Loading...
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