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Resolution - 2012-13A RESOLUTI4 AS SUCCE REDEVELOP] TRANSMITT) PAYMENT SC (AB1X 26) WHEREAS, ("Commission") is a pursuant to the Califs commencing with Sei "CDCL"); and RESOLUTION NO.2012-13 IN OF THE CITY COUNCIL OF WEST COVINA, ACTING 3SOR AGENCY TO THE WEST COVINA 4ENT AGENCY, APPROVING AND AUTHORIZING THE L OF THE DRAFT RECOGNIZED OBLIGATIONS HEDULE (ROPS) PURSUANT TO ASSEMBLY BILL 1X 26 Community Development Commission of the City of West Covina )mmunity development commission organized and existing under and is Community Development Commission Law (Part 1.7 of Division 24, )n 34100, of the Health and Safety Code of the State of California) (the 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, ais part of the 2011-12 State budget bill, the California Legislature has recently enacted and the Governor has signed, companion bills AB 1X 26 and AB 1X 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 1X 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 Matosantos, et al. Case No. S 194861. WHEREAS, on December 29, 2011, the California Supreme Court upheld ABIX 26, which dissolves all ofl the redevelopment agencies in the State of California, and struck down AB 1 X 27; and WHEREAS, under the threat of dissolution pursuant to AB 1X 26 (Health and Safety Code Section 34169(h)), the Agency established an Enforceable Obligation Payment Schedule (the "Schedule") to be able to continue eligible redevelopment activities that were begun prior to the effective date of AB I 26; and Resolution No. 2012-13 Page 2 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, Health and Safety Code Section 34169(h), which is set forth in Part 1.8, requires a Successor Agency to prepare a draft Recognized Obligation Payment Schedule by March 1, 2012, 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, the West Covina City Council; acting as Successor Agency to the West Covina Redevelopment (Agency, reserves the right to appeal any determination of the California Director of Finance or otther entity regarding the propriety of this resolution as well as any future determinations; and WHEREAS, while the West Covina City Council, acting as Successor Agency to the West Covina Redevelopment 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 West Covina City Council, acting as Successor Agency to the West Covina Redevelopment Agency, 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 Draft Recognized Obligations Payment Schedule attached hereto as Attachment "2" is approved and the City Manager is authorized to transmit the same to the Los Angeles County Auditor -Controller, the State Controller and the State Department of Finance in accordance with Health and Safety Code Section 34169 subject to all reservations of rights and contingencies set forth above. SECTION 3. The City Manager or designee is authorized to take all actions necessary to implement this Resolution, including without limitation, the posting of this Resolution and the Draft Recognized Obligation Payment Schedule on the City's website, and the provision of notice of adoption of this Resolution and such Schedule to the County Auditor -Controller, the State Controller and the State Department of Finance. SECTION 4. The City Clerk 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. ATTE r City Clerk Lailhe Carri(,1 AND ADOPTED on this 21 st day of February, 2012. F ME! 10 g I Resolution No. 2012-13 Page 3 I, LAURIE CARRICO, that the foregoing resole California, at a regular i vote of the City Council AYES: Herfert, NOES: None ABSENT: None ABSTAIN: None APPROVED AS TO FO Attorney 'ITY CLERK of the City of West Covina, California, do hereby certify ion was duly adopted by the City Council of the City of West Covina, eeting held thereof on the 21" day of February, 2012 by the following Sykes, Touhey City Clerk La ie Carrico,' �y Name of Redevelopment Agency: West Covina Community Development Commission Project Area(s) Merged & Citywide DRAFT RECOGNIZED OBLIGATION PAYMENT SCHEDULE Per AB 26 - Section 34167 and 34169 Attachment 2 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 8,897,866.00 278,200.00 Property tax trust fund 1,100.00 1,100.00 1,100.00 1,100.00 1,100.00 136,100.00 $ 141,600.00 2 2002 Tax Allocation Bonds US Bank Repay outstanding 1993 bonds * 13,134,847.00 1,763,738.00 Property tax trust fund 217,736.00 777,736.00 $ 995,472.00 3 1996 CFD Refunding Bonds US Bank Fund Fashion Plaza Improvements * 51,170,899.00 6,483,500.00 PTTF, other 1,028,700.00 2,798,700.00 $ 3,827,400.00 4 1988 Lease Rev Refunding Bnds Wells Faro Bank Fund the Lakes Parking Project * 6,847,414.00 871,856.00 PTTF, other 4,738.00 4,738.00 4,738.00 4,738.00 4,738.00 429,738.00 $ 453,428.00 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 $ 551,502.00 6 SERAF 2010 HousingLoan Housing Successor Agy Repay SERAF to the housingfund 6,529,308.00 1,632,327.00 Property tax trust fund - - - - - 1,632,327.00 $ 1,632,327.00 7 SERAF 2011 Housing Loan Housinq Successor Agy Repay SERAF to the housing fund 1,342,977.00 266,595.00 Property tax trust fund - 266,595.00 $ 266,595.00 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 93,836,711.00 1,045,000.00 Property tax trust fund - - - 900,000.00 1 $ 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 hsq132,336,995.00 3,783,600.00 Property tax trust fund 315,300.00 315,300.00 315,300.00 315,300.00 315,300.00 315,300.00 $ 1,891,800.00 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 Rea Count Deferral Countyof Los Angeles Begin rea ment 10,085,562.00 1,340,325.00 Property tax trust fund 1,340,325.00 $ 1,340,325.00 15 Non ersonneloperation 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 PTTF, AC Allowance 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 5,000,000.00 1,800,000.00 Property tax trust fund 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 Citv 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 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 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 $ 503,172.00 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 - - - - - $ 5,218,750.00 24 Cooperation Agreement Various 46 Pros less golf crse under coop agmt 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 Housin Set Aside Bonds US Bank Acquisition and rehab of a housing pro' * 6,499,343.00 761,744.00 Property tax trust fund 117,229.00 327,229.00 $ 444,458.00 27 2001 Housing Set Aside Bonds US Bank Development of a senior housingro * 12,136,937.00 1,357,592.00 Property tax trust fund 188,218.00 588,217.00 $ 776,435.00 28 CFD Tax Increment Pledge CFD Tax Increment pledged fto CFD 17,153,258.00 1,343,170.00 1 Property tax trust fund 0.00 1,343,170.00 $ 1,343,170.00 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 Grand total - All Pages $1,418,594,741.00 $ 41,172,712.00 $6.866,561.00 $ 1,542,811.00 $3,094,694.00 $ 1,542,811.00 $ 1,542,811.00 $12,077,110.00 $26,666,798.00 1$1,418,594,741.00 $ 41,172,712.0: $ 6,866,561.00 $ 1,542,811.00 $ 3,094,694.00 $ 1,542,811.00 $ 1,542,811.00 $ 12,077,110.00 $ 26,666,798.00 C:\Users\mgarcia\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\WMSIF7PP\Updated ROPS 2-21-12 ROPS 02-21-12 2/23/2012 1 of 1