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Resolution Number SJCOB 14-09-23-01 OVERSIGHT BOARD RESOLUTION NO. 14-09-23-01 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE i FOR THE PERIOD FROM JANUARY 1, 2015, THROUGH JUNE 30, 2015, (ROPS 14-15B) AND AUTHORIZING CERTAIN OTHER ACTIONS PURSUANT TO CALIFORNIA HEALTH & SAFETY CODE SECTION 34181(g) WHEREAS, the San Juan Capistrano Community Redevelopment Agency ("Agency") was a community redevelopment agency duly organized and existing under the California Community Redevelopment Law, Health & Safety Code Section 33000, et seq., which was authorized to transact business and exercise the powers of a redevelopment agency pursuant to action of the City Council ("City Council") of the City of San Juan Capistrano ("City"); and, WHEREAS, Assembly Bill X1 26 added Parts 1.8 and 1.85 to Division 24 of the California Health & Safety Code, which laws cause the dissolution and wind down of all redevelopment agencies ("Dissolution Act"); and, WHEREAS, on December 29, 2011, in the petition Califomia Redevelopment Association v. Matosantos, Case No. S194861, the California Supreme Court upheld the Dissolution Act and thereby all redevelopment agencies in California were dissolved as of and on February 1, 2012, under the dates in the Dissolution Act that were reformed and extended thereby; and, WHEREAS, the Agency is now a dissolved redevelopment agency pursuant to the Dissolution Act; and, WHEREAS, by a resolution considered and approved by the City Council at an open public meeting the City chose to become and serve as the successor agency to the dissolved Agency under the Dissolution Act; and, WHEREAS, Assembly Bill 1484, enacted on June 27, 2012, made certain amendments to the Dissolution Act, including with respect to the process for adopting Recognized Obligation Payment Schedules (ROPS); and, WHEREAS, as of and on and after February 1, 2012, the City Council serves and acts as the "Successor Agency" and will perform its functions as the successor agency under the Dissolution Act to administer the enforceable obligations of the Agency and otherwise unwind the Agency's affairs, all subject to the review and approval by a seven-member oversight board ("Oversight Board"); and, WHEREAS, pursuant to Section 34179 of the Dissolution Act, the Successor Agency's Oversight Board has been formed and the initial meeting has occurred on April 9, 2012; and, WHEREAS, Section 34179 provides that the Oversight Board has fiduciary responsibilities to holders of enforceable obligations and the taxing entities that benefit from distributions of property tax and other revenues pursuant to Section 34188 of the Dissolution Act; and, 1 9/23/2014 WHEREAS, pursuant to Section 34171(h) of the Dissolution Act, a "Recognized Obligation Payment Schedule" means the document setting forth the minimum payment amounts and due dates of payments required by enforceable obligations for each six-month fiscal period as provided in subdivisions (1) and (m) of Section 34177 of the Dissolution Act; f and, WHEREAS, pursuant to subdivisions (1) and (m) of Section 34177 of the Dissolution Act, staff of the City, acting on behalf of the Successor Agency, prepared and submitted to the Successor Agency, the Recognized Obligation Payment Schedule for the period covering January 1, 2015, through June 30, 2015, (ROPS 14-15B), in the form attached to this Resolution as Exhibit A and incorporated herein by this reference; and, WHEREAS, the City Council, acting as the governing body of the Successor Agency adopted Resolution SACRA 14-09-02-01, on September 2, 2014, approving the Recognized Obligation Payment Schedule for the period covering January 1, 2015, through June 30, 2015, (ROPS 14-15B) and authorizing the Executive Director and/or the Finance Officer of the Successor Agency, or their authorized designees, to make such augmentations, modifications, additions or revisions as they may deem appropriate; and, WHEREAS, Resolution SACRA 14-09-02-01 also directed the Executive Director or her authorized designees to transmit the approved ROPS 14-15B to the Oversight Board, the County Administrative Officer, the County Auditor-Controller, the State Controller's Office, and the State Department of Finance, and to cause the approved ROPS 14-15B to be posted on the City's website, all in accordance with Section 34177(1)(2)(C) of the Dissolution Act, and take other actions necessary to obtain approval of the ROPS 14-15B from the Oversight Board and the State Department of Finance; and, WHEREAS, pursuant to Section 34177(1)(2)(B) of the Dissolution Act, staff of the City, acting on behalf of the Successor Agency, provided notice of this Oversight Board action, along with the ROPS 14-15B and staff report submitted to the Oversight Board herewith, to the County Administrative Officer, the County Auditor-Controller, and the State Department of Finance, concurrently with the posting of the Agenda for this Oversight Board action; and, WHEREAS, pursuant to Sections 34177(1)(2)(6) and 34180(g) of the Dissolution Act, the Oversight Board has received and reviewed the ROPS 14-15B and desires to approve the ROPS 14-15B in substantially the form attached to this Resolution as Exhibit A; and, WHEREAS, pursuant to Section 34177(m) of the Dissolution Act, the State Department of Finance shall make its determination of the enforceable obligations and the amounts and funding sources of the enforceable obligations no later than 45 days after the ROPS is submitted. NOW, THEREFORE, BE IT RESOLVED BY THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY: Section 1. The foregoing recitals are incorporated into this Resolution by this reference, and constitute a material part of this Resolution. 2 9/23/2014 Section 2. The Oversight Board hereby approves the revised ROPS 14-15B in the form attached to this Resolution as Exhibit A, which is incorporated herein by this reference. Section 3. The Oversight Board hereby authorizes the Executive Director and/or the Finance Officer, acting on behalf of the Successor Agency, or their authorized designees, to make such augmentations, modifications, additions or revisions as they may deem appropriate and as may be directed by the City Council, acting as the governing board of the Successor Agency. Section 4. The Executive Director or her authorized designees on behalf of the Successor Agency are directed to transmit the approved revised ROPS 14-15B to the County Auditor Controller, the State Controllers Office, and the State Department of Finance, and to cause the approved ROPS to be posted on the City's website, all in accordance with Section 34177(I)(2)(C) of the Dissolution Act. Section S. This Resolution shall take effect immediately upon adoption. Section 6. The Secretary of the Oversight Board shall certify to the adoption of this Resolution. PASSED, APPROVED and ADOPTED this 23rtl day of September 2014. Laura Freese, Chair ATTEST: M is Morris, O e sight Board Slacretak 3 9/23/2014 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss. CITY OF SAN JUAN CAPISTRANO ) n I, Maria Morris, Secretary of the Oversight Board to the Successor Agency of the San Juan Capistrano Community Redevelopment Agency, hereby certify that the above and foregoing Resolution was duly and regularly adopted by the Oversight Board at a regular meeting thereof held on the 23rd day of September 2014, , and that it was so adopted by the following vote: AYES: Doll, Tatarian, Thomas, Kerr and Chair Freese NOES: None ABSENT: Hampton and McCord rt�-0 a Wi Cie Morris, sight Board Secretary 4 9/23/2014 I l I Recognized Obligation Payment Schedule(ROPS 14158)-Summary Filed forthe January 1,2015 through June 30,2015 Period Name of Successor Agency: San Juan Capistrano Name of County: Orange Current Period Requested Funding for Outstanding Debtor Obligation Six-Month Total Enforceable Obligations Funded with Non-Redevelopment Property Tax Trust Fund(RPTTF) A Funding Sources(B+C+D): 9 1,245,000 B Bond Proceeds Funding(ROPS Detail) 1,200.000 C Reserve Balance Funding(ROPS Detail) - D Other Funding CROPS Detad) 45,000 E Enforceable Obligations Funded with RPTI-F Funding F-G): 9 2,481,944 F Non-Administrative Costs(ROPS Detail) 2,356,944 G Administrative Costs(ROPS Detail) 125,000 H Current Period Enforceable Obligations(A+E): 9 3,726,944 Successor Agency SeNReported Prior Period Adjustment Current Period RPTTF Requested Funding I Enforceable Obligations funded with RPTTF(E): 2,481,044 J Less Prior Period Adjustment(Report of Prior Period Adjustments Column S) (73.040) m K Adjusted Current Period RPTTF Requested Funding(IJ) 9 2,408,904 X County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding L Enforceable Obligations funded with RPTTF(E): 2.481,944 i D M Less Prior Period Adjustment(Report of Prior Period Adjustments Column AA) - U 44 N Adjusted Current Period RPTI-F Requested Funding(L-M) 2,481,9 Cl toCertticetion of Oversight Boats Chairman: N Pursuant to Section 34177(m)of the Health and Safety code, I hereby certfy that the above is a true and accurate Recognized Name TrUe Obligation Payment Schedule for the above named agency. ial CD Signature Date MwyeW OMpWn P•p•YNYN\IROP0141 W�ROIa0.\• Msu•ry 1.MI{W xyR Jus N.L V IRwuwr�n qYq xsau•xx�r•x••ryu enu usP.•�i e...Jx•e.•r ♦ onx r rr uY�vn s rwre•+o x z♦ ® r Nvxnwwu cis � re xw •xrm r, rwsner.s ax xa. nm4av rJ ra r anxJ�sxr•••. my snMrva•wrw Yre �a. • mr• xw 4Jpr,mr � IYwI Y•xn xN Nr • •c W�/rWsm� i w a aeWwo� • r � .un nxuxRisx r • a. r r�rwryisx r Jgxwr4xxaY 6.ea ♦ •a•s•p•xnn � aeV•fs� N• r s xwap.uc r_ r UHIBIT A-Pape 2 a18 l C__ NavA1M WMlbn PspM6MUYIROA INIRI-ROPoONtl Lnusryq 1F�AIYIMy�lunwb,.IDls vtiw ITT- WE= n EXHIBIT A-Pp 3M8 Recognized Obligation Payment SchatluN CROPS 141613)-Report of Cash Stlances (Report Amounts n`Made 01vs1 Pursuant to Health and Safety Code settlor 34177(1),Redevelopment Property Tax Trust Fund IRPTTF)may be listed as a source of payment on the ROM,but only to the expend m other funding source Is available orwhenpayrsOMfmmpmpenyturevenuesisr udredbyanenfarceableabligabm. For tips on how m Complete the Report of Dish Balances Form,see Enos.1/rad.dot P.Rm/rad- sa/odnCazh B arox Aaenov hon sheet od1. A 8 C O E F 0 N Fund Source Bent process. Reserve leaden. OIMr RPTTF Fdor RODS Pdor ROPS .rlo l Mlances RPTTF Bonds I..." BpMe demad uM COR RPTTF dYtribuMdu Wn4 Nem ftni. oor hebp n orbre sure.base. anal reserve for Grants, a Cash Balance lnhrramenb ROPE Padpd 1L]1110 1-111 nalred M1awn"doodsa) I----Eto. .—.n C.... Rpp51}118 Mtusb d1N1111�OY]b14 1 assuring Avallable Cash BaYn.(Act.]d ffildr) 1a.11].W'fi I72.000 831.857, 350,098 3 RFTTFenncmmelASWN 06430,14)RPTTFsmmb slaw/]MtoROM 13-1411 extension earn n st CoaryNtleufm4oM)uncina lanuery M14 11.800 51.701 1121,1]] ] Espergpum for ROPE 11.148 Enlon.ble OWgeW.(AduY indent) RPITFAmounts,13 pus M)west eyed Mies dryad atlud amasses.in she Rupert 0 PPA Ccumna L ant O 17]0]0 512.118 51,704 Sea WT 4 Retention of Available Cath BlYn.lActua 0151,10114) RPTTF armrrl nWrcd shoWl oNy Fdum stn ermunas dlsh4usal b deu ounce nawep)apprond 0 ROM 11118 1,7]1831 467500 6 ROM 1..atshTTF Pdor Per Yd Adjustment RMF eason. PA, should! ume.N+sonde)ROPS 1Y1<B PPA UNR tb en0yraywred R.aa o1 PPA,CdVmn 5 8 9adlrq Actual Avellabb Cash Balance Cb G•11 r2-0dl,X•Il s2-0.4.5) "wee , 118..1 ]2J,lpe ROM Was Exposure 07101114-IWIM1 7 BpNn"Available Cash Bagrrce(Adud 91001114) (C,D.E G•4 e 8,F•His a F4+F8,and X•5+6) IDAKI. 587 11 323AN e Renmxlman.lEarMd.lyJlnq - R a opens AhAAd As 1..ROM 14-1316eblLrskin hem Me ,on.,Ndiln-CmVNe durno ams 014 S. 4,200 2148.644 9 exporters.for ROM 1441877 Enforceable Oggasbro Raddrate 12J1n1) 5.970.04- Sled 311 4300 2298.712 to RWntwm/AvallahY Luh Balama(EaW.Y 1]tl1/14) RPT se amountreW.dpMbt in en manldiatrYu�b debt se— reaerve(al roYesedYROMOPS 141500 a.ntazl rt EMIEstimated AV81M eCuh BSYneo(1+8.9-00) 2AINIX3 ",044 EXHIBIT A-Page 4 of 8 1 I ooa00000 000000000-00 �� moo,._.-�-��®�� l�l�l�l�!�l��!� ��r r7��l��l�l�l��l� ��iri��1��l�l�l��!� fii�l�!��l�l�l��!� RCPIUP My4a M11®1 uYY wYP�141M-Ypn>Pb Pw Apvuu Pmn[b MnoPfi�a��YP�v��.ml�Fsp Y.a,m1�IPwwurnw.nruupuypscl+nva�w W .M.wrNns CYC P.uM+.�eW'n...n.xzPs rv�Yl.u.�w.usweavr r.rw..m.rw.�r. �u1M�MrmVnwA��PwwanwM�.�rnnMn�r�� Prr�iu � ae W rl r rM E HIBIT A-Pp 6N9 Recognized Obligation Payment Schedule(ROPS 14158) -Notes January 1,2015 through June 30,2015 i Item# Notes/Comments 1 The total obligation outstanding includes all principal and interest expected to be outstanding at December 31,2014. 2 The total obligation outstanding includes all principal and interest expected to be outstanding at December 31,2014. 3 The total obligation outstanding includes all principal and interest expected to be outstanding at December 31,2014. 4 The total obligation outstanding includes all principal and interest expected to be outstanding at December 31,2014. 5 No set-aside reserve is necessary for the next ROPS debt service-H&S Code Section 34171(b). The total obligation outstanding is the amount expected to be outstanding as of December 31,2014. The agreement end date is 6 upon complete payment of obligation. As instructed by DOF staff,an estimated date has been included. The total obligation outstanding is the amount expected to be outstanding as of December 31,2014. The agreement end date is 7 upon complete payment of obligation. As instructed by DOF staff,an estimated date has been included. The total obligation outstanding is the amount expected to be outstanding as of December 31,2014. The agreement end date is 8 upon complete payment of obligation. As instructed by DOF staff,an estimated date has been included. g The total obligation outstanding includes all principal and interest expected to be outstanding at December 31,2014. 10 The total obligation outstanding includes all principal and interest expected to be outstanding at December 31,2014. 11 The total obligation outstanding includes all principal and interest expected to be outstanding at December 31,2014. The total obligation outstanding includes all principal and interest expected to be outstanding at December 31,2014.Payments for FY 12 14-15 are interest only at 6.0%. The total obligation outstanding includes all principal and interest expected to be outstanding at December 31,2014.Payments for FY 13 14-15 are interest only at 6.0%. 1 14 This amount has an$7,996,697 principal payment due March 1,2021. On May 16,20140 DOF issued a final determination letter on ROPS 14-15A,indicating this Agreement was enetered within two years of creation of the Agency and that the City agreed to defer the fees under the Agreement until such time as the Agency determines it has sufficient funds to repay the loan. The total obligation outstanding of$979,626 includes all principal and interest expected to be outstanding at December 31,2014 and is estimated to be able to be paid during this ROPS period 14-158. Additional information 15 regarding the balance outstanding will be provided with submittal of the ROPS 14-156. The City has received its Finding of Completion;this loan was approved by the Oversight Board pursuant to Health and Safety Code (HSC)Section 34191.4(b)on May 27,2014(Oversight Board Resolutioni4-05-27-02);and DOF approved the loan and payment 16 schedule on August 5,2014. The total obligation outstanding is the amount expected to be outstanding as of December 31,2014. The City has received its Finding of Completion;this loan was approved by the Oversight Board pursuant to Health and Safety Code (HSC)Section 34191.4(b)on May 27,2014(Oversight Board Resolutioni4-05-27-02);and DOF approved the loan and payment 17 schedule on August 5,2014. The total obligation outstanding is the amount expected to be outstanding as of December 31,2014. The City has received its Finding of Completion;this loan was approved by the Oversight Board pursuant to Health and Safety Code (HSC)Section 34191.4(b)on May 27,2014(Oversight Board Resolution 14-05-27-02);however DOF did not approve the loan. This City/Agency loan is requested to remain pending the resolution of questions regarding the denial. The total obligation outstanding is 18 ithe amount expected to be outstanding as of December 31,2014. $1,248,000 approved on ROPS III and the Other Assets Due Diligence Review to be paid from reserves. The project was anticipated to be completed by December 31,2014. However,this is was estimated completion date and actual completion occurred in March 19 2014. Final payments made in January and March 2014. Staff time and other administrative costs(estimated to be incurred for this ROBS period)provided pursuant to the Agreement for the Reimbursement of Costs approved by the Oversight Board on May 2,2012,(Resolution 12-05-02-01). The agreement continues until services are no longer needed.Therefore,the termination date is unknown and has been listed as December 31,2014,as instructed 28 by the Department of Finance. EXHIBIT A - Page 7 of 8 Recognized Obligation Payment Schedule(ROPS 14-158)-Notes January 1,2015 through June 30,2015 77?� Item# Notes/Comments Administrative costs(estimated)- Administrative costs to be funded from other sources,if available. These costs will continue until dissolution is completed. Therefore,the termination date is unknown and has been listed as December 31,2014,as Instructed by the 291 Department of Finance. Specific Project Implementation cost expected to be paid during this period. Project management costs for The Groves Affordable Housing Project-HSC Section 34171(b). The funding source is bond proceeds. The Agreement for Reimbursement was approved on May 2,2012,and continues until dissolution Is completed. Therefore,the termination date is unknown and has been listed as 30 December 31,2014,as instructed by the Department of Finance. Property maintenance cost(estimated)-cost to maintain property prior to disposition-HSC Section 34171(b). These costs are expected to continue until all property is disposed of. Therefore,the termination date is unknown and has been listed as December 31,2014,as instructed by the Department of Finance. 31 Legal costs associated with property,assets,and enforceable obligations(estimated)- HSC Section 34171(b). The Agreement is valid until services are no longer needed. Therefore,the termination date is unknown and has been listed as December 31,2014,as 32 instructed by the Department of Finance. 46 Duplicate of Lines 17 and 18. 47 Duplicate of Lines 17 and 18. All bond proceeds transferred pursuant to the Bond Expenditure Agreement dated April 15,2015;and approved by the Oversight Board on April 22,2014(Oversight Board Resolution 14-04-22-01). The DOF approved the Bond Expenditure Agreement on June 10, 2014,and approved the transfer of these funds to the City of San Juan Capistrano during ROPS 14-ISA period. 48 All bond proceeds transferred pursuant to the Bond Expenditure Agreement dated April 15,2015;and approved by the Oversight Board on April 22,2014(Oversight Board Resolution 14-04-22-01). The DOF approved the Bond Expenditure Agreement on June 11 2014,and approved the transfer of these funds to the City of San Juan Capistrano during ROPS 14-ISA period. 49 Bond proceeds transferred pursuant to the Housing Bonds Expenditure Agreement dated May 6,2014;and approved by the Oversight Board on May 27,2014(Oversight Board Resolution 14-05-27-01). The DOF approved the Housing Bonds Expenditure Agreement on August 5,2014,and approved the transfer of$4,000,000 of these funds to the City of San Juan Capistrano during ROPS 50 14-ISA oeriod. The total Qbligation outstandinst is the estimated remaining on roceeds as of December 31,2014 including EXHIBIT A - Page 8 of 8