Resolution - 2012-24RESOLUTION NO.2012-24
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA, ACTING AS SUCCESSOR AGENCY TO THE WEST COVINA
REDEVELOPMENT AGENCY APPROVING AND AUTHORIZING THE
TRANSMITTAL OF AN ADMINISTRATIVE BUDGET FOR THE
SUCCESSOR AGENCY TO THE WEST COVINA REDEVELOPMENT
AGENCY, AND SCHEDULES OF DISTRIBUTION OF FUTURE TAX
REVENUES (RECOGNIZED OBLIGATIONS PAYMENT SCHEDULES
"ROPS") FOR THE PERIODS JANUARY 1— JUNE 30, 2012, AND JULY 1
- DECEMBER 31, 2012, PURSUANT TO ASSEMBLY BILL 1X 26 (AB1X
26)
WHEREAS, the Community Development Commission of the City of WestCovina
("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, Ithe 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 D
Business District
2. On July
Redevelopment Proj
3. On Dece
Central Business I
Ordinance No. 192
Covina Redeveloper
area; and
fiber 20, 1971 the West Covina City Council adopted the original' Central
evelopment Project Area by adoption of Ordinance No. 1180.
14, 1975 the West Covina City Council adopted the original Eastland
ct Area by adoption of Ordinance No. 1269.
fiber 21, 1993 the West Covina City Council approved the Merger of the
strict and the Eastland Redevelopment Project Areas by adoption of
and Ordinance No. 1928, which adopted the merged area as the West
nt Project Area and added three non-contiguous areas to the merged project
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 I 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 I 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, I 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,f 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
Resolution No. 201
Page 2
(the "Schedule") to be able to continue eligible redevelopment activities that were begunprior to
the effective date of AB I 26; 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
i
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 Recognized Obligation Payment Schedule by March 1,
2012, which must list the minimum amounts that must be paid by the successor agency '',,'over six
(6) month periods to fulfill its enforceable obligations during that period, with the first schedule
covering the period from January 1, 2012 to June 30, 2012, and the second schedule covering the
period from July 1, 21012 to December 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 other 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 Schedule of Distribution of Future Tax Revenues (Recognized
Obligations Payment Schedule "ROPS") 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 Schedule of Distribution of Future Tax Revenues (Recognized
Obligations Payment Schedule "ROPS") attached hereto as Attachment "3" 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 4
periods January — A
approved and the' C
Auditor -Controller, i
Health and Safety C
forth above.
implement this Reso
Draft Recognized O
notice of adoption o:
State Controller and 1
The Administrative Budgets for the Successor for the two six-month
2012 and July — December 2012, attached hereto as Attachment "4" are
Manager is authorized to transmit the same to the Los Angeles, County
State Controller and the State Department of Finance in accordance with
le Section 34169 subject to all reservations of rights and contingencies set
The City Manager or designee is authorized to take all actions necessary to
ation, including without limitation, the posting of this Resolution'',` and the
iligation Payment Schedule on the City's website, and the provision of
this Resolution and such Schedule to the County Auditor -Controller, the
ie State Department of Finance. �
Resolution No. 2012-24
Page 3
SECTION 6!
Resolution, and it sha
shall not be effective d
ATTEST:
Clerk
The City Clerk shall certify as to the passage and adoption of this
thereupon take effect and be in full force, except that this Resolution
ring any period of time that the Stay remains effective.
lurie-Carrico
VED AND ADOPTED on this 17th day of April 2012.
I, LAURIE CARRICO, CITY CLERK of the City of West Covina, California, do hereby certify
that the foregoing resolution was duly adopted by the City Council of the City of West Covina,
California, at a regular meeting held thereof on the 17th day of April 2012 by the following vote
of the City Council:
AYES: Herfert, Sanderson, Sykes, Touhey
NOES: None
ABSENT: None
ABSTAIN: None
City Clerk Laurie Carrico,,'
APPROVED AS TO FORM:
I
Ci Attorney Arnold Alvarez-Glasman
Name of Redevelopment Agency: West Covina Community Development Commission Attachment2
Project Area(s) Merged & Citywide
FOR THE, PERIOD: JANUARY -JUNE 2012
SCHEDULE OF DISTRIBUTION OF FUTURE TAX REVENUES
RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AB 26 -Section 34167 and 34169.
Adopted April 17, 2012
Obligation Total Due During
Total Outstanding Expiration Fiscal Year
Project Name / Debt Obligation Payee Description Debt or Obli ation Date 2011-12 Fundinq Source Jan Feb March April May June Total
1
1999 Tax Allocation Bonds
US Bank
Fund capital projects in Merged Area
8,897,866.00
June 2030
206,875.00
RPTTF
1,200.06
1,200.00
2,400.00
28,600.00
1,200.00
2,400.00
. $ 37,000.00
2
2002 Tax Allocation Bonds
US Bank
Refund outstanding 1993 bonds
13,134,847.00
Sept. 2025
986,002.00
RPTTF
217,736.00
$ 217,736.00
3
1996 CFD Refunding Bonds
US Bank
Fund Fashion Plaza Improvements
51,170,899.00
Sept. 2022
3,684,800.00
other
1,028,700.00
$ 1,028,700.00
4
1988 Lease Rev Refunding Bnds
Wells Faro Bank
Fund the Lakes Parking Project
'6,847,414.00
Aug. 2018
461,900.00
PTTF, other
940.00
_940.00,
,r 2,290.00
27,940.00
940.00
2,290.00
$ 35,340.00
5
2006 Lease Revenues Bonds
City of West Covina
Reimburse City for BLD Debt Service
30,801,703.00
June 2036
1,118,944.00
RPT 7
93,245.00
93,245.00
93,245.00
93,245.00
93,245.00
93,245.00
$ 559,470.00
6
1998 Housing Set Aside Bonds
US Bank
Acquisition and rehab of a.housing proj
6,499,343.00
Sept. 2025
437,815.00
RPTTF
117,229.00
$ 117,229.00
7
2001 -Housing Set Aside Bonds
US Bank
Development of a senior housing ro'
12,136,937.00
Sept. 2031
772,825.00
RPTTF
-
188,218.00
-
-
$ 188,218.00 ,
8
SERAF 2010 Housing Loan
Housing Successor Agy
Repay SERAF to the housing fund
6,529,308.00
June 2015
1,632,327.00
RPTTF
1,632,327.00
$ 1,632,327.00
9
SERAF 2011 HousingLoan .
HousingSuccessor A
Rea SERAF to the housingfund
1,342,977.00
June 2016
266,565.00
RPTTF
-
266,595.00
$ 266,595.00
10
DDA - The Lakes
Various
Bond admin & maint for ark structure
1,800,000.00
215,000.00
RPTTF ,
30,000.00
31,000.00
21,000.00
$ 82,000.00
11
OPA - CFD
Westfield et al
CFD admin & Developer repayment
93,836,711.00
Sept. 2022
1,045,000.00
other
$
12
CFD Tax Increment Pledge
Plaza CFD
Tax Increment pledged fto CFD
17,1,53,258.00
Sept. 2022
1,343,170.00
RPTTF
1,343,170.00
$ 1,343,170.00
13
CSS - CFD
CSS Com Fac Dist
CFD Assessment
4,803,381.60
on oin
73,370.00
RPTTF
6,115.0D
6,115.00
6,115.00
6,115.00
6,115.00
6,115,00
$ 36,690.00
14
SB2557 Admin
County of Los Angeles
Tax Collection Services
9,428,048.00
ongoing
256,000.00
RPTTF
$
15
Housing Set Aside
Low Mod Hsg Authority
20% Set Aside for low mod hsg
1,783,786.00
Jan. 2012
1,783,786.00
RPTTF
229,581.00
$ 229,581.00
16
Passthrus
Other taxiing entities
Passthrus peragreements andcode
338,111,418.00
ongoing
3,922,000.00
RPrrF
326,833.00
326,833.00
326,833.00
326,833.00
326,833.00
326,833.00
$ 1,960,998.00
17
Repay County Loan
County of Los Angeles
Repay Loan of Defered Tax Increment
8,986,156.00
Uncertain
1,340,325.00
RPTTF
-
1,340,325.00
$ 1,340,325.00
18
Non personnel operation cost'
Various
Operations for both projectareas
18,235,234.50
ongoing
1,714,895.00
RPTTF
421,332.00
32,683.00
32,683.00
32,683.00
32,683.00
32,683.00
$ 584,74.7.00
19
Employee Costs
Various employees
Salaries and benefits for personnel
28,403,318.03
ongoing
1,296,525.00
RPTTF
231,954.00
19,131.00
69,210.00
40,196.00.
40,196.00
40,196.00
$ 440,883.00
20)lAnticipated/Existing
Litigation
Various
Enforcement ofobligations
5,000,000.00
ongoing
1743,659.00
RPTTF
394,536.00
150,000.00
150,000.W
150,000.00
150,000.00
150,000.00
$ 1,144,536.00
21
City Note - Administration
City of West Covina
Repay City for admin & construction
19,789,504.00
June 2025
1,483,500.00
RPTTF
123,633.00
123,633.00
123,633.00
123,633.00
123,633.00
123,633.00
$ 741,798.00
22
City Note - CIP
City of West Covina
Repay. City for capital projects
3,604,284.00
June 2025
259,783.00
RPTTF.
21 549.00
21,649.00
21,649.00
21,649.00
21,649.00
21,649.00
$ 129 894.00
23
City Note Revolving
City of West Covina "
Reay City for revolving credit
8,318,522.00
June 2025
556,617.00
RPTTF
46,385.00
46,385.00
46,385.00
46 385.00
46,385.00
46,385.00
$ 278,310.00
24
Sales Tax Reimbursement
C' of West Covina
Reimburse Cityfor CFD Sales Tax
24,008,124.00
June 2025
1,250,000.00
RPTTF
-
1,250,000.00
$• 1,250,000.00
25
City Line Of Credit
City of West Covina
Line of Credit for Merged Area .
5'218,750.00
Jan. 2012
5,218,750.00
other
5,031,250.00
$ 5,031,250.00
9R1
r^,rilfrtnitmAAnrwrnpnf
Vnriniin
G "CourseImplementation Acreement
45.000.000.00
oncoinc
-
RPTTF
otals - This Page $ 770,841,788.53 $ 33,070,563.00 $ 6,958,653.00 $ 821,814.00 $ 2,426,326.00 $ 928,279.00 $ 842,879.00 $ 6,698,846.00 $ 18,676,797.00
Grand total -All Pages $ 770,841,788.53 $ 33,070,563.00 $ 6,958,653.00 $ 821,814.00 $ 2,426,326.00 '$ 928,279.00 $ 842,879.00 $ 6,698,846.00 $ 18,676,797.00
ROPS 2012 Jan -June ROPS O4-17-12 Amended
4/12/2012 1 of 1
Name of Redevelopment Agency: West Covina Community Development Commission
ProjectArea(s) Merged & Citywide
FOR THE PERIOD: JULY - DECEMBER 2012
SCHEDULE OF DISTRIBUTION OF FUTURE TAX REVENUES
FINAL RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34167 and 34169
Adopted April 17, 2012
Obligation Total Due During
Total Outstanding Expiration Fiscal Year
Project Name f Debt Obligation Payee Description Debt or Obli ation Date 2011-12 Funcrinq Source July August
1 1999 Tax Allocation Bonds US Bank Fund capital projects in Merged Area 8,690,991.00 June 2030 208,600.00 RPTTF 14,700.00 1,2C
October November December F Total
r
2
2002 Tax Allocation Bonds
US Bank
Refund outstanding 1993 bonds
12,148,846.00
Sept. 2025
989,272.00
RPTTF
5,000.00
777,736.00
$ 782,736.00
3
1996 CFD Refunding Bonds
US Bank
Fund Fashion Plaza Improvements
47,486,100.00
Set 2022
3,774,300.00
Omer
2,798,700.00
$ 2,798,700.00
4
1986 Lease Rev Refunding Bnds
Wells Faro Bank
Fund the Lakes Parking Project
6,385,514.00
Aug. 2018
461,900.00
PTTF, other
14,840.00
426,340.00
2,690.00
14,840.00
1,340.00
2,690.00
$462,740.00
5
2006 Lease Revenues Bonds
City of West Covina
Reimburse City for BLD Debt Service
29,682,754.00
June 2036
1,126,990.00
RPTTF
93,915.00
93;915.00
93,915.00
93,915.00
93,915.00
93,915.00
$ 563,490.00
6
1998 116using Set Aside Bonds
US Bank
Acquisition and rehab of a housing ro'
6,064,824.00
Sept. 2025
438,907.00
RPTTF
3,500.00
327,229.00
-
-
-
$ 330,729.00
2001 Housing Set Aside Bonds
US Bank
Development of a senior housinpro['
11,367,563.00
Sept. 2031
767,935,00
RPTTF
-
588,217.00
-
3,500.00
$ 591,717.00
8
SERAF 2010 HousingLoan
Housing SuccessorAgy
Repay SERAF to the housingfund
6,529,308.00
June2015
1,632,327.00
RPTTF
136,027.25
1W,027.25
136,027.25
136,027.25
136,027.25
136,027.25
$ '816,163:50
9
SERAF 2011 Housing Loan
Housing SuccessorAgy
Repay SERAF to the housing fund
1,342,977.00
June 2016
266,595.00.
RPTTF
22,216.25
22,216.25
22,216.25
22,216.25
22,216.25
22,216.25
'$ 133,297.50
10
DDA-The Lakes
Various
Bond admin & maint for park structure
1,575,000.00
215,000.00
RPTTF
-
135,000.00
$ 135,000.00
11
OPA - CFD
Westfield at al
CFD admin & Developer repayment
93,836,711.00
Sept. 2022
885,000,00
Omer
885.000,00
$ 885,000.00
12
CFD Tax Increment Pledge
Plaza CFD
Tax Increment pledged fto CFD
15,810,088.00
Sept. 2022
1,345,000.00
RP77
$
13
CSS - CFD
CSS Com Fac Dist
CFD Assessment
4,730,011.00
ongoing
74,837.00
RPTTF
6,236.42
6,236.42
6,236.42
6,236.42
6,236.42
.6,236.42
$ 37,418.50
14
SB2557 Admin
County of Los Angeles
Tax Collection Services
9,172,048.00
ongoing
261,000.00
RPTTF
261,000.00
$ 261,000.00
15
Passthrus
Other taxing entities
Passthrus pera reementsandcode
334,189418.00
on2oing
4,000,000.00
RPTTF
333,333.00
333,333.00
333,333.00
333,333.00
333,333.00
333,333.00
$ 1,999,998.00
16
Repay County Loan
County of Los Angeles
Repay Loan of Defered Tax Increment
8,270,186.92
Uncertain
1,350,000.00
RPTTF
1,350,000.00
$ 1,350,000.00
17),
Non personnel operation cost
Various
Operations for both project areas
16,520,339.00
ongoing
392,206.00
RPTTF
32,683.83
32,683.83
32,683.83
32,683.83
32,693.83
32,683.83
$ 196,103.00
18
Em to ee, Costs
Various employees
Salaries and benefits for personnel
27,106;793.00
ongoing
482,346.63
RP17F
40,195.55
40,195.55
40,195.55
40,195.55
40,195.55
40,195.55
$ 241,173.31
19
Anticipated/ExistingLitigation
Various
Enforcement of obligations
3,256,341.00
ongoing
1,800,000.00
RPTTF
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
150,000.00
$ 900,06.00
20
C' Note - Administration
Cityof West Covina
Rea C' for admin & construction
18,305,904.00,
June 2025
.1,461,488.00
RPTTF
121,790.67
121,790.67
121,790.67
121,790.67
121,790.67
121,790.67
$ 730,744.00
21
C Note - CIP
Cityof West Covina
Rea CityTT for capital projects
3,344,501.00
June 2025
266,820.00
RPTTF
22,235.00
22,235.00
22,235.00
22,235.00
22,235.00
22,235.00
$ . 133,410.00
22
City Note Revolving
City of West Covina
Repay City for revolving credit
7,761,905.00
June 2025
571,692.00
RPTTF
47,641.00
47,641.00
47,641.00
47,641.00
47,641.00
47,641.00
$ 285,846.00
23
Sales Tax Reimbursement
City of West Covina
Reimburse City for CFD Sales Tax
22,758,124.00
June 2025
1,400,000.00
RPTTF
116,666.67
116,666.67
116,666.67
116,666.67
1.16,666.67
116,666.67
$ 700,000.00
24
Golf Course Agreement
Various
Golf Course Implementation Agreement
45,000,000.00
ongoing
RPTTF
$
Total Outstanding Obligation includes both principal and interest payments.
Totals - This Page
$ 741.,336,251.92 $ 24 172 215.63
1 $ 1,160 980.64
$ 1 550 480.64 1
$ 5 619 912.64
$ 2 037 480.64
$ 1 395 480 64
$ . 2 742 530 64
$ 14 506 865.81
Grand total -All Pages $ 741,336,251.92 $ 24,172,215.63 $ 1,160,980.64 $ 1,550,480.64 $ 5,619,912.64 $ 2,037,480.64 $ 1,395;480.64 3 2,742,530.64 $ 14,506,865.St
ROPS 2012 Jul - Dec ROPS O4-17-12
4/12/2012 1 of 1
r
Successor Agency to the West Covina Redevelopment Agency Attachment 4
Administrative Budget
Used for July -Dec 2612 ROPS
Annual
Jan -June
July -Dec
Amount
2012
.2012
Salaries & Benefits
482,347
440,883
241,174
Anticipated/Existing Litigation
1,800,000
1,144,536
900,000
M &, O from CDC Staff:
Appraisals
. 40,000
Escrow & Title
25,000
Consultants
50,000
Legal Fees
60,000
Copying
5,000
Subtotal
180,000
-
90,000
Other M &. O costs not included
above:
A & O
1881'759
Liability Insurance
16,799
Phone
908
Cell Phone
720
Pooled Car usage
240
Fuel
1,980
Vehicle Maintenance
2,800
Subtotal
212,206
584,747
106,103
Total Non -Personnel Costs
196,103
392,206
684,747
Total Budget
2,674,553
2,170,166.
1,337,277
ROPS 2012 Jan-JuneAdmin Budget4/12/2012