01-17-2012 - (3)f :a.
•
• City of West Covina
Memorandum
TO: Andrew G. Pasmant, Executive Director
and the Community Development Commission
FROM: Thomas Bachman
Assistant City Manager/Finance Director
AGENDA
Item No.: 8
Date: January 17, 2012
SUBJECT: Approval and Transmittal of the Amended Enforceable Obligations Payment
Schedule (FOPS) and Draft Recognized Obligations Payment Schedule
(BOPS) Pursuant to AB1X 26
RECOMMENDATION:
It is recommended that the Community Development Commission adopt the following
resolution:
RESOLUTION NO. 61J A RESOLUTION OF THE COMMUNITY
DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
APPROVING AND AUTHORIZING - THE TRANSMITTAL OF THE
AMENDED ENFORCEABLE OBLIGATIONS PAYMENT SCHEDULE
(EOPS) AND THE DRAFT RECOGNIZED OBLIGATIONS PAYMENT
SCHEDULE (ROPS) PURSUANT TO ASSEMBLY BILL IX26 (AB1X 26)
DISCUSSION:
In January 2011, the Governor proposed ending redevelopment in California, in a move to secure
$1.7 billion in local property taxes to be used to patch the State's $25 billion budget deficit. The
Legislature passed ABIX 26, which was intended to abolish redevelopment agencies by October
1, 2011; it required that all agency activities be terminated, except for the implementation of
existing obligations. The unwinding of a redevelopment agency would be overseen by a
successor entity designed to liquidate the Agency's assets as rapidly as possible.
After these bills became effective on June 29, 2011, agencies were prohibited from entering into
any new agreements until they have enacted an ordinance committing to make the payments as
required by AB 1 X 27.
On December 29, 2011, the California Supreme Court upheld ABIX 26, which dissolves all of
the redevelopment agencies in the State of California, and struck down AB 1 X 27, which allowed
redevelopment agencies to remain in existence if such agency opted to the Voluntary Alternative
Redevelopment Program. In the case of West Covina, the first year payment under the voluntary
program would have been $5.85 million, with subsequent annual payments of $1.4 million..
Since the Commission will now be dissolved under the Supreme Court order, those payments are
no longer required and have been removed from the revised schedules.
Additionally, AB1X 26 (Section 34169(g)(1)) required Agencies to submit an Enforceable
Obligation Payments Schedule (EOPS) within 60 days of the effective date of Part 1.8, or by
August 28, 2011. West Covina's initial EOPS was adopted on August 23, 2011. Section
34167(h) provides that after the EOPS is adopted, the Commission shall not make a payment
unless the obligation is listed on the EOPS (other than payments required to meet obligations
with respect to bonded indebtedness).
The law required that the Commission indicate payments from September through December of
2011. The adoption of the EOPS allowed the Commission to continue to pay bills for projects
and activities that were allowed to continue under AB 1 X 26, and established the obligations that
allow the City/Commission to continue with existing projects without a redevelopment agency.
An updated EOPS must now be adopted by January 31, 2012, covering the period January 1 to
June 30, 2012.
Finance docs/Agenda Items/CDC/enforceable ObligationsOl-17-12
In addition, the Commission was also. required to prepare a "draft" Preliminary Recognized
Obligation Payment Schedule (ROPS). The first ROPS did not require Board Approval and was
submitted to the State on September 29, 2011. The updated ROPS, like. the EOPS, is due by
January 31, 2012. The ROPS must list the minimum amounts that must be paid by the successor
agency over a six (6) month period to fulfill its enforceable obligations and the sources of
payment to be used during that period, with the first schedule covering the period from January
1, 2012 to June 30, 2012. That schedule is also being revised to reflect the impact of the recent
court decision and needs to be transmitted to the Successor Agency. The City will become the
Successor Agency on February 1, 2012, and will handle the obligations of the Commission after
dissolution. The schedule also identifies a source of payment for each recognized obligation
Once the Agency is dissolved on February 1, 2012, the Successor Agency will finalize the ROPS
and submit it to the Department of Finance and County Auditor -Controller. The ROPS will
establish the payments to be made during wind -down activities of the Agency.
FISCAL IMPACT:
Assembly Bill AB1X26 eliminates redevelopment and establishes the terms by which agencies
can continue to operate until they- are dissolved. The Agency cannot spend. any funds in the
2011-12 adopted budget unless.the amounts are, listed on the Amended Enforceable Obligations
Payment Schedule (Attachment 2). The Reportable Obligations Payment Schedule will be used
by the Successor Agency to identify outstanding obligations that must be . satisfied before the
Agency can be dissolved and the funding sources to be used.
I zzli 5,5_ �qmpnNPWiffll
Finance Director
Attachments: No. 1— Resolution
No. 2— Amended Enforceable Obligations Payment Schedule
No. 3 — Draft Reportable Obligations Payment Schedule
Amd302ac
Attachment 1
RESOLUTION NO.
A RESOLUTION OF THE. COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF WEST COVINA APPROVING AND
AUTHORIZING THE TRANSMITTAL OF THE AMENDED
ENFORCEABLE OBLIGATIONS PAYMENT SCHEDULE (EOPS) AND
THE DRAFT RECOGNIZED OBLIGATIONS PAYMENT SCHEDULE
(ROPS) PURSUANT TO ASSMBLY BILL 1X 26 (AB1X 26)
WHEREAS, the Community Development Commission of the City of West Covina
("Commission") is a community development commission organized and existing under and
pursuant to the California Community Development Commission Law (Part 1.7 of Division 24,
commencing with. Section 34100, of the Health and Safety Code of the State of California) (the
"CDCL"); and
WHEREAS, the City Council of the City of West Covina ("City") approved and adopted
the Redevelopment Plans for the. following Redevelopment Projects ("Redevelopment Plans")
covering certain properties within the City (the "Project Areas"):
1. On December 20, 1971 the West Covina City Council adopted the original Central
Business District Redevelopment Project Area by adoption of Ordinance No. 1180.
2. On July 14, 1975 the West Covina City Council adopted the original Eastland
Redevelopment Project Area by adoption of Ordinance No. 1269.
3. On December 21, 1993 the West Covina City Council approved the Merger of the
Central Business District and the Eastland Redevelopment Project Areas by adoption of
Ordinance No. 1927 and Ordinance No. 1928, which adopted the merged area as the West
Covina Redevelopment Project Area and added three non-contiguous areas to the merged project
area; and
WHEREAS, as part of the 2011-12 State budget bill, the California Legislature has
recently, enacted and the Governor has signed, companion bills AB IX 26 and AB IX 27,
requiring that each redevelopment agency be dissolved unless the community that created it
enacts a resolution committing it to making certain payments; and
WHEREAS, specifically, AB 1X 26 prohibits agencies from taking numerous actions,
effective immediately and purportedly retroactively, and additionally provides that agencies are
deemed to be dissolved as of October 1, 2011; and
WHEREAS, additionally, AB 1X 26 which eliminates redevelopment agencies also
requires all Agencies to wind -down their affairs unless the Agencies are extended through
compliance with the requirements of AB I 27; and
WHEREAS, the California Supreme Court on August 11, 2011 issued a partial stay
("Stay") on the operative effects of ABX1 26 in the case of California Redevelopment
Association, et al. v. Ana Matsonantos, et al. Case No. S 194861.
WHEREAS, on December 29, 2011, the California Supreme Court upheld AB 1 X 26,
which dissolves all of the redevelopment agencies in the State of California, and struck down
AB 1 X 27; and
WHEREAS, as part of the wind down process, all redevelopment agencies are required
to file a schedule of "enforceable obligations"; and
WHEREAS, under the threat of dissolution pursuant to AB 1X 26 (Health and Safety
Code Section 34169(h)), the Agency established the foregoing Enforceable Obligation Payment
Schedule (the "Schedule") to be able to continue eligible redevelopment activities that were
begun prior to the effective date of AB 1 X 26; and
WHEREAS, Health and Safety Code Section 34169(h), which is set forth in Part 1.8,
reuires a redevelopment agency to prepare a preliminary draft of a Recognized Obligation
Payment Schedule, which must list the minimum amounts that must be paid by the successor
agency over a six (6) month period to fulfill its enforceable obligations during that period, with
the first schedule covering the period from January 1, 2012 to June 30, 2012; and
WHEREAS, at a meeting of January 10, 2012, the City of West Covina took action to
designate itself as the Successor Agency and the Housing Successor Agency to the Community
Development Commission, as provided in California Health and Safety Code §§ 34173 and
34176; and
WHEREAS, the Commission reserves the right to appeal any determination of the
California Director of Finance or other entity regarding the propriety of this resolution as well as
any future determinations; and
WHEREAS, while the Agency currently intends to comply with the state -mandated
obligations established hereunder; and
WHEREAS, all other legal prerequisites to the adoption of this resolution have occurred.
NOW, THEREFORE, BE IT RESOLVED by the Community Development
Commission of the City of West Covina, as follows:
SECTION 1. The foregoing Recitals are incorporated into this Resolution by this
reference, and constitute a material part of this Resolution.
SECTION 2. The Amended Enforceable Obligations Payment Schedule attached hereto
as Exhibit "B" is approved and the Executive Director is authorized to transmit the same to the
Los Angeles County Auditor -Controller, the State Controller and the State Department of
Finance and the Successor Agency in accordance with Health and Safety Code Section 34169
subject to all reservations of rights and contingencies set forth above.
SECTION 3. The Draft Recognized Obligations Payment Schedule attached hereto as
Exhibit "C" is approved and the Executive Director is authorized to transmit the same to the Los
Angeles County Auditor -Controller, the State Controller and the State Department of Finance
and the Successor Agency in accordance with Health and Safety Code Section 34169 subject to
all reservations of rights and contingencies set forth above.
SECTION 4. The Executive Director or designee is authorized to take all actions
necessary to implement this Resolution, including without limitation, the posting of this
Resolution and the Enforceable Obligation Payment Schedule and the Preliminary Initial
Recognized Obligation Payment Schedule on the Agency's website, and the provision of notice
of adoption of this Resolution and such Schedule to the Successor Agency, the County Auditor -
Controller, the State Controller and the State Department of Finance.
SECTION 5. The Agency Secretary shall certify as to the passage and adoption of this
Resolution, and it shall thereupon take effect and be in full force, except that this Resolution
shall not be effective during any period of time that the Stay remains effective.
Name of Redevelopment Agency: West Covina Community Development Commission
Project Area(s) Merged & Citywide
Attachment 2
ENFORCEABLE OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34167 and 34169
Project Name / Debt Obligation
Payee
Description
Total Outstanding
Debt or Obligation
Total Due During
Fiscal Year
Payments by month
Jan
Feb
March
April
May
June
Total
1
1999 Tax Allocation Bonds
US Bank
Fund capital projects in the Merged Area
8,897,866.00
143,200.00
1,100.00
1,100.00
1,100.00
1,100.00
1,100.00
1,100.00
$ 6,600.00
2
2002 Tax Allocation Bonds
US Bank
Repay outstanding 1993 bonds *
13,134,847.00
1,546,603.00
217,736.00
560,000.00
$ 777,736.00
3
1996 CFD Refunding Bonds
US Bank
Fund Fashion Plaza Improvements *
51,170,899.00
5,454,800.00
1,028,700.00
1,770,000.00
$ 2,798,7 90111.
4
1988 Lease Rev Refunding Bnds
Wells Fargo Bank
Fund the Lakes Parking Project *
6,847,414.00
871,850.00
4,738.00
4,738.00
4,738.00
4,738.00
4,738.00
429,738.00
$ 453,42
5
BLD Debt Service
City of West Covina
Reimburse City for BLD Debt Service
33,716,425.00
1,103,000.00
91,917.00
91,917.00
91,917.00
91,917.00
91,917.00
91,917.00
$ 551,502.
6
SERAF 2010 Housing Loan
WCCDC LMIH Fund
Repay SERAF to the housing fund
6,529,308.00
-
-
-
-
-
-
-
$ -
7
SERAF 2011 Housing Loan
WCCDC LMIH Fund
Repay SERAF to the housing fund
1,342,977.00
-
-
-
-
-
-
-
$ -
8
DDA - The Lakes
Various
Bond admin & maint for park structure
1,800,000.00
210,000.00
105,000.00
-
-
-
-
-
$ 105,000.00
9
OPA - CFD
Westfield et al
CFD admin & Developer repayment
7,652,298.00
1,050,000.00
-
-
-
-
-
900,000.00
$ 900,000.00
10
SB2557 Admin
County of Los Angeles
Tax Collection Services
9,428,048.00
256,000.00
21,333.00
21,333.00
21,333.00
21,333.00
21,333.00
21,333.00
$ 127,998.00
11
Housing Set Aside
Low Mod Hsg Authority
20% Set Aside for low mod hsg
2,000,000.00
2,000,000.00
445,794.94
-
-
-
-
-
$ 445,794.94
12
Nissan Sales Tax Guarantee
Sage Nissan
Sales Tax Contribution Agreement
800,000.00
-
-
-
-
-
-
-
$ -
13
Passthrus
Other taxing entities
Passthrus peragreements and code
338,111,418.00
3,922,000.00
326,833.00
326,833.00
326,833.00
326,833.00
326,833.00
326,833.00
$ 1,960,998.00
14
Repay County Deferral
County of Los Angeles
Begin repayment
10,085,562.00
2,500,000.00
137,388.00
137,388.00
137,388.00
137,388.00
137,388.00
137,388.00
$ 824,328.00
15
Non personnel operation cost
Various
Operations for both project areas
75,979,376.00
2,470,889.00
205,907.00
205,907.00
205,907.00
205,907.00
205,907.00
205,907.00
$ 1,235,442.00
16
Employee Costs
Various employees
Salaries and benefits for personnel
58,767,980.00
1,728,470.00
144,039.00
144,039.00
144,039.00
144,039.00
144,039.00
144,039.00
$ 864,234.00
17
CSS - CFD
CSS Com Fac Dist
CFD Assessment
4,803,381.00
73,370.00
6,115.00
6,115.00
6,115.00
6,115.00
6,115.00
6,115.00
$ 36,690.00
18
City Note - Administration
City of West Covina
Repay City for admin & construction
19,789,504.00
1,483,600.00
123,633.00
123,633.00
123,633.00
123,633.00
123,633.00
123,633.00
$ 741,798.00
19
City Note - CIP
City of West Covina
Repay City for capital projects
3,604,284.00
259,783.00
21,649.00
21,649.00
21,649.00
21,649.00
21,649.00
21,649.00
$ 129,894.00
20
City Note Revolving
City of West Covina
Repay City for revolving credit
8,318,522.00
556,617.00
46,385.00
46,385.00
46,385.00
46,385.00
46,385.00
46,385.00
$ 278,31
21
Sales Tax Reimbursement
City of West Covina
Reimburse City for CFD Sales Tax
32,288,686.00
1,006,336.00
83,862.00
83,862.00
83,862.00
83,862.00
83,862.00
83,862.00
$ 503,17
22
City Line Of Credit
City of West Covina
Line of Credit for Merged Area
5,375,000.00
5,375,000.00
5,218,750.00
-
-
-
-
-
$ 5,218,75 .
23
Cooperation Agreement
Various
46 Pros less golf crse under coop a m
415,840,000.00
-
-
-
-
-
-
-
$ -
24
Golf Course Agreement
Various
Golf Course Implementation Agreement
45,000,000.00
-
-
-
-
-
-
-
$ -
25
1998 Housing Set Aside Bonds
US Bank
Acquisition and rehab of a housing ro' *
6,499,343.00
644,516.00
-
-
117,229.00
-
-
210,000.00
$ 327,229.00
26
2001 Housing Set Aside Bonds
US Bank
Development of a senior housing ro' *
12,136,937.00
1,154,376.00
-
-
188,218.00
-
-
385,000.00
$ 573,218.00
27
$ -
28
Bonds with prinicpal due in August or Se tember. Principal added to June and amount due in fiscal ear to ensure funds are available when
required.
$ -
29
$ -
30
$ -
$ -
Totals his Page
Grand total - All Pages
$1,179,920,075.00 $ 33,810,410.00 $ 6,984,443.94 $ 1,214,899.00
$ 2,766,782.00
$ 1,214,899.00
$ 1,214,899.00
$ 5,464,899.00
$ 18,860,821.94
$1,179,920,075.00 $ 33,810,410.00 $ 6,984,443.94 $ 1,214,899.00 11
$ 2,766,782.00 11
$ 1,214,899.00
$ 1,214,899.00
$ 5,464,899.00
$ 18,860,821.94
EOPS Spreadsheet 1-17-12 EOPS
1/12/2012 1 of 1
APPROVED AND ADOPTED at a regular meeting of the Community Redevelopment
Commission of the City of West Covina this 17th day of January 2012.
Chairperson Mike Touhey
ATTEST:
Assistant Commission Secretary Susan Rush
I SUSAN RUSH, ASSISTANT COMMISSION SECRETARY, of the City of West Covina
Community Development Commission do hereby certify that the foregoing resolution was duly
adopted by the Community Development Commission of the City of West Covina at a meeting
thereof held on the 17th day of January 2012, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Assistant Commission Secretary Susan Rush
APPROVED AS TO FORM:
General Counsel to the CDC
Name of Redevelopment Agency: West Covina Community Development Commission
Project Area(s) Merged & Citywide
Attachment 3
RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34167 and 34169
Project Name / Debt Obligation
Payee
Description
Total Outstanding
Debt or Obligation
Total Due During
fiscal Year
LMIH, Bond Proceeds,
Reserve balances,
Administrative cost
allowance, Property tax
trust fund, Other
b
Payments y month
Jan
Feb
March
April
May
June
Total
1
1999 Tax Allocation Bonds
US Bank
Fund capital projects in the Mer edArea
8,897,866.00
143,200.00
Property tax trust fund
1,100.00
1,100.00
1,100.00
1,100.00
1,100.00
` 1,100.00
$ 6,600.00
2
2002 Tax Allocation Bonds
US Bank
Repay outstanding 1993 bonds *
13,134,847.00
1,546,603.00
Property tax trust fund
217,736.00
560,000.00
$ 777,736.00
3
1996 CFD Refunding Bonds
US Bank
Fund Fashion Plaza Improvements *
51,170,899.00
5,454,800.00
Property tax trust fund
1,028,700.00
1,770,000.00
$ 2,798,700.00-
4
1988 Lease Rev RefundingBnds
Wells Faro Bank
Fund the Lakes Parkin Project *
6,847,414.00
871,850.00
Property tax trust fund
4,738.00
4,738.00
4,738.00
4,738.00
4,738.00
429,738.00
$ 453,428
5
BLD Debt Service
Cityof West Covina
Reimburse Cityfor BLD Debt Service
33,716,425:00
1,103,000.00
Property tax trust fund
91,917.00
91,917.00
91,917.00
91,917.00
91,917.00
91,917.00
$ 551,50 .
6
SERAF 2010 HousingLoan
WCCDC LMIH Fund
Rea SERAF to the housingfund
6,529,308.00
Property tax trust fund
-
$
7
SERAF 2011 HousingLoan
WCCDC LMIH Fund
Rea SERAF to the housingfund
1,342,977.00
Property tax trust fund
_
_
$ _
8
DDA - The Lakes
Various
Bond admin & maint for ark structure
1,800,000.00
210,000.00
Property tax trust fund
105,000.00
-
-
$ 105,000.00
105,000:00
9
OPA - CFD
Westfield et al
CFD admin & Devefo er're a ment
7,652,298.00
1,050,000.00
Property tax trust fund
-
-
900,000.00
$
10
SB2557 Admin
County of Los Angeles
Tax Collection Services
9,428,048.00
256,000.00
Property tax trust fund
21,333.00
21,333.00
21,333.00
21,333.00
21,333.00
21,333,00
$ 127,998.00
11).Housinq
Set Aside
Low Mod Hsg Authority
20% Set Aside for low mod hsg
2,000,000.00
2,000,000.00
Property tax trust fund
445,794.94
-
-
-
-
-
$ 445,794.94
12
Nissan Sales Tax Guarantee
Sae Nissan
Sales Tax Contribution Agreement
800,000.00
Property tax trust fund
-
-
-
-
$ -
13
Passthrus
Other taxing entities
Passthrus pera reementsandcode
338,111,418.00
3,922,000.00
Property tax trust fund
326,833.00
326,833.00
326,833.00
326,833.00
326,833.00
326,833.00
1 $ 1,960,998.00
14
Repay County Deferral
County of Los Angeles
Begin rea ment
10,085,562.00
2,500,000.00
Property tax trust fund
137,388.60
137,388.00
137,388.00
137,388.00
137,388.00
137,388.00
$ 824,328.00
15
Non personnel operation cost
Various
Operations for both project areas
75,979,376.00
2,470,889.00
Property tax trust fund
205,907.00
205,907.00
205,907.00
205,907.00
205,907.00
205,907.00
$ 1,235,442.00
16
Employee Costs
Various employees
Salaries and benefits for personnel
58,767,980.00
1,728,470.00
Property tax trust fund
144,039.00
144,039.00
144,039.00
144,039.00
144,039.00
144,039.00
$ 864,234.00
17
CSS -CFD
CSS Corn Fac Dist
CFD Assessment
4,803,381.00
73,370.00
Property tax trust fund
6,115.00
6,115.00
6,115.00
6,115.00
6,115.00
6,115.00
$ 36,690.00
18
City Note - Administration
City of West Covina
Repay City for admin & construction
19,789,504.00
1,483,600.00
Property tax trust fund
123,633.00
123,633.00
123,633.00
123,633.00
123,633.00
123,633.00
$ 741,798.00
19
City Note -CIP
City of West Covina
Repay City for capital projects
3,604,284.00
259,783.00
Property tax trust fund
21,649.00
21,649.00
21,649.00
21,649.00
21,649.00
21,649.00
$ 129,894.00
20
City Note Revolving
City of West Covina
Repay City for revolving credit
8,318,522.00
556,617.00
Property tax trust fund
46,385.00
46,385.00
46,385.00
46,385.00
46,385.00
46,385.00
$ 278,310.00
21
Sales Tax Reimbursement
City of West Covina
Reimburse City for CFD Sales Tax
32,288,686.00
1,006,336.00
Property tax trust fund
83,862.00
83,862.00
83,862.00
83,862.00
83,862.00
83,862.00
$ 503,172.00
22
Citv Line Of Credit
City of West Covina
Line of Credit for Merged Area
5,375,000.00
5,375, 000. 00_
Property tax trust fund
5,218,750.00
-
-
-
-
$ 5,218,750.0
23
Cooperation Agreement
Various
46 Pros less golf crse under coop agmi
415,840,000.00
-
Property tax trust fund
-
$
24
Golf Course Agreement
Various
Golf Course Implementation Agreement
45,000,000.00
-
Property tax trust fund
$
25
1998 Housing Set Aside Bonds
US Bank
Acquisition and rehab of a housing ro *
6,499,343.00
644,516.00
LMIH
117,229.00
-
210,000.00
$ 327,229.00
26
2001 Housing Set Aside Bonds
US Bank
Develo merit of a senior housing ro *
12,136,637.00
1,154,376.00 ILMIH
188,218.00
385,000.00
$ 573,218.00
27
$ -
28A
Bonds with principal due in August or Se tember. Principal added to June and amount due in fiscal year to ensure funds are available when required.
$
29
$
30
$
1
$
Totals - This Page
Grand total - All Pages
$1,179,920,075.00 $ 33,810,410.00 $ 6,984,443.94 $ 1,214,899.00 $ 2,766,782.00
$ 1,214,899.00
$ 1,214,899.00
$ 5,464,899.00
$ 18,860,821.94
$1,179,920,075.00 00 $ 33,810,410.--� $ 6,984;443.94 $ 1,214,899.00 $ 2,766,782.00
$ 1,214,899.00
$ 1,214,899.00
$ 5,464,899.00
$ 18,860,821.94
ROPS Spreadsheet 1-17-12 ROPS
1/12/2012
1 of 1
(0 /S-
Name of Redevelopment Agency: West Covina Community Development Commission
Project Area(s) Merged & Citywide IAttachment 2A
ENFORCEABLE OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34167 and 34169
-
Project Name / Debt Obligation
Payee
Description
Total Outstanding
Debt or Obligation
Total Due During
Fiscal Year
Payments by month
Jan
Feb
March
April
May
June
Total
1)
1999 Tax Allocation Bonds
US Bank
Fund capital projects in the Merged Area
8,897,866.00
143,200.00
1,100.00
1,100.00
1,100.00
1,100.00
1,100.00
1,100.00
$ 6,600.00
2)
2002 Tax Allocation Bonds "`
US Bank
Repay outstanding 1993 bonds * •- -
- 13;134,847.00
- 1,546;603-.00
_. - -
-
-2171736.00
_.
.._, .560;000:00
$ 777;736:00
3)
1996 CFD Refunding Bonds
US Bank
Fund Fashion Plaza Improvements *
51,170,899.00
5,454,800.00
1,028,700.00
1,770,000.00
$ 2,798,7
4)
1988 Lease Rev Refunding Bnds
Wells Faro Bank
Fund the Lakes Parking Project *
6,847,414.00
871,850.00
4,738.00
4,738.00
4,738.00
4,738.00
4,738.00
429,738.00
$ 453,4 .
5
BLD Debt Service
City of West Covina
Reimburse City for BLD Debt Service
33,716,425.00
1,103,000.00
91,917.00
91,917.00
91,917.00
91,917.00
91,917.00
91,917.00
$ 551,502.00
6)
1 SERAF 2010 Housing Loan
WCCDC LMIH Fund
Rea SERAF to the housing fund
6,529,308.00
-
-
-
-
-
-
-
$ -
7)
1 SERAF 2011 Housing Loan
WCCDC LMIH Fund
Repay SERAF to the housing fund
1,342,977.00
-
-
-
-
-
-
-
$ -
8
DDA - The Lakes
Various
Bond admin & maint for park structure
1,800,000.00
210,000.00
105,000.00
-
-
-
-
-
$ 105,000.00
9)
OPA - CFD
Westfield et al
CFD admin & Developer repayment
7,652,298.00
1,050,000.00
-
-
-
-
-
900,000.00
$ 900,000.00
10)
SB2557 Admin
County of Los Angeles
Tax Collection Services
9,428,048.00
256,000.00
21,333.00
21,333.00
21,333.00
21,333.00
21,333.00
21,333.00
$ 127,998.00
11)
Housing Set Aside
Low Mod Hsg Authority
20% Set Aside for low mod hsg
2,000,000.00
2,000,000.00
445,794.94
-
-
-
-
-
$ 445,794.94
12),Nissan
Sales Tax Guarantee
Sage Nissan
Sales Tax Contribution Agreement
800,000.00
-
-
-
-
-
-
-
$ -
13)
Passthrus
Other taxing entities
Passthrus pera reementsandcode
338,111,418.00
3,922,000.00
326,833.00
326,833.00
326,833.00
326,833.00
326,833.00
326,833.00
$ 1,960,998.00
14)1
Repay County Deferral
County of Los Angeles
Begin repayment
.10,085,562.00
2,500,000.00
137,388.00
137,388.00
137,388.00
137,388.00
137,388.00
137,388.00
$ 824,328.00
15
Non personnel operation cost
Various
Operations for both project areas
75,979,376.00
2,470,889.00
205,907.00
205,907.00
205,907.00
205,907.00
205,907.00
205,907.00
$ 1,235,442.00
16)
Employee Costs
Various employees
Salaries and benefits for personnel
58,767,980.00
1,728,470.00
144,039.00
144,039.00
144,039.00
144,039.00
144,039.00
144,039.00
$ 864,234.00
17)
Asset Protection
Various
Enforcement of obligations
2,500,000.00
1,800,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
$ 900,000.00
18)
CSS -CFD -- -- -
CSS Com Fac Dist
CFD. Assessment.. -
4,803,381.00_
__ -. _ 73,370.00_.___
__6,115.00_
_ ._._ ____6,115.00.
- 6,115.00
__ 6,11.5.00
-_ ._-_6,115.00
-_6.,11.5.00
_$ 36,690.00_
19
City Note - Administration
City of West Covina
Repay City for admin & construction
19,789,504.00
1,483,600.00
123,633.00
123,633.00
123,633.00
123,633.00
123,633.00
123,633.00
$ 741,798.00
20)
City Note - CIP
City of West Covina
Repay City for capital projects
.3,604,284.00
259,783.00
21,649.00
21,649.00
21,649.00
21,649.00
21,649.00
21,649.00
$ 129,8
21
City Note Revolving
City of West Covina
Repay City for revolving credit
8,318,522.00
556,617.00
46,385.00
46,385.00
46,385.00
46,385.00
46,385.00
46,385.00
$ 278,31 .
22)
Sales Tax Reimbursement
City of West Covina
Reimburse City for CFD Sales Tax
32,288,686.00
1,006,336.00
83,862.00
83,862.00
83,862.00
83,862.00
83,862.00
83,862.00
$ 503,172.00
23)
City Line Of Credit.
City of_West_Covina __._._.--
Line -of -Credit for Mer ed_Area.
..5,375,000.00
5,375,000.00.,
,__.5,218,7.50.00.:
...... .__. __._
.._ ..._..... - _
:..:
-_.
._ . _ - ..
$ .5,218,750.00
24
Cooperation Agreement
Various
46 Pros (less golf crse) under coop agmt
415,840,000.00
-
-
-
-
-
-
$ -
25)
Golf Course Agreement
Various
Golf Course Implementation Agreement
45,000,000.00
-
-
-
-
-
-
-
$ -
26)
1998 Housing Set Aside Bonds
US Bank
Acquisition and rehab of a housing ro' *
6,499,343.00
644,516.00
-
-
117,229.00
-
-
210,000.00
$ 327,229.00
27)
2001 Housing Set Aside Bonds
US Bank
Development of a senior housing roj *
12,136,937.00
1,154,376.00
-
-
188,218.00
-
-
385,000.00
$ 573,218.00
28
$ -
29
* Bonds with prinicpal due in August or September. Principal added to June and amount due in fiscal year to ensure funds are available when required.
$ -
30)
$ _
$
Totals - This Page $1,182,420,075.00
Grand total - All Pages $1,182,420,075.00
$ 35,610,410.00
$7,134,443.94
$ 1,364,899.00
$2,916,782.00
$ 1,364,899.00
$ 1,364,899.00
$5,614,899.00
$19,760,821.94
$ 35,610,410.00
$ 7,134,443.94 11
$ 1,364,899.00
$ 2,916,782.00 11
$ 1,364,899.00
$ 1,364,899.00
$ 5,614,899.00
$ 19,760,821.94
Amended EOPS S readshee t 1 17-12 A
p EOPS
1/17/2012 1 of 1
Name of Redevelopment Agency: West Covina Community Development Commission
Project Area(s) Merged & Citywide
RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34167 and 34169
Attachment 3A
Project Name / Debt Obligation
Payee
Description
Total OutstandingTotal
Debt or Obligation
Due During
g
Fiscal Year
LMIH, Bond Proceeds,
Reserve balances,
Administrative cost
allowance, Property tax
trust fund, Other
Payments by month
Jan
Feb
March
April
May
June
Total
1
1999 Tax Allocation Bonds
US Bank
Fund capital projects in the Merged Area
8,897,866.00
143,200.00
Property tax trust fund
1,100.00
1,100.00
1,100.00
1,100.00
1,100.00
1,100.00
$ 6,600.00
2
2002 Tax Allocation Bonds
US Bank
Repay outstanding 1993 bonds *
13,134,847.00
1,546,603.00
Property tax trust fund
217,736.00
560,000.00
$ 777,736.00
3
1996 CFD Refunding Bonds - �•
US Bank
Fund Fashion Plaza Improvements * - .-
51,.17089900
, .Property
- - 5,454,800.00.
Pro p
,• 1,028;700.00-:.-
..: ......:..... ....
-., _... ...,.._ .,,.
. ._1,770,000.00.
$ -. 2,798,700.00
4
1988 Lease Rev Refunding Bnds
Wells Faro Bank
Fund the Lakes Parking Project *
6,847,414.00
871,850.00
Property tax trust fund
4,738.00
4,738.00
4,738.00
4,738.00
4,738.00
429,738.00
$ 453,42
5
BLD Debt Service
City of West Covina
Reimburse City for BLD Debt Service
33,716,425.00
1,103,000.00
Property tax trust fund
91,917.00
91,917.00
91,917.00
91,917.00
91,917.00
91,917.00
$ 551,50 .
6
SERAF 2010 Housing Loan
WCCDC LMIH Fund
Repay SERAF to the housing fund
6,529,308.00
Property tax trust fund
-
-
-
-
-
-
$
7
SERAF 2011 Housing Loan
WCCDC LMIH Fund
Repay SERAF to the housing fund
1,342,977.00
Property tax trust fund
-
-
$ -
8
DDA - The Lakes
Various
Bond admin & maint for park structure
1,800,000.00
210,000.00
Property tax trust fund
105,000.00
-
-
$ 105,000.00
9
OPA - CFD
Westfield et al
CFD admin & Developer repayment
7,652,298.00
1,050,000.00
Property tax trust fund
-
-
-
-
-
900,000.00
$ 900,000.00
10
SB2557Admin
County of Los Angeles
Tax Collection Services
9,428,048.00
256,000.00
Property tax trust fund
21,333.00
21,333.00
21,333.00
21,333.00
21,333.00
21,333.00
$ 127,998.00
11
Housing Set Aside
Low Mod Hsg Authority
20% Set Aside for low mod hsg
2,000,000.00
2,000,000.00
Property tax trust fund
445,794.94
-
-
-
-
$ 445,794.94
12
Nissan Sales Tax Guarantee
Sae Nissan
Sales Tax Contribution Agreement
800,000.00
-
Property tax trust fund
-
-
-
-
-
-
$ -
13
Passthrus
Other taxing entities
Passthrus pera reementsandcode
338,111,418.00
3,922,000.00
Property tax trust fund
326,833.00
326,833.00
326,833.00
326,833.00
326,833.00
326,833.00
$ 1,960,998.00
14
Repay County Deferral
County of Los Angeles
Begin rea ment
10,085,562.00
2,500,000.00
Property tax trust fund
137,388.00
137,388.00
137,388.00
137,388.00
137,388.00
137,388.00
$ 824,328.00
15
Non personneloperation cost
Various
Operations for both project areas
75,979,376.00
2,470,889.00
Property tax trust fund
205,907.00
205,907.00
205,907.00
205,907.00
205,907.00
205,907.00
$ 1,235,442.00
16
Employee Costs
Various employees
Salaries and benefits for personnel
58,767,980.00
1,728,470.00
Property tax trust fund
144,039.00
144,039.00
144,039.00
144,039.00
144,039.00
144,039.00
$ 864,234.00
17
Asset Protection
Various
Enforcement ofobligations
2,500,000.00
1,800,000.00
Property tax lrustfund
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
$ 900,000.00
18
CSS-CFD
CSS Com Fac Dist
CFD Assessment
4,803,381.00
73,370.00
Property tax trust fund
6,115.00
6,115.00
6,115.00
6,115.00
6,115.00
6,115.00
$ 36,690.00
19
City Note - Administration
City of West Covina
Repay City for admin & construction
19,789,504.00
1,483,600.00
Property tax trust fund
123,633.00
123,633.00
123,633.00
123,633.00
123,633.00
123,633.00
$ 741,798.00
20
City Note -CIP
City of West Covina
Repay City for capital projects
3,604,284.00
259,783.00
Property tax trust fund
21,649.00
21,649,00
21,649.00
21,649.00
21,649.00
21,649.00
$ 129,894.00
21
City Note'Revolving
City of West Covina
Repay City for revolving credit
81318,522.00
556,617.00 -
Property tax trust fund
_ 46,385:00
46,385.00
46,385.00-
46,385.00
46,385.00
46,385.00
$ 278,310.00
22
Sales Tax Reimbursement
City of West Covina
Reimburse City for CFD Sales Tax
32,288,686.00
1,006,336.00
Property tax trust fund
83,862.00
83,862.00
83,862.00
83,862.00
83,862.00
83,862.00
$ 503,172.
23
City Line Of Credit
City of West Covina
Line of Credit for Merged Area
5,375,000.00
5,375,000.00
Property tax trust fund
5,218,750.00
-
-
-
-
$ 5,218,75
24
Cooperation Agreement
Various
46 Pros less golf crse under coop agml
415,840,000.00
Property tax trust fund
-
$
25
Golf Course Agreement
Various
Golf Course Implementation Agreement
45,000,000.00
-
Property tax trust fund
-
-
$ -
26
1998 Housing Set Aside Bonds ..,
US Bank
Acquisition and rehab of a housing ro
1 6,499,343.00
644,516.00
LMIH
117,229.00
..
210,000.00
$ . 327,229.00
27
2001 Housing Set Aside Bonds
US Bank
Development of a senior housing ro *
12,136,937.00
1,154,376.00
LMIH
188,218.00
385,000.00
$ 573,218.00
28
$ _
29
* Bonds with principal due in August or Se tember. Principal added to June and amount due in fiscal year to ensure funds are available when required.
$
30
$ _
$
Totals - This Page $1,182,420,075.00 $ 35,610,410.00 $ 7,134,443.94
Grand total -All Pages 11 $1,182,420,075.00 $ 35,610,410.00 $ 7,134,443.94
$ 1,364,899.00 $ 2,916,782.00
$ 1.364.899.00
$ 1,364,899.00
$ 5,614,899.00
$ 19,760,821.94
$ 1,364,899.00 $ 2,916,782.00
$ 1,364,899.00
$ 1,364,899.00
$ 5,614,899.00
$ 19,760,821.94
Updated Draft ROPS Spreadsheet 1-17-12A ROPS
1/17/2012
1 of 1