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Home My WebLink AboutOSB Resolution 2015-03 09/23/2015Resolution No. 2015-03 Petaluma Oversight Board to the Petaluma Community Development Successor Agency RESOLUTION OF THE OVERSIGHT BOARD FORMED PURSUANT TO HEALTH AND SAFETY CODE SECTION 34179 TO OVERSEE THE PETALUMA COMMUNITY DEVELOPMENT SUCCESSOR AGENCY, APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE AND THE SUCCESSOR AGENCY ADMINISTRATIVE BUDGET FOR THE PERIOD ENDING JUNE 30, 2016. WHEREAS, on December 29, 2011, the California Supreme Court delivered its decision in California Redevelopment Association v. Matosantos, finding ABX126 (the "Dissolution Act") largely constitutional; and WHEREAS, under ABx126 (the "Dissolution Act") and the California Supreme Court's decision in California Redevelopment Association v. Matosantos, all California redevelopment agencies, including the Petaluma Community Development Commission (the "former PCDC"), were dissolved on February 1, 2012; and WHEREAS, on January 9, 2012 by Resolution No. 2012-007 N.C.S. the City Council elected that the City of Petaluma serve as the Successor Agency to the former PCDC, subject to all limitations, conditions and qualifications stated in that resolution; and WHEREAS, under the Dissolution Act, the Petaluma Community Development Successor Agency (PCDSA) must prepare a "Recognized Obligation Payment Schedule" (`BOPS") that enumerates the enforceable obligations and expenses of the Successor Agency for six-month periods; and WHEREAS, on September 14, 2015, the PCDSA approved the ROPS 15-16B for the six- month period ending June 30, 2016; and WHEREAS, under the Dissolution Act, the ROPS 15-16B must be approved by the Oversight Board to enable the PCDSA to continue to make payments on enforceable obligations of the former PCDC; and WHEREAS, pursuant to the Dissolution Act, the duly -constituted Oversight Board for the PCDSA met at a duly -noticed public meeting on September 23, 2015 to consider obligations listed on the ROPS 15-16B, and consider approval of the ROPS15-16B; and NOW, THEREFORE, BE IT RESOLVED that the Oversight Board, formed pursuant to California Health and Safety Code Section 34179 to oversee the Petaluma Community Development Successor Agency, hereby finds, resolves, and determines as follows: 1. The foregoing recitals are true and correct. OSB Resolution No. 2015-03 Page 1 2. The Oversight Board hereby approves the ROPS15-16B for the period January 1 through June 30, 2016, including the Petaluma Community Development Successor Agency Administrative Budget, in the form presented to the Oversight Board and attached hereto as Exhibit A, including the agreements and obligations described in the ROPS, and hereby determines that such agreements and obligations constitute "enforceable obligations" or "recognized obligations" for all purposes of the Dissolution Act. 3. The Oversight Board authorizes and directs the Petaluma Community Development Successor Agency staff to take all actions necessary under the Dissolution Act to post the ROPS 15-16B on the Successor Agency website, transmit the ROPS15-16B to the Auditor -Controller of the County of Sonoma and to the State Controller and the State Department of Finance, and to take any other actions necessary to ensure the validity of the ROPS15-16B or the validity of any enforceable obligation or other agreement approved by the Oversight Board in this Resolution. REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Petaluma Oversight Board to the Petaluma Community Development Successor Agency at a Regular Meeting on the 23rd of September, 2015, by the following vote: AYES: Davis, Duiven, Chair Healy, Scharer NOES: None ABSENT: Herrington, Jolley, Vice Chair Rabbitt ABSTAIN: None ATTEST: Recording Secretary Chair OSB Resolution No. 2015-03 Page 2 IR m E E i m <D � r; a L6�O [� r 0) o O� a) ai 7 C>) p U CFS N T a= oa� i� � O O N N v mi m E o 0- U) U a Q L 0 L :3 o N U 0 0 v v co w Z Z !AI "1 I b> Q m U 0 W LL 0 m Exhibit A M 0) N COO C N t4 r O O r .N- O N CCOO ry� (p4� O O Q(QO� r N N N f0 to r W L6 t6 t17 to t17 !AI "1 I b> Q m U 0 W LL 0 m Exhibit A M 0) N N C N t4 r O O r r CO to ry� (p4� p(0�� L6 t6 to to c C C :. _ LL 6i LL ri II C LL II �!1 m _ O' LL F- a 0 0 IL c _ U v in a — � Y OSB Resolution No. 2015-03 w LL F- F - a II O c N _ IL o c U o V � Q c aE+ O II C a = LL LL Z. O d N 0 r o ti (L v LQ. t a) E (6 Z Page 3 Petaluma Recognized Obligation Payment Schedule (ROPS 15-166) ROPS Detail January 1, 2016 through June 30, 2016 (Report Amounts in Whole Dollars) A B C D E F G H Contract/ ontract/ tem # Project Name / Obligation Agreement greemenf layee Description/ Project Area Debt Obligation Type Execution ermination Date Project Scope Date 2 TAB -2003A Tax Allocation Bonds Issued On 10/1/2003 5/1/2033 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 5/1/2039 U.S. Bank Bonds issued to fund non- PCDC Merged or Before 12/31/10 housing projects 5 TAB -2011 Tax Allocation Bonds Bonds Issued 3/15/2011 5/1/2024 U.S. Bank Bonds issued to fund non- PCDC Merged After 12/31/10 housing projects 45 Bond Expenditure Agreement Bonds Issued On or Before 12/31/10 6/11/2015 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 Afterl2/31/10 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.' OSB Resolution No. 2015-03 Page 4 Petaluma Recognized Obligation Payment Schedule (ROPS 15-1613) ROPS Detail January 1, 2016 through June 30, 2016 (Report Amounts in Whole Dollars) A B I J K I L I M N O P Non -Redevelopment Property Tax Trust Fund (Non-RPTTF) RPTTF Total Booceed Reserve Other Funds Non -Admin Admin Item # Project Name Debt Obligation Outstanding Debt or Retired Six -Month Total Obligation Proceeds Balance $136,248,287 $203,160 $ $ $5,571,129 $125,000 $5,899,289 TAB -2003A Tax Allocation N $ Bonds - REFINANCED 3 TAB -2005A Tax Allocation N $ Bonds - REFINANCED TAB -2007A Tax Allocation 56 614,367 N 1,587,711 $1,587,711 Bonds 5 TAB -2011 Tax Allocation BondE 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 -20158 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 0 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" OSB Resolution No. 2015-03 Page 5 U; a G W C 1 a t- ri ? � tx' 7_ riI qr y � lli VY a°. w w N m A o m u N N N IT tL Ct ,On W r1- � rl r r ri rY} l d 4i 1� •� U 4r <.s N iy ur t' qtr 1 O r^ 1 G p 9 0 [�1 v x N C r i Al cr y, ou. VX. ip v " E w til '� � � Cr o+ �•' ci iii a U_a y ro O 4a r> a v ro �' t1 L1 p uYa�v r) m q O) = i� w i� G ka 4 `r 1 ro -• v1 R r i rv¢1 min • W `. o p co w r ro+ M t, W ro h ro i N ro °° U W 1 .'s row U � o •. X t�7 a tr.e x � ro S �a ei rn ro`n U rn, b i ,+1' ri ti 4 Q rn (K a ut at t. t . B OS tt � lU; m N + •N T 9 pp 4 W i Q F. C :_ 01 O Q'! n ,� o it p q 4- r eq it Q .O d) M aUj v Co CL R:; () x ,g W d R'z iS tY. 6 R U Cid f["°. R: C? '' t� V l'� .� a tl_ u W R. i U �} W .- cc 1, f- tl, OSB Resolution No. 2015-03 Page 6 Petaluma Recognized Obligation Payment Schedule (ROPS 15-16B) 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 D E F G H I J RPTTF Expenditures Non-RPTTF Expenditures Net SA Non-Adrrin Bond Proceeds Reserve Balance Other Funds and Adnin PPA Available (Amount Used to RPTTF Offset ROPS 15.166 Non-Adnin (ROPS 14-16B Admin Requested RPTTF) distributed + all other Project Name/ offer me avatable as of Item# Debt Obligation Authorized Actual Authorized Actual Authorized Actual Authorized 01/1/15) Difference $ $ $ 596,753 $ 696,763 $ 76,000 $ $ 3,636,650 $ 3,636,650 2 TAB -2003A Tax (if Me less than L, 596,763 596,753 Net Lesser of 395,362 396,362 3 TAB -2005A Tax Authorized/ the difference is avaiable as or 1,120,310 1,120,310 4 TAB -2007A Tax - Available Actual zero) Authorized 924,106 924,106 Available Allocalion Bonds (M -R) SA Comments $ 3,636,650 $ 3,691,618 $ 45,032 $ 125,000 5 TAB -2011 Tae $ 46.032 $ 396,362. 395,362 $ - 972,286 972,286 Allocalion Bonds $ $ .1,120,310 1,120,310 $ 40 UTIGATION - Old $. 105,873 105,873 924,106 $ Redwood & Ralder $ 41 LITIGATION -Oki 118,713 118,713 Redwood, Raider, 105,873 $ g Co -O A reemert $ 116,713 73,681 $ 46,032 42 Cash Flow Loan $ $ 75,000 from CII g K L M N 1 O P O R S T RPTTF Expenditures Net SA Non-Adrrin and Adnin PPA (Amount Used to Offset ROPS 15.166 Non-Adnin Admin Requested RPTTF) Available offer me RPTTF if total actual Difference (BOPS 14-15B exceeds total Net Lesser of (if Me less than L, disldbul d+ell other Net Lesser of authorized, the Authorized/ the difference is avaiable as or Authorized) total difference is Net Difference Available Actual zero) Authorized 01/1/16) Available Actual zero) (M -R) SA Comments $ 3,636,650 $ 3,691,618 $ 45,032 $ 125,000 $ 125,000 $ 125,000 $ 136,976 $ - $ 46.032 $ 396,362. 395,362 $ - $ $ .1,120,310 1,120,310 $ $. $ 924,106 924,106 $ $ $ 972,286 972,286 $ $ $ 105,873 105,873 $ g $ 116,713 73,681 $ 46,032 $ 45,032 $ $ g OSB Resolution No. 2015-03 Page 7 Petaluma Recognized Obligation Payment Schedule (ROPS 15-1613) - Notes January 1, 2016 through June 30, 2016 Item # I N As authorized by Health & Safety Code Section 34171(d)(1)(G)(2) as amended by SB 49 107. As authorized by Health & Safety Code Section 34171(d)(1)(G)(2) as amended by SB 50 107. As authorized by Health & Safety Code Section 34171(d)(1)(G)(2) as amended by SB 51 107. OSB Resolution No. 2015-03 Page 8