HomeMy WebLinkAboutCC Reso 2020-55 RESOLUTION NO. 2020-55
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, 2021 THROUGH
JUNE 30, 2022, 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 34171(j) and Section 34173); and
41. 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, 2021 through June 30,
2022 (the "ROPS FY 21-22") 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:
Section 1. The Successor Agency-recognized ROPS FY 21-22 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 FY 21-22 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 Countywide 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 2021-2022 fiscal
year and allocated appropriately between each six-month period prepared for the 2021-
2022 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 FY 21-22 and
approves the ROPS FY 21-22 (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 21-22 to the Countywide Oversight Board for
review, approval and distribution in accord with CRL Section 34177(o). Following receipt
of the approved ROPS FY 21-22 from the Countywide Oversight Board, the
Administrative Services Director is directed to distribute the ROPS FY 21-22 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).
The foregoing Resolution was duly and adopted at a regular meeting of the City
Council as Successor Agency of the Redevelopment Agency of Cathedral City held on
November 10, 2020 by the following vote:
AYES: Councilmembers Lamb, Gutierrez and Carnevale; Mayor
Pro Tem Gregory and Mayor Aguilar
NOES: None
ABSENT: None
ABSTAIN: None —�
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Cl/ IR
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• ATTEST:
L .' . _ ).'/. ' ..mow11.
Successo t,genq Governing _ . d Secretary
APPROVED AS TO FORM:
Eric S. Vail, City Attorney
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_,.... .
EXHIBIT A
Recognized Obligation Payment Schedule
ROPS FY 21 -22
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Cathedral City
Recognized Obligation Payment Schedule CROPS 21-22)-ROPS Detail
July 1,2021 through June 30,2022
A B C D E F G H I J it L I M I H I 0 I P O R I 5 I T u V W
ROPS 21-22A(Jul-Dec) ROPS 27
Agreement Agreement Total
Nam Obligation Project ROPS Fund Sources 21-22A Fund Sources 21-22B
Project Name Execution Termination Payee Descnptan Outstanding Retired _
« Type Date Dale Area Obligation 21-22 Tole" Bond Reserve Other Admin Total Bond Reserve Other "The Total
Proceeds Balance Funds RPTTF RPTI-F Proceeds Balance Funds RPTTF RPTTF
$279,535,900 016,914,474$105,000 $-$2,135,894$8,883,743 0125,000$11,249,637 0- 0,- $
1 2000 TAB A Bonds 03/30/ 08/01/2033 Bank of New Fund non- 1998 11,915,000 N 0- - - - - - 0- - - - - - 9-
Issued On 2000 York housing Merged
or Before projects (PA 1
12/31/10 and PA
2)
4 2004 TAB B Bonds 12/02/ 08/01/2034 Wells Fargo Fund non- Proj 8,176,331 N $588,355 - - 433,039 - - $433,039 - - - 155,316 - $155,316
Issued On 2004 Bank housing Area 3
or Before projects
12/31/10
6 2007 TAB A Bonds 03/09/ 08/01/2035 Wells Fargo Fund non- 2006 47,282,125 N $1,338,300 - - - 669,150 - $669,150 - - - 669,150 - $669,150
Issued On 2007 Bank housing Merged
or Before projects (PA 1,
12/31/10 PA 2,
PA 3)
7 2007 TAB B Bonds 03/09/ 08/01/2031 Wells Fargo Fund non- 2006 41,246,767 N $3,995,042 - - - 3,206,755 - $3,206,755 - - - 788,287 - $788,287
Issued On 2007 Bank housing Merged
or Before projects (PA 1,
12/31/10 PA 2,
PA 3)
8 2007 TAB C Bonds 03/09/ 08/01/2035 Wells Fargo Fund non- 2006 31,621,863 N $2,116,820 - - - 1,598,963 - $1,598,963 - - - 517,857 - $517,857
Issued On 2007 Bank housing Merged
or Before projects (PA 1,
12/31/10 PA 2,
PA 3)
19 Date Palm OPNDDA/ 12/19/ 11/22/2027 Haagen Disposition Pro/ 25,057,793 N $1,000 - - - 500 - $500 - - - 500 - $500
Center Construction 1986 Company and Area 3
LLC development
agreement
58 Palm Springs Business 01/07/ 04/05/2023 Palm Springs Business 2006 222,688 N $105,000 105,000 - - - - $105,000 - - - - - 5-
Motors Incentive 2007 Motors incentive Merged
Agreements agreement (PA 1.
(Owner PA 2,
participation PA 3)
agreement)
76 Downtown Bond 02/23/ 08/01/2035 City Urban OPA and 2006 - N 0- - - - - - 5- - - - - - 5-
development Funded 2011 Revitalization DDA Merged
Project- Corp (PA 1,
Pre-2011 PA 2,
PA 3)
81 Bond Fees 03/30/ 08/01/2035 Wells Fargo Fiscal agent 2006 364,025 N 540.000 - - - 22,000 - $22,000 - - - 18,000 - $18,000
payment 2000 Bank Bank services/ Merged
services of New York reporting fees
AB IC 0 E F GHIJK L MRGPSI 21-22A N (JII-DeOe) I P 0
R l ROPS 21I T I U.hn)I V W
E ,226(Cae•
Agreement Agreement Total
Sem Obligation Project RODS Fund Sources 21-22A Fund Sources 21-2213
Project Name Execution Termination Payee Description Outstanding Retired
# TyN' Dale Date Area Obligation 21-22 Total Bond Reserve Omer RPTTF Admin Total gond Reserve Other RPTTF Admin Total
Proceeds Balance Funds RPTTF Proceeds BalanceFunds RPTTF
Willdan
Financial
82 Administrative Admin 07/01/ 06/30(2035 Various Administrative 2006 1,228,145 N $250,000 - - - - 125,000 $125,000 - - - - 125,000 $125,000
allowance Costs 2017 allowance Merged
86 2014 TAB A Refunding 10/15/ 08/01/2034 Wells Fargo Fund non- 2006 43 784,375 N $4,133,375 - 3,386,375 - $3,386,375 - - - 747,000 - $747,000
Bonds 2014 Bank housing Merged
Issued After projects (PA 1,
6/27/12 (refunding PA 2,
bonds) PA 3) —— _ ,
87 2014 TAB B Refunding 10/15/ 08/01/2033 Wells Fargo Fund housing 2006 16,300,625 N $1,257,875 974,875 - - $974,875 - - - 283,000 - $283,000
Bonds 2014 Bank projects Merged
Issued After (refunding (PA 1,
6/27/12 bonds) PA 2,
PA 3)
88 2014 TAB C Refunding 10/15/ 08/01/2033 Wells Fargo Fund housing 2006 11,865,339 N $916,685 - - 727,980 - - $727,980 - - - 188,705 - $188,705
Bonds 2014 Bank projects Merged
Issued After (refunding (PA 1,
6/27/12 bonds) PA 2,
PA 3)
91 Reserve for Reserves 07/01/ 12/31/2022 Wells Fargo August 2022 40,470,824 N $2,172,022 - - - 0- - - - 2,172,022 -$2,172,022
Tax Allocation 2022 Bank bond
Bond payments
payments-
August 2022
Cathedral City
Recognized Obligation Payment Schedule(ROPS 21-22)-Report of Cash Balances
July 1,2018 through June 30,2019
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177(I),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.
A B C D E F G H
Fund Sources
Bond Proceeds Reserve Balance Other Funds RPTTF
Prior ROPS
ROPS 18-19 Cash Balances RPTTF and Comments
(07/01/18-06/30/19) Bonds issued Bonds issued
on or before on or after Reserve Rent,grants, Non-Admin
12/31/10 01/01/11 Balances retained interest,etc. and Admin
for future
period(s)
1 Beginning Available Cash Balance(Actual 07/01/18) 1,883,107 514 2,100,000 175,952 281,043
RPTTF amount should exclude"A"period distribution
amount.
2 Revenue/Income(Actual 06/30/19) 34,358 2,635 116,973 13,814,519
RPTTF amount should tie to the ROPS 18-19 total
distribution from the County Auditor-Controller
3 Expenditures for ROPS 18-19 Enforceable Obligations 562,046 263 2,028,989 2,539 12,556,420
(Actual 06/30/19)
4 Retention of Available Cash Balance(Actual 06/30/19) (1,664.53(' 1,664,536
RPTTF amount retained should only include the amounts
distributed as reserve for future period(s)
5 ROPS 18-19 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 18-19 PPA No entry required
form submitted to the CAC
6 Ending Actual Available Cash Balance(06/30/19) $1,355,419 $2,886 $1,735,547 $290,386 $1125,3941
CtoF=(1+2-3-4),G=(1+2-3-4-5)
Cathedral City
Recognized Obligation Payment Schedule (ROPS 21-22) - Notes
July 1, 2021 through June 30, 2022
Item # Notes/Comments
1
4
6
7
8
19
58
76
81
82
86
87
88
91