEDULE 14-15B, AS REQUIRED UNDER THE DISSOLUTION ACT WHEREAS, pursuant to the California Community Redevelopment Law (the “Redevelopment Law”), the City Council (the “City Council”) of the City of El Cerrito (the “City”) adopted the Redevelopment Plan for the City of El Cerrito Redevelopment Project Area by Ordinance No. 77-17, as amended by Ordinances No. 80-13; No. 89-5; No. 94-4; No. 2004-3; No. 2005-01; and No. 2006-10 (collectively, the “Redevelopment Plan”); and WHEREAS, the El Cerrito Redevelopment Agency (the “RDA”) was responsible for implementation of the Redevelopment Plan; and WHEREAS, as part of the 2011-12 State budget bill, ABx1 26 (the “Dissolution Act”) was enacted significantly modifying the Redevelopment Law to require the dissolution of redevelopment agencies throughout California and the establishment of 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 El Cerrito Redevelopment Agency Successor Agency (the “Successor Agency”), should the RDA be dissolved; and WHEREAS, California redevelopment agencies were dissolved on February 1, 2012; and WHEREAS, pursuant to the Dissolution Act, upon dissolution, the RDA transferred as a matter of law all remaining liabilities, debts and obligations to the Successor Agency; and transferred all unencumbered funds and assets to the Successor Agency’s Redevelopment Obligation Retirement Fund (the “RORF”), for disposition and/or use by the Successor Agency to retire RDA debt and pay for RDA obligations; and WHEREAS, pursuant to the Dissolution Act, the Contra Costa County Auditor Controller (the “Auditor-Controller”) established the Redevelopment Property Tax Trust Fund (the to hold Redevelopment Property Tax collected from the City of El Cerrito Redevelopment Project Area to be disbursed to the Successor Agency for payment of its enforceable obligations and to taxing entities affected by the Redevelopment Plan; and WHEREAS, AB 1484 (the “Trailer Bill”) was enacted on July 1, 2012 modifying the Dissolution Act to require the Successor Agency to submit an oversight board-approved Recognized Obligations Payment Schedule 14-15A (“ROPS 14-15A”) covering the period July through December, 2014 to the Department of Finance (the “DOF”) by March 3, 2014; and WHEREAS, the Trailer Bill made clear that the Successor Agency is a separate public entity from the City; and ---PAGE BREAK--- Agenda Item No. 7(A) Attachment 1 WHEREAS, the Oversight Board to the Successor Agency to the El Cerrito Redevelopment Agency (the “Oversight Board”) was formed on April 4, 2012; and WHEREAS, the Successor Agency has reviewed the draft ROPS 14-15B that was prepared pursuant to the Dissolution Act and the Trailer Bill, which is attached and incorporated as Exhibit A to this Resolution, for submittal to the Oversight Board, the Auditor-Controller, and DOF; and WHEREAS, the Successor Agency wishes to authorize Successor Agency staff to amend the ROPS 14-15B administratively to account for any additional changes made by the DOF to the ROPS form that occur after the Successor Agency’s consideration; and WHEREAS, the Successor Agency is not a component unit of the City, but the City is providing administrative services for the Successor Agency; and NOW THEREFORE, BE IT RESOLVED that the City El Cerrito Redevelopment Agency Successor Agency hereby finds the above recitals to be true and accurate. BE IT FURTHER RESOLVED that the El Cerrito Redevelopment Agency Successor Agency authorizes the submittal of the draft Recognized Obligation Payment Schedule 14-15B as required under the Dissolution Act, subject to such changes as may be necessary to accommodate changes in the DOF approved form, any such changes to be approved by the City Manager. BE IT FURTHER RESOLVED that this Resolution shall become effective immediately upon its passage and adoption. I CERTIFY that at the special meeting on September 22, 2014, the City Council of the City of El Cerrito acting as the El Cerrito Redevelopment Agency Successor Agency passed this resolution by the following vote: AYES: COUNCILMEMBERS: NOES: COUNCILMEMBERS: ABSENT: COUNCILMEMBERS: ABSTAIN: COUNCILMEMBERS: ---PAGE BREAK--- Agenda Item No. 7(A) Attachment 1 IN WITNESS of this action, I sign this document on September 2014. Cheryl Morse, City Clerk APPROVED: Janet Abelson, Successor Agency Chair/Mayor ---PAGE BREAK--- Name of Successor Agency: El Cerrito Name of County: Contra Costa Current Period Requested Funding for Outstanding Debt or Obligation A 16,630 $ B - C 15,455 D 1,175 E 2,203,430 $ F 2,078,430 G 125,000 H Current Period Enforceable Obligations 2,220,060 $ Successor Agency Self-Reported Prior Period Adjustment to Current Period Requested Funding I Enforceable Obligations funded with 2,203,430 J - K 2,203,430 $ County Auditor Controller Reported Prior Period Adjustment to Current Period Requested Funding L Enforceable Obligations funded with 2,203,430 M - N 2,203,430 Name Title Signature Date Administrative Costs (ROPS Detail) Less Prior Period Adjustment (Report of Prior Period Adjustments Column S) Adjusted Current Period Requested Funding (I-J) Less Prior Period Adjustment (Report of Prior Period Adjustments Column AA) Adjusted Current Period Requested Funding (L-M) Certification of Oversight Board Chairman: Pursuant to Section 34177 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. Recognized Obligation Payment Schedule (ROPS 14-15B) - Summary Filed for the January 1, 2015 through June 30, 2015 Period Enforceable Obligations Funded with Non-Redevelopment Property Tax Trust Fund Funding Sources Non-Administrative Costs (ROPS Detail) Enforceable Obligations Funded with Funding Bond Proceeds Funding (ROPS Detail) Reserve Balance Funding (ROPS Detail) Other Funding (ROPS Detail) Six-Month Total Agenda Item No. 7(A) Attachment 1 - Exhibit A ---PAGE BREAK--- A B C D E F G H I J K L M N O P Bond Proceeds Reserve Balance Other Funds Non-Admin Admin 26,034,111 $ - $ 15,455 $ 1,175 $ 2,078,430 $ 125,000 $ 2,220,060 $ 1 Tax Allocation Bonds 1997 A Bonds Issued On or 12/17/1997 7/1/2019 Union Bank Refunding of prior TAB for Redev City of El Cerrito 2,530,375 N 281,125 281,125 2 Tax Allocation Bonds 1998 B Bonds Issued On or Before 12/31/10 12/17/1997 7/1/2015 Union Bank Refunding of prior TAB for L&M Hsg Projs City of El Cerrito 220,644 N 113,144 113,144 3 Tax Allocation Bonds 2004 A Bonds Issued On or Before 12/31/10 10/21/2004 7/1/2023 Union Bank Tax-exempt TAB for Infrastructure Projs City of El Cerrito 11,242,184 N 535,249 535,249 5 Tax Allocation Bonds 2004 B Hsg Bonds Issued On or Before 12/31/10 10/21/2004 7/1/2023 Union Bank Taxable TAB for L&M Hsg Projs City of El Cerrito 4,614,887 N 134,098 134,098 6 2009-10 SERAF Loan SERAF/ERAF 2/16/2010 11/24/2024 City L&M Housing Fund Funds advanced for SERAF payment City of El Cerrito N - 7 2005-06 ERAF Loan SERAF/ERAF 4/17/2006 11/24/2024 City L&M Housing Fund Funds advanced for ERAF payment City of El Cerrito N - 9 Valente Promissory Note Third-Party Loans 3/5/2009 3/5/2024 George Valente Loan for land acquistion City of El Cerrito 2,047,907 N 288,215 288,215 11 Eden Housing Loan Agreement OPA/DDA/Constructi on 5/17/2011 11/24/2024 Eden Housing Undisbursed loan commitment City of El Cerrito N - 12 Cooperation Agreement Project Management Costs 3/7/2011 11/24/2024 El Cerrito MSC Implementation of City of El Cerrito Redevelopment Plan City of El Cerrito N - 18 Eden Housing Loan Agreement Post DDA OPA/DDA/Constructi on 5/17/2011 11/24/2024 Eden Housing Undisbursed loan commitment contingent on DDA City of El Cerrito N - 19 Cooperation Agreement Project Management Costs 3/7/2011 11/24/2024 El Cerrito MSC Implementation of Redevelopment Plan City of El Cerrito N - 21 Litigation Cost/Cash Flow Loan Agreement Legal 10/1/2013 6/30/2014 City of El Cerrito Successor Agency litigation costs funded by ROPS 13-14B RPT and/or by City of El Cerrito Cash Flow Loan pursuant to H&S Code Section 34173(h). City of El Cerrito 62,000 N 15,455 1,175 45,000 61,630 22 Eden Housing Loan Agreement Post DDA OPA/DDA/Constructi on 5/17/2011 11/24/2024 Eden Housing Undisbursed loan commitment contingent on DDA 250,000 N 250,000 250,000 23 Cooperation Agreement Project Management Costs 3/7/2011 11/24/2024 El Cerrito MSC Implementation of Redevelopment Plan 3,287,000 N - 24 San Pablo Avenue Streetscape OPA/DDA/Constructi on 7/1/2004 11/24/2024 City of El Cerrito Undisbursed commitment for public improvements constructed in 2004- 2011 431,599 N 431,599 431,599 25 FY 14-15 Administrative Allowance` Admin Costs 6/1/2014 7/31/2015 City of El Cerrito Annual allowance 125,000 N 125,000 125,000 26 2009-10 SERAF Loan SERAF/ERAF 2/16/2010 11/24/2024 City L&M Housing Fund Funds advanced for SERAF payment 975,941 N - 27 2005-06 ERAF Loan SERAF/ERAF 4/17/2006 11/24/2024 City L&M Housing Fund Funds advanced for ERAF payment 246,574 N - 28 N - 29 N - 30 N - 31 N - 32 N - 33 N - 34 N - 35 N - 36 N - 37 N - 38 N - 39 N - 40 N - 41 N - 42 N - 43 N - 44 N - 45 N - 46 N - 47 N - 48 N - 49 N - 50 N - 51 N - 52 N - 53 N - 54 N - 55 N - 56 N - 57 N - 58 N - 59 N - 60 N - 61 N - 62 N - Recognized Obligation Payment Schedule (ROPS 14-15B) - ROPS Detail January 1, 2015 through June 30, 2015 (Report Amounts in Whole Dollars) Item # Payee Description/Project Scope Project Area Total Outstanding Debt or Obligation Retired Funding Source Six-Month Total Project Name / Debt Obligation Obligation Type Contract/Agreement Execution Date Non-Redevelopment Property Tax Trust Fund Contract/Agreement Termination Date Agenda Item No. Attachment 1 - Exhibit A ---PAGE BREAK--- A B C D E F G H I Other Bonds Issued on or before 12/31/10 Bonds Issued on or after 01/01/11 Prior ROPS period balances and DDR balances retained Prior ROPS distributed as reserve for future period(s) Rent, Grants, Interest, Etc. Non-Admin and Admin ROPS 13-14B Actuals (01/01/14 - 06/30/14) 1 Beginning Available Cash Balance (Actual 01/01/14) 15,455 1,174 Balances reflect actual balances held by Successor Agency net of transfers to trustees. 2 Revenue/Income (Actual 06/30/14) amounts should tie to the ROPS 13-14B distribution from the County Auditor-Controller during January 2014 1 2,072,483 3 Expenditures for ROPS 13-14B Enforceable Obligations (Actual 06/30/14) amounts, H3 plus H4 should equal total reported actual expenditures in the Report of PPA, Columns L and Q 2,072,483 4 Retention of Available Cash Balance (Actual 06/30/14) amount retained should only include the amounts distributed for Recognized Obligation Payment Schedule (ROPS 14-15B) - Report of Cash Balances (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177 Redevelopment Property Tax Trust Fund may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation. For tips on how to complete the Report of Cash Balances Form, see sa/pdf/Cash_Balance_Agency_Tips_Sheet.pdf. Fund Sources Comments Bond Proceeds Reserve Balance Cash Balance Information by ROPS Period debt service reserve(s) approved in ROPS 13-14B 5 ROPS 13-14B Prior Period Adjustment amount should tie to the self-reported ROPS 13-14B PPA in the Report of PPA, Column S No entry required - 6 Ending Actual Available Cash Balance C to G = (1 + 2 - 3 - H = (1 + 2 - 3 - 4 - 5) - - 15,455 - 1,175 - ROPS 14-15A Estimate (07/01/14 - 12/31/14) 7 Beginning Available Cash Balance (Actual 07/01/14) D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6) - - 15,455 - 1,175 - 8 Revenue/Income (Estimate 12/31/14) amounts should tie to the ROPS 14-15A distribution from the County Auditor-Controller during June 2014 1,303,419 9 Expenditures for ROPS 14-15A Enforceable Obligations (Estimate 12/31/14) 590,919 10 Retention of Available Cash Balance (Estimate 12/31/14) amount retained should only include the amount distributed for debt service reserve(s) approved in ROPS 14-15A 712,500 11 Ending Estimated Available Cash Balance (7 + 8 - 9 -10) - - 15,455 - 1,175 - Agenda Item No. Attachment 1 - Exhibit A ---PAGE BREAK--- A B C D E F G H I J K L M N O P Q R S T Net SA Non-Admin and Admin PPA (Amount Used to Offset ROPS 14-15B Requested Authorized Actual Authorized Actual Authorized Actual Authorized Available (ROPS 13-14B distributed + all other available as of 01/1/14) Net Lesser of Authorized / Available Actual Difference (If K is less than L, the difference is zero) Authorized Available (ROPS 13-14B distributed + all other available as of 01/1/14) Net Lesser of Authorized / Available Actual Difference (If total actual exceeds total authorized, the total difference is zero) Net Difference (M+R) - $ - $ - $ - $ - $ - $ 2,137,918 $ 2,072,483 $ 2,072,483 $ 2,072,483 $ - $ - $ $ - - $ - $ 1 Tax Allocation Bonds 1997 - - - 496,873 496,873 496,873 496,873 - - 2 Tax Allocation Bonds 1998 - - - - 210,894 210,894 210,894 210,894 - - 3 Tax Allocation Bonds 2004 A - - - - 813,576 813,576 813,576 813,576 - - 4 Tax Allocation Bonds 2004 B Non-Hsg - - - - - - - - 5 Tax Allocation Bonds 2004 B Hsg - - - 203,360 203,360 203,360 203,360 - - 6 2009-10 SERAF Loan - - - - - - - 7 2005-06 ERAF Loan - - - - - - - 8 Accrued Vacation Liability - - - - - - - 9 Valente Promissory Note - - - 288,215 288,215 288,215 288,215 - - 10 Ohlone Gardens Loan Agreement - - - - - - - 11 Eden Housing Loan Agreement - - - - - - - 12 Cooperation Agreement - - - - - - - 13 FY 2012-13 Administrative Allowance - - - - - - - 14 Due Diligence Review - - - - - - - 15 FY 2011-12 Administrative Allowance - - - - - - - 16 Cash Flow Loan Agreement - - - - - - - 17 Eden Housing Loan Agreement Pre-DDA - - - - - - - 18 Eden Housing Loan Agreement Post-DDA - - - - - - - 19 Cooperation Agreement - - - - - - - 20 FY13-14 Administrative Allowance - - - - - - - 21 Litigation Cost/Cash Flow Loan Agreement - - - 125,000 59,565 59,565 59,565 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Recognized Obligation Payment Schedule (ROPS 14-15B) - Report of Prior Period Adjustments Reported for the ROPS 13-14B (January 1, 2014 through June 30, 2014) Period Pursuant to Health and Safety Code (HSC) section 34186 (Report Amounts in Whole Dollars) ROPS 13-14B Successor Agency (SA) Self-reported Prior Period Adjustments (PPA): Pursuant to HSC Section 34186 SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS 13-14B (January through June 2014) period. The amount of Redevelopment Property Tax Trust Fund approved for the ROPS 14- 15B (January through June 2015) period will be offset by the SA’s self-reported ROPS 13-14B prior period adjustment. HSC Section 34186 also specifies that the prior period adjustments self-reported by SAs are subject to audit by the county auditor-controller (CAC) and the State Controller. Item # Project Name / Debt Obligation Expenditures Non-Admin Admin Bond Proceeds Reserve Balance Other Funds Expenditures SA Comments Agenda Item No. Attachment 1 - Exhibit A ---PAGE BREAK--- Item # Notes/Comments 1 A portion of this item is to fund a debt service reserve for ROPS 15-16A. Should there be insufficient funds for other ROPS 14-15B items, less than the full amount requested may be reserved for the debt service reserve portion of this item. 2 A portion of this item is to fund a debt service reserve for ROPS 15-16A. Should there be insufficient funds for other ROPS 14-15B items, less than the full amount requested may be reserved for the debt service reserve portion of this item. 3 A portion of this item is to fund a debt service reserve for ROPS 15-16A. Should there be insufficient funds for other ROPS 14-15B items, less than the full amount requested may be reserved for the debt service reserve portion of this item. 5 A portion of this item is to fund a debt service reserve for ROPS 15-16A. Should there be insufficient funds for other ROPS 14-15B items, less than the full amount requested may be reserved for the debt service reserve portion of this item. 9 Payment due on ROPS 14-15B. 22 While previously disapproved, the Successor Agency has disputed the determination. A DDA between the City and developer was completed prior to funding of ROPS 14-15B and therefore the Successor Agency is retaining the item on the ROPS. 23 While previously disapproved by DOF, the Successor Agency and Payee have filed litigation regarding the enforceability of this obligation and therefore the Successor Agency is retaining the item on the ROPS. 24 While previously disapproved by DOF, the Successor Agency has disputed the determination. The City of El Cerrito and El Cerrito Redevelopment Agency initiated a multi-year capital improvement project in 2003, completed in 2012. The primary funding source for the project was the Redevelopment Agency, through both tax increment and bond proceeds. The total cost of the project covering the four-mile length of San Pablo Avenue, which included streetscape improvements, paving, signage, landscaping, streetlights and creek restoration was $8.29 million, of which $5.54 million was committed by the Redevelopment Agency. The City relied on the Redevelopment Agency's commitments when entering into construction contracts. However, when closing out the projects in 2012, it was determined that portions of the Redevelopment Agency's funding commitment had not been transferred to the City's Capital Improvement Program Fund, totalling $956,511. The City was able to reduce project costs, but $431,599 of the tax increment commitment remains outstanding. 25 Unpaid portion of annual allowance for Successor Administration. 26 This item is included on the ROPS contingent on the approval by the Oversight Board of the SERAF/ERAF Loan repayment schedule. The amount payable during the current ROPS period is an estimate based on the formula contained in the Dissolution Act. 27 This item is included on the ROPS contingent on the approval by the Oversight Board of the SERAF/ERAF Loan repayment schedule. The amount payable during the current ROPS period is an estimate based on the formula contained in the Dissolution Act. Recognized Obligation Payment Schedule (ROPS 14-15B) - Notes January 1, 2015 through June 30, 2015 Agenda Item No. Attachment 1 - Exhibit A