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AGENDA BILL Agenda Item No. 5(F) Date: February 17, 2015 To: City Council of the City of El Cerrito El Cerrito Redevelopment Successor Agency From: Hilde Myall, Housing Program Manager Lisa Malek-Zadeh, Finance Director/City Treasurer Melanie Mintz, Interim Community Development Director Subject: Draft Recognized Obligations Payment Schedule 15-16A and the Redevelopment Successor Agency’s FY 2015-16 Administrative Budget ACTION REQUESTED Adopt a Successor Agency resolution reviewing and authorizing submittal of the draft Recognized Obligations Payment Schedule 15-16A covering the period July to December 2015 and the Successor Agency’s FY 2015-16 administrative budget. BACKGROUND Recognized Obligation Payment Schedules 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); and 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. ---PAGE BREAK--- Agenda Item No. 5(F) The schedule being reviewed this evening is the draft ROPS 15-6A covering payments due during the period of July to December 2015. The Successor Agency must submit ROPS 15-16A approved by the Oversight Board to DOF no later than March 3, 2015. The Oversight Board is scheduled to consider ROPS 15-16A at its upcoming special meeting on February 25, 2015. 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 15-16A, the notification date is May 15, 2015 for the June 1, 2015 disbursement. Successor Agency Administrative Budget Pursuant to the Dissolution Act, the Successor Agency must prepare a budget for administrative expenses each fiscal year to be approved by the Oversight Board and DOF. The Successor Agency is entitled to an administrative allowance of $250,000 annually. The budget being considered this evening is for FY 2015-16. ROPS 15-16A The proposed ROPS 15-16A is Exhibit A to the attached Successor Agency resolution, 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 15-16A, 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 December 27, 2015. • Valente Note. No payment is due during the ROPS 15-16A period. • Litigation Costs. The Successor Agency’s litigation expenses are an enforceable obligation. The Successor Agency is estimating litigation costs of $72,350 in the July through December 2015 period. • 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 DDLA as of April 2014 and therefore this obligation is included on ROPS 15-16A for funding. ---PAGE BREAK--- Agenda Item No. 5(F) • San Pablo Avenue 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 $431,599 of the commitment remains outstanding. • ERAF and SERAF Loans. The payment amount listed is an estimate based on calculations in Health & Safety Code Section 34176 and an estimate of residual funds in the after other obligations are paid and is consistent with the approved SERAF/ERAF Loan Repayment Schedule pursuant to Successor Agency Resolution No. 201401 and Oversight Board Resolution No. 2014-03. • FY 2015-16 Administrative Allowance. One half of the Successor Agency’s administrative allowance is included on the ROPS. The total amount of funding required for ROPS 15-16A is estimated to be $2,213,510. Because there was $72,350 of unspent RPT from ROPS 14-15A, there is a Prior Period Adjustment of negative $72,350 to the requested RPT funding for ROPS 15-16A. The unspent RPT from ROPS 14-15A can be used to pay approved ROPS 15- 16A enforceable obligations, so the combined total funding requested equals $2,213,510 ($2,141,160 plus $72,350). Based on the amount received during the prior ROPS period, the estimated amount to be distributed from the is approximately $2,197,051. There may be insufficient for all obligations due during the ROPS 15-16A period. SERAF/ERAF LOAN REPAYMENT The State of California shifted tax increment revenues from redevelopment agencies statewide into the Educational Revenue Augmentation Fund (ERAF) in 2005 and 2006, and into the Supplemental ERAF (SERAF) in 2009 and 2010. Redevelopment agencies that did not have sufficient tax increment to make their ERAF and SERAF payments were permitted to borrow from their housing funds in order to do so. The RDA had borrowed funds from its Low and Moderate Income Housing Fund (LMIHF) and was in the process of repaying the loans when the agency was dissolved. The obligation was assumed by the Successor Agency and is payable to the City’s Low Income Housing Asset Fund. The Dissolution Act allows repayment of SERAF and ERAF loans beginning in FY 2014-15. The maximum repayment amount authorized each fiscal year is limited to one half of the increase between the amount distributed to the taxing entities in the fiscal year and the amount distributed to taxing entities in the 2012-13 base year. The DOF has advised successor agencies that SERAF and ERAF loans are enforceable obligations provided that the Oversight Board approves a repayment schedule. In February 2014, pursuant to Successor Agency Resolution No. 2014-01 and Oversight Board Resolution No. 2014-03, the Successor Agency and the Oversight Board approved a repayment schedule in which the FY 14-15 maximum repayment of $75,284 was based on an estimated residual of $150,568. The approved repayment schedule allows the actual repayment amount for each ROPS period to vary so long as the amount does not exceed the maximum amount allowed pursuant to the formula ---PAGE BREAK--- Agenda Item No. 5(F) contained in the Dissolution Act (Health and Safety Code Section 34176(e)(6)(B)). The actual residual for the FY 14-15 period was $1,631,717, which would allow a maximum repayment of $815,859. A comparison of the original estimated repayment schedule and the requested repayment for ROPS 15-16A based on actual FY 14-15 residual is contained in the Tables A and B, below. In light of the actual residual, the allowed maximum amount of repayment and other enforceable obligations on the ROPS 15-16A, staff is recommending a loan repayment request of $250,000 on ROPS 15-16A. Table A – Original February 2014 Estimated Repayment Schedule Table B – Updated Repayment Schedule with Actual FY 13-14 & FY 14-15 Residual SUCCESSOR AGENCY FY2015-16 ADMINISTRATIVE BUDGET A proposed FY 2015-16 Administrative Budget is Exhibit B to the attached Successor Agency Resolution. Note that this budget does not include litigation costs, as provided ROPS Period Available County Admin Pass-Thru Payments Projected ROPS Residual Difference from Base Year Maximum Payment Sample Payment Schedule Loan Balance II 2,221,333 (48,673) (223,412) (1,949,250) - 1,247,318 III 2,606,039 (48,009) (482,915) (2,075,115) - - 1,247,318 13-14A 2,759,863 (31,230) (1,251,240) (1,427,787) 49,606 1,247,318 13-14B 2,632,518 (30,945) (529,090) (2,072,483) - 49,606 24,803 1,247,318 14-15A 2,632,518 (30,932) (526,504) (2,075,082) - 24,803 1,222,515 14-15B 2,711,494 (31,860) (542,299) (1,986,767) 150,568 150,568 75,284 1,222,515 15-16A 2,711,494 (31,860) (542,299) (1,584,845) 552,490 75,284 1,147,231 15-16B 2,792,839 (32,816) (558,568) (1,797,776) 403,679 956,169 478,085 1,147,231 16-17A 2,792,839 (32,816) (558,568) (1,823,109) 378,346 250,000 897,231 16-17B 2,876,624 (33,800) (575,325) (1,861,324) 406,175 784,521 392,261 897,231 17-18A 2,876,624 (33,800) (575,325) (1,647,242) 620,257 250,000 647,231 17-18B 2,962,923 (34,814) (592,585) (1,685,457) 650,067 1,270,324 635,162 647,231 18-19A 2,962,923 (34,814) (592,585) (1,716,192) 619,332 250,000 397,231 18-19B 3,051,811 (35,859) (610,362) (1,754,407) 651,183 1,270,515 635,258 397,231 19-20A 3,051,811 (35,859) (610,362) (1,235,586) 1,170,004 250,000 147,231 19-20B 3,143,365 (36,935) (628,673) (1,273,801) 1,203,956 2,373,960 1,186,980 147,231 20-21A 3,143,365 (36,935) (628,673) (1,351,082) 1,126,675 147,231 - 20-21B 3,237,666 (38,043) (647,533) (1,492,066) 1,060,024 2,186,699 1,093,350 - Estimated Residual Redevelopment Property Tax for SERAF/ERAF Obligation Repayment by the El Cerrito Redevelopment Agency Successor Agency ROPS Period Available County Admin Pass-Thru Payments Projected ROPS Residual Difference from Base Year Maximum Payment Sample Payment Schedule Loan Balance II 2,221,333 (48,673) (223,412) (1,949,250) - 1,247,318 III 2,606,039 (48,009) (482,915) (2,075,115) - - 1,247,318 13-14A 2,759,863 (31,230) (1,251,640) (1,427,787) 49,206 1,247,318 13-14B 2,632,518 (30,945) (529,090) (2,072,483) - 49,206 24,603 1,247,318 14-15A 2,744,482 (40,733) (499,231) (1,303,419) 901,099 24,603 1,222,715 14-15B 2,856,815 (45,903) (558,463) (1,521,831) 730,618 1,631,717 815,859 1,222,715 15-16A 2,788,276 (32,762) (558,463) (2,186,160) 10,891 250,000 972,715 15-16B 2,723,760 (32,004) (544,752) (1,797,776) 349,228 360,119 180,060 972,715 16-17A 2,723,760 (32,004) (544,752) (1,878,169) 268,835 180,060 792,655 16-17B 2,786,930 (32,746) (557,386) (1,736,324) 460,474 729,309 364,655 792,655 17-18A 2,786,930 (32,746) (557,386) (1,772,242) 424,556 250,000 542,655 17-18B 2,851,363 (33,504) (570,273) (1,560,457) 687,129 1,111,685 555,843 542,655 18-19A 2,851,363 (33,504) (570,273) (1,841,192) 406,394 250,000 292,655 18-19B 2,917,085 (34,276) (583,417) (1,629,407) 669,985 1,076,379 538,190 292,655 19-20A 2,917,085 (34,276) (583,417) (1,360,586) 938,806 250,000 42,655 19-20B 2,984,121 (35,063) (596,824) (1,148,801) 1,203,433 2,142,239 1,071,120 42,655 20-21A 2,984,121 (35,063) (596,824) (1,371,306) 980,928 42,655 - 20-21B 3,052,498 (35,867) (610,500) (1,367,066) 1,039,065 2,019,993 1,009,997 - Updated Estimate of Residual Redevelopment Property Tax for SERAF/ERAF Obligation Repayment by the El Cerrito Redevelopment Agency Successor Agency ---PAGE BREAK--- Agenda Item No. 5(F) 1n the Dissolution Act. This budget is included within the City's overall FY 2015-16 Budget and the City will be reimbursed once the Successor Agency receives its allowance. Regardless of the Successor Agency's actual administrative expenses, it receives the administrative allowance of $250,000 annually. LEGAL CONSIDERATIONS All actions being requested are consistent with the Dissolution Act, as amended. Scott Hanin City Manager Attachments: 1. Successor Agency Resolution ---PAGE BREAK--- Agenda Item No. 5(F) Attachment 1 SUCCESSOR AGENCY RESOLUTION 2015-XX RESOLUTION OF THE EL CERRITO REDEVELOPMENT AGENCY SUCCESSOR AGENCY AUTHORIZING SUBMITTAL OF THE DRAFT RECOGNIZED OBLIGATION PAYMENT SCHEDULE 15-16A, AS REQUIRED UNDER THE DISSOLUTION ACT; AND APPROVING ITS FY 2015-16 ADMINISTRATIVE BUDGET 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 15-16A (“ROPS 15-16A”) covering the period July through December, 2015 to the Department of Finance (the “DOF”) by March 3, 2015; 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. 5(F) 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 15-16A 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 has reviewed the draft ROPS 15-6A and finds that the amount requested for repayment of funds borrowed from the Low and Moderate Income Housing Fund is consistent with the approved repayment schedule pursuant to Successor Agency Resolution No. 2014-02, Oversight Board Resolution No. 2014-03 and with Health and Safety Code Section 34176(e)(6)(B); and WHEREAS, the Successor Agency wishes to authorize Successor Agency staff to amend the ROPS 15-16A 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 WHEREAS, pursuant to the Dissolution Act, the Successor Agency is entitled to an administrative allowance of $250,000 annually to be paid from the property tax revenues collected in the Project Area, regardless of its actual administrative expenses; and WHEREAS, the Successor Agency must prepare a budget for those administrative expenses each fiscal year to be approved by the Oversight Board, as required in the Dissolution Act; and WHEREAS, an Administrative Budget prepared for FY 2015-16 is attached as Exhibit B and incorporated into this Resolution. 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 15-16A 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 the El Cerrito Redevelopment Successor Agency approves its Administrative Budget for FY 2015-16. BE IT FURTHER RESOLVED that this Resolution shall become effective immediately upon its passage and adoption. ---PAGE BREAK--- Agenda Item No. 5(F) Attachment 1 I CERTIFY that at the regular meeting on February 17, 2015, 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: IN WITNESS of this action, I sign this document on February 2015. Cheryl Morse, City Clerk APPROVED: Mark Friedman, Successor Agency Chair ---PAGE BREAK--- Name of Successor Agency: El Cerrito Name of County: Contra Costa Current Period Requested Funding for Outstanding Debt or Obligation A - $ B - C - D - E 2,213,510 $ F 2,088,510 G 125,000 H Current Period Enforceable Obligations 2,213,510 $ Successor Agency Self-Reported Prior Period Adjustment to Current Period Requested Funding I Enforceable Obligations funded with 2,213,510 J (72,350) K 2,141,160 $ County Auditor Controller Reported Prior Period Adjustment to Current Period Requested Funding L Enforceable Obligations funded with 2,213,510 M - N 2,213,510 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 15-16A) - Summary Filed for the July 1, 2015 through December 31, 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 Agency Item No. Resolution No. 2015-XX 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 24,243,364 $ - $ - $ - $ 2,088,510 $ 125,000 $ 2,213,510 $ 1 Tax Allocation Bonds 1997 A Bonds Issued On or 12/17/1997 7/1/2019 Union Bank Refunding of prior TAB for Redev Projs City of El Cerrito 2,024,250 N 254,875 $ 254,875 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 - Y $ - 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 10,364,435 N 577,576 $ 577,576 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 4,443,290 N 252,110 $ 252,110 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 1,897,925 N $ - 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 6/30/2015 City of El Cerrito Successor Agency litigation costs funded by ROPS 14-15B RPT and/or by City of El Cerrito Cash Flow Loan pursuant to H&S Code Section 34173(h). City of El Cerrito 72,350 N 72,350 $ 72,350 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 250,000 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 100,000 $ 100,000 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 150,000 $ 150,000 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 $ - Recognized Obligation Payment Schedule (ROPS 15-16A) - ROPS Detail July 1, 2015 through December 31, 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 Agency Item No. Resolution No. 2015-XX 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 14-15A Actuals (07/01/14 - 12/31/14) 1 Beginning Available Cash Balance (Actual 07/01/14) 16,592 1,277 2 Revenue/Income (Actual 12/31/14) amounts should tie to the ROPS 14-15A distribution from the County Auditor-Controller during June 2014 1,303,419 3 Expenditures for ROPS 14-15A Enforceable Obligations (Actual 12/31/14) amounts, H3 plus H4 should equal total reported actual expenditures in the Report of PPA, Columns L and Q 518,569 4 Retention of Available Cash Balance (Actual 12/31/14) amount retained should only include the amounts distributed as reserve for future period(s) 712,500 Funds retained as debt service reserve for ROPS 1 5 ROPS 14-15A Prior Period Adjustment amount should tie to the self-reported ROPS 14-15A PPA in the Report of PPA, Column S No entry required 72,350 6 Ending Actual Available Cash Balance C to G = (1 + 2 - 3 - H = (1 + 2 - 3 - 4 - 5) - $ - $ 16,592 $ - $ 1,277 $ - $ ROPS 14-15B Estimate (01/01/15 - 06/30/15) 7 Beginning Available Cash Balance (Actual 01/01/15) D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6) - $ - $ 16,592 $ 712,500 $ 1,277 $ 72,350 $ 8 Revenue/Income (Estimate 06/30/15) amounts should tie to the ROPS 14-15B distribution from the County Auditor-Controller during January 2015 1,521,831 9 Expenditures for ROPS 14-15B Enforceable Obligations (Estimate 06/30/15) 15,455 712,500 1,175 1,521,831 10 Retention of Available Cash Balance (Estimate 06/30/15) amount retained should only include the amounts distributed as reserve for future period(s) 11 Ending Estimated Available Cash Balance (7 + 8 - 9 -10) - $ - $ 1,137 $ - $ 102 $ 72,350 $ Recognized Obligation Payment Schedule (ROPS 15-16A) - 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 Agency Item No. Resolution No. 2015-XX Exhibit A ---PAGE BREAK--- A B C D E F G H I J K L M N O P Q R S T U V W X Y Z AA AB Net SA Non-Admin and Admin PPA (Amount Used to Offset ROPS 15-16A Requested Net CAC Non- Admin and Admin PPA (Amount Used to Offset ROPS 15- 16A Requested Authorized Actual Authorized Actual Authorized Actual Authorized Available (ROPS 14-15A distributed + all other available as of 07/1/14) Net Lesser of Authorized / Available Actual Difference (If K is less than L, the difference is zero) Authorized Available (ROPS 14-15A distributed + all other available as of 07/1/14) Net Lesser of Authorized / Available Actual Difference (If total actual exceeds total authorized, the total difference is zero) Net Difference (M+R) Net Lesser of Authorized / Available Actual Difference Net Lesser of Authorized / Available Actual Difference Net Difference - $ - $ - $ - $ - $ - $ 1,178,419 $ 1,178,419 $ 1,178,419 $ 1,106,069 $ 72,350 $ 125,000 $ 125,000 $ $ 125,000 125,000 $ - $ 72,350 $ - $ - $ - $ 1 Tax Allocation - - - 281,125 281,125 $ 281,125 281,125 $ - $ - 2 Tax Allocation - - - 113,144 113,144 $ 113,144 113,144 $ - $ - 3 Tax Allocation Bonds 2004 A - - - 535,249 535,249 $ 535,249 535,249 $ - $ - 5 Tax Allocation Bonds 2004 B Hsg - - - 134,098 134,098 $ 134,098 134,098 $ - $ - 6 2009-10 SERAF Loan - - - - $ - $ - $ - 7 2005-06 ERAF Loan - - - - $ - $ - $ - 9 Valente Promissory Note - - - - $ - $ - $ - 11 Eden Housing Loan Agreement - - - - $ - $ - $ - 12 Cooperation Agreement - - - - $ - $ - $ - 14 Due Diligence Review - - - - $ - $ - $ - 18 Eden Housing Loan Agreement Post-DDA - - - - $ - $ - $ - 19 Cooperation Agreement - - - - $ - $ - $ - 21 Litigation Cost/Cash Flow Loan Agreement - - - 90,000 90,000 $ 90,000 17,650 $ 72,350 $ 72,350 22 Eden Housing Loan Agreement Post-DDA - - - - $ - $ - $ - 23 Cooperation Agreement - - - - $ - $ - $ - 24 San Pablo Avenue Streetscape - - - - $ - $ - $ - 25 FY 14-15 Administrative Allowance` - - - - $ - $ - 125,000 $ - 26 2009-10 SERAF Loan - - - 19,800 19,800 $ 19,800 19,800 $ - $ - 27 2005-06 ERAF Loan - - - 5,003 5,003 $ 5,003 5,003 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Expenditures ROPS 14-15A CAC PPA: To be completed by the CAC upon submittal of the ROPS 15-16A by the SA to Finance and the CAC. Note that CACs will need to enter their own formulas at the line item level pursuant to the manner in which they calculate the PPA. Also note that the Admin amounts do not need to be listed at the line item level and may be entered as a lump sum. CAC Comments SA Comments Recognized Obligation Payment Schedule (ROPS 15-16A) - Report of Prior Period Adjustments Reported for the ROPS 14-15A (July 1, 2014 through December 31, 2014) Period Pursuant to Health and Safety Code (HSC) section 34186 (Report Amounts in Whole Dollars) ROPS 14-15A 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 14-15A (July through December 2014) period. The amount of Redevelopment Property Tax Trust Fund approved for the ROPS 15-16A (July through December 2015) period will be offset by the SA’s self-reported ROPS 14-15A prior period adjustment. HSC Section 34186 also specifies that the prior period adjustments self-reported by SAs are subject to aud by the county auditor-controller (CAC) and the State Controller. Item # Project Name / Debt Obligation Expenditures Non-Admin Non-Admin CAC Admin CAC Admin Bond Proceeds Reserve Balance Other Funds Expenditures Agency Item No. Resolution No. 2015-XX Exhibit A ---PAGE BREAK--- Item # Notes/Comments 1 A portion of this item is to fund a debt service reserve for ROPS 15-16B. Should there be insufficient funds for other ROPS 15-16A 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 15-16B. Should there be insufficient funds for other ROPS 15-16A 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 15-16B. Should there be insufficient funds for other ROPS 15-16A 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 15-16B. Should there be insufficient funds for other ROPS 15-16A items, less than the full amount requested may be reserved for the debt service reserve portion of this item. 21 Requesting use of $72,350 of ROPS 14-15A reported on Cash Balance worksheet and Prior Period Adjustment Worksheet of ROPS 15-16A, for this item. 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 15-16A 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 Requesting 1st half of $250,000 annual allowance for Successor Administration. 26 The Oversight Board approved the SERAF/ERAF Loan repayment schedule in February 2014 (OB Resolution No. 2014-03). The amount payable during the current ROPS period is an estimate and within the maximum allowed based on the formula contained in the Dissolution Act. 27 The Oversight Board approved the SERAF/ERAF Loan repayment schedule in February 2014 (OB Resolution No. 2014-03). The amount payable during the current ROPS period is an estimate and within the maximum allowed based on the formula contained in the Dissolution Act. Recognized Obligation Payment Schedule (ROPS 15-16A) - Notes July 1, 2015 through December 30, 2015 Agency Item No. Resolution No. 2015-XX Exhibit A ---PAGE BREAK--- Resolution No. 2015‐__ Exhibit B Exhibit B Successor Agency Administrative Budget Fiscal Year 2015‐6 Entity/Activity Successor Agency Oversight Board Staffing Functions (Total Compensation plus Overhead for Indirect Costs) Administration $55,000 $35,000 Finance $60,000 $30,000 Community Development $20,000 $10,000 City Clerk $15,000 $10,000 Legal Services $50,000 Financial & Audit Services $10,000 Bond‐related Costs $10,000 Supplies $1,000 $500 Postage $100 $100 Copies $100 $100 Website $1,000 $1,000 Advertising/Legal Notices $500 $500 Property Management $1,000 Total $223,700 $87,200 Combined Total $310,900 Funding Source Redevelopment Property Tax Trust Fund $250,000 Unfunded $60,900