HomeMy WebLinkAboutPCDSA Resolution 2015-03 09/14/2015Resolution No. 2015 -03
of the Petaluma Community Development
Successor Agency
ADOPTING A JANUARY 1, 2016 - JUNE 30, 2016 RECOGNIZED OBLIGATION
PAYMENT SCHEDULE ( "ROPS 15 -16B ") AND ADMINISTRATIVE BUDGET
PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177 (1)
WHEREAS, the City of Petaluma (City) resolved to act as the Petaluma Community
Development Commission Successor Agency (PCDSA or Successor Agency) to, and assumed
all rights and obligations of, the former Petaluma Community Development Commission
(PCDC), by Resolution No. 2012 -03; and
WHEREAS, the City Council established the PCDSA as an independent public entity
pursuant to Health and Safety Code Section 34173(g), on August 6, 2012, by Resolution No.
2012 -118 N.C.S.; and
WHEREAS, the liability of the PCDSA is limited pursuant to Health and Safety Code
Section 34173(e) and other applicable law; and
WHEREAS, the PCDSA is required to adopt a six month enforceable obligation
payment schedule referred to as the Recognized Obligation Payment Schedule (ROPS), and
an administrative budget, which it has done for each of the initial six -month periods of the
newly formed PCDSA; and
WHEREAS, the ROPS 15 -16B and administrative budget, covering the period from
January 1, 2016 - June 30, 2016, are due to the State Department of Finance (DOF) by
October 1, 2015; and
WHEREAS, the Oversight Board for the PCDSA must review and approve the ROPS
15 -16B and administrative budget prior to their submission to DOF; and
WHEREAS, in adopting ROPS 15 -16B, the PCDSA will comply with all applicable
posting and notification requirements, including posting the ROPS 15 -165B on the Successor
Agency's website and providing a copy thereof to the Oversight Board for the PCDSA, the
County Administrative Officer, the Department of Finance, and the Sonoma County Auditor -
Controller; and
WHEREAS, a draft ROPS 15 -16B and administrative budget for the period January 1,
2016 - June 30, 2016, a copy of which is attached as Exhibit A & B, has been presented to the
PCDSA, the PCDSA is familiar with the contents thereof, and the Executive Director has
recommended approval of the same, subject to the contingencies and reservation of rights
set forth in this Resolution; and
WHEREAS, the PCDSA reserves the right to challenge the legality of Assembly Bill x1
26, AB 1484 and /or any implementing regulations, and to rescind its acceptance of Successor
Agency rights and obligations, and reserves any and all rights concerning Assembly Bill x1 26
and AB 1484 pursuant to applicable law, and
PCDSA Resolution No. 2015 -03 Page 1
WHEREAS, the PCDSA reserves the right to further amend the ROPS 15 -16B and
administrative budget; and
WHEREAS, in adopting the ROPS 15 -16B and administrative budget, the PCDSA does
not intend to waive, nor shall the PCDSA be deemed to have waived, any rights the PCDSA
may have pursuant to or in connection with any obligation listed on the ROPS 15 -16B and
administrative budget, including without limitation, the right to modify, amend, terminate or
challenge any obligation listed on the ROPS 15 -16B or the administrative budget.
NOW, THEREFORE, BE IT RESOLVED BY THE PETALUMA COMMUNITY
DEVELOPMENT SUCCESSOR AGENCY PURSUANT TO HEALTH AND SAFETY CODE
34171(1), that the Petaluma Community Development Successor Agency hereby:
1. Finds that the Recitals set forth above are true and correct, and are incorporated
herein by reference.
2. Approves the Recognized Obligation Payment Schedule for the period January 1,
2016 - June 30, 2016 (ROPS 15 -16B) and the administrative budget, attached
hereto as Exhibit A & B, pursuant to Health and Safety Code section 34177(1),
subject to all reservations of rights and contingencies set forth above.
3. Authorizes and directs the Executive Director or his designee to take all actions
necessary to implement this Resolution, including without limitation, the
submission of the draft ROPS 15 -16B simultaneously to the Oversight Board for
the PCDSA, the Sonoma County Administrative Officer, the Sonoma County
Auditor - Controller, and the State Department of Finance; and the posting of this
Resolution and the Recognized Obligation Payment Schedule 15 -16B on the
Successor Agency's website.
4. Declares that if any provision, sentence, clause, section, or part of this Resolution
is found to be unconstitutional, illegal or invalid, such finding shall affect only such
provision, sentence, clause, section or part, and shall not affect or impair any of the
remainder.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the
Petaluma Community Development Successor Agency at a Regular Meeting on the
141h of September, 2015, by the following vote:
AYES:
Albertson, Barrett, Healy, Kearney, King, Miller
NOES:
None
ABSENT.
Glass
ABSTAIN:
None
ATTEST:
Recording Secretary
iw�r
Vice Chair
as to
form
General Counsel
PCDSA Resolution No. 2015 -03 Page 2
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7
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Page 3
Petaluma Recognized Obligation Payment Schedule (ROPS 15 -1613)
ROPS Detail January 1, 2016 through June 30, 2016 (Report Amounts in Whole Dollars)
A
B
C
D
E
F
G
H
Contract/
ontracti
tern #
Project Name /
Obligation
Agreement
greement
ayee
Description/
Project Area
Debt Obligation
Type
Execution
Termination Date
Project Scope
Date
2
TAB -2003A Tax Allocation
Bonds Issued On
1011/2003
511/2033
U.S. Bank
Bonds issued to fund non-
PCDC Merged
Bonds - REFINANCED
or Before 12/31/10
housing projects
3
TAB -2005A Tax Allocation
Bonds Issued On
10/1!2005
5/1!2030
U.S. Bank
Bonds issued to fund non-
PCDC Merged
Bonds - REFINANCED
or Before 12/31/10
housing projects
4
TAB -2007A Tax Allocation Bond
Bonds Issued On
4/1/2007
511/2039
U.S. Bank
Bonds issued to fund non-
PCDC Merged
or Before 12131/10
housing projects
5
TAB -2011 Tax Allocation Bonds
Bonds Issued
After 12/31/10
3/15/2011
5/1/2024
U.S. Bank
Bonds issued to fund non-
housing projects
PCDC Merged
45
Bond Expenditure Agreement
Bonds Issued On
or Before 12/31110
6 /1 112 01 5
N/A
City of Petaluma
Expenditure of bond
proceeds according to
PCDC Merged
46
TAB -2015A Tax Allocation
Bonds Issued
U. S. Bank
Bonds issued to fund non -
PCDC Merged
Bonds
After12/31 /10
housing projects
47
TAB -20158 Tax Allocation
Bonds Issued
U. S. Bank
Bonds issued to fund non-
PCDC Merged
Bonds
After 12/31/10
housing projects
Cooperative Agreements -
Exhibit A/Section 8 - Economic
Cooperative Agreement as
48
Dev. Programs; Exhibit B /Section
Miscellaneous
4/25/2012
6/18/2047
City of Petaluma
reinstated by Resolution of the
PCDC Merged
3- Affordable Hsg programs as
Oversight Board
reinstated by Resolution #2012-
#2012 -03 adopted April 25, 2012
03 of the OB
January 31, 2011 Cooperative
Miscellaneous
4/25/2012
6/18/2047
City of Petaluma
January 31, 2011 Cooperative
PCDC Merged
Agreement by and between the
Agreement by and between the
Petaluma Community
Petaluma Community
Development commission and the
Development Commission and
49
City of Petaluma, as to Item 1 on
the City of Petaluma
Exhibit A, the `Old Redwood
Highway Interchange Project"
January 31, 2011 Cooperative
Miscellaneous
4/25/2012
6/18/2047
City of Petaluma
January 31, 2011 Cooperative
PCDC Merged
Agreement by and between the
Agreement by and between the
Petaluma Community
Petaluma Community
Development Commission and
Development Commission and
50
the City of Petaluma as to Item 3
the City of Petaluma
on Exhibit A, the "101 /East
Washington Interchange Project"
January 31, 2011 Cooperative
Miscellaneous
4/25/2012
6/18/2047
City of Petaluma
January 31, 2011 Cooperative
PCDC Merged
Agreement by and between the
Agreement by and between the
Petaluma Community
Petaluma Community
Development Commission and
Development Commission and
51
the City of Petaluma s to Item 5 or
the City of Petaluma
Exhibit A, the "Rainer Avenue
Cross -town Connector/
Interchange Project,"
PCDSA Resolution No. 2015 -03 Page 4
A
B
I
J
K
L
M
N
0
P
Non - Redevelopment Property Tax Trust Fund
(Non- RPTTF)
RPTTF
Total
Item #
Project Name /
Outstanding
Retired
Six -Month
Debt Obligation
Debt or
Proceeds
Reserve
Other Funds
Non - Admin
Admin
Total
Obligation
Balance
$136,248,287
$203,160
$
$
$5,571,129
$125,000
$5,899,289
2
TAB -2003A Tax Allocation
N
$
Bonds - REFINANCED
3
TAB -2005A Tax Allocation
N
$
Bonds - REFINANCED
TAB-2007A Tax Allocation
56614,367
N
1,587,711
$1,587,711
Bonds
5
TAB -2011 Tax Allocation Bond
9,092,560
N
1,175,918
$1,175,918
5
Bond Expenditure Agreement
203,160
N
203,160
$203,160
6
TAB -2015A Tax Allocation
19,525,000
N
1,327,594
$1,327,594
Bonds
7
TAB -2015B Tax Allocation
16,025,000
N
1,358,906
$1,358,906
Bonds
Cooperative Agreements -
Exhibit A/Section 8 - Economic
8
Dev, Programs; Exhibit
8,584,200
N
11,000
$11,000
B /Section 3- Affordable Hsg
programs as reinstated by
Resolution #2012 -03 of the OB
January 31, 2011 Cooperative
Agreement by and between the
15,000,000
N
Petaluma Community
Development commission and
9 , -:
the City of Petaluma, as to Item 1
10,000
$10,000
on Exhibit A, the 'Old Redwood
Highway Interchange Project!
January 31, 2011 Cooperative
Agreement by and between the
2,732,000
N
Petaluma Community
Development Commission and
50
the City of Petaluma as to Item 3
10,000
$10,000
on Exhibit A, the '101 /East
Washington Interchange Project.'
January 31, 2011 Cooperative
Agreement by and between the
8,472,000
N
Petaluma Community
Development Commission and
51
the City of Petaluma s to Item 5
10,000
$10,000
on Exhibit A, the 'Rainer Avenue
Cross -town Connector/
Interchange Project.'
PCDSA Resolution No, 2015 -03 Page 5
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PCDSA Resolution No. 2015 -03
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PCDSA Resolution No. 2015 -03
Page 6
Petaluma Recognized Obligation Payment Schedule (ROPS 15 -1613)
Report of Prior Period Adjustments
Reported for the ROPS 14 -15B (January 1, 2015 through June 30, 2015) Period
Pursuant to Health and Safety Code (HSC) section 34186 (a)
(Report Amounts in Whole Dollars
ROPS 14 -15B Successor Agency (SA) Self- reported Prior Period Adjustments (PPA): Pursuant to
HSC Section 34186 (a), SAs are required to report the differences between their actual available
funding and their actual expenditures for the ROPS 14 -15B (January through June 2015) period.
The amount of Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 15 -16B
(January through June 2016) period will be offset by the SA's self - reported ROPS 14 -15B prior
period adjustment. HSC Section 34186 (a) also specifies that the prior period adjustments self -
reported by SAs are subject to audit by the county auditor - controller (CAC) and the State
Controller.
A
B
C
T D
E
I F
I G
H
I
J
Non -RPTTF Expenditures
Bond Proceeds
Reserve Balance
Other Funds
Available
RPTTF
(BOPS 14-16B
distributed + all other
Project Name/
available as of
Item#
Debt Obllgatlon
Authorized
Actual
Authorized
Actual
Authorized
Actual
Authorized
01/1116)
$ -
$
$ 596,753
$ 596,753
$ 76,000
$ -
$ 3,636,650
$ 3,636,650
2
TAB -2003A Tax
596,753
596,763
395,362
395,362
3
TAB4005A Tax
1,120,310
1,120,310
4
TAB -2007A Tax
924,106
924,106
Allocation Bonds
5
TAB -2011 Tax
-
972,286
972,286
Allocallon Bonds
40
LITIGATION -Old
-
105,873
105,873
Redwood & Relriler
41
t1TIGATION -Old
118,713
118,713
Redwood, Rainier,
Co-Op Agreement
42
Cash Flow Loan
75,000
from City
Available
RPTTF
Difference (ROPS 14 -158
Not Lesser of (If K Is less than L, disldbuled +all other Net Lesser of
Authorized/ the difference is avalable as of Authorized/
AvallaWe Actual zero) Authorized 01/1/16) Available
Actual
Net SA Non -Adrrin
and Adnin PPA
(Amount Used to
Offset ROPS 15.168
Difference
(If total actual
oxceetls total
authorized the
total difference Is Net Difference
SA Comments
PCDSA Resolution No. 2015 -03 Page 7
Petaluma Recognized Obligation Payment Schedule (ROPS 15 -16B) -
Notes
January 1. 2016 throuah June 30, 2016
Item # I Notes /Comments
49 As authorized by Health & Safety Code Section 34171(d)(1)(G)(2) as amended by SB 107,
50 As authorized by Health & Safety Code Section 34171(d)(1)(G)(2) as amended by SB 107.
51 As authorized by Health & Safety Code Section 34171(d)(1)(G)(2) as amended by SB 107,
PCDSA Resolution No. 2015 -03 Page 8
PETALUMA COMMUNITY DEVELOPMENT SUCCESSOR AGENCY
Administrative Budget FY 2015 -2016
ROPS 15 -16 A & B
Admin charges (wages, etc)
Professional Service /Audit
Utilities /Maintenance /Repairs
Legal Services
Office Supplies
Cell Phone
Office Rent
Bank/Trustee fees /Financial oversight
Exhibit B
FY 15 -16A
FY 15 -16B Total for Year
$ 95,290
$ 95,290
8,000
8,000
4,000
4,000
5,000
5,000
250
250
460
460
3,000
3,000
9,000
9,000
$ 125,000
$ 125,000 $ 250,000
PCDSA Resolution No, 2015 -03 Page 9