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
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