The URL can be used to link to this page

Home My WebLink AboutCC Reso 2021-35 RESOLUTION NO. 2021-35 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 AN ADMINISTRATIVE BUDGET) FOR THE PERIOD COMMENCING JULY 1, 2022 THROUGH JUNE 30, 2023, AS REQUIRED BY HEALTH & SAFETY CODE SECTION 34177(1) 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 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, 2022 through June 30, 2023 (the "ROPS FY 22-23") 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 22-23 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 22-23 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 2022-2023 fiscal year and allocated appropriately between each six-month period prepared for the 2022- 2023 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 22-23 and approves the ROPS FY 22-23 (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 22-23 to the Countywide Oversight Board for review, approval and distribution in accord with CRL Section 34177(o). Following receipt of the approved ROPS FY 22-23 from the Countywide Oversight Board, the Administrative Services Director is directed to distribute the ROPS FY 22-23 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 December 08, 2021 by the following vote: AYES: Boardmembers Gregory, Ross and Carnevale and Chairman Gutierrez NOES: None ABSENT: Mayor Pro Tern Lamb ABSTAIN: None „/K_ AIR ATTEST: SuccessorAAgency Governing E Ord Secretary EXHIBIT A Recognized Obligation Payment Schedule and Administrative Budget ROPS FY 22-23 Recognized Obligation Payment Schedule (ROPS 22-23) - Summary Filed for the July 1, 2022 through June 30, 2023 Period Successor Agency: Cathedral City County: Riverside 22-23A Total 22-23B Total ROPS 22-23 Current Period Requested Funding for Enforceable (July - (January - Obligations (ROPS Detail) Total December) June) A Enforceable Obligations Funded as Follows (B+C+D) $ 2,462,297 $ - $ 2,462,297 B Bond Proceeds 290,275 - 290,275 C Reserve Balance - - - D Other Funds 2,172,022 - 2.172.022 E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 9,625,240 $ 5,556,654 $ 15,181,894 F RPTTF 9,500,240 5,431,654 14,931,894 G Administrative RPTTF 125,000 125,000 250.000 H Current Period Enforceable Obligations (A+E) $ 12,087,537 $ 5,556,654 $ 17,644,191 Certification of Oversight Board Chairman: Tami Scott Chairperson Name Title 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 ( c /J Y / the above named successor agency. Is/ `� / i/ ).y 2,-1— S Z' Signat�re t 1/ 0/2022 Cathedral City Recognized Obligation Payment Schedule(ROPS 22-23)-ROPS Detail July 1,2022 through June 30,2023 A B C D E F G H I J K L M N 0 P Q R S T U V W ROPS 22-23A(Jul-Dec) ROPS 22-23B(Jan-Jun) Agreement Agreement Total Item Obligation Project ROPS Fund Sources 22-23A Fund Sources 22-23B * Project Name Type Execution Termination Payee Description Area Outstanding Retired 22-23 Total Total Total Date Date Obligation Bond Reserve Other RPTTF Admin Bond Reserve Other RPTTF Admin Proceeds Balance Funds RPTTF Proceeds Balance Funds RPTTF • $242,627,578 $17,644,191 $290,275 $-$2,172,022 $9,500,240$125,000$12,087,537 $- $- $-$5,431,654 $125,000$5,556,654 • 1 2000 TAB A Bonds 03/30/ 08/01/2033 Bank of New Fund non- 1998 11,915,000 N $401,953 - - - - - $- - - - 401,953 - $401,953 Issued On 2000 York housing Merged or Before projects (PA 1 and 12/31/10 PA 2) 4 2004 TAB B Bonds 12/02/ 08/01/2034 Wells Fargo Fund non- Proj Area - Y 5- - - - - - $- - - - - - $- Issued On 2004 Bank housing 3 or Before projects 12/31/10 6 2007 TAB A Bonds 03/09/ 08/01/2035 Wells Fargo Fund non- 2006 - Y $- - - - - - $ - - - - - 5- Issued On 2007 Bank housing Merged or Before projects (PA 1,PA 12/31/10 2,PA 3) 7 2007 TAB B Bonds 03/09/ 08/01/2031 Wells Fargo Fund non- 2006 37,251,725 N $3,989,739 - - - 3,268,288 - $3,268,288 - - - 721,451 - $721,451 Issued On 2007 Bank housing Merged or Before projects (PA 1,PA 12/31/10 2,PA 3) 8 2007 TAB C Bonds 03/09/ 08/01/2035 Wells Fargo Fund non- 2006 - Y $- - - - - - $- - - - - - $- Issued On 2007 Bank housing Merged or Before projects (PA 1,PA 12/31/10 2,PA 3) 19 Date Palm OPA/DDA/ 12/19/ 11/22/2027 Haagen Disposition Proj Area 25,057,793 N $1,000 - - - 500 - $500 - - - 500 - $500 Center Construction 1986 Company and 3 LLC development agreement 58 Palm Springs Business 01/07/ 04/05/2023 Palm Springs Business 2006 40,275 N $40,275 40,275 - - - - $40,275 - - - - - $- Motors Incentive 2007 Motors incentive Merged Agreements agreement (PA 1,PA (Owner 2,PA 3) participation agreement) 76 Downtown Bond 02/23/ 08/01/2035 City Urban OPA and 2006 250,000 N $250,000 250,000 - - - - $250,000 - - - - - $- development Funded 2011 Revitalization DDA Merged Project- Corp (PA 1,PA Pre-2011 2,PA 3) 81 Bond Fees 03/30/ 08/01/2035 Wells Fargo Fiscal agent 2006 364,025 N $40,000 - - - 22,000 - $22,000 - - - 18,000 - $18,000 payment 2000 Bank Bank services/ Merged services of New York reporting fees Willdan Financial 82 Administrative Admin 07/01/ 06/30/2035 Various Administrative 2006 978,145 N $250,000 - - - 125,000 $125,000 - - - - 125,000 $125,000 allowance Costs 2017 allowance Merged 1 86 2014 TAB A Refunding 10/15/ 08/01/2034 Wells Fargo Fund non- 2006 39,651.000 N $4,126,500 - - - 3,447,000 - $3,447,000 - - - 679,500 - $679,500 A B C D E F G H I J K L M N 0 P Q R S T U V W ROPS 22-23A(Jul-Dec) - s *OPS (Jin-Jun) Obligation Agreement Agreement Total Item ROPS Fund Sources 22-23A Fund Sources 22-23B Project Name Type Execution Termination Payee Description Area Project Outstanding Retired 22-23 Total Total Total Date Date Obligation Bond Reserve Other RPTTF Admin Bond Reserve Other RPTTF Admin Proceeds Balance Funds RPTTF Proceeds Balance Funds RPTTF Bonds 2014 Bank housing Merged Issued After projects (PA 1,PA 6/27/12 (refunding 2,PA 3) bonds) 87 2014 TAB B Refunding 10/15/ 08/01/2033 Wells Fargo Fund housing 2006 15,042,750 N $1,258,250 - - 993,000 - - $993,000 - - - 265,250 - $265,250 Bonds 2014 Bank projects Merged Issued After (refunding (PA 1,PA 6/27/12 bonds) 2,PA 3) 88 2014 TAB C Refunding 10/15/ 08/01/2033 Wells Fargo Fund housing 2006 10,948,653 N $916,960 - - 738,705 - - $738,705 - - - 178,255 - $178,255 Bonds 2014 Bank projects Merged Issued After (refunding (PA 1,PA 6/27/12 bonds) 2,PA 3) - 91 Reserve for Reserves 07/01/ 12/31/2022 Wells Fargo August 2022 38,298,802 N $2,302,825 - - - - - $- - - - 2,302,825 -$2,302,825 Tax Allocation 2022 Bank bond Bond payments payments- August 2022 ) _ • _ 92 2021 TAB A Refunding 01/06/ 08/01/2035 Bank of New Fund non- 2006 36,111,000 N $1,330,000 - - - 828,200 - $828,200 - - - 501,800 - $501,800 Bonds 2021 York housing Merged(PA Issued After projects 1,PA 2, 6/27/12 PA 3) 93 2021 TAB B Refunding 01/06/ 08/01/2032 Bank of New Fund non- 2006 6,014,605 N $591,484 - - 440,317 101,847 - $542,164 - - - 49,320 - $49,320 Bonds 2021 York housing Merged(PA Issued After projects 1,PA 2, 6/27/12 PA 3) 94 2021 TAB C Refunding 01/06/ 08/01/2031 Bank of New Fund non- 2006 20,673,400 N $2,114,800 - - - 1,802,000 - $1,802,000 - - - 312,800 - $312,800 Bonds 2021 York housing Merged(PA Issued After projects 1,PA 2, , 6/27/12 PA 3) 95 2021 TAB Refunding 01/06/ 08/01/2035 Wells Fargo Bond 2006 30,405 N $30,405 - - - 30,405 - $30,405 - - - - - 5- Refunding Bonds 2021 refunding Merged(PA Market Issued After market 1,PA 2, Variations 6/27/12 variations PA 3) , Cathedral City Recognized Obligation Payment Schedule (ROPS 22-23) -Report of Cash Balances July 1, 2019 through June 30, 2020 (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 ROPS 19-20 Cash Balances Prior ROPS (07/01/19-06/30/20) Bonds issued Bonds issued RPTTF anndd Comments 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 07/01/19) 1,355,419 2,886 1,735,547 290,386 RPTTF amount should exclude"A"period distribution amount. 2 Revenue/Income(Actual 06/30/20) 15,713 2,998 94,438 15,024,917 RPTTF amount should tie to the ROPS 19-20 total distribution from the County Auditor-Controller 3 Expenditures for ROPS 19-20 Enforceable Obligations 853,916 3,934 1,664,536 976 12,908,319 (Actual 06/30/20) 4 Retention of Available Cash Balance(Actual 06/30/20) (2.107.423) 2,107,423 RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 5 ROPS 19-20 RPTTF Prior Period Adjustment No entry required 13,298 RPTTF amount should tie to the Agency's ROPS 19-20 PPA form submitted to the CAC 6 Ending Actual Available Cash Balance(06/30/20) $517,216 $1,950 $2,178,434 $383,848 $(129,517) C to F=(1 +2-3-4),G=(1 +2-3-4-5) Cathedral City Recognized Obligation Payment Schedule (ROPS 22-23) - Notes July 1, 2022 through June 30, 2023 Item # Notes/Comments 1 4 6 7 8 19 58 76 81 82 86 87 88 91 92 The 2021A Bonds were issued on January 06, 2021 to refund and defease the Successor Agency❑s 2007A Merged Redevelopment Project Area Bonds. Approved by Oversight Board on November 05, 2020. Approved by CA Department of Finance on December 03, 2020. 93 The 2021 B Bonds were issued on January 06, 2021 to refund and defease the Successor Agency❑s 2004B Project Area No. 3 Taxable Bonds. Approved by Oversight Board on November 05, 2020. Approved by CA Department of Finance on December 03, 2020. 94 The 2021C Bonds were issued on January 06, 2021 to refund and defease all of the Successor Agency❑s 2007 Merged Redevelopment Project Area Subordinate Tax Allocation Bonds, Series C. Approved by Oversight Board on November 05, 2020. Approved by CA Department of Finance on December 03, 2020. 95 Request for funds due to market variations from the 2021 TAB bond refunding.