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Home My WebLink AboutStaff Report 8/22/2012 • AGENDA OVERSIGHT BOARD TO THE PETALUMA' COMMUNITY' DEVELOPMENT SUCCESSOR AGENCY Wednesday, August 22, 2012 9:00 A.M. Petaluma City Hall: Council Chambers 11 English Street, Petaluma, CA 94952 (707) 778-4549 I Fax (707) 778-4586 1. ROLL CALL: Grant Davis; Scott Duiven; Mike Healy; Steve Herrington; Kate Jolley; David Rabbitt; John Scharer 2. APPROVAL OF MINUTES: A. Approval of Minutes of the Regular Meeting of the Oversight Board to the Successor Agency of the Former Petaluma Community Development Commission of Wednesday, July 11, 2012. 3. PUBLIC COMMENT: The Board will hear public comments only on matters over which it has.jurisdiction. There will be no Board discussion or action. The Chair will allot no more than three minutes to any individual. If more than three persons wish to speak, their time will be allotted so that the total amount of time, allocated to this agenda item will be 15 minutes. 4. COOPERATIVE AGREEMENT BETWEEN THE CITY OF PETALUMA AND THE PETALUMA COMMUNITY DEVELOPMENT SUCCESSOR AGENCY: A. Adopt resolution authorizing the Execution of an Amended. and. Restated Cooperative Agreement between the City of Petaluma and the Petaluma 'Community Development Successor Agency. (Alverde) 5. APPROVAL OF SUCCESSOR AGENCY BUDGET AND RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE PERIOD JANUARY 1 — JUNE 30,. 2013 (ROPS#3): Page 1 • A. Adopt a resolution approving the ROPS#3 and the Successor Agency administrative budget. (Alverde/Castellucci) 6. ADJOURNMENT For accessible ineetirig informcitioh, please.call (707) 778-4360 or TDD (707) 778-4480 In accordance with the Americans with Disabilities Act, if you require special assistance to participate in this meeting, please contact the•City,Clerk's Office at=(707) 778-4360 (voice) or (707) 778-4480 (TDD). Translators, American Sign Language interpreters, and/or assistive listening devices for individuals with:hearing disabilities will be available upon request. A,minimum of 48 hours is needed to ensure the availabilityof.translation services. In consideration of those with multiple chemical sensitivities or other environmental illness, it is requested that you refrain from wearing scented products. The City Clerk hereby certifies that this agenda has been posted in accordancewith the requirements of the Government Code. Please Note: In accordance with Government Code §54957.5, any materials of-public:recordrelatingto an agenda item fora regular meeting of the Petaluma Oversight Board thatare provided to a majority of the members less than 72 hours before,the:meeting will be made available at'the City'Clerk's Office, I I English Street during norninl business-hours. Materials of public record that are distributed during the meeting shall be'made available;for public inspection at the meeting if prepared by the'City ora member of its legislative/advisory body, or the next business. day after the meeting if prepared by some other person. • Page 2 July 11, 2012 Vol. X, Page 1 Petaluma, California OVERSIGHT"BOARD:TO THE SUCCESSOR:AGENCY OF'7HE FORMER PETALUMA COMMUNITY DEVELOPMENT COMMISSION 1 Draft Minutes 2 Wednesday, July 11, 2012 3 Regular Meeting 4 5 6 CALL TO ORDER - 9:00 A.M. 7 8 1. Roll Call 9 10 Present: Grant Davis; Scott Duiven; Mike Healy; Steve Herrington; Kate Jolley; 11 David Rabbitt; John Scharer 12 Absent: None 13 14 2. APPROVAL OF MINUTES 15 16 A. Approval of Minutes of the Regular Meeting of the Oversight Board to the 17 Successor Agency of,the Former Petaluma<Community Development 18 Commission of Wednesday, May 9, 2012. 19 20 MOTION: Approve A. Minutes of the Regular Meeting of the Oversight 21 Board to the-Successor Agency of the Former Petaluma Community 22 Development Commission of Wednesday, May 9, 2012, as presented. 23 24 Moved by David Rabbitt, with.John Scharer seconding the motion. 25 26 Vote: Motion carried 7-0 27 28 Yes: Grant Davis; Scott Duiven; Mike,Healy; Steve Herrington; 29 Kate Jolley; David Rabbitt; John Scharer 30 No: None • 31 Abstain: None 32 Absent: None 33 34 3. PUBLIC COMMENT 35 36 None. 37 38 39 Vol. X, Page 2 July 11, 2012 1 4. PROFESSIONAL SERVICES AGREEMENT FOR LEGAL SERVICES 2 3 A. Petaluma Oversight Board Resolution 2012-06 Authorizing the 4 Execution of a Legal Services Agreement between the Oversight Board 5 and Renne Sloan Holtzman Sakai LLP. (Alverde) 6 7 Ingrid Alverde 8 9 David Kahn 10 11 Ingrid Alverde 12 13 Mike Healy 14 15 David Kahn 16 17 Mike;Healy 18 19 MOTION: Approve A. Petaluma Oversight Board'Resolution 2012-06 20 Authorizing the Execution of a'Legal Services Agreement between the 21 Oversight Board and Renne Sloan Holtzman Sakai LLP. 22 23 Moved by David Rabbitt,with Steve Herrington seconding the notion. 24 25 Vote: Motion carried 7-0 26 27 Yes: Grant Davis; Scott Duiven;,Mike Healy; Steve Herrington; 28 Kate Jolley; David Rabbitt;John Scharer 29 No: None 30 Abstain:, None 31 Absent: None 32 33 5. NEW LEGISLATION REGARDING REDEVELOPMENT'DISSOLUTION 34 35 A. Receive Staffs Update of Recently Passed Assembly Bill 1484 Providing 36 New Procedures.for'Dissolving Redevelopment Agencies..(Alverde) 37 38 Mike Healy 39 40 Ingrid Alverde 41 42 David Kahn 43 44 Steve Herrington 45 46 David Kahn July 11, 2012 Vol. X,.Page r3 1 2 David Babbitt 3 4 David Kahn 5 6 Steve Herrington 7 8 David Kahn 9 10 Steve Herrington 11 12 David Kahn 13 14 Steve Herrington 15 16 David Kahn 17 1118 Steve Herrington 19 20 David Kahn 21 22 Mike Healy 23 24 David Kahn 25 26 Mike Healy 27 28 David Kahn 29 30 Mike Healy 31 32 David Kahn 33 34 Mike Healy 35 36 6. CALIFORNIA DEPARTMENT OF FINANCE RESPONSE TO'PETALUMA 37 RECOGNIZED OBLIGATION'PAYMENT'SCHEDULE 38 39 A. Receive Staffs Update Regarding Status of Department of Finance 40 Review of Petaluma Recognized Obligation Schedule and Provide Staff 41 Direction. (Alverde) 42 43 Mike Healy 44 45 Ingrid Alverde 46 Vol. X, Page 4 July 11 2012 1 Mike Healy 2 3 Ingrid Alverde 4 5 Mike:Healy 6 7 Ingrid Alverde 8 9 Mike Healy 10 11 Ingrid Alverde 12 13 Mike Healy 14 15 Steve:Herrington 16 17 John Scharer 18 19 Mike Healy 20 21 Ingrid Alverde 22 23 Sue Castellucci 24 25 Mike,Healy 26 27 Sue Castellucci 28 29 John Scharer 30 31 Sue Castellucci 32 33 Ingrid Alverde 34 35 Steve Herrington 36 37 Ingrid Alverde 38 39 Mike Healy 40 41 Steve Herrington 42 43 Ingrid Alverde 44 45 Sue Castellucci 46 July11 1, 2012 Vol. X, Page 5 1 Ingrid.Alverde 2 3 There was no,further direction to staff. 4 5 ADIOURNMENT 6 7 The meeting was adjourned at 9:56 a.m. 8 9 10 11 12 Mike Healy, Chair 13 14 ATTEST: 15 16 '17 18 19 Claire Cooper, Recording Secretary 20 21 22 123 24 25 26 27 28 29 30 31 X32 133 134 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 1 1 • Item #4 Oversight Board to the Petaluma Community Development Successor Agency DATE: August 22, 201-2 TO: Members of the Oversight Board FROM: Ingrid Alverde, Economic St Redevelopment Manager SUBJECT: Adoption of:a Resolution authorizing the execution of the Cooperative Agreement-between-the City ofPetaluma and the Petaluma Community Development Sudcessor Agency RECOMMENDATION It is recommended that the Oversight Board adopt a Resolution (Attachment #1) of the Oversight Board of the Petaluma Community Development Successor Agency (PCDSA) Approving the Execution of an Amended and Restated. Cooperative Agreement between. the City of Petaluma and the Petaluma Community Development-Succes-sor Agency BACKGROUND The former Petaluma Community Development Commission entered into numerous agreements, contracts, and arrangements to implement the Redevelopment Plans for the Central Business District and the Petaluma Community 'Development. Project Areas, including agreements for development of affordable housing, construction of public infrastructure and redevelopment of property to remove blight. In January 2011, the City and ()CDC entered into a Cooperative Agreement (Original Cooperative Agreement) whereby PCDC pledged funds to support specified projects and activities to be undertaken,by the City. On December 29,- 2011, the California Supreme Court upheld the constitutionality of ABx1 26 which, among other things, dissolved redevelopment agencies statewide as of February 1, 2012. ABx1 26 added Section 34178(a) to the Health and Safety Code, providing that, with certain limited exceptions, contracts between a redevelopment agency and the city that created it were invalid,.arid not binding on the successor agency-to the redevelopment agency. Section 34178(a) further provided, however., that a successor agency wishing to enter or reenter into agreements with the city that formed the redevelopment agency could do so upon . obtaining the approval of its oversight.board. , � i Item #4 Page 2 DISCUSSION Following consideration;and public comment at its.Aprif`25, 2012-meeting; the Oversight Board for the Successor Agency to PCDC authorized and directed that the Original 'Cooperative Agreement and/or the programs thereunder shallcontinue and that.the Successor Agency`shall take any,and all steps as may necessary to effectuate the intent_of the Original Cooperative Agreement and the obligations and programs thereunder. (Resolution ,NO. 2012-03). This proposed action to authorize the re=entryintwthe:already existing and approved Cooperative Agreement is based on the.Oversight Board's approval provided on April 25, 2012 prior to the creation of new law pursuant to AB 1484. The proposed Amended and Restated Cooperative Agreement(Attachment #2),;if approved by the parties and the Oversight. Board, would be listed as an enforceable obligation on the Recognized Obligation Payment Schedules (ROPS) prepared by the Successor Agency, and would authorize ongoing funding for the following iteins'Jisted on the Successor Agency ROPS 1, 2 & 3: • Old Redwood Highway Interchange $15,500,000 • 101/East Washington Interchange $ 2,732,000 • Rainier,Ave. Crosstown Connector $ 8,476,000 • River Trail Project $ 1,620,000. • Brownfields Program $ 200,000 • Economic'Dev/Site Dev $ 6,000,000 • Nonprofit-Programs & Services $ 2,629,200 • This actionis a follow up to an action already taken by the Oversight Board on April 25, 2012, to authorize re-entering the CooperativeAgreement pursuant to ABx1 26: FINANCIAL,IMPACFS' With the;April 25,2012 authorization of the:Amended and Restated Cooperative Agreement, the City could realize revenues as shown in the discussion above. Without this agreement, there will be no additional, revenues to support vital housing services, capital improvement projects that have been long-supported by the community, and iiripleinentation of the ecenomicdevelopinent strategy that-Was approved byithe City Council in November of 2010. ATTACHMENTS 1. Resolution of the Oversight Board of. the Petaluma Community Development Successor Agency authorizing the Execution of an Amended :and Restated Cooperative Agreement' between the, City of Petaluma and the Petaluma Community Development Commission, pursuant to prior Oversight Board approval 'of the Cooperative Agreement on April 25, 2012. 2. Amended And Restated Cooperative Agreement Between The City Of Petaluma And The Petaluma Community Development Commission, pursuant to prior O versight Board approval of the.Cooperative Agreement on April 25,2012. • OVERSIGHT BOARD RESOLUTION NO. RESOLUTION OF THE OVERSIGHT BOARD OF THE"PETALUMA COMMUNITY DEVELOPMENT SUCCESSOR AGENCY AUTHORIZING THE EXECUTION'OF AN AMENDED AND RESTATED;COOPERATIVE AGREEMENT BETWEEN THE CITY OF PETALUMA AND THEPETALUMA COMMUNITY DEVELOPMENT COMMISSION, PURSUANT TO PRIOR OVERSIGHT BOARD,APPROVAL OF THE COOPERATIVE AGREEMENT ON APRIL 25, 2012 WHEREAS, pursuant to Resolution2012-007;.adopted by the City Council of the City of Petaluma on January 9, 2012, the City of Petaluma agreed to serve as the ' Successor Agency to the Petaluma Community Development Commission, a redevelopment agency (""PCDC' or "former PCDC"), commencing upon dissolution of the PCDC on February 1„ 2012 pursuant to Assembly Bill xl 26 ("ABx1 26"); and WHEREAS, the Community Redevelopment :Law; Health and Safety Code Section 33000 et seq. (the "CRL"), and specifically Section_ 33220 thereof, authorized any public body to enter into an agreement with a redevelopment agency for the purpose of aiding and cooperating in the planning, undertaking, construction, or operation of redevelopment projects located within the jurisdiction in which such public body is authorized, to act, upon the terms and with or without consideration as such public body determines; and WHEREAS; Health; and Safety Code Section 33126(b) authorized redevelopment agencies to enter into contracts with any other`public agency pursuant to which the public agency Would agree to furnish necessary staff services associated with or required by redevelopment; and WHEREAS, Health and Safety Code Section 33205 authorized redevelopment agencies to delegate to the jurisdiction that formed the agency any of the powers or functions of the redevelopment ;agency with respect to the undertaking of a redevelopment project, and authorized such jurisdiction to carry out and perform such powers and functions; and WHEREAS, the"governing board of.the former PCDC and the City Council of the City of Petaluma ("City Council") each adopted the findings required by Health and Safety Code Section 33445 with respect to the projects and programs described in Exhibit,A of the Cooperative Agreement attached hereto as Exhibit A (the "Projects and Programs") by resolutions adopted on January 31!, 2011; and WHEREAS, the City and the PCDC entered into that certain Cooperative Agreement dated as of January 31, 2011 (the "Original Cooperative Agreement"), 1875433.1 1 pursuant to .which, among other things; the City agreed to undertake the construction and installation of the Public Improvements and certain other public:improvements, and the PCDC agreed to provide funding for such work; and WHEREAS, in accordance with ABx1 26, the Successor Agency prepared a Recognized Obligation Payment Schedule ("ROPS") setting forth the ,schedule of existing former PCDC obligations, including among others, the obligation to provide funding for the Projects and Programs described in Exhibit A of the Cooperative Agreement,attached hereto; and WHEREAS, the 'Oversight'Board approved the ROPS, Resolution No 2012-03 adopted on Apri1,25, 2012; and WHEREAS, Health and Safety Code Section 34 178(a) provides that, with specified exceptions, commencing upon February 1, 2012, agreements, 'contracts and arrangements between a redevelopment agency and the city that formed the redevelopment agency are invalid, provided however, a successor agency that wishes to reenter into agreements with the city that formed the agency may do so upon obtaining approval of the oversight board; and WHEREAS, following consideration of a Successor Agency staff presentation and public comment at its April 25, 2012 meeting, by Resolution No 2012-03 the Oversight Board authorized and directed that the Original Cooperative Agreement and/or the programs thereunder shall continue, and that the Successor Agency shall take any and all steps as may be necessary to effectuate the intent of the Original Cooperative Agreement and the obligations and programs thereunder; and WHEREAS, the City and the Petaluma Community Development Successor Agency desire to enter into an Amended and Restate d Cooperative Agreement (the "Agreement") to set forth the construction activities and services that the City will undertake or make available in 'furtherance of the completion of the r.Public Improvements, and to provide that the Successor Agency'will pay for or reimburse;the City for actions undertaken and costs and expenses incurred in connection with such work; and WHEREAS; the Agreement is, intended to amend and restate the Original Cooperative Agreement. NOW THEREFORE, BE IT HEREBY 'RESOLVED by the Oversight Board formed pursuant to Health and :Safety Code Section .34179 to oversee the Petaluma Cornmunity Development Successor Agency that it hereby: 1.. Approves the Agreement; and,authorizes the Executive Director of the Successor Agency to execute and deliver the Agreement substantially in the form attached hereto as Exhibit A. 1875433/ 2 2. .Authorizes'the Executive Director of the Successor Agency:to list the Agreement and the expenditures authorized thereby on one or more updated. BOPS for the Successor Agency as applicable'for the covered period. 3. Authorizes the Executive Director of the Successor.Agency to execute such other documents and to take such.other actions as necessary to carry out the intent of this Resolution. Adopted this day of , 2012, by the following vote: 1875433•.I 3 • AMENDED.AND RESTATED COOPERATIVE AGREEMENT BETWEEN THE CITY OF PETALUMA AND THE PETALUMA COMMUNITY DEVELOPMENT SUCCESSOR AGENCY, PURSUANT'TO;PRIOR OVERSIGHT:BOARD APPROVAL OF THE COOPERATIVE AGREEMENT-ON APRIL 25 2012 This Amended and Restated C ooperative Agreement (this "Agreement") is entered into effective as of , 2012 ("Effective Date") by and between the City of Petaluma,; a municipal corporation ("City") and the Successor Agency for the former Petaluma Community Development Commission ("Successor Agency"). The City and,the Successor Agency are hereinafter collectively referred to as the "Parties." RECITALS A. Pursuant to authority granted under Community Redevelopment Law (California Health and Safety Code Section 33000 et seq.) ("CRL"), the Petaluma Community Development Commission ("Redevelopment Agency" or "PCDC"). had responsibility to implement the redevelopment plan for the Central Business District Project Area and the Petaluma Community Development Project Area (collectively, the "Project Area") established by the Redevelopment Plan adopted for the Project Area pursuant to Ordinance No. 1221, adopted on September 27, 1,976; Ordinance No. 1725, adopted on June 1;3, 1988; and Ordinance No. 2116, adopted on July 18, 2001 (as subsequently amended, hereinafter the "Redevelopment Plan"). B. Section 33220 of'the:CRL authorized any public body to enter into an agreement with a redevelopment'agency for the•purpose of aiding and cooperating in the planning, undertaking, construction, or operation of redevelopment projects located within the jurisdiction in which such public body is authorized to act, upon the terms and with or without consideration as such public body determines. C. Section 33126(b), of the CRL authorized 'redevelopment agencies to enter into a contract'.with any other public agency 'pursuant to which such public agency would agree to furnish necessary staff secs ices associated with or required by redevelopment. D. Section 33205 of-the CRL authorized redevelopment agencies to delegate to the jurisdiction that formed the agency any of the powers or functions of the redevelopment agency with respect the undertaking of a redevelopment project, and authorized such jurisdiction to carry out and perform such powers and functions. Agenda.Review: City Attorney Finance Director City Manager E. Section 33445 of the CRL authorized, redevelopment agencies, with the.consent of the legislative body of the community, td pay for all or a portion of the cost of the land for, and the cost of construction of; any building, facility, structure, or other improvements that are publicly owned and located within or contiguous to the redevelopment project area upon the legislative body's adoption of fihdings that: (1). The acquisition of the land or the installation or construction of the buildings, facilities, structures, or other improvements that are publicly 'owned are of benefit to the project area by helping to eliminate blight within the project area or providing housing for low- or rrioderate-income persons; (2). No other reasonable means of financing the acquisition of the land or the installation or construction of the buildings, facilities, structures, or other improvements that are publicly owned, are available to the community;;and (3). The payment of funds for the acquisition of land or the cost of buildings, facilities, structures, or other improvements that are publicly owned is consistent with the implementation plan adopted pursuant to CRL Section 33490. The Parties reaffirm. that the facts as set forth in the Section 33445 findings made pursuant to the CRL remain accurate. On January 31, 2011, by Resolutions the governing board of ,the Redevelopment Agency and the City Council of the City of Petaluma each adopted the findings described in the foregoing Recital with respect to the public improvements described in Exhibit A (the "Public Improvements") attached hereto. I. The Redevelopment Agency issued tax-exempt Subordinate Lien Tax Allocation Bonds, Series 2011 in the aggregate principal amount of $11,369,000 (the 'Bonds"): J. In connection with the issuance of the Bonds, the former PCDC and US Bank National Association (the "Trustee") executed an Indenture dated as of'March 1, '2011 (the "Indenture") which, among other things, describes procedures applicable to the payment of principal'and interest on the Bonds, redemption of the Bonds and the use of the-proceeds of the Bonds. K. Section 12.04 of the Indenture provides that the Bonds may not be redeemed prior to May 1 2018. L. The Indenture provides that the proceeds of the Bonds may be used only, for costs of the project as defined in and more particularly described in the Indenture (the "Project"). M. The. City and the Redevelopment Agency entered into that. certain Cooperative • Agreement dated as of January' 31, 2011 (the "Original Cooperative Agreement"), pursuant to which, among other things, the City agreed to undertake the construction 2 and installation of the Public. Improvements and -to undertake certain other programs and services, and the Redevelopment Agency agreed to provide funding for such work, programs and services.. N. Pursuant to Resolution No. 2012-007 N.C.S., adopted by the City Council on January 9, 2012, the City elected to serve as the Successor Agency to the Redevelopment Agency commencing. upon dissolution of the Redevelopment Agency on February 1, 2012, pursuant to, Assembly Bill x1, 26 ('ABx1 26"), and thereby assumed the rights and obligations of the Redevelopment Agency. O. Pursuant to Resolution No. 2012-009 N.C.S. adopted by the City Council on January 23, 2012, the City elected to retain the housing functions and assets of the Redevelopment Agency as of February 1, 2012 and to serve as Housing Successor to the Redevelopment Agency. P. In accordance with ABx1 26;. the :Successor Agency prepared a Recognized Obligation Payment Schedule CROP,S`') setting forth,'the schedule of existing former PCDC .obligations, including, among others, the ;obligations to provide funding for the Public Improvements and the other programs and services described in Exhibits A and B attached hereto. Q. An oversight board for the Successor Agency was established pursuant to ABx1 26 (the "Oversight?Board"). R. The Oversight Board approved the ROPS by Resolution No. 2012-03 on April 25, 2012. S. Health and Safety Code Section 34178(a) provides that, with specified exceptions, commencing on February 1, 2012, agreements, contracts and arrangements between a redevelopment agency and the city that formed the redevelopment agency are invalid; provided however, that a successor agency that wishes to reenter into agreements with the city that formed the redevelopment agency may do so upon obtaining' approval of the oversight board. This Agreement is entered into pursuant to the express authority of Health and Safety Code Section 34178(a). T. Following consideration of a Successor Agency staff presentation and public comment at'its April.25„ 2012 meeting, by,Resolution No 2012-03 the Oversight Board authorized and directed that the Original Cooperative Agreement and/or the programs thereunder shall continue, and that the Successor Agency shall take any and all steps as may be necessary to effectuate the intent of the Original Cooperative Agreement and the obligations and programs thereunder. U.. The Parties desire, to ;enter into this Agreement to set forth activities, services, and facilities,that the City will 'undertake or make available to the Agency in furtherance of the redevelopment of;theProject.Area, and to provide that the Successor Agency will 3 • pay for or reimburse the City for actions undertaken and costs and expenses incurred in connection with such work. V. The Parties intend this Agreement to amend and restate the Original Cooperative Agreement. W. The execution of this Agreement was approved by the City Council by Resolution No.. , on and by the governing board of the Successor Agency by Resolution, No. , each adopted on June 18, 2012. X. The execution of this Agreement Was approved by the Oversight Board by Resolution No. adopted on July 11,..Auqust 22, 2012. NOW, THEREFORE, in consideration of the mutual covenants, 'conditions and promises herein,contained, the Parties hereby agree as follows. 1.. Term. The term of this Agreement;shall commence on the Effective Date, and shall continue in effect' until The earlier of the date that the Public Improvements are completed, or the date by which the City has received all property tax'revenue payable to the City pursuant to this Agreement. 2. City to Construct Public Improvements and Pay for.Proqrams and Services. The City agrees to undertake or otherwise cause to be performed the construction and installation of the Public Improvements and to undertake the programs and services described in the attached Exhibits.A and B. 3. Successor Agency to Pay for Public.Improvements. The Successor Agency agrees to provide to the City the amounts set forth in Exhibit A for the cost of construction of the Public Improvements and the amounts set forth in Exhibit B for the cost of the programs and services therein identified, and in accordance with the schedule set forth therein. The Successor Agency agrees to take all actions reasonably necessary,to make such funds available to City, including without limitation,, the listing of this Agreement on the Successor Agency's Recognized Obligation Payment Schedule. 4. Source of Funds. The Parties acknowledge that the sole source of funds available to°the Successor Agency to make the payments to City required pursuant to this Agreement are the proceeds of the Bonds' (defined above) and the allocation' of property tax revenue by the Sonoma County 'Auditor-Controller to the Successor Agency from the Redevelopment. Property Tax Trust" Fund established by the Sonoma 4 County Auditor-Controller for the Successor Agency pursuant. to Health and Safety Code Section 34170.5. 5. Subordination. The obligation of the Successor Agency: to make payments to City pursuant to this Agreement shall be subordinate'to,any obligation of the Successor Agency to pay debt service on bonds heretofore issued by the former PCDC. 6. Project Approvals;: 'Environmental Review. This Agreement is not intended to limit in any manner the discrretion of City in connection with the issuance of approvals and entitlements for the projects described in this Agreement, including without limitation, the undertaking and completion of any required environmental review pursuant to the California Environmental Quality Act. ("CEQA") and the National Environmental Policy Act ("NEPA:), as applicable, and the review and approval of plans and specifications. Prior, to approving any of the. projects 'described herein, the City acting as lead agency or co-lead agency, shall complete any environmental review required under CEQA or°NEPA. 7. Severability. If any term, provision, covenant, or condition set forth in this Agreement, including Without:imitation the exhibits hereto, is held by the final judgment of a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions, covenants, and conditions shall continue in full force and effect to the extent that the basic intent of the Parties as expressed herein can be ;accomplished. In addition, the Parties shall cooperate in good faith in an effort to,amend or modify this Agreement in a manner such that the purpose of any invalidated or voided provision, covenant, or condition can be accomplished to the maximum extent legally permissible. 8. No Third-Party. Beneficiaries;. Asignments: Nothing in this Agreement is i intended to create any third-party 'beneficiaries to the Agreement, and no person or entity other than the Successor Agency and the City, and the permitted successors and ' assigns of either of them, shall be authorized to enforce the provisions of this Agreement. 9. Further Assurances. Each Party agrees to execute, acknowledge and deliver all additional documents and instruments, and to take such other actions as may be reasonably necessary to carry out the intent of the transactions contemplated by this Agreement. 10. Governing Law. This Agreement shall be governed by and construed in accordance with the:laws of the State of California. 5 11. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which shall constitute but one and the same instrument. 12. Amendments. This•Agreement.may be modified or amended, in whole or in part, only by.an instrument in writing, executed by the Parties. 13. Recitals. The Recitals set forth above are hereby incorporated into this Agreement as though fully set herein. 14. Exhibits., Exhibits, A & B attached hereto are hereby incorporated into this Agreement by reference. [SIGNATURES ON FOLLOWING PAGE.] 6 • IN WITNESS WHEREOF,- the Parties have exectted this Agreement as of the date-first written above. CITY: CITY OF PETALUMA, a municipal corporation By: David Glass, Mayor ATTEST: By: Claire Cooper, CIVIC, City Clerk APPROVED AS TO FORM: By: Eric W. Danly, City Attorney 7 i I • SUCCESSOR AGENCY: CITY OF PETALUMA ACTING IN ITS CAPACITY AS SUCCESSOR AGENCY FOR THE FORMER PETALUMA COMMUNITY DEVELOPMENT COMMISSION, a public body, corporate and politic By: John C. Brown, Executive Director ATTEST: By: Claire Cooper, CMC, Successor Agency Secretary APPROVED AS TO FORM: By: Eric W. Danly, Successor Agency Counsel 8 EXHIBIT A. 1. Old Redwood'Highway:Interchange Project, Location: Highway'l01 and Old Redwood Highway Project Description: This pr'ojectupgrades`the Old Redwood Highway 101 interchange to meet current standards and future traffic requirements. The proposed interchange includes ramp'widening and reconfiguration, traffic operations,:system improvements, over-crossing;structure widening to six lanes, including bicycle lanes and enhanced signalization improvements at the intersections: It.is to be constructed independently of the Central B portion of the proposed future widening on US:101, and will provide both safety and congestion relief enhancements. The project.hasia $1',OM.Measure M funding allocation, With:the City/local:fah& pa9ing'for the remaining $20.885M costs. Facts: Completion'of the public[improvements:at Old Redwood Highway will help to eliminate blighting conditions in the project area because the infrastructure upgrades and circulation improvementswill address roadway and transportatiomrelated deficiencies; as well as improving impediments to circulation and access that deter revitalization in the area. Section 33445'Findings: undeveloped site will have;access.from the new'railroad:crossing. A development ar a. 1. This project will benefit the:project area by enhancing:key'transportation infrastructure in.the proj`ect:area making traffic circulation safer and more efficient. In doing so. the project Will enhance the development potential of the area properties and make the area more:attractive for'business,,development. 2. No other reasonable-means of financing'areJavailable; This project would not be feasible withoutthe'use ofredevelopmentfunds. 3. The payment of funds-for"the;cost of the im proveinents that are publicly owned is consistent with the Implementation Plan adopted by PCDC on June 18, 2007. Anticipated f_'rojectCost: $15,329,000 $1',433,000: 2012-2013 $ 12,638,000 2013-2014 $747,000 2014-2015 $511,000 2015-2016 2. 101 1East Washington-Intcrchange Project. Location:.Highway 101 and East Washington Project Description:'This project`improves the East Washington Street Interchange with Highway 101 by adding a new northbound on-ramp and_realigning the existing 9 southbound on=ramp. Currently, project;funding:consists of SAFTLU $13:5M, demonstration funds $11vI, Measure M $2.9M, and;the City $4M local finds toward project right-of-wayacquisitions,and construction of the East;Washington Interchange, for,total available funding of$2 1.4M. The estimated cost to designrthe MSN-C is $6SM, for a total project'costof'$28M. Facts: Completion',of the public'improvementsiat 101 Interchange will helpto eliminate blighting conditions in the project area because the infrastructure upgrades and p y transportation cuculationaim rovements will address roadway trans ortation related deticiencies; a, well.as improving impediments to circulation and access that deter revitalization in the area. Section 33445 Findings: 1,. 'This project will benefit the project argil by helping eliminate blight The undeveloped site will have access from the new railroad crossing. A development project in.the area will promote investment and be a catalyst for:dcyelopmcnt in the ,area. 1. This project will benefit the project area by enhancing key transportation infrastructure in the.project area making traffic circulation safer-and more efficient. In doing so, the'projectwill enhance the development potential'of"the area properties and,make the area more!attractive for business development. 2. -No:other reasonable means of financing are available. This project-would not be feasible without the use of redevelopment funds. 3. Thepayment,of•funds for the cost of the improvements that are publicly owned is consistent with the,Implementation Plan adopted by PCDC on June 18,•2007:; Anticipated Project'Cost: $1,526,000 $ 749;000 2012-2013 $ 777,000 20 3,2014 3. Rainier-Avenue Cross=town'Connector"/Interchange.Proiect Location: Rainier Avenue ProJ ect:Descrip tion This project rovides(anew interchange and cross-town roadway under-crossing of US 101. SCTA has agreed to incorporate the under-crossing,structure as part of the US 101 MSN C-2 widening project, which.is currently in design. To ensure inclusion of the under-crossing structure into the MSN C-2 schedule, the interchange. component and the under-crossing component are being studied as two separate, independent?projects. As part.of the work effort for the cross-town connector roadway portion of the project,,a project study report/project report and environmental document must be completed. Facts: Completion of the public improvements at Rainier Avenue including a Cross- town connector will help to eliminate blighting conditions in the projectarea because the infrastructure upgrades and circulation improvements will address roadway and' 10 transportation relateddeficiencies; as well as improving,impediments to circulation and access that deter revitalization:in the area: Section 33445 Findings: 1. This project Will benefit the project area by hclping.eliminate blight. The project in the area will promote investment and°be a;catalyst for development in the a» • 1. This project will benefit the+:project area by eliminating blight and improving traffic circulation throughoutftheproject area. The improvements:will promote investment and be a catalyst for development in,the,area.. 2. No otherreasonable:means offinancing are available.. This project would not be feasible without die use oftedevelopment funds. 3. The payment of funds for theicost of the.improvements that are publicly owned is consistent with the Implementation Plan adopted by PCDC on June 18, 2007. Anticipated Project Cost: 58,472",000 $1,322;000 2012-2013 $7,150,000 2014-2015 4. River Trail Washingtont'o Lakeville Project Location: various locations throughout the project area Project Description:, This.project:implementsa portion of the.Petaluma River Access and Enhancement Plan froin Lyneh'Creek (Near Lakeville Street) to Washington Street. The project will construct a multimodalpath along,the project linitsand construct a pedestrian bridge over the Petaluma River to close.a;gap;in this important pedestrian route. Facts: The project-is,necessary to rehabilitate and-reconatructla,pathway, which will promote multimodal adeess';andconnect to the downtown'.SMART station. Section 33445 Findings: 1. This project will benefit the project area b) helping eliminate blight. The project in the ar `will promote investment'and,be a,catalyst for development in the ae 1. This project will benefit the project-area.bv providing pedestrian access'throughout the project area, enhancing:access to the iivetand t roUglioutth'e downtown area of the project area. 2. No other reasonable means of financing are available. This project would not be feasible without the use of redevelopment funds. 3. The payment:of funds for the cost of the improvements that are_publicly°owned is consistent with{the.lmplernentation Plan adopted:by PCDC on June 18, 2007. i I 11 Anticipated Project Cost: $1;472;000 2012-2013 5. Brownfields Program Location: Various locations'throughout the project area Project Description:'The City has committed to a $200,000'match'to a $1 'Million Environment Protection Agency Revolving Loan Fund (RLF) Grant. The RLF works in. conjunetion,with several EPA funded assessment,grants to provide financial and technical assistance to property owners for assessment and_clean.up ofBrownfelds within the redevelopment area. Anticipated Project Cost: $200;000 2012-2016 6. Economic Development/Site'Development now we do not have this information) The Economic Development.Program will-implement the programs and projects identified in the Economic Development Strategy,adopted by the City'Council in, November of 2010. The work will includcthe:estaUlishmentof a marketing program, a business.expansionand retention program as well as provide incentives to attract new development to Petaluma. Anticipated Project-Cost: $6,000;000 2012-2016 12 EXHIBIT B • 1. Affordable Housing-Programs. Redevelopment Funds,can'be;used for the purpose!of increasing, improving and preserving the supply of low-and moderate-income housing within the City and for all the costs associated with the;affordable housing program. These programs are listed below along with the nonprofit agency thattpartnerswith-the City of Petaluma. 1. Rental.Assistance.Program Petaluma People Services 2. Transitional Ilousing Program Salvation Army 3. Transitional Housing Program Committee on the Shelterless 4. Family Transitional Housing Committee on the Shelterless 5. Fair Housing;/Landlord and Tenant Mediations Petaluma People Services • Center 6. Mobile I-lome Rent Control City of Petaluma 7. Rehab of Low-Incometamilies and Seniors Rebuilding Together Anticipated Project Cost: $2;629,200, 2012-2015 • • 13 Item # 5 Oversight Board to the Petaluma Development Commission Successor Agency DATE: August 22, 2012 TO: Members of the Oversight Board FROM: .Ingrid Alverde, City of Petaluma Economic Development Manager SUBJECT: Approval of the Third Recognized Obligation Payment Schedule (ROPS #3) and Administrative. Budget through June 30, 2013 Submitted by the Petaluma Community Development Successor Agency (PCDSA) Pursuant to Health and Safety Code Section 341710 RECOMMENDATION It is recommended that the Board approve the attached resolution adopting the Third Recognized Obligation Payment Schedule (ROPS #3) for the January 1, 2013, through June 30, 2013 timeframe, submitted by .the Petaluma Community Development Successor Agency (PCDSA), pursuant to California Health and Safety Code Section .341710), and the PCDSA Administrative Budget for the same period. DISCUSSION Health and Safety Code Section;34180 requires that the Oversight Board approve a Recognized Obligation Payment Schedule (ROPS) every six months following the dissolution of the PCDC. The BOPS outlines enforceable obligations to be paid from former tax Increment funds, bond proceeds, and redevelopment trust funds. The proposed ROPS for the January 1, 2013, through June 30, 2013 period is provided'in',Attachment 1. Health and Safety Code Section 341770) also requires the Oversight Board to approve the Successor Agency''s administrative budget. The proposed PCDSA administrative budget for the six-month period is $125,000 and is shown on the ROPS #3 (Attachment 1). ATTACHMENTS 1. ROPS #3. 2. Resolution . OVERSIGHT BOARD RESOLUTION NO. 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, 2013. WHEREAS, on.December 29, 2011, the:California Supreme Court delivered its decision in California Redevelopment Association v. Matosantos, finding ABX1 26 (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 Agency (PCDSA) must prepare a third "Recognized Obligation Payment Schedule" ("ROPS#3") that enumerates the enforceable obligations and expenses of the Successor Agency for the six-month period ending June 30, 2013; and WHEREAS, on August 6, 2012, the PCDSA approved the ROPS #3 for the six- month period ending June 30, 2013 for the Successor Agency; and WHEREAS, under the Dissolution Act, the ROPS#3 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 August 22, 2012 to consider obligations listed on the ROPS#3, and consider approval of the ROPS#3; 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. 2. The Oversight'Board hereby approves'the ROPS#3 for the period Jan 1, 2013 through June 30, 2013, including the Petaluma Community Development Successor Agency Administrative Budget,'inthe form presented to the Oversight Board and attached hereto as Attachment 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#3 on the Successor Agency website, transmit the ROPS#3 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 ROPS#3 or the validity of'any enforceable obligation or other agreement approved.by the Oversight Board in this Resolution. Adopted this day of August, 2012 by the following vote: sC (D 0 -0 0 O z cr (E 7 0 > DmmM CD < m H - D mD i+ o N Q 7 a a_ . 7. 7 a 0 7'' 00 a 0 < t a -Oh CD .-I` Q7 0 c C ((D (D (a) OI - .D' N' a' 3! o.-.°-' a co m E Co 3 ,0). 0 - DDm � _ < 3 3 a`w 0, c ED c jai m � a a n co cu o c m am E. d m _ p T �: 0 a m C 7 y " m a � 3 O Xi a6a m T m p � .y. O - C3 ° o a. °0 ° o o' fl- 'o wo a a D p N O n -I < 0 O 3 O - S a a N O r 3, tot lD 0 2 m CD a < p' s >c ? 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