HomeMy WebLinkAboutCC Reso 2018-54 RESOLUTION NO. 2018-54
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CATHEDRAL CITY IN ITS CAPACITY AS THE GOVERNING BODY OF
THE SUCCESSOR AGENCY TO THE FORMER REDEVELOPMENT
AGENCY OF THE CITY OF CATHEDRAL CITY APPROVING A
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (INCLUDING
ADMINISTRATIVE BUDGET)FOR THE PERIOD COMMENCING JULY
1, 2019 THROUGH JUNE 30, 2020, AS, REQUIRED BY HEALTH &
SAFETY CODE SECTION 34177
WHEREAS, in accordance with the provisions of the California Community
Redevelopment Law (Health and Safety Code Section 33000, et seq. ("CRL"), the City Council
of the City of Cathedral City previously established the Redevelopment Agency of the City of
Cathedral City, a public body, corporate and politic ("Agency") to carry out the purposes of and
exercise the powers granted to community redevelopment agencies in accordance with the CRL;
and
WHEREAS,on February 1,2012,the Agency was dissolved in accordance with Assembly
Bill 1X26 (Stats. 2011, 1st Ex. Sess., Ch. 5) ("AB 26"), and its rights, powers, duties and
obligations were transferred to a "successor agency" (as defined by CRL Section 341710) and
Section 34173); and
WHEREAS, in accordance with AB 26, the City Council took official action electing to
become both the Agency's successor agency("Successor Agency") and its successor for housing
functions in accordance with CRL Sections 34173 and 34176; and
WHEREAS, in pursuant to Section 34177(1) the Successor Agency is required to prepare
"Recognized Obligation Payment Schedules" (each such Schedule, a "ROPS") that must be
submitted to the County Auditor-Controller and the State Department of Finance; and
WHEREAS, in accordance with CRL Section 34177(o)(1), each ROPS must identify, on
a prospective annual basis, the funds required by the Successor Agency to satisfy the Agency's
enforceable obligations and to pay administrative expenses; and
WHEREAS, each ROPS must include a budget for administrative costs and expenses
consistent with CRL Section 34171.
WHEREAS, the ROPS for the period commencing July 1, 2019 through June 30, 2020
(the "ROPS FY19 - 20") was prepared in accordance with the requirements of CRL Section
34177(1) and other applicable law and is attached hereto as Exhibit"A".
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CATHEDRAL CITY IN ITS CAPACITY AS THE GOVERNING BODY OF THE
SUCCESSOR AGENCY TO THE FORMER REDEVELOPMENT AGENCY OF THE
CITY OF CATHEDRAL CITY AS FOLLOWS:
C1002-002--3534681.1
Section 1. The Successor Agency-recognized ROPS FY19 - 20 serves as the budget
document for the Successor Agency during the designated operative period and appropriates funds
as identified.
Section 2. The Successor Agency is required to submit the ROPS FY19 - 20 to the
Countywide Oversight Board for County of Riverside ("Countywide Oversight Board") for
approval.
Section 3. The Successor Agency has prepared an administrative budget for the
approval of the Oversight Board in accordance with CRL Section 34171(b)and said administrative
budget is under the maximum allowable three percent of the property tax actually allocated by the
Riverside County Auditor-Controller to the Successor Agency's Redevelopment Obligation
Retirement Fund for the 2019 -20 fiscal year and allocated appropriately between each six-month
period prepared for the 2019 - 20 fiscal year, excluding any administrative costs that can be paid
from bond proceeds or from sources other than property tax.
Section 4. The Governing Board has received the ROPS FY19 - 20 and approves the
ROPS FY19 - 20 (inclusive of the administrative budget), a copy of which is incorporated herein
as Exhibit"A," and all the underlying agreements.
Section 5. The Governing Board directs the Administrative Services Director to cause
the transmission of the ROPS FY 19-20 to the Countywide Oversight Board for review, approval
and distribution in accord with CRL Section 34177(o). Following receipt of the approved ROPS
FY19-20 from the Countywide Oversight Board,the Administrative Services Director is directed
to distribute the ROPS FY19 -20 as provided by CRL Section 34177(o).
Section 6. This Resolution will become effective in accord with CRL Section 34177(o)
and Section 34179(h).
C1002-002-3534681.1
The foregoing Resolution was duly and regularly adopted at a regular meeting of the
Successor Agency of the Redevelopment Agency of Cathedral City held on November 28, 2018
by the following vote:
AYES: Councilmembers Aguilar, Carnevale and Kaplan;
Mayor Pro Tem Pettis and Mayor Henry
NOES: None
ABSENT: None
ABSTAIN: None
APPROVED:
IR
ATTEST: r
Successor Agency overning B+oaid Secretary
C1002-002-3534681.1
EXHIBIT A
Recognized Obligation Payment Schedule
and Administrative Budget
ROPS FY19 - 20
C1002-002-3534681.1
Recognized Obligation Payment Schedule(ROPS 19-20)-Summary
Filed for the July 1,2019 through June 30,2020 Period
Successor Agency: Cathedral City
County: Riverside
19-20A Total 19-20B Total
Current Period Requested Funding for Enforceable Obligations(ROPS Detail) (July-December) (January-June) ROPS 19-20 Total
—
A Enforceable Obligations Funded as Follows(B+C+D): $ 2,519,536 $ - $ 2,519,536
B Bond Proceeds 855,000 - 855,000
C Reserve Balance - - -
D Other Funds 1,664,536 - " '1,664,536
E Redevelopment Property Tax Trust Fund(RPTTF)(F+G): $ 9,134,607 $ 5,890,310 $ 15,024,917
F RPTTF 9,015,719 5,832,002, 14,847,721
G Administrative RPTTF 118,888 58,308 177,196
H Current Period Enforceable Obligations(A+E): $ 11,654,143 $ 5,890,310 .$ 17,544,453
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 Name Title
Obligation Payment Schedule for the above named successor
agency. �s�
Signature Date
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Cathedral City Recognized Obligation Payment Schedule(ROPS 19-20)-Report of Cash Balances
July 1,2016 through June 30,2017
(Report Amounts in Whole Dollars)
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 F G H
Fund Sources
Bond Proceeds Reserve Balance ,Other Funds RPTTF
Prior ROPS RPTTF
and Reserve Rent, Non-Admin
ROPS 16-17 Cash Balances Bonds issued on or Bonds issued on or Balances retained Grants, and
07/01/16-06/30/17 before 12/31/10 after 01/01/11 I for future period(s) Interest,etc. Admin Comments
1 Beginning Available Cash Balance(Actual 07/01/16)
RPTTF amount should exclude"A"period distribution amount
3,256,794 20 1,820,000 81,535 338,413
2 Revenue/Income(Actual 06/30/17)
RPTTF amount should tie to the ROPS 16-17 total distribution from the
County Auditor-Controller
12,860 60 21,153 15,497,823
3 Expenditures for ROPS 16-17 Enforceable Obligations
(Actual 06/30/17)
915,290 21 1,820,000 9,044 13,170,482
4 Retention of Available Cash Balance(Actual 06/30/17)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s) �
2,314,043 2,314,043
5 ROPS 16.17 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 16-17 PPA form
submitted to the CAC No,entry required
13,298
6 Ending Actual Available Cash Balance(06/30/17)
CtoF=(1+2-3-4),G=(1+2-3-4-5)
$ 2,354,364 $ 59 $ 2,314,043 $ 93,644 $ 338,413
Cathedral City Recognized Obligation Payment Schedule (ROPS 19-20) - Notes July 1, 2019 through June 30, 2020
Item# Notes/Comments