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Home My WebLink AboutOSB Resolution 2016-01 01/28/2016Resolution No. 2016 -01 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, 2017. 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 ABx1 26 (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" ( "ROPS ") that enumerates the enforceable obligations and expenses of the Successor Agency for six -month periods; and WHEREAS, on January 25, 2016, the PCDSA approved the ROPS 16 -17 for the one - year period ending June 30, 2017; and WHEREAS, under the Dissolution Act, the ROPS 16 -17 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 January 28, 2016 to consider obligations listed on the ROPS 16 -17, and consider approval of the ROPS16 -17; 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. 2016 -01 Page 1 2. The Oversight Board hereby approves the ROPS16 -17 for the period July 1, 2016 through June 30, 2017, 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 16 -17 on the Successor Agency website, transmit the ROPS16 -17 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 ROPS16 -17 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 28th of January, 2016, by the following vote: AYES: Davis, Duiven, Chair Healy, Herrington, Vice Chair Rabbitt, Scharer NOES: None ABSENT: Jolley ABSTAIN: None ATTEST: Recording Secretary i t Chair OSB Resolution No. 2016 -01 Page 2 Successor Agency: County: Recognized Obligation Payment Schedule (ROPS 16 -17) - Summary Filed for the July 1, 2016 through June 30, 2017 Period Petaluma Sonoma Current Period Requested Funding for Enforceable Obligations (ROPS Detail) Enforceable Obligations Funded with Non - Redevelopment Property Tax Trust Fund ( RPTTF) Funding A Sources (B +C +D): B Bond Proceeds Funding C Reserve Balance Funding D Other Funding E Enforceable Obligations Funded with RPTTF Funding (F +G): F Non - Administrative Costs G Administrative Costs H Current Period Enforceable Obligations (A +E): 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. /s/ Name Signature Title Date Exhibit A OSB Resolution No, 2016 -01 Page 3 ROPS 16 -17 16 -17A Total 16 -17B Total Total $ 5,884,349 $ - ,$ 5,884,349 5,884,349 - 5,884,349 $ 125,000 $ 5,573,495 $ ; 5,698,495 - 5,448,495 5,448,495 125,000 125,000 250,000 $ 6,009,349 $ 5,573,495 $ 11,582,844 Title Date Exhibit A OSB Resolution No, 2016 -01 Page 3 OSB Resolution No. 2016 -01 Page 4 Petaluma Recognized Obligation Payment Schedule (ROPS July 1, 2016 through June 30, 2017 fPa rt Amn ntc to Whntu rinttarel A B C D E F G H I J K L M N 0 P Q R S T u V W Item # Project NamelDebt Obligation Obligation Type Contract/Agreement Execution Date Conlracl/Agreement Termination Date Payee Description/Project Scope Project Area Total Outstanding Debt or Obligation Retired POPS 16-17 Total 16 -17A 16-17A Total 16 -17B 16-178 Total Non - Redevelopment Property Tax Trust Fund Non -RP RPTTF Non- Redevelopment Property Tax Trust Fund Non -RPTT RPTTF Bond Proceeds Reserve Balance Other Funds Non - Admin Admin ! Bond Proceeds Reserve Balance Other Funds Non - Admin Admin 50 January 31, 2011 Cooperative Agreement by and between the Petaluma Community Development Commission and the City of Petaluma as to Item 3 on Exhibit A, the'101/East Washington Interchange Project." Reentered Agreements 4/25/2012 6118/2047 City of Petaluma January 31, 2011 Cooperative Agreement by and between the Petaluma Community Development Commission and the City of Petaluma PCDC Merged - N $ - $ 51 January 31, 2011 Coop Agreement by and between the Petaluma Community Development Commission and the City of Petaluma as to Item 5 on Fx. A, 'Rainer Avenue Cross -town Connector/Interchange Proj.° Reentered Agreements 4/25/2012 6/1812047 City of Petaluma January 31, 2011 Cooperative Agreement by and between the Petaluma Community Development Commission and the City of Petaluma PCDC Merged 5,568,573 N $ . 640,117 640,117 $ 640,117 1 $ 52 January 31, 2011 Coop Agreement by and between the Petaluma Community Development Commission and the City of Petaluma as to Item 1 on Ex. C, 'Staffing and Adminitrative Expenses' Reentered Agreements 4/25/2012 6/18/2047 City of Petaluma January 31, 2011 Cooperative Agreement by and between the Petaluma Community Development Commission and the City of Petaluma PCDC Merged 1,808,787 N '$ 658,787 658,787 $ 658,787 !$ 53 N $ - $ i$ N $ - $ _ $ 56 N $ - $ $ 57 N $ - $ ;$ 58 N $ $ $ 59 N ;..$ _ $ $ 60 N$ $$ '611 N "$ - $ $ 62 N $ - $ I$ 64 N $ - $ $ 65 N $ $ $ N $. - $ $ - 67 _68 N $ - $ '. $ N "$ - $ $ 701 N $ - $ $ 71 N $ - $ ;$ - _.72 N $ _ $ $ - 73 N$ $$ 74 N $ $ $ 76 N `,$ - $ S 77 N $ $ ,§ 78 N $.. _ $ $ 82 N '$. _ i $ $ 83 N $ is I I I .$ 84 N $ I Is $ 85 - N $ 1 1$ - :$ OSB Resolution No. 2016 -01 Page 5 Petaluma Recognized Obligation Payment Schedule (ROPS 16 -17) - Report of Cash Balances (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177 (1), 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 A B C D E I F G H I Fund Sources Bond Proceeds Reserve Balance Other RPTTF Prior ROPS Prior ROPS period balances RPTTF Bonds issued on and DDR RPTTF distributed as Rent, Non - Admin or before Bonds issued on balances reserve for future grants, and Cash Balance Information by ROPS Period 1 12/31/10 or after 01/01/11 retained period(s) interest, etc. Admin Comments ROPS 95 -16A Actuals 07/01115 - 12/31115 1 Beginning Available Cash Balance (Actual 07101/15) 203,160 11,171, 039 13,371 2 Revenue /Income (Actual 12/31/15) RPTTF amounts should tie to the ROPS 15 -16A distribution from the County Auditor - Controller during June 2015 72 1 2,002,514 3 Expenditures for ROPS 15 -16A Enforceable Obligations (Actual 12131115) 1,974,282 4 Retention of Available Cash Balance (Actual 12131115) RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 5 ROPS 15 -16A RPTTF Balances Remaining No entry required 6 Ending Actual Available Cash Balance CtoG= (1 +2- 3- 4),H= (1+2- 3 -4 -5) $ 203,232 $ 11171,040 $ $ $ $ 41,603 ROPS 15 -16B Estimate 01/01/16- 06130116 7 Beginning Available Cash Balance (Actual 01101116) (C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6) $ 203,232 $ 11,171,040 $ $ $ $ 41,603 8 Revenue /Income (Estimate 06/30116) RPTTF amounts should tie to the ROPS 15 -16B distribution from the County Auditor- Controller during January 2016 5,560,097 9 Expenditures for ROPS 15 -16B Enforceable Obligations (Estimate 06/30116) 3,525,648 10 Retention of Available Cash Balance (Estimate 06130/16) RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 2,077,229 11 Ending Estimated Available Cash Balance (7 + 8 - 9 -10) $ 203,232 $ 11,171,040 $ - $ - $ - 1 $ 1,177 OSB Resolution No. 2016 -01 Page 6 Petaluma Recognized Obligation Payment Schedule (ROPS 16 -17) - Notes July 1, 2016 through June 30, 2017 Item # Notes /Comments - OSB Resolution No. 2016 -01 Page 7 PETALUMA COMMUNITY DEVELOPMENT SUCCESSOR AGENCY Administrative Budget FY 2016 -2017 ROPS 16 -17 Admin charges (wages, etc) Professional Service /Audit Utilities /Maintenance /Repairs Legal Services Office Supplies Cell Phone Office Rent Bank/Trustee fees /Financial oversight $ 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 Exhibit B Total for Year $ 125,000 $ 125,000 $ 250,000 OSB Resolution No. 2016 -01 Page 8