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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 rgA.1.47-7,; • 83120 P'61.41; 0238;1574044$ ' • • 71 098,87,0 f.AS,, OW. -14i1k287;:g.1. '82:11357:43tiVkAW 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 , . - ,..3`-4 :, 5) , • . ' , _ . • -- -- c . ,-- . . ' • , .--'4 • - :;--4'' =:.....i _ - • , .: . . .-'- -,--: , , --,4i*.r.,±tr-4, r=•- "'. .. - " . ,.,_ ,- - .- - . - .: - ,.,... 4 'i , 2836006 •`- -2. - . 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