Resolution - 2017-03RESOLUTION NO. 2017-3
A RESOLUTION OF THE SUCCESSOR AGENCY TO THE FORMER
WEST COVINA REDEVELOPMENT AGENCY APPROVING AND
AUTHORIZING THE TRANSMITTAL OF AN ADMINISTRATIVE
BUDGET AND A RECOGNIZED OBLIGATION PAYMENT SCHEDULE
"ROPS" FOR THE PERIOD OF JULY 1, 2017 THROUGH JUNE 30, 2018
FOR THE SUCCESSOR AGENCY TO THE FORMER WEST COVINA
REDEVELOPMENT AGENCY
WHEREAS, as part of the 2011-12 State budget bill, the California Legislature has
enacted and the Governor has signed, companion bills AB1X 26 and AB1X 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, on December 29, 2011, the California Supreme Court upheld AB1X 26,
which dissolved all of the redevelopment agencies in the State of California as of February 1,2012,
and struck down AB1X 27; and
WHEREAS, at a meeting of January 10, 2012, the City of West Covina took action to
designate itself as the Successor Agency to the former West Covina Redevelopment Agency; and
WHEREAS. Pursuant to Health and Safety Code Section 34179.7 (o) (1), commencing
with the ROPS covering the period from July 1, 2016 to June 30, 2017 and thereafter, agencies
shall submit an oversight board approved annual ROPS to Finance and the County Auditor-
Controller by February 1, 2016 and each February 1 thereafter; and
WHEREAS, the West Covina City Council, acting as Successor Agency to the former
West Covina Redevelopment Agency, reserves the right to appeal any determination of the State
of California Department of Finance or other entity regarding the propriety of this resolution as
well as any future determinations; and
WHEREAS, the West Covina City Council, acting as Successor Agency to the former
West Covina Redevelopment Agency, 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 former West Covina Redevelopment Agency, as follows:
SECTION]. The foregoing recitals are incorporated into this Resolution by this
reference, and constitute a material part of this Resolution.
SECTION 2. The Recognized Obligation Payment Schedule "ROPS" attached hereto as
Exhibit "A" is approved and the Executive Director is authorized to submit the ROPS to the
Oversight Board for approval and transmit the same to the Los Angeles County Auditor-
Controller, the California State Controller and the State of California Department of Finance in
accordance with Health and Safety Code Section 34177 subject to all reservations of rights and
contingencies set forth above.
PASSED, APPROVED AND ADOPTED on this 17 th day of January, 2017.
APPROVED AS TO FORM: ATTEST:
Nickolas S. ,
A-g-jeficy-SecretarS/'—
Kiniberly HtJA Barlow
Agency Counsel
Nickplas Lewis:: • '
Agency Secretary.s`
SECTION 3. The Administrative Budget for the Successor Agency for the annual period
of July 1, 2017 — June 30, 2018, 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
California State Controller and the State of California Department of Finance in accordance with
Health and Safety Code Section 34177 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 Recognized Obligation Payment Schedule on the City's website, and any other reasonable
acts in furtherance of approval of the Recognized Obligation Payment Schedule and
Administrative Budgets.
SECTION 5. The Secretary shall certify as to the passage and adoption of this Resolution,
and it shall thereupon take effect and be in full force.
I, HEREBY CERTIFY that the foregoing resolution was duly adopted by the Successor Agency
of, the City of West Covina, California, at a regular meeting thereof on the 17 th day of January,
2017, by the following vote of Agency Members:
AYES:
NOES:
ABSENT:
ABSTAIN:
Johnson, Spence, Wu, Toma, Warshaw
None
None
None
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Title
EXHIBIT A
Recognized Obligation Payment Schedule (ROPS 17-18) - Summary
Filed for the July 1,2017 through June 30, 2018 Period
A Enforceable Obligations Funded as Follows (B+C+D):
• Bond Proceeds
• Reserve Balance
• Other Funds
• Redevelopment Property Tax Trust Fund (RPTTF) (F+G):
RPTTF
Administrative RPTTF
H Current Period Enforceable Obligations (A+E):
Successor Agency: West Covina
County: Los Angeles
Current Period Requested Funding for Enforceable Obligations (ROPS Detail)
Certification of Oversight Board Chairman:
Pursuant to Section 34177 (o) of the Health and Safety code, I
hereby certify that the above is a true and accurate Recognized
Obligation Payment Schedule for the above named successor. -
agency.
Signature Date
Name
/s/
West Covina Recognized Obligation Payment Schedule CROPS 17-18)- ROps Detail
July 1, 2017 through June 30, 2018
Re oil Amounts In Whote Dollars
IA 14 0 P CI 18 S U V
IOn, II Rio eel Name-Mob' Obi• Von 01, 'anon Tpo
,
C8.8.01A1reemant
Execution Date
CentractiAgroeinen1
Terrninalion Data Payee De donfPrc ecl 20010 Pro ect RN.
Total Oiastanderig
Debt 01 001 alien Retired
ROPE. 17-18
Tail
17-18A
Total
:::,:A711813 Warmer,' - Jun
17.18S
Total
Fund Sources Fund Sources
EMI RPTTF Adroin RPTIT Herd Proc.. Reserve Balance Olher Finds RPTTF Adinin RPTTF 7001 00ce03 Sat Adele Bonds Reserves 1211/2001 811/2030 01 0201, Development of a aenlor housing
prici'sel. NI 1
''- 2''.1-8 MIIIIIIMMIN
Mill
852 818
4 in.. 17,8113
,, an 1217 T.8110.11 on Refunding
Bonds
Refunding Bonds Issued
Oar 8177112
2/712017 5/1/21330 DE Sank Refund items A' 1. Z 4& 1 li
West Covina Recognized Obligation Payment Schedule (ROPS 17-18) - Report of Cash Balances
(Report Amounts in Whole Dollars)
Pursuant to Health and safety Code section 34177 (I), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or
when Payment from property tax revenues is required by an enforceable obligation, For tips on how to complete the Report of Cash Balances Form see Cash Balance Tips Sheet.
Cash Balance Information by ROPS Period
Fund Sources
Comments
' - .. .:',:, :: .•"--j ' '.:
' Bond PrOC-eedg ,,,..L1.
_ ..,. : . . , ,
.; . Reserve Balance . •• Otifer' .. "I RPTTF '' '
Bonds issued on
or before
12/31/10
Bonds issued on
or after 01/01111
Prior ROPS
period balances
and DDR RPTTF
balances
retained
Prior ROPS
RPTTF
distributed as
reserve for future
period(s)
Rent.
grants,
interest, etc.
Non-Admin
and
Admin
.. . . . • .. .- ...
kciii, 15:16B-k6tuaig-(01/01i16 ;: 6 .6130116).
1 Beginning Available Cash Balance (Actual 01/01/16)
2,330,886
2 Revenue/Income (Actual 06/30/16)
RPTTF amounts should tie to the ROPS 15-16B distribution from the
County Auditor-Controller during January 2016
2,836,006 3,530,395
Column G - Settlement payment from Al Hessen
litigation.
3 Expenditures for ROPS 15-16B Enforceable Obligations (Actual
06/30/16)
5,861,281
4 Retention of Available Cash Balance (Actual 06/30/16)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
-
5 ROPS 15-16B RPTTF Balances Remaining '4
1 ` NO entry required' : . , . • _
__ • . _
6 "Ericlin-g7A-otiTal AVallibleeta-sti:Efilariee . --14 T.---, -.4 ,
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4 'i , 2836006
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West Covina Recognized Obligation Payment Schedule (ROPS 17-18) - Notes July 1, 2017 through June 30, 2018
Item # I Notes/Comments
9 Reserving all annual credit from ROPS B in compliance with pledge.
76 Apply funds received from Al Hassen settlement to litigation costs related to the lawsuit.
SUCCESSOR AGENCY TO THE FORMER WEST COVINA REDEVELOPMENT AGENCY
ADMINISTRATIVE BUDGET
July 1, 2017 to June 30, 2018
Annual Amount July - Dec 2017 Jan - June 2018
Salaries & Benefits
Maintenance & Operations
Consultants
Legal Fees
Phone
Cell Phone
Supplies
Meetings
Overhead
Liability Insurance
146,274 $
40,000
46,000
2,000
1,000
7,300
5,000
30,000
5,000
72,137 $
20,000
24,000
1,000
500
3,650
2,500
15,000
2,500
74,137
20,000
22,000
1,000
500
3,650
2,500
15,000
2,500
Subtotal
Total Budget 282,574 $ 141,287 $ 141,287